Kay & Que financial analysis: IT unit drives profit, qualified audit, 'D' credit rating (Oct 2026)

Investment considerations: an IT unit carries a loss-making fuel station; profit rose to EPS BDT 9.49, cash did not follow

Kay & Que (Bangladesh) Limited is a 1984 company listed on the Dhaka and Chittagong exchanges since 1996 that no longer makes anything it was set up to make. Its notes describe the business as 'one CNG Unit and the business of IT enabled services', a stone business started in July 2018, and a land and office lease to CG Foods (Bangladesh) Limited [1 p.72]. The original carbon-rod unit went into long maintenance in 2012 and was closed; the filing says spare parts were not available, and the coal-tar and pesticide units were also closed [6 p.11]. The DSE lists it in the engineering sector [9]; by its own revenue note it is a fuel retailer, a stone trader and an IT services business [1 p.84].

FY2025 (year to 30-Jun-2025) net profit was more than 14 times the highest of FY2018-FY2024. Revenue was BDT 388.2m and net profit BDT 66.4m, against BDT 257.5m and BDT 4.6m in FY2024 [1 p.67]. EPS was BDT 9.49 against BDT 0.67 [1 p.87]. From FY2018 to FY2024 net profit stayed between BDT 1.7m and BDT 4.6m [15]. The company announced on 27-Oct-2026 FY2026 EPS of BDT 11.25, NAV per share of BDT 112.97 and operating cash flow per share of BDT 0.52, with 5% cash and 5% stock dividends recommended [8]. The FY2026 annual report is not yet in our corpus, so FY2026 figures in this note are the DSE-announced ones, labelled as such.

The profit comes from the IT unit, the former MultiSourcing Ltd., merged into the company by a High Court scheme approved on 4-Dec-2022 and booked on 31-Jul-2023 with an appointed date of 1-Jan-2018 [1 p.72]. In FY2025 the IT unit had revenue of BDT 122.0m, gross profit of BDT 97.9m and BDT 69.6m of profit before WPPF; the refuelling unit, which also carries the rent and dividend income, contributed BDT 4.1m [1 p.67]. That is 94.5% of profit before WPPF from a unit that was 31.4% of revenue [15].

Business: carbon rods to CNG to petrol, stone and IT; the 2023 merger changed the earnings base

History. The company was incorporated on 19-Jan-1984 with a carbon-rod unit; the factory was flooded in 1988 and the current management took over in 1989 through Bangladesh Shilpa Rin Sangstha [6 p.11]. It floated 90,000 shares of Tk. 100 in 1996 [6 p.11]. A coal-tar unit opened in 2002 and was later closed, the pesticide unit was closed, and from 2009 the CNG station at the Dhamrai factory was the operating unit; from 2015 it was the only one [6 p.11].

Revaluation and merger. The board had the assets revalued with a 31-Dec-2017 cut-off; the valuer put them at Tk. 584,795,873 against a book value of Tk. 138,134,723, and the same 155th board meeting decided to amalgamate MultiSourcing Limited, an IT company serving mobile operators and selling ERP software [6 p.11]. The revaluation reserve stands at BDT 441.3m, 62% of June 2025 equity [1 p.66] [15]. The merger issued 1,708,275 shares of Tk. 10 and created BDT 178.5m of 'capital excess of par value', now shown as general reserve [1 p.81] [1 p.68].

Fuel. CNG revenue fell from BDT 124.7m in FY2018 to BDT 66.3m in FY2022 [7 p.69] [5 p.81]. Petrol-station ('Fuel') sales began in FY2023 with BDT 5.3m, reached BDT 102.0m in FY2024 and BDT 238.7m in FY2025, while the FY2025 revenue note shows no CNG sales at all [5 p.81] [1 p.84]. The FY2025 cost note shows 'Gas bill- Captive Power' falling from BDT 12.0m to BDT 0.2m [1 p.84]. Retail LPG sales at the Dakshinpara, Dhamrai unit started on 2-Sep-2025 [8] [1 p.28].

Stone. The boulder and stone-chip business started in July 2018, importing from Bhutan and India through a leased 1.5-acre yard at Burimari land port [1 p.72] [1 p.28]. It sold BDT 28.0m in its first year [7 p.69], peaked at BDT 84.6m in FY2023 and was BDT 27.5m in FY2025 [5 p.81] [1 p.84]. The cost note shows BDT 22.9m of stone purchases against BDT 27.5m of sales in FY2025 [1 p.84].

Lease. After shareholders at the 2015 AGM asked the board to find income from the idle units, the company leased 114,680 sq ft of factory land and 3,250 sq ft of office to CG Foods (Bangladesh) Ltd. for 15 years at Tk. 8.00 per sq ft rising in three-year steps to Tk. 12.80 [1 p.28]. After the first three years CG Foods stopped renting the office building; FY2025 lease income was Tk. 9,984,000 [1 p.29]. The company also shows a Tk. 23.9m 'Advance Against Equity to CG Food (BD) Ltd.' [1 p.78].

IT. The directors' report lists software development, AI, mHealth, mAgriculture, content and gaming, A2P SMS aggregation and managed security and document-management services, sold mostly through telecom operators [1 p.26]. The company obtained a BTRC A2P SMS aggregator enlistment certificate on 26-Sep-2025 [1 p.28]. In FY2024, the only year with a customer split, IT revenue came from Banglalink (Tk. 35.3m), ERP design income (Tk. 28.1m), Grameenphone short code 3333 (Tk. 2.0m), Robi (Tk. 1.5m), Airtel and Teletalk [4 p.91]. The FY2025 note gives only the total [1 p.84].

Line items: IT gross margin 80.3% against 3.3% in fuel; finance cost tripled from FY2023

Revenue. FY2025 revenue of BDT 388.2m was the highest of FY2018-FY2025 and FY2022's BDT 96.9m the lowest [15]. Of the BDT 130.7m increase in FY2025, fuel sales added BDT 136.7m, IT BDT 53.0m and stone BDT 6.7m, while CNG fell by BDT 65.7m to nil [1 p.84] [15]. The company's DSE disclosure for FY2025 says profitability and EPS changed 'due to significant increase of turnover' [8].

Cost of sales. In the refuelling unit cost of sales was BDT 257.4m against sales of BDT 266.2m, a 3.3% gross margin; in FY2024 the unit's cost of sales exceeded its sales [1 p.67] [15]. Fuel purchases were BDT 231.0m against BDT 238.7m of fuel sales [1 p.84]. The IT unit's cost of sales was BDT 24.1m, almost all 'Software Development Expenses' of BDT 23.2m, with internet bandwidth and hosting the rest [1 p.84]. Group gross margin was 27.5% in FY2025, the highest of the eight years, after 2.8% in FY2023, the lowest [15].

Operating expenses. Administrative and marketing expenses were BDT 31.0m in FY2025 and BDT 31.5m in FY2024, against BDT 9.5-9.7m in FY2022-FY2023 [15]; the IT unit accounts for BDT 24.1m of the FY2025 figure [1 p.67]. Salaries were BDT 18.4m and director remuneration BDT 5.0m, up from BDT 3.6m [1 p.85]. Depreciation in the income statement was BDT 1.9m in total [1 p.88] on PPE of BDT 546.1m, most of which is revalued land [1 p.66] [6 p.11].

Finance cost. Financial expenses were BDT 13.3m in FY2025 and BDT 13.7m in FY2024, against BDT 0.8-4.3m in FY2018-FY2023 [15]. Bank interest was BDT 12.9m in FY2025, BDT 8.6m in the refuelling unit and BDT 4.3m in the IT unit [1 p.85]. Bank loans of BDT 104.8m at June 2025 were Bai Muajjal and HPSM facilities plus BDT 26.2m from National Housing Finance & Investment Ltd. in the IT unit [1 p.81]. No interest is shown on the BDT 223.2m of associates and directors' loans [1 p.83] [1 p.85].

Non-operating income. Rent of BDT 9.98m and dividends of BDT 1.16m (mainly from the CDBL holding) were BDT 11.2m in FY2025 [1 p.85]. In every year FY2018-FY2023 non-operating income exceeded profit before WPPF, so the result before rent, dividends and other income, after finance cost, was a loss [15]. In FY2025 it was 15.2% of profit before WPPF [15].

WPPF and tax. WPPF of BDT 3.5m was provided in FY2025 and the liability rose to BDT 7.6m; note 16 shows no payments during the year [1 p.82]. Income tax was BDT 3.8m, 5.4% of profit after WPPF; the tax note shows advance income tax of BDT 3.5m on IT receipts and a 1% minimum tax on refuelling gross receipts [1 p.83] [15].

FY2026: EPS BDT 11.25 announced; operating cash flow BDT 0.52 a share after a Q4 outflow

Nine months to March 2026. Revenue was BDT 229.7m, up 41.5% on BDT 162.3m, and gross profit BDT 88.4m against BDT 46.3m, a gross margin of 38.5% against 28.6% [2 p.1] [15]. Administrative expense fell to BDT 17.3m from BDT 24.7m and profit after tax was BDT 69.2m against BDT 25.3m; EPS was BDT 9.89 against BDT 3.69 [2 p.1]. The interim statements do not split revenue by unit. In the Q1 disclosure the company said EPS 'increased due to increase of sales turnover as well as increase of profitability' [8].

Full year. The DSE notice of 27-Oct-2026 gives FY2026 EPS of BDT 11.25 against BDT 9.49 (+18.5%), NAV per share of BDT 112.97 and operating cash flow per share of BDT 0.52 against BDT 1.24 [8] [15]. Q4 EPS, derived as the year less nine months, was BDT 1.36 against BDT 5.80 in Q4 FY2025, and Q4 operating cash flow per share BDT -6.48 against BDT -3.07 [15]. The nine-month statements had shown NOCFPS of BDT 7.00 [2 p.1]. The DSE notice gives no explanation of the Q4 figures, and the FY2026 annual report is not yet in our corpus.

Internal consistency of the interim statements. The Q3 cash-flow statement shows BDT 11.9m of bank-loan repayment in the nine months, while the balance sheet shows short-term bank loans of BDT 103.3m against BDT 104.8m at June 2025 [2 p.1]. Its changes-in-equity table totals BDT 601,969,916 at 31-Mar-2026, while the balance sheet and the components sum to BDT 780,501,736, and the balance sheet prints two current-asset totals, BDT 353,169,848 and BDT 357,401,134 [2 p.1]. The quarter column of operating cash flow (BDT 46.0m) does not reconcile with the nine-month (BDT 48.9m) and half-year (BDT 43.3m) figures [2 p.1] [3 p.4]. These are presentation differences in unaudited statements; we use the nine-month columns.

Balance sheet at March 2026. Equity was BDT 780.5m against BDT 711.3m at June 2025, the change being the nine-month profit of BDT 69.2m; NAV per share was BDT 111.61 [2 p.1]. Receivables rose to BDT 203.6m from BDT 180.3m and advances to BDT 110.6m from BDT 105.4m, while cash was BDT 12.7m [2 p.1]. Associates and others' loans fell to BDT 184.9m from BDT 223.2m and the WPPF liability rose to BDT 8.9m [2 p.1]. Capital work in progress rose by BDT 3.3m to BDT 76.0m [2 p.1]. The nine-month cash-flow statement shows BDT 32.8m paid to associates and BDT 11.9m to banks, against BDT 48.9m of operating cash flow [2 p.1]. The announced June 2026 NAV of BDT 112.97 a share is BDT 1.36 above March, the same as the derived Q4 EPS [8] [15].

Ratios: ROE 9.8% in FY2025 after under 1.3% for six years; CFO was 0.13x profit

Returns. ROE on average equity was 9.8% in FY2025; in FY2019-FY2024 it ranged from 0.4% to 1.2% [15]. Equity includes BDT 441.3m of revaluation reserve; excluding it, June 2025 equity was BDT 270.0m [15]. Return on closing assets was 6.1% [15].

Margins. Net margin was 17.1% in FY2025 against 0.9%-4.0% in FY2018-FY2024 [15]. The operating margin before finance cost was 19.5% in FY2025 and 4.5% in FY2024, and negative in each of FY2018-FY2023 [15].

Leverage and cover. Borrowings (bank loans plus associates and directors' loans) were BDT 328.0m at June 2025, the highest of the eight year-ends, and 0.46x equity [15]. Interest cover, profit before WPPF plus finance cost over finance cost, was 6.6x in FY2025 after 1.7x in both FY2023 and FY2024 [15]. At March 2026 associates and others' loans were BDT 184.9m after BDT 32.8m of repayments in the nine months [2 p.1].

Working capital and cash. Receivable days on closing balances were 169 in FY2025 and 171 in FY2024; the highest was 221 in FY2022 [15]. Operating cash flow was BDT 8.6m in FY2025 against net profit of BDT 66.4m, 0.13x [15]. The indirect reconciliation counts a BDT 14.2m increase in associates' loans inside operating cash flow and a BDT 59.7m increase in receivables against it [1 p.88]. Operating cash flow was negative in FY2022 (BDT -15.4m) [5 p.67].

Payout. Cash dividends were 4% of par (BDT 0.40 a share) for FY2025, a payout of 4.2% of EPS, against 45-94% in the years with cash dividends FY2018-FY2024 [15]. For FY2026 the board recommended 5% cash (BDT 0.50) and 5% stock [8].

Balance sheet and audit: qualified opinions two years running; BDT 77.9m of rent uncollected

Assets. Of BDT 1,090.2m of assets at June 2025, PPE was BDT 546.1m, intangible software BDT 119.6m, capital work in progress BDT 72.7m, receivables BDT 180.3m and advances BDT 105.4m; cash was BDT 12.3m [1 p.66]. The work in progress is a G+7, 29,000 sq ft building under construction at Natun Bazar, Vatara [1 p.76]. The intangible-asset note shows additions and no amortisation line in FY2024 or FY2025; it includes ERP software for insurance and life-insurance management of BDT 20.8m and BDT 35.5m [1 p.76] [1 p.77].

Receivables. Trade receivables were BDT 102.3m, BDT 85.1m of them in the IT unit, where FY2025 collections were BDT 71.6m against BDT 122.0m of billing [1 p.78]. Rent receivable from CG Foods (BD) Ltd. was BDT 77.9m, up from BDT 67.9m and BDT 58.0m, with the 'Receipt during the year' line nil in both years shown [1 p.78]. That balance is 11.0% of equity [15]. Advances include BDT 17.0m against a fuel station, BDT 6.3m against an LPG project, BDT 21.9m against land and BDT 21.5m of associates and others' advances [1 p.78] [1 p.78].

Audit. The FY2025 auditor, Pinaki & Company, gave a 'Qualified Opinion'. The basis lists four items: PPE of Tk. 546,068,221 that the auditor was 'unable to verify ... due to absence of appropriate fixed asset management system'; a Tk. 4,667,559 VAT deposit and Tk. 19,137,698 of creditors for expenses 'for which documentation observed inadequate & as such could not be verified'; and that 'the Company has shown an amount of Tk. 7,558,428 as liabilities for WPWF which includes prior year amount of Tk. 4,049,918 that has not been paid by the company to the fund' [1 p.62]. Emphasis-of-matter paragraphs cover the merger, where 'some of the assets like current account with banks and accounts receivable remain untransferable', a Tk. 3,199,542 shortfall in the dividend bank account, and Tk. 2,477,856 of unclaimed dividend not transferred to the Capital Market Stabilization Fund [1 p.63]. The FY2024 auditor, A. Wahab & Co., also qualified its opinion on PPE (Tk. 547,991,190) and on a WPWF liability of Tk. 4,049,918 'which includes prior year amount of Tk. 3,614,688 that has not been paid by the company to the fund' [4 p.60].

Disclosure checks. The chairman's statement gives 'total revenue 106,729,465', which is the gross profit line, and the directors' report gives the same figure as boulder sales [1 p.23] [1 p.28] [1 p.67]. The directors' report prints net profit of Tk. 66,373,830 against Tk. 66,372,810 in the income statement [1 p.30] [1 p.67]. The corporate-governance checklist says 'No remuneration paid to any Directors', while note 21 shows director remuneration of Tk. 5,040,000 and note 31 Tk. 2,160,000 for the managing director [1 p.50] [1 p.85] [1 p.87].

Related parties. Note 27 lists balances with 25 parties. The largest payables at June 2025 were to Lal Teer Seed Ltd. (Tk. 71,201,429), Mr. Tabith M Awal (Tk. 30,651,518), North South Seeds Ltd. (Tk. 22,652,663), Multimode Energy Resource Ltd. (Tk. 16,443,213), Mr. Tafsir M Awal (Tk. 13,666,622), Mr. Abdul Awal Mintoo (Tk. 11,912,000) and Mr. Tajwar M Awal (Tk. 11,648,622); the largest receivables were from Monson Holdings Ltd (Tk. 5,908,251) and Multimode Ltd. (Tk. 4,258,433) [1 p.86]. The printed net total is a payable of Tk. 190,373,878 [1 p.86]. Note 17 also shows Tk. 14,593,266 from Md. Wasiul Huda under 'Others Advance' [1 p.83].

Peers: the highest gross margin of three fuel retailers, on a fraction of their revenue

Peers. We compare FY2025 (year to 30-Jun-2025) audited figures for two listed fuel-station companies on their company (separate) statements. Intraco Refueling Station PLC operates 'CNG & LPG Refueling Station[s]' [10 p.6] and merged an entity in FY2025; we use its 'with effect of merger' column [10 p.76]. Navana CNG Limited's principal activities are vehicle conversion to CNG, 'CNG re-fuelling stations and other related services' [11 p.107]; we use its separate statements, whose net profit is after a BDT 63.2m share of subsidiaries' loss [11 p.104]. Finance cost is gross for all three: 'Financial Expenses' for Kay & Que and Intraco, 'Interest Expenses' for Navana. WPPF is charged by all three. Audit opinions: Intraco's auditor, Ahsan Manzur & Co., gave a 'Qualified Opinion' because lease arrangements were not accounted for under IFRS 16 [10 p.66]; Navana's auditor, M.Z. Islam & Co., gave an 'Opinion' with no qualification and an emphasis of matter on Tk. 37,193,397 of unclaimed dividend not transferred to the CMSF [11 p.97].

Within this set of three, Kay & Que had the smallest revenue (BDT 388.2m against BDT 1,258.8m and BDT 1,291.5m) and the highest gross margin (27.5% against 15.6% and 17.9%) and net margin (17.1%) [15]. Its finance cost was 3.4% of revenue, the highest of the three [15]. Kay & Que's figure includes the IT unit, whose FY2025 gross margin was 80.3%; its refuelling unit alone had 3.3% [1 p.67] [15].

Governance: BSEC refused the FY2025 bonus share; Z category for two months in 2025

Board and ownership. The board has 10 directors: chairman Abdul Awal Mintoo, managing director Tabith Awal, directors Nasreen Fatema Awal, Tafsir M. Awal and Tajwar M. Awal, nominated directors Mahbub Anam (SMCL), Md. Rezaul Karim (PIL) and A.T.M. Ahmedur Rahman (ICB), and independent directors Md. Mahboob Ahmed and Mollah M. Amzad Hossain [1 p.10]. The chairman's statement says the company 'is still required for one additional Independent Director' [1 p.24]. Sponsors and directors held 35.24% at 30-Sep-2026, institutions 15.18% and the public 49.58% [9]. Pragati Life Insurance, which has common directors with the company, announced intentions to sell 58,560 shares (12-Jan-2025) and 5,200 shares (20-Apr-2026) [8].

Capital actions. The FY2024 2% stock dividend received BSEC consent on 22-Jan-2025 [8]. On 3-Feb-2025 the shares were moved to the 'Z' category under the BSEC directive on 'non-disbursement of the approved dividend within the stipulated time frame', and back to 'B' on 15-Apr-2025 after the company reported disbursement [8]. For FY2025 BSEC declined the 6% bonus share 'due to having insufficient retained earnings and qualified opinion' on PPE, the VAT deposit, creditors for expenses and WPWF liabilities, and rejected the company's review application (DSE notices 22-Dec-2025 and 25-Jan-2026) [8]. The 4% cash dividend was paid (DSE notice 18-Jan-2026) [8]. For FY2026 the board recommended 5% cash and 5% stock, the stock part 'subject to consent by BSEC' [8].

News sweep. We read all KAY&QUE notices on DSE from 31-Oct-2024 to 1-Nov-2026 (criteria: company news) [8]. Besides results and dividends they include the LPG start, the BTRC A2P certificate, the four A2P agreements, the Starlink sales-agent agreement, direct operator billing agreements for voucher sales with Robi (9-Apr-2026) and Grameenphone (30-Apr-2026), a reply of 27-Jul-2025 to a DSE query that there was no undisclosed price-sensitive information, a company statement of 24-Aug-2025 on an unusual price and volume rise saying there were 'no operational or structural changes', and the NCR rating [8]. We found no board approval of new capital expenditure in that period; the CWIP building and the LPG project advance are the capital items in the FY2025 notes [1 p.76] [1 p.79]. We did not find articles on the company in the four allowlisted newspapers within this sweep.

What's next: record date 17-Nov-2026, AGM 10-Dec-2026, Q1 FY2027 results

Dated items after 31-Oct-2026. Items without a date are in the text above: BSEC's decision on the FY2026 stock dividend (no date notified), the next NCR surveillance rating and any change to the CG Foods lease. Past items marked here are outcomes already announced.

Risks: one profitable unit, uncollected receivables, unverified PPE and a 'D' rating

Each risk is tied to the line it moves and to the evidence in the filings or DSE notices.

Finance cost is the line with the clearest arithmetic link: each BDT 10m of interest-bearing bank loan at the FY2025 bank-interest to bank-loan ratio (BDT 12.9m over BDT 104.8m, derived) moved finance cost by about BDT 1.2m, or 1.7% of FY2025 profit before WPPF [1 p.85] [1 p.81] [15].

Key questions: unit split, rent collection, Q4 cash flow and the audit

At BDT 363.0 on 29-Oct-2026 the shares traded at 32.3x FY2026 announced EPS of BDT 11.25, 38.3x FY2025 EPS of BDT 9.49 and 3.21x announced June 2026 NAV of BDT 112.97; the cash dividend of BDT 0.50 is a 0.14% yield [14] [8] [15]. These are facts about the price, not a view on it.

FAQ

What does Kay & Que (Bangladesh) Limited do?

It runs a fuel (petrol) station and, since September 2025, retail LPG at Dhamrai, trades boulder and stone chips, leases factory land to CG Foods, and runs an IT unit from the 2023 merger with MultiSourcing Ltd. [1 p.72] [1 p.28].

Does Kay & Que still sell CNG?

The FY2025 revenue note shows CNG sales of nil, against BDT 65.7m in FY2024; fuel sales were BDT 238.7m [1 p.84].

What was Kay & Que's EPS for FY2026?

BDT 11.25, against BDT 9.49 for FY2025, as announced on DSE on 27-Oct-2026 [8].

What dividend has Kay & Que recommended for FY2026?

5% cash and 5% stock, the stock part subject to BSEC consent; record date 17-Nov-2026, AGM 10-Dec-2026 [8].

Why did BSEC refuse Kay & Que's FY2025 bonus share?

The DSE notice cites 'insufficient retained earnings and qualified opinion' on PPE, the VAT deposit, creditors for expenses and WPWF liabilities [8].

Is Kay & Que's audit opinion qualified?

Yes, for FY2024 and FY2025; in FY2025 the auditor could not verify PPE of Tk. 546,068,221 [1 p.62] [4 p.60].

Which results does this note use?

Annual reports FY2018-FY2025, unaudited H1 and nine-month FY2026 statements, and the DSE-announced FY2026 figures; the FY2026 annual report is not yet in our corpus.

Sources

1. Kay & Que (Bangladesh) Limited Annual Report 2024-2025 (year to 30-Jun-2025, audited) · link · accessed 2026-11-01
2. Kay & Que (Bangladesh) Limited unaudited statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-01
3. Kay & Que (Bangladesh) Limited unaudited statements, half year to 31-Dec-2025 (Q2 FY2026) · link · accessed 2026-11-01
4. Kay & Que (Bangladesh) Limited Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-01
5. Kay & Que (Bangladesh) Limited Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-11-01
6. Kay & Que (Bangladesh) Limited Annual Report 2020-2021 (year to 30-Jun-2021) · link · accessed 2026-11-01
7. Kay & Que (Bangladesh) Limited Annual Report 2018-2019 (year to 30-Jun-2019) · link · accessed 2026-11-01
8. Dhaka Stock Exchange, KAY&QUE news archive 31-Oct-2024 to 1-Nov-2026 (company and DSE notices) · link · accessed 2026-11-01
9. Dhaka Stock Exchange, KAY&QUE company page (shareholding, category, shares outstanding) · link · accessed 2026-11-01
10. Intraco Refueling Station PLC Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
11. Navana CNG Limited Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
12. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
13. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
14. AnalystBro price data (TradingView feed): DSE:KAY&QUE daily bars to 29-Oct-2026 · link · accessed 2026-11-01
15. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01