JMI Syringes financial analysis: flood write-off, 8.7% gross margin and a BDT 2.00 FY2026 loss per share (Oct 2026)

Investment considerations: a debt-free, Nipro-controlled syringe maker whose margin and earnings have fallen to a loss

JMI Syringes & Medical Devices Ltd. (JMISMDL) makes disposable medical devices at a factory in Noapara, Chauddagram, Cumilla: disposable and auto-disable (AD) syringes, infusion sets, scalp vein sets, IV cannulas, urine drainage bags, catheters, blood lancets and a long list of smaller items [4 p.79]. Syringes are most of the business: BDT 1,288m of the BDT 1,884m of FY2025 net sales [1 p.41]. Nipro Corporation of Japan bought 50.23% of the company in 2019 [1 p.13] and holds seven nominee seats on the board [1 p.42]. The managing director, Md. Abdur Razzaq, owns 16.41% [1 p.42].

This note uses the annual reports for FY2017 to FY2025, the nine-month accounts to 31-Mar-2026 and the FY2026 results that the company announced on DSE on 27-Oct-2026 [6 p.47] [1 p.41] [2 p.3] [8]. The FY2026 annual report is not yet in our filing corpus, so FY2026 appears only as the DSE-announced EPS, NAV per share and operating cash flow per share, labelled as such. All figures are standalone; the company has no subsidiaries.

Business: syringes are two-thirds of sales, and the pandemic-era AD-syringe and export business has gone

The company was incorporated in April 1999 as JMI-Bangla Co. Ltd., began commercial production in 2002, listed on the Dhaka and Chittagong exchanges and took its present name in 2009-2010 [4 p.79]. Its milestone list shows the product range growing from syringes into insulin syringes, urine bags, infusion and blood sets, IV cannulas, suction catheters and, in 2023-2025, spinal needles and three-way stopcocks [1 p.13]. It calls itself 'a pioneer of AD syringe manufacturer in Bangladesh' [1 p.28].

Ownership changed in 2019, when Nipro Corporation of Osaka acquired 50.23% [1 p.13]. The filing describes the route: 11.1m new ordinary shares at BDT 164.10 each (BDT 154.10 premium), all received from Nipro, which took paid-up shares to 22.1m by June 2020 [4 p.79]. Shareholders' equity rose from BDT 756m at June 2019 to BDT 2,689m at June 2020 [6 p.47]. A 36% bonus issue for FY2022 then took the share count to 30.056m to meet the BSEC minimum paid-up capital of BDT 30 crore [1 p.96]. The quarterly accounts describe the company as 'A Joint Venture Enterprise with Nipro Corporation, Osaka, Japan & Sun Myung International Inc. Korea' [2 p.1].

The pandemic years were the peak. The company signed vaccine-syringe supply agreements with Beximco Pharmaceuticals in 2020 and with the Government of Bangladesh, WHO and the World Bank in 2021, expanded AD-syringe and IV-cannula capacity in 2021-2022, supplied AD syringes to the government immunisation programme and recorded its highest gross sales in 2022 [1 p.13]. Net revenue reached BDT 2,438m in FY2022, the highest of the nine years, then fell 28.0% to BDT 1,755m in FY2023 [1 p.41] [13]. Export sales in FY2023 were still BDT 151.4m, of which BDT 126.4m was 36.8m units of 0.5cc AD syringes [4 p.42].

Product mix in FY2025 (net of VAT): syringes BDT 1,288.0m on 177.1m units, infusion sets BDT 249.8m on 11.8m units, scalp vein sets BDT 77.0m, IV cannulas BDT 73.8m, other devices BDT 193.2m and exports BDT 2.0m [1 p.41]. Syringes were 68.4% of net revenue [13]. The annual report does not split sales between government tenders, hospitals and the trade, but it does say that 'In the month of June 2025, some goods were sold through tender in the Government Office which was realized later' [1 p.84]. One related buyer is large: Nipro JMI Medical Ltd. shows a 'Total Transaction for the period' of BDT 513.3m in FY2025 (the note's label; sales with VAT were BDT 2,253.4m) [1 p.85] [1 p.92].

Volume and channel: three years of price-led growth on flat units, little capex and no announced expansion

The product tables give units and value for three years. Syringe units fell from 201.3m in FY2023 to 172.0m in FY2024 and recovered to 177.1m in FY2025, while net revenue per syringe rose from BDT 5.52 to BDT 6.40 and BDT 7.27 [4 p.42] [3 p.38] [1 p.41] [13]. Infusion-set units grew each year (9.7m, 10.9m, 11.8m) at BDT 16.98, 20.35 and 21.26 per unit. IV-cannula units fell from 15.7m to 10.7m and then 5.0m [13]. Across all local devices, units were 301.0m, 269.9m and 269.5m, and net revenue per unit BDT 5.33, 6.55 and 6.98 [13]. Over these three years local revenue grew on price, not units.

The company's own words for FY2025 agree: 'Sales, Net profit after Tax and Earning per Share (EPS) are increased in comparison with previous year due to increase of sales price of the products and also trying to reducing expenses' [1 p.96]. The same reason appears in the Q1 and Q2 FY2025 DSE announcements [8]. From Q1 FY2026 the explanation changed to 'decrease of sales and increases of all type of expenses' [8].

The filings in our corpus do not state installed capacity or utilisation, so capacity cannot be tested against volumes. What they do show is how little is being spent on plant: purchases of non-current assets were BDT 97.9m in FY2022, BDT 44.4m in FY2023, BDT 12.7m in FY2024 and BDT 8.0m in FY2025, against depreciation of BDT 66.2m in FY2025 [4 p.78] [1 p.75] [1 p.82]. A sweep of DSE announcements from November 2024 to October 2026 found no board approval of new capacity or expansion; the only asset-related board decision was the revaluation of land and factory buildings based on 31-Dec-2024, announced on 4-Mar-2025 [8]. Headcount rose from 978 to 1,173 in FY2025, with workers up from 788 to 1,025 [1 p.42].

Line items: costs rose faster than prices, a flood write-off hit Q3 FY2026, and tax takes most of profit

Revenue. After the FY2023 fall, revenue rose 2.2% in FY2024 and 5.0% in FY2025 to BDT 1,883.7m [13]. In the nine months to March 2026 it fell 14.7% to BDT 1,220.5m from BDT 1,430.2m [2 p.3]. The DSE announcements for Q1, Q2 and Q3 FY2026 give the reason as 'decrease of sales and increases of all type of expenses' [8]. The quarterly filing does not include a product table, so the split between units and price for FY2026 is not available.

Cost of goods sold. COGS was BDT 1,590.3m in FY2025: raw materials consumed BDT 1,002.8m (FY2024: 1,036.0m), packing materials BDT 220.2m (118.9m) and factory overhead BDT 373.4m (345.5m) [1 p.92]. Overhead included factory salaries and allowances of BDT 163.6m (139.3m), depreciation BDT 64.4m, electricity BDT 45.3m (40.9m) and overtime BDT 31.7m (25.6m) [1 p.93]. The note gives the reason in its own words: 'During the reported year % of COGS are slightly increased in comparison with previous year due to increase of U$ rate for purchasing RM & PM and also increase of salary of factory workers and expenses' [1 p.92]. Gross margin was 16.2% in FY2024 and 15.6% in FY2025; in 9M FY2026 COGS fell only 8.4% while revenue fell 14.7%, and gross margin dropped to 8.7% from 15.0% [2 p.3] [13]. In the January-March 2026 quarter alone gross profit was BDT 32.2m on revenue of BDT 403.9m [2 p.3].

The longer record shows the step down. Gross margin was 29.2% in FY2017 and FY2018 and 28.8% in FY2019, then 19.6% in FY2020, 16.6% in FY2021 and 16.0% in FY2022; the low point of the nine full years was 12.7% in FY2023 [6 p.47] [1 p.41] [13]. The FY2023 annual report attributes that year's fall to the 'appreciation of US Dollar against BDT, war between Ukraine and Russia, increase of raw/packaging materials cost, utility cost and other related overhead' [4 p.98]. Each 1pp of gross margin equalled BDT 18.8m of gross profit on FY2025 revenue, against FY2025 profit before tax of BDT 129.1m [13].

Operating expenses. Administrative expenses were BDT 82.6m in FY2025 (80.6m), mainly salaries of BDT 39.4m, director remuneration of BDT 8.5m and vehicle fuel of BDT 7.4m; marketing, selling and distribution expenses were BDT 69.0m (69.8m), including goods delivery BDT 17.0m, salaries BDT 19.7m, samples BDT 9.2m and promotion BDT 9.2m [1 p.93] [1 p.94]. Together they were 8.0% of revenue in FY2025 [13]. In 9M FY2026 administrative expenses rose to BDT 60.7m from BDT 53.8m and selling expenses to BDT 50.2m from BDT 47.5m while revenue fell, so operating expenses reached 9.1% of revenue and the nine-month operating result was a loss of BDT 4.8m [2 p.3] [13].

Flood loss. On 21-Aug-2024 the factory and the surrounding area were flooded; the company estimated the damaged raw materials, packaging and finished goods at BDT 12.26 crore (BDT 122.6m), reported the incident to BSEC and claimed on its industrial insurance [1 p.83]. At June 2025 no insurance receivable was recognised and 'The full carrying amount of the damaged inventory continues to be presented under Inventory as at the reporting date' [1 p.83]. The nine-month accounts to March 2026 record that the company 'has received BDT 4,71,72,579/-' from the insurer, wrote off the full BDT 12,26,00,000 of damaged inventory and recognised a net loss of BDT 7,54,27,421 (BDT 75.4m) [2 p.8]. The loss sits in the January-March 2026 quarter column [2 p.3], and the DSE note on the Q3 results says it was 'adjusted as loss ... against flood damaged inventory for the previous period' [8].

Finance cost and other income. Financial expenses were BDT 8.1m in FY2025, of which BDT 7.1m was a realised foreign-exchange loss on imports of materials and only BDT 0.2m was short-term loan interest [1 p.95]. In FY2022 they were BDT 16.7m, mostly BDT 12.1m of short-term loan interest [4 p.98]. Other income fell from BDT 6.1m to BDT 1.9m in FY2025 as the FY2024 export cash incentive of BDT 5.4m did not recur [1 p.95]. WPPF is 5% of profit [1 p.95]; in 9M FY2026 it was a credit of BDT 3.8m [2 p.3].

Tax. Income tax was BDT 84.2m in FY2025 on profit before tax of BDT 129.1m (65.2%) and BDT 92.2m on BDT 131.1m in FY2024 (70.3%) [1 p.73] [13]. Current tax for FY2025 was BDT 74.3m, booked under the line 'Tax of U/S 163 (old U/S 82C)', plus BDT 9.9m of deferred tax [1 p.95]. Advance tax deducted at source on sales was BDT 72.9m in FY2025 [1 p.84]. In FY2023 the charge was BDT 214.4m on pre-tax profit of BDT 64.5m, because it included 'Additional Income Tax Charge 2021' of BDT 45.9m and 'Additional Income Tax Charge 2022' of BDT 77.0m [4 p.98]. In 9M FY2026 tax was BDT 11.0m on a pre-tax loss of BDT 76.0m [2 p.3].

Ratios: ROE below 2% since FY2023, receivable days at a five-year high and cash conversion above 2x

Returns. ROE on average equity was 9.9% in FY2018 and 8.6% in FY2019, when equity was below BDT 0.8bn [13]. After Nipro's share subscription lifted equity to about BDT 2.7bn, ROE was 5.6% in FY2020, 3.3% in FY2021, 3.7% in FY2022, -5.6% in FY2023, 1.5% in FY2024 and 1.7% in FY2025 [13]. The company's own ratio table prints 1.80% for FY2025 and -5.78% for FY2023 [1 p.42]. FY2023 was the lowest of the series and, on the announced EPS, FY2026 is also a loss year [8].

Margins. Net margin was 2.4% in FY2025 against 5.5% in FY2017 [13]. Between those years the operating margin fell from 18.9% to 7.5%, and tax rose from 26.8% of pre-tax profit to 65.2% [13]. In FY2017 operating profit was BDT 257.0m and pre-tax profit BDT 101.9m [6 p.47]; in FY2025 the two were BDT 141.8m and BDT 129.1m [1 p.41].

Working capital. Receivable days were 104 at June 2021, 73 at June 2022, 97 at June 2023, 117 at June 2024 and 123 at June 2025, and 138 at March 2026 on annualised nine-month revenue [13]. Inventory days peaked at 199 at June 2023 and were 152 at June 2025; the June 2025 inventory still included the BDT 122.6m of flood-damaged stock [1 p.83] [13]. Creditors covered 25 days of COGS [13]. The company's own ratio table gives receivable turnover of 2.96 times and inventory turnover of 2.85 times for FY2025 [1 p.42].

Cash conversion. Operating cash flow was BDT 185.1m in FY2021, BDT 40.8m in FY2022, BDT 65.7m in FY2023, BDT 122.2m in FY2024 and BDT 107.2m in FY2025 [5 p.86] [4 p.78] [1 p.75]. CFO / PAT was 0.41 in FY2022 and above 2 in FY2024 and FY2025 [13]. Tax paid in cash was BDT 163.0m in FY2022 and BDT 91.3m in FY2025 [4 p.78] [1 p.75]. In 9M FY2026 CFO was BDT 62.3m against BDT 80.3m a year earlier, with NOCFPS of BDT 2.07 [2 p.5]; for the full FY2026 the company announced NOCFPS of BDT 0.16 against BDT 3.57 [8].

Asset turns. Asset turnover was 0.62x in FY2025 against 0.71x in FY2022 [13]. Property, plant and equipment of BDT 1,329.3m includes revalued land and buildings; the revaluation reserve was BDT 351.3m at June 2025 [1 p.72]. The auditor's key audit matter says PPE was 44% of total assets [1 p.70].

Balance sheet: net cash, slow receivables, and a related-party balance the two sister companies print differently

The balance sheet has almost no debt. Short-term loans fell from BDT 208.5m at June 2022 to BDT 24.4m at June 2025 and BDT 25.1m at March 2026; long-term loans were BDT 0.4m [4 p.75] [1 p.72] [2 p.2]. Net cash was BDT 57.5m at June 2025 and BDT 79.9m at March 2026 [13]. Cash is held mainly with Pubali Bank (BDT 35.9m in one STD account), Dutch-Bangla Bank (BDT 14.1m) and Janata Bank (BDT 12.9m in the corporate CD account) at June 2025 [1 p.85]. Advance income tax was BDT 243.7m at June 2025 and BDT 289.2m at March 2026, against a provision for income tax of BDT 164.7m and BDT 178.3m [1 p.72] [2 p.2].

Receivables. Accounts receivable were BDT 636.3m at June 2025, of which BDT 208.8m (32.8%) was over 90 days old; at March 2026 they were BDT 617.5m with BDT 229.2m (37.1%) over 90 days [1 p.84] [2 p.8] [13]. Bad debts written off were BDT 0.6m in each of FY2024 and FY2025 [1 p.94].

Related parties, as printed. At June 2025 sundry debtors from related parties were BDT 178.3m: Nipro JMI Medical Ltd. BDT 170.8m, Nipro JMI Pharma Ltd. BDT 7.4m, JMI Group BDT 0.1m and Nipro Medical Pakistan BDT 0.1m; the line for JMI Hospital Requisit Mfg. Ltd. shows BDT 24.0m of transactions in the year and a nil balance (BDT 34.1m a year earlier) [1 p.97]. At March 2026 the total was BDT 196.2m, including Nipro JMI Medical Ltd. BDT 186.6m and JMI Hospital Requisit Mfg. Ltd. BDT 6.0m [2 p.8]. On the supplier side the FY2025 note lists purchases from JMI Hospital Requisit Mfg. Ltd. of BDT 579.0m (balance payable BDT 13.0m), JMI Printing & Packaging Ltd. BDT 190.7m (BDT 35.1m), JMI Industrial Gas Ltd. BDT 40.9m (BDT 6.9m), Nipro JMI Marketing Ltd. BDT 13.3m (BDT 4.7m) and JMI CNG Dispensing Ltd. BDT 5.7m (BDT 0.2m) [1 p.97]. Key management compensation was BDT 35.3m [1 p.97].

The two sister companies print different balances with each other. JHRML's FY2025 annual report lists 'JMI Syringes & Medical Devices Ltd.' among its sundry debtors (product sales) with a balance of BDT 224.4m at 30-Jun-2025 [7 p.118]. JMISMDL's FY2025 annual report, for the same date, shows JMI Hospital Requisit Mfg. Ltd. as a supplier with a payable balance of BDT 13.0m and a receivable balance of nil [1 p.97]. Neither report reconciles the two figures. JMISMDL's total creditors and other payables at that date were BDT 108.1m [1 p.72].

Audit opinions, quoted. For FY2024 G. Kibria & Co. gave a qualified opinion: 'The company has reported Deferred Tax Liability of BDT 100,573,069 & Deferred Tax Expense of BDT 1,782,649. However, Management were unable to provide sufficient and appropriate audit evidence & working for the Deferred Tax Liability & Deferred Tax Expense during the financial year. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.' [3 p.68]. For FY2025 the opinion is unmodified with an emphasis of matter: 'We draw your attention to Note # 5.01 (ii) to the financial statements, which describes the status of Damage Inventory. Our opinion is not modified in respect of this matter.' [1 p.70]. Both years carry a key audit matter on property, plant and equipment [3 p.68] [1 p.70]. The FY2022 accounts were audited by A. Hoque & Co. [5 p.83].

Leases. The office rental agreement expired on 30-Jun-2025 and was not renewed, so no lease asset or liability is shown at June 2025 [1 p.83].

Peers: JHRML earned twice the gross margin in FY2025 on lower revenue

The peer used here is JMI Hospital Requisite Manufacturing Ltd. (JHRML), a DSE-listed JMI-group maker of single-use medical devices (IV cannulas, infusion sets, bulk needles, catheters and others) [7 p.40], with the same auditor, G. Kibria & Co. [7 p.77] [1 p.71]. Its FY2025 consolidated and separate statements carry a qualified opinion: the auditor wrote that the hospital subsidiary 'has recognized Start-up Cost of BDT 88,202,738 under Capital Work-in-Progress (CWIP), which do not meet the definition of Directly Attributable Cost incompliance with IAS 16' and that 'certain rental expenses have not been recognized incompliance with the IFRS 16 Leases' [7 p.77]. Its figures below are consolidated and as reported, without adjustment for that qualification.

On FY2025 figures JMISMDL had higher revenue (BDT 1,883.7m against BDT 1,671.0m) and a lower gross margin (15.6% against 31.0%) [1 p.73] [7 p.82] [13]. Reported financial expense was BDT 8.1m for JMISMDL ('Financial Expenses', including a BDT 7.1m realised FX loss) and BDT 55.3m for JHRML ('Financial Expense'); JHRML's figure is net of BDT 94.2m of interest it charged to sister concerns [1 p.95] [7 p.82] [7 p.118]. Both show WPPF separately before tax. Tax was 65.2% of pre-tax profit at JMISMDL and 26.6% at JHRML [13]. For FY2026 the two companies announced EPS of BDT (2.00) and BDT 0.71 and NAV per share of BDT 84.23 and BDT 35.51 [8] [9]. At 29-Oct-2026 closes, P/B on those NAVs was 1.53x and 1.08x [12] [13]. Of the two, JMISMDL had the lower gross and net margin in FY2025.

Governance: Nipro owns 50.23%, non-sponsor holders own about 20%, and the 10% cash dividend was held through two loss years

Ownership at 30-Jun-2025: Nipro Corporation 50.23%, managing director Md. Abdur Razzaq 16.41%, chairman Md. Jabed Iqbal Pathan 7.13% and director Hoi Kwan Kim 5.88%, a sponsor-director total of 79.64%; institutions held 5.44%, named key management and others 2.66%, and the general public 12.26% [1 p.42] [1 p.43]. The board list names seven nominee directors of Nipro Corporation, two independent directors and one proposed independent director [1 p.42]. The number of shareholders fell from 6,961 in FY2023 to 4,858 in FY2025 [1 p.42].

Dividends. The company paid 30% cash for FY2021, a 36% bonus issue for FY2022, and 10% cash for each of FY2023, FY2024 and FY2025 (BDT 30.1m a year) [1 p.42]. The FY2023 dividend was declared for a year with a loss after tax of BDT 150.0m [4 p.76]. For FY2026 the board recommended a 10% final cash dividend (BDT 1.00 per share) alongside EPS of BDT (2.00) [8]; on 30.056m shares that is BDT 30.1m of cash against a loss of about BDT 60m implied by the announced EPS (derived) [13]. Dividends paid were 28% of FY2025 operating cash flow [13].

Credit rating and regulation. Alpha Credit Rating assigned AA- / ST-1 (stable) on the June 2024 accounts, announced 1-Jan-2025, and AA / ST-1 (stable) on the June 2025 accounts, announced 23-Dec-2025 [8]. DSE carried the auditor's 'Qualified Opinion' notice for FY2024 on 27-Nov-2024 and the 'Emphasis of Matter' notice for FY2025 on 22-Dec-2025 [8]. The 27th AGM is set for 23-Dec-2026, to be held virtually [8].

What's next: dividend record date on 23 November, AGM on 23 December and the first post-write-off quarter

The items below are already disclosed or follow from dated precedent. Each says which line it moves; none is a forecast. FY2026 results were announced on 27-Oct-2026 (passed) [8]; the annual report with the full FY2026 statements is not yet in our corpus, so the fourth-quarter result (EPS of about BDT 0.89, derived as full year minus nine months) cannot yet be explained from a filing [13]. The remaining BDT 75.4m of the insurance claim is described as 'not yet been recovered', with no date given [2 p.8]; the same note records that 'the amount received from the insurance company amounting to BDT 4,71,72,579/- has been recognized as insurance claim income' [2 p.8].

Inferred dates use board-meeting precedents and are labelled. As of 31-Oct-2026 no board meeting for the Q1 FY2027 accounts had been notified on DSE [8]. The Q1 board met on 12-Nov-2024 and 13-Nov-2025, the Q2 board on 29-Jan-2025 and 27-Jan-2026, and the rating surveillance results were announced on 1-Jan-2025 and 23-Dec-2025 [8]. The FY2026 annual results came on 27-Oct-2026, within one day of the FY2025 date, so the latest accounts are not overdue against precedent.

Risks: input costs, falling volumes and slow receivables move the lines that matter

Each risk is tied to the line it moves. For scale: FY2025 profit before tax was BDT 129.1m and tax BDT 84.2m [1 p.73]; one percentage point of gross margin on FY2025 revenue was BDT 18.8m [13].

Key questions: margin recovery, unit growth and the flood claim decide shareholder returns

JMISMDL closed at BDT 128.5 on 29-Oct-2026, 1.53x the June 2026 NAV of BDT 84.23 [12] [8]. P/E is not meaningful on the FY2026 loss; on FY2025 EPS of BDT 1.49 it is 86.2x [13]. The company's own table printed P/E of 87.32x for FY2025 and 118.82x for FY2024 [1 p.42]. These are statements of fact, not a view on the price.

FAQ

What does JMI Syringes & Medical Devices make?

Disposable syringes (including auto-disable syringes), infusion sets, scalp vein sets, IV cannulas and other single-use devices; syringes were BDT 1,288m of BDT 1,884m net sales in FY2025 [1 p.41].

What was JMISMDL's EPS for FY2026?

A loss of BDT 2.00 per share, against EPS of BDT 1.49 for FY2025, as announced on DSE on 27-Oct-2026 [8].

What dividend did JMISMDL declare for FY2026?

10% final cash (BDT 1.00 per share); record date 23-Nov-2026, AGM 23-Dec-2026 [8].

Who owns JMI Syringes?

Nipro Corporation of Japan owns 50.23%; sponsors and directors together hold 79.64% and the general public 12.26% [1 p.42] [1 p.43].

What happened with the flood?

A flood on 21-Aug-2024 damaged BDT 122.6m of inventory; insurance paid BDT 47.2m and BDT 75.4m was written off in January-March 2026 [1 p.83] [2 p.8].

Did the auditor qualify the accounts?

The FY2024 opinion was qualified over deferred tax; the FY2025 opinion is unmodified with an emphasis of matter on the damaged inventory [3 p.68] [1 p.70].

Does JMISMDL have debt?

Very little: BDT 25.5m of borrowings against BDT 105.4m of cash at 31-Mar-2026 [2 p.2].

Sources

1. JMI Syringes & Medical Devices Ltd. Annual Report 2024-2025 (year to 30-Jun-2025; corpus key carries year 2024, period_end 30-Jun-2025) · link · accessed 2026-10-31
2. JMI Syringes & Medical Devices Ltd. un-audited third-quarter financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
3. JMI Syringes & Medical Devices Ltd. Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-10-31
4. JMI Syringes & Medical Devices Ltd. Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-10-31
5. JMI Syringes & Medical Devices Ltd. Annual Report 2021-2022 (year to 30-Jun-2022) · link · accessed 2026-10-31
6. JMI Syringes & Medical Devices Ltd. Annual Report 2020-2021 (five-year table FY2017-FY2021) · link · accessed 2026-10-31
7. JMI Hospital Requisite Manufacturing Ltd. Annual Report 2024-25 (peer and counterparty; qualified opinion) · link · accessed 2026-10-31
8. Dhaka Stock Exchange news archive, JMISMDL, 1-Nov-2024 to 31-Oct-2026 (company announcements) · link · accessed 2026-10-31
9. Dhaka Stock Exchange news archive, JHRML, October 2026 (FY2026 results) · link · accessed 2026-10-31
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
11. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
12. AnalystBro price data (TradingView feed): DSE:JMISMDL and DSE:JHRML daily bars to 29-Oct-2026 · link · accessed 2026-10-31
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31