Intraco Refueling Station financial analysis: qualified FY2025 audit and a Q3 FY2026 loss (Oct 2026)

Investment considerations: FY2025 profit of BDT 85.3m, a qualified audit, and a nine-month FY2026 profit of BDT 14.6m

Intraco Refueling Station PLC was incorporated on 27 March 2007, began commercial operation on 16 June 2008 and listed on the Dhaka Stock Exchange on 26 April 2018 [2 p.6]. Its business, as printed in the corporate profile, is 'the operation of CNG & LPG Refueling Station in different places in Bangladesh' plus an LPG cylinder manufacturing factory [2 p.6]. The directors' report lists 15 installations: CNG stations in Cumilla, Chandpur, Demra, Ishwardi, Habiganj, Gabtoli, Keraniganj and two in Chattogram, five LPG stations, and a 'Non-Pipe Gas Line' unit at Bepery Bazar, Bhola Sadar [2 p.19]. The gas comes under the distribution companies Titas, Bakhrabad, Karnaphuli, Jalalabad and Paschimanchal [2 p.19]. The company says it operates 'in a single economic and geographical segment' [2 p.21], so the accounts give no split of revenue between CNG, LPG and Bhola bulk gas.

On the filings, FY2025 was a profitable year. Revenue was BDT 1,355.4m, gross profit BDT 202.6m and profit after tax BDT 85.3m, against BDT 1,431.6m, BDT 170.1m and BDT 87.7m in FY2024 [1 p.12]. Consolidated EPS was BDT 0.86 against BDT 0.88 [1 p.12]. In the five-year table, turnover was BDT 955m in FY2021 and BDT 1,432m in FY2023, and profit after tax peaked at BDT 127m in FY2023 [2 p.31]. The nine months to March 2026 show lower numbers: revenue BDT 896.2m (-15.1% year on year) and profit after tax BDT 14.6m against BDT 107.5m, including a January-March 2026 quarter with a loss after tax of BDT 18.8m [4 p.3] [14]. The FY2026 audited accounts were due at a board meeting on 28 October 2026; the company told the DSE that meeting was postponed and that 'the revised date and time of the meeting will be notified later' [6].

Three balance-sheet items are stated here from the notes. First, a BDT 373.5m convertible bond was raised in FY2024; the notes say about 80% of the proceeds went to capital expenditure at the Bhola project and to trucks and trailers for Non-Pipeline Gas transport, after an agreement with Sundarban Gas Company [1 p.36] [1 p.14]. Second, 'Security Deposit (Long Term Portion)' grew from nil before FY2024 to BDT 569.8m at June 2025 and BDT 629.9m at March 2026, with the cash-flow line printed as 'Received from Partise' [1 p.29] [1 p.14] [4 p.2] [4 p.5]. The pages we read do not name the depositors. Third, advances, deposits and pre-payments rose from BDT 414.1m to BDT 813.3m between June 2024 and March 2026 [1 p.11] [4 p.2], and the related-party note shows an advance balance with Intraco LPG Limited [1 p.37].

The auditor, Ahsan Manzur & Co., issued a qualified opinion on the FY2025 consolidated accounts, with emphasis of matters and an other-matter paragraph; the DSE notice of 19 November 2024 shows the same three elements for FY2024 [1 p.2] [1 p.7] [6]. The share price was BDT 23.1 on 29 October 2026, 26.9x FY2025 EPS and 1.73x March-2026 NAV per share [13] [14]. The derived trailing four-quarter EPS is BDT -0.07, a loss: the implied April-June 2025 quarter (FY2025 EPS less nine-month EPS) was BDT -0.22 and the nine months to March 2026 earned BDT 0.15 [14].

Business model: CNG and LPG stations, a Bhola gas-transport unit, and a three-company merger

How the company earns revenue. The key-audit-matter section describes the group's revenue as generated 'from a large number of geographically dispersed CNG/LPG stations and bulk sales from the Bhola Non-Pipeline Gas project' [1 p.3]. Gross turnover in FY2025 was BDT 1,370.2m; after 'sharing revenue' of BDT 14.8m, net sales were BDT 1,355.4m [1 p.32]. Liabilities for expenses include a line 'Sharing revenue against Land Rent to Land lord' [1 p.29]. The stations operate on land leased from Bangladesh Railway and private landowners, listed by station in note 2 [1 p.15] [1 p.16]. The directors' report names the risks the company itself sees: 'Any scarcity or price hike of CNG Gas due to change in policy of Gas supply company might hamper the production and profitability', and 'The government can suspend permission of any CNG Refuelling station due to Low gas pressure' [2 p.21].

What changed in the last five years. Three structural events are in the filings. (1) Merger: the High Court approved a scheme to merge M. Hye & Co. CNG Refueling Station Ltd., Nessa & Sons Ltd. and Good CNG Re-fueling Station Ltd. (each about 95% owned) into the parent; the order was dated 16 October 2024, received on 27 March 2025 and filed with RJSC on 25 May 2025, with effect from the appointed date of 30 June 2022 [1 p.28] [1 p.35]. Prior-year figures were not restated [1 p.35]. The consideration is 338,486 new shares of BDT 10 issued at a premium of BDT 28.71 each, a merger reserve of BDT 13.1m [1 p.28]; BSEC consented on 12 March 2026 and the record date was 21 May 2026 [6]. Paid-up capital on the DSE page is BDT 985.71m [5]. (2) Bhola: the BDT 373.5m bond, first intended for 3 CNG stations, 5 LPG stations and 5 mother-daughter CNG stations, was mostly redirected to the Bhola Non-Pipeline Gas project and its trucks and trailers [1 p.36]. Capital work-in-progress of BDT 580.0m at June 2024 fell to BDT 0.4m at June 2025, and property, plant and equipment rose from BDT 1,561.6m to BDT 2,336.1m [1 p.11] [1 p.6]. (3) Intraco Automobiles Ltd.: on 27 February 2025 the board recorded that this subsidiary had completed its lease tenure with the station landowner, would stop operating its CNG station from the first week of March 2025, and that all investment in it would move to the Bhola Non-Pipe Gas Line Unit [6].

Other projects in the annual report. The directors list an LPG cylinder manufacturing plant at Sadar Dakkhin, Cumilla, LPG refuelling stations at different locations and expansion of existing stations as projects 'taken in hand' [2 p.20]. The company history page says the cylinder factory was bought with IPO money and 'is now ready for commercial operation' [2 p.8]. The FY2025 accounts show no separate revenue line for cylinders, and the 24-month DSE news archive contains no board decision on new capex beyond the February 2025 Intraco Automobiles transfer [1 p.32] [6]. The notes also explain that trucks and skids for the gas transport were imported through letters of credit opened by 'another entity within the Group', and that transfer of legal title to Intraco Refueling Station PLC 'is currently underway' [1 p.35] [1 p.36].

Line items: gas bills at 66.3% of FY2025 net sales, financial expenses of BDT 28.8m, other income of BDT 11.1m

Revenue. Net sales were BDT 1,431.6m in FY2024 and BDT 1,355.4m in FY2025, a change of -5.3% [1 p.12] [14]. The five-year table shows turnover of BDT 1,147m in FY2019, BDT 896m in FY2020 and BDT 955m in FY2021, then BDT 1,080m, BDT 1,432m, BDT 1,431m and BDT 1,355m [3 p.23] [2 p.31]. FY2023 (BDT 1,432m) and FY2024 (BDT 1,431.6m on the audited statement) are the highest, within BDT 1m of each other on the rounded table, and the lowest is FY2020 at BDT 896m [14]. The managing director's message gives the company's own explanation for FY2025: 'due to the capital investment during last two years our sales has been decreased' [2 p.17]. The notes give no volume (cubic metres or kilograms) and no price per unit, so revenue cannot be split into volume and price from the filings we read.

Cost of sales. Gas is the largest cost. The gas bill (compressor) was BDT 1,020.1m in FY2024 and BDT 859.8m in FY2025, and the gas bill (captive/engine) BDT 44.6m and BDT 38.7m [1 p.32]. Together they were 74.4% of net sales in FY2024 and 66.3% in FY2025 [14]. Net sales less the two gas bills rose from BDT 366.9m to BDT 456.8m [14]. Other cost lines rose: electricity from BDT 63.9m to BDT 74.6m, depreciation in cost of sales from BDT 72.4m to BDT 87.3m, station rent from BDT 4.6m to BDT 9.8m, and a new 'Fuel & Mobil Exp.' line of BDT 33.2m in FY2025 [1 p.32]. Gross margin went from 11.9% to 14.9% [14]. The directors' report prints the same margins, 11.88% and 14.95% [2 p.21]. In the five-year tables, gross margin ranged from 11.9% (FY2024) to 16.9% (FY2019) [14].

Administrative and selling expenses rose from BDT 48.6m to BDT 71.1m in FY2025, from 3.4% to 5.2% of revenue [1 p.12] [14]. The largest items were salary and allowances (BDT 30.0m against BDT 23.5m), bank charge and commission (BDT 6.5m against BDT 0.4m), office rent (BDT 5.0m against BDT 2.5m) and registration and renewals (BDT 2.9m against BDT 1.8m) [1 p.32]. In the nine months to March 2026 the line was BDT 44.8m against BDT 41.6m [4 p.3].

Financial expenses. These are deducted above 'Profit from Operation' in Intraco's format [1 p.12]. They were BDT 17.2m in FY2024 and BDT 28.8m in FY2025: bond interest of BDT 13.8m and BDT 26.1m, and Shahjalal Islami Bank interest of BDT 3.5m and BDT 2.6m [1 p.33]. FY2025 bond interest was 7.0% of the BDT 373.5m bond (derived) [14]. In the nine months to March 2026 financial expenses were BDT 21.8m against BDT 12.9m [4 p.3]. Profit before financial expenses covered them 7.1x in FY2024, 4.6x in FY2025 and 3.0x in the nine months to March 2026 [14]. Cash paid for financial expenses was BDT 2.0m in FY2025 and BDT 0.6m in the nine months, against the expense charged; liabilities for expenses include interest payable 'including bond' [1 p.14] [4 p.5] [1 p.29].

Other income. Note 29 lists bank interest, 'Income from Client Station', wastage oil and goods, and 'Interim Dividend income' [1 p.33]. Interim dividend income was BDT 23.9m in FY2024 and BDT 2.3m in FY2025 within the consolidated other income of BDT 28.5m and BDT 11.1m [1 p.33]. Note 29.01 lists it by subsidiary, including a negative BDT 5.4m entry for Absar & Elias Enterprise Ltd. in FY2025 [1 p.33]. Other income was 22.5% of profit before tax in FY2024 and 10.3% in FY2025 [14]. In the nine months to March 2026 it was BDT 4.8m against BDT 37.9m [4 p.3].

Tax. Total tax was BDT 38.7m in FY2024 and BDT 22.5m in FY2025, 30.6% and 20.9% of profit before tax; the deferred part was BDT 23.7m and BDT 4.2m [1 p.12] [14]. In the nine months to March 2026 tax was BDT 31.5m on profit before tax of BDT 46.1m (68.3%), of which BDT 21.6m deferred [4 p.3] [14]. In the January-March 2026 quarter the group recorded tax of BDT 9.8m on a pre-tax loss of BDT 9.0m [4 p.3]. The deferred tax liability was BDT 164.8m at March 2026 [4 p.2]; it is a key audit matter [1 p.4].

FY2026 so far: nine-month EPS of BDT 0.15 and a January-March loss of BDT 18.8m

Nine months to March 2026. Revenue was BDT 896.2m against BDT 1,056.1m, cost of sales BDT 785.8m against BDT 890.1m, and gross profit BDT 110.3m against BDT 166.1m [4 p.3]. Gross margin was 12.3% against 15.7% [14]. Profit after tax was BDT 14.6m against BDT 107.5m, and EPS BDT 0.15 against BDT 1.08 [4 p.3]. The DSE announcement of 29 April 2026 gives the same EPS and a NOCFPS of BDT 0.17 against BDT 0.51 [6].

The January-March 2026 quarter. Revenue was BDT 217.2m against BDT 419.1m (-48.2%), gross profit BDT 9.0m against BDT 57.4m, and the quarter closed with a pre-tax loss of BDT 9.0m and a loss after tax of BDT 18.8m; EPS was BDT -0.19 against BDT 0.35 [4 p.3] [6]. The quarterly statements carry no management commentary on the change in revenue, and the DSE announcement gives none [6].

Quarterly pattern. On the DSE announcements, consolidated EPS was BDT 0.31, 0.32 and 0.20 in the first three quarters of FY2024; BDT 0.26, 0.47 and 0.35 in FY2025; and BDT 0.21, 0.13 and -0.19 in FY2026 [6] [14]. Subtracting nine-month EPS from full-year EPS gives an implied fourth quarter of BDT 0.05 for FY2024 and BDT -0.22 for FY2025 (derived) [14]. The FY2025 full-year profit after tax of BDT 85.3m is below the nine-month FY2025 profit after tax of BDT 107.5m [1 p.12] [4 p.3]. The FY2025 statements include the merger effect from the appointed date [1 p.35]; the filings we read do not reconcile the nine-month and full-year FY2025 figures.

Cash in the nine months. Operating cash flow was BDT 16.3m, investing outflow BDT 98.2m (of which BDT 90.9m 'Net Fund Adjustment'), and BDT 60.0m more was received from parties as security deposits; cash fell from BDT 37.7m to BDT 16.8m [4 p.5]. Trade receivables were BDT 70.2m at March 2026 against BDT 5.1m at June 2024 [4 p.2] [1 p.11].

Ratios: ROE of 6.7% in FY2025, operating cash flow at 0.27x profit, and asset turnover of 0.44x

Returns. ROE on average equity, from the five-year tables, was 4.5% in FY2020, 10.4% in FY2023 (the highest in the FY2020-FY2025 series), 7.0% in FY2024 and 6.7% in FY2025 [14]. Net margin ranged from 5.2% (FY2020) to 9.4% (FY2022) [14]. Turnover over total assets fell from 0.80x in FY2023 to 0.44x in FY2025, the lowest in the series, as non-current assets rose from BDT 1,586m to BDT 2,336m [2 p.31] [14].

Liquidity and leverage. The current ratio was 0.52x in FY2023, 0.85x in FY2024 and 1.11x in FY2025 on the five-year table, and 1.42x at March 2026 on the statements [14]. Interest-bearing debt (bank loan plus bond) was BDT 399.0m, BDT 400.6m and BDT 401.6m at June 2024, June 2025 and March 2026, 0.32x, 0.31x and 0.30x equity [14]. Security deposits, a separate non-interest line in the statements, added 0.43x and 0.48x equity at June 2025 and March 2026 [14]. The printed 'Debt to Equity Ratio' in the annual reports is not consistent between years: FY2023 is printed as 0.03 in the FY2023 report and 0.45 in the FY2025 report, and FY2025 as 0.01 [3 p.23] [2 p.31]; this note uses its own definition above.

Cash conversion. Printed NOCFPS fell from BDT 2.56 in FY2023 to BDT 0.45 in FY2024 and BDT 0.24 in FY2025 [2 p.31]. Operating cash flow was 0.51x profit after tax in FY2024 and 0.27x in FY2025 [14]. Operating cash flow less investing cash flow was BDT -587.9m in FY2024 and BDT -251.5m in FY2025, funded by the bond (BDT 373.5m in FY2024) and security deposits received (BDT 302.1m and BDT 267.7m) [1 p.14] [14]. Receivable days rose from 1 at June 2024 to 17 at June 2025 and 21 at March 2026 (on annualised nine-month revenue) [14].

Multiples as facts. At the June closes, P/E on printed EPS was 24.3x (FY2022), 37.7x (FY2023), 36.1x (FY2024) and 23.6x (FY2025), and P/B was 2.53x and 1.53x at June 2024 and June 2025 [14]. On 29 October 2026 the price was 26.9x FY2025 EPS and 1.73x March-2026 NAV [14]. Cash dividends declared were 10% for FY2022 and FY2023, 1% for FY2024 and 1.25% for FY2025, the last two for general shareholders only [5] [6].

Balance sheet and audit: a qualified opinion, BDT 629.9m of security deposits and a BDT 229.7m affiliate advance

Auditor's opinion, quoted from the FY2025 report. Ahsan Manzur & Co., Chartered Accountants, signed on 27 November 2025 [1 p.10]. The opinion paragraph reads: 'In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion Section of our report, the accompanying consolidated financial statements present fairly, the consolidated financial position of the Group as at 30 June 2025, and its consolidated financial performance and its consolidated cash flow for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act, 1994, the Security and Exchange Rules, 2020 and other applicable law and regulations.' [1 p.2]. The basis for the qualification reads: 'IFRS 16 – Leases requires lessees to recognize Right-of-Use Assets and corresponding Lease Liabilities for all material lease arrangements. The Company has not yet accounted for its lease arrangements relating to the corporate offices and stations in accordance with the requirements of IFRS 16.' [1 p.2].

Emphasis of matters, quoted: 'We draw attention to Note # 8.01 as Advances for AIT in the consolidated financial statements, an amount of Tk. 86,979,657 carried over since 2023. This amount was not settled against income tax liabilities.' 'We draw attention to Note # 20.00 - Workers' Profit Participation Fund to the financial statements, which includes an amount of Tk. 38,593,703 carried forward from prior year. The Company has not remitted this amount within the timeframe prescribed under Section 234 of the Labor Act, 2006.' [1 p.2] 'We draw attention to note # 39.00 regarding the Fixed Asset Register. While the register has been prepared, verified, and formally adopted, the physical tagging of a minor remaining portion of assets is still in progress and is expected to be completed shortly.' [1 p.3]. Other matter, quoted: 'The financial statements of two subsidiaries, namely Absar & Elias Enterprises Ltd. and Intraco Automobiles Ltd. (disclosed in 2.01), were also audited by Ahsan Manzur & Co., Chartered Accountants, and expressed a modified opinion and highlighted the existence of a material uncertainty as of 30 June 2025.' [1 p.7].

Key audit matters. The report lists seven, with these headings as printed: '1. Revenue Recognition and Accounts Receivable', '2. Measurement of Deferred Tax Liability', the carrying value of property, plant and equipment (BDT 2,336,146,940, 77% of total assets), '4. Term Loan & Intraco Refueling Convertible Bond', '5. Legal and regulatory matters', '6. Capital work in progress' and '7. Carrying value of investments in the subsidiary by the Company' [1 p.3] [1 p.4] [1 p.5] [1 p.6] [1 p.7]. On revenue the auditor wrote: 'In particular, we focused on the accuracy and cut-off of revenue from the Bhola Project, where delivery confirmations are obtained at customers' premises.' [1 p.3]. The WPPF balance rose to BDT 44.6m at June 2025 and BDT 47.1m at March 2026 [1 p.11] [4 p.2].

Related parties, as printed in note 40. Intraco LPG Limited, relationship 'Affiliated entity', nature 'Advance as per the contract': debits of BDT 815,524,235 and credits of BDT 692,759,388 in FY2025, a closing balance before the merger effect of BDT 122,764,847, a merger adjustment of BDT 106,935,503, and a closing balance with the merger effect of BDT 229,700,350 [1 p.37]. Intraco Automobiles Ltd (parent-subsidiary, 'Interim Divdend Receivable'): opening BDT 17,573,381, debit BDT 7,676,607, closing BDT 25,249,988 [1 p.37]. Absar & Elias Enterprise Ltd: closing BDT 39,514,446 [1 p.37]. The balances for Good CNG, Nessa & Sons and M Hye & Co (BDT 30,874,574, BDT 43,904,191 and BDT 56,636,179 before the merger) were removed by merger adjustments [1 p.37]. Board meeting fees of BDT 24,000 each are shown for Mohammed Riyadh Ali, H M Hakim Ali and Hoda Ali Selim Ahmed Mohamed (each 'Shareholder & Director'), Md. Moklasur Rahman Bhuiyan ACCA ('Nominated Director') and Advocate Abdul Halim ('Independent Director (Resigned)') [1 p.37].

Assets and liabilities. Advances, deposits and pre-payments of BDT 613.0m at June 2025 were advance tax BDT 89.9m, deposits BDT 210.6m and other advances BDT 312.6m [1 p.26]. Provision for tax was BDT 242.1m at June 2025 and BDT 252.0m at March 2026 [1 p.11] [4 p.2]. Trade and other payables were mainly 'Gas Bill (CMS) Payable' of BDT 264.9m at June 2025 [1 p.29]. The security deposit line rose by BDT 267.7m in FY2025 and BDT 60.0m in the nine months to March 2026 [1 p.29] [4 p.5]. The term loan from Shahjalal Islami Bank is 'secured by personal guarantee of the director of the company and the pari passu sharing agreement' [1 p.29].

Governance: 30.30% sponsors, two Z-category moves, and dividends to general shareholders only

Ownership. Sponsors and directors held 30.06% at June 2025 and 30.30% at September 2026; institutions 13.33% and 20.24%; the general public 56.57% and 49.42%; foreign investors 0.04% at both dates [5]. The managing director is Mohammed Riyadh Ali [2 p.18]. The related-party note names H M Hakim Ali and Hoda Ali Selim Ahmed Mohamed as shareholder directors, Md. Moklasur Rahman Bhuiyan ACCA as nominated director and Advocate Abdul Halim as an independent director who resigned [1 p.37].

Dividends and category. The board recommended 1% cash for FY2024 and 1.25% cash for FY2025, both for general shareholders only; the FY2025 amount payable to general shareholders was Tk. 8,588,032, with sponsors and directors holding 30.06 million shares [6]. The stock moved from A to B on 19 December 2024 after the 1% FY2024 dividend was approved, and the DSE moved it to the Z category on 29 January 2025 and again on 16 February 2026 under provision 1(e) of BSEC Directive No. BSEC/CMRRCD/2009-193/77 'regarding non-disbursement of the approved dividend within the stipulated time frame' [6]. After the company reported disbursement, it returned to B on 26 February 2025 and on 27 October 2026 [6]. Brokers and merchant bankers were asked to stop margin loans on the shares from 16 February 2026 [6]. Earlier cash dividends were 10% for FY2022 and FY2023, and stock dividends were 10% (2019), 5% (2020) and 8% (2021) [5].

Other DSE disclosures in the 24 months to 31 October 2026: the name change from Limited to PLC from 28 August 2025; WASO surveillance ratings of 'A'/'ST 2' on 12 February 2025 and 2 April 2026; the High Court sanction of the merger (disclosed 17 April 2025); and the record date for the merger shares (21 May 2026) [6]. The archive contains no board decision on a right issue, a new loan, or new station capex in the period [6].

Peers: nine-month gross margin of 12.3% against 21.3% and 26.7%, finance cost of 2.4% of revenue

Peers and basis. Navana CNG and Energypac Power Generation are two listed companies with June year ends and CNG or LPG operations whose nine-month statements to 31 March 2026 we opened [7 p.2] [9 p.2]. Energypac's own filing describes four segments: power generation, motor vehicles, an LPG bottling plant (whose revenue includes a CNG station, BDT 131.6m in the nine months) and building materials [9 p.29]. All three sets are un-audited. Intraco and Navana report consolidated statements; Energypac's statement is titled without 'consolidated' and is used as printed [4 p.3] [7 p.2] [9 p.2]. Audit opinions read first: Energypac's FY2025 report carried an emphasis of matter and a 'Material Uncertainty Related Going Concern' (DSE, 22-Dec-2025), as did FY2024 (DSE, 17-Dec-2024) [10]; for Navana CNG the auditor gave an emphasis of matter paragraph for FY2025 (DSE, 24-Nov-2025) and for FY2024 (DSE, 20-Nov-2024) [8]; Intraco's FY2025 opinion is qualified [1 p.2].

On the same nine-month basis, Intraco's gross margin of 12.3% was the lowest of the three against 21.3% at Navana CNG and 26.7% at Energypac [14]. Its finance cost was 2.4% of revenue, against 15.5% and 82.0% [14]. Of the three, Intraco had the highest net margin, 1.6%, against 0.03% at Navana CNG and a loss at Energypac (-81.8%) [14]. Finance-cost labels as printed: 'Financial Expenses' (Intraco, gross, above operating profit), 'Interest expenses' (Navana, above operating profit) and 'Finance costs' (Energypac, below operating profit, with separate 'Finance income' of BDT 0.4m) [4 p.3] [7 p.2] [9 p.2]. WPPF was BDT 2.5m and BDT 7.6m at Intraco and Navana; Energypac shows a WPPF line with no amount [14] [9 p.2].

Multiples as facts. On 29 October 2026 Intraco traded at 1.73x its March-2026 NAV per share, Navana CNG at 0.58x and Energypac at 0.60x (NAV with revaluation; BDT 13.51 without) [14] [10]. Nine-month EPS was BDT 0.15, BDT 0.01 and BDT -7.62 [4 p.3] [7 p.2] [9 p.2].

What's next: the postponed FY2026 accounts, Q1 FY2027 results and the AGM

Earlier board dates, for reference only: FY2025 accounts on 18-Nov-2025; Q1 accounts on 12-Nov-2024 and 21-Dec-2025; H1 accounts on 29-Jan-2025 and 28-Jan-2026; the FY2025 AGM on 30-Dec-2025 [6].

Which lines these move. The FY2026 accounts will show the April-June 2026 quarter, the auditor's FY2026 opinion, and whether the IFRS 16 qualification remains; the auditor notes that IFRS 16 requires right-of-use assets and lease liabilities for material leases, and FY2025 station rent was BDT 9.8m in cost of sales [1 p.2] [1 p.32]. The WPPF and advance-income-tax items in the emphasis of matters sit in current liabilities and current assets [1 p.2] [1 p.11]. LDC graduation is a country-level change; the revenue note shows no export line for Intraco [1 p.32]. The company's own risk statement links gas supply policy, gas pressure and station permissions to production and profitability [2 p.21].

Key questions: the June 2026 quarter, the audit, the deposits and the affiliate advance

In summary, the filings describe a station operator that reported a profit in every year from FY2019 to FY2025, moved most of a BDT 373.5m bond into a Bhola gas-transport project, and recorded a loss after tax in the January-March 2026 quarter [2 p.31] [1 p.36] [4 p.3]. The FY2025 audit was qualified on lease accounting [1 p.2]. The audited FY2026 report has not been published; its board date has not been notified [6].

FAQ

What does Intraco Refueling Station do?

It operates CNG and LPG refuelling stations in Bangladesh and a Non-Pipe Gas Line unit in Bhola; it also owns an LPG cylinder factory in Cumilla [2 p.6] [2 p.19].

When does Intraco's financial year end?

On 30 June [1 p.11] [5].

What was Intraco's EPS for FY2025?

Consolidated EPS was BDT 0.86, against BDT 0.88 in FY2024 [1 p.12].

Has Intraco published FY2026 results?

Not as of 1-Nov-2026. The board meeting set for 28-Oct-2026 to consider the FY2026 accounts was postponed, with a new date to be notified [6]. Nine-month EPS to March 2026 was BDT 0.15 [4 p.3].

Was Intraco's FY2025 audit opinion qualified?

Yes. Ahsan Manzur & Co. gave a qualified opinion on IFRS 16 lease accounting, with emphasis of matters on advance income tax, WPPF and the fixed asset register, and an other-matter paragraph on two subsidiaries [1 p.2] [1 p.3] [1 p.7].

What dividend did Intraco pay for FY2025?

1.25% cash to general shareholders only, excluding sponsors and directors; it was disbursed by 26-Oct-2026 [6].

How much debt does Intraco have?

BDT 401.6m of interest-bearing debt at March 2026: a BDT 373.5m convertible bond and a Shahjalal Islami Bank term loan [4 p.2] [14].

Does LDC graduation affect Intraco?

Graduation was moved to 24-Nov-2029 on 29-Oct-2026 [11] [12]; the revenue note shows no export line for Intraco [1 p.32].

Sources

1. Intraco Refueling Station PLC & its subsidiaries, audited financial statements and independent auditor's report (Ahsan Manzur & Co.), year to 30-Jun-2025 · link · accessed 2026-11-01
2. Intraco Refueling Station PLC Annual Report 2025 (MD's message, directors' report, five-year highlights), year to 30-Jun-2025 · link · accessed 2026-11-01
3. Intraco Refueling Station PLC Annual Report 2023 (five-year highlights FY2019-FY2023) · link · accessed 2026-11-01
4. Intraco Refueling Station PLC & its subsidiaries, un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
5. Dhaka Stock Exchange, INTRACO company page (shareholding Jun-2025, Aug-2026, Sep-2026; dividend history; category; 52-week range), accessed 1-Nov-2026 · link · accessed 2026-11-01
6. Dhaka Stock Exchange news archive for INTRACO, 1-Nov-2024 to 31-Oct-2026 (criteria=3), accessed 1-Nov-2026 · link · accessed 2026-11-01
7. Navana CNG Limited & its subsidiaries, un-audited consolidated financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
8. Dhaka Stock Exchange news archive for NAVANACNG, 1-Nov-2024 to 31-Oct-2026 (criteria=3), accessed 1-Nov-2026 · link · accessed 2026-11-01
9. Energypac Power Generation PLC, un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
10. Dhaka Stock Exchange news archive for EPGL, 1-Nov-2024 to 31-Oct-2026 (criteria=3), accessed 1-Nov-2026 · link · accessed 2026-11-01
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14. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01