Khulna Power financial analysis: no revenue since Aug 2024, profit from its 35% Payra associate, plants held for sale (Oct 2026)

Investment considerations: a debt-free holder of a 35% power stake, with shut plants, unpaid BPDB bills and a qualified audit

Khulna Power Company Ltd (KPCL) was incorporated in 1997 and was the first private power producer in Bangladesh; its 110 MW barge-mounted plant in Khulna started on 13-Oct-1998 [1 p.11] [2 p.13]. It listed on the Dhaka and Chittagong exchanges on 18-Apr-2010 and in 2011 added KPC Unit II (115 MW, Khulna) and the 40 MW Noapara plant (Jashore), both rental plants on heavy fuel oil (HFO) selling to the Bangladesh Power Development Board (BPDB) [1 p.11]. The barge plant shut on 18-Oct-2018 when its contract ended and was re-exported to Albania in July 2022 [2 p.13]. Unit II and Noapara ran under extended contracts and later on a "No Electricity, No Payment" basis until August 2024 [2 p.13].

Today KPCL is a company with no operating plant and one operating investment. The power purchase agreement (PPA) for Unit II and Unit III expired on 23-Mar-2024; BPDB asked by letter of 29-Apr-2024 for the units to resume on a "No Electricity, No Payment" basis, but no PPA was signed [1 p.12]. The annual report states that operation of the two plants "had been shut down in August 2024 following expiry of the Contracts and as per the Government's decision" [2 p.13], and KPCL told DSE on 4-May-2025 that the contracts had not been executed and BPDB would withdraw backfeed power [8]. In July and November 2025 KPCL signed asset purchase agreements to sell Unit II to Aksa Enerji Uretim A.S. (Turkey) and Noapara to Sabson Energy FZCO (Dubai) for re-export [8]. What remains is a 35% stake in United Payra Power Ltd (UPPL), a 150 MW HFO plant at Patuakhali under a 15-year BPDB agreement from its commercial operation date of 18-Jan-2021 [3 p.7] [3 p.8].

The income statement shows the change. Revenue fell from BDT 2,970m in FY2024 to BDT 822m in FY2025, the smallest in the nine years FY2017-FY2025, and to nil in the nine months to March 2026 [2 p.14] [3 p.3]. Profit rose all the same, from BDT 52.1m in 9M FY2025 to BDT 290.8m in 9M FY2026 (EPS BDT 0.73), because the share of profit from UPPL (BDT 250.5m) and finance income on the cash from the plant-sale advances (BDT 55.7m) were no longer offset by plant losses [3 p.3] [3 p.37]. For the full FY2026 the company announced EPS of BDT 0.51 and NAV per share of BDT 19.39 on 29-Oct-2026 [8]; the audited FY2026 statements are not yet in our corpus, so this note uses the announced figures, labelled as such.

The story: from three plants and BDT 2.2bn profit in FY2018 to no plant and an associate stake

KPCL's history has three phases. From FY2017 to FY2020 the three plants sold power to BPDB and the company earned net profit of BDT 1.35-2.23bn a year, with revenue of BDT 5.2-12.1bn [7 p.24] [2 p.14]. Return on average equity was 23.3% in FY2018, the highest value computed for FY2018-FY2025, and 13.6% in FY2020 [20]. The barge plant's PPA ended in October 2018; Unit II and Noapara's rental contracts were extended for five years from 2016 and expired again on 31-May-2021 and 28-May-2021 [7 p.23].

From FY2021 to FY2024 the plants ran in fits. Generation fell from 540,379 MWh in FY2021 to 140,519 MWh in FY2022 (operation restarted on 24-Mar-2022), rose to 256,251 MWh in FY2023 and fell to 146,992 MWh in FY2024 [2 p.13]. In FY2023 KPCL sold the 110 MW plant and booked a loss on disposal of BDT 892.4m, which turned the year into a net loss of BDT 664.5m (EPS BDT -1.67), the only loss year in FY2017-FY2025 [5 p.56] [2 p.14]. The Financial Express reported on 29-Oct-2024 that this was the company's first loss since listing and that the regulator moved the share from the 'A' category to junk because it "declared 10 per cent cash dividends but failed to pay" [16].

From FY2025 KPCL has been an investment holder. Unit II produced 33,089 MWh and Noapara 6,265 MWh in FY2025, all between 1-Jul-2024 and 16-Aug-2024, at printed plant factors of 3.40% and 1.80% [2 p.13]. The FY2025 revenue note gives the cause as the "shut down of plants electricity production after 3 August 2024" [1 p.40], while the auditor and the directors' report use 16-Aug-2024 [1 p.2] [2 p.13]; the held-for-sale note says the 115 MW plant "has been discontinued its operations from 30 April 2025" [1 p.34]. On 29-Oct-2024 the Financial Express quoted the company secretary: "We will have no operating income from now on as the plants are closed but we will have some dividend income from our associate company United Payra Power Ltd." [16].

The associate: UPPL earned BDT 930m in FY2025 and KPCL's 35% was 82% of 9M FY2026 pre-tax profit

KPCL bought 35% of United Payra Power Ltd (115,885,000 shares of BDT 10) with effect from 8-Jan-2020 for BDT 1,158.85m [1 p.32] [1 p.33]. UPPL is a 150 MW liquid-fuel plant at Kholishakhali, Patuakhali, built on a build-own-operate basis, and has supplied BPDB since its commercial operation date of 18-Jan-2021 [3 p.8]. KPCL accounts for it by the equity method, so it books 35% of UPPL's profit as "Share of profit from associate" and reduces the carrying amount when dividends are received [1 p.32].

UPPL's profit, as KPCL states it, was BDT 922.2m in FY2022, BDT 752.1m in FY2023, BDT 627.6m in FY2024 and BDT 930.0m in FY2025 [5 p.75] [1 p.42]. For the nine months to March 2026 it was BDT 715.6m against BDT 720.7m a year earlier [3 p.37]. KPCL's share therefore moved between BDT 219.7m (FY2024) and BDT 325.5m (FY2025) in FY2022-FY2025 [20]. The KPCL filings do not give UPPL's revenue, dispatch or debt, so the drivers of the associate's profit cannot be split from KPCL's documents; that is a gap in this note.

The associate share is now almost all of KPCL's profit. It was 363% of profit before tax in FY2024 and 259% in FY2025, when plant losses offset it, and 81.5% in 9M FY2026, when the plant losses were gone [20]. Income tax does not reach it: KPCL's tax computation states that the profit of UPPL is exempt for 15 years, and KPCL's current tax of BDT 9.75m in FY2025 was 20% of finance and other income [1 p.43].

Cash comes through UPPL dividends. Under note 6, KPCL received BDT 150.65m for UPPL's 2020-21 year, 312.89m for 2021-22, 231.77m for 2022-23 and 173.83m for 2023-24 [1 p.32]. UPPL's board declared BDT 2.00 a share, BDT 231.77m for KPCL, for 2024-25 on 23-Oct-2025 and again for 2025-26 on 25-Oct-2026 [8]. The 9M FY2026 cash flow has no dividend-received line, and note 6 at March 2026 lists dividends only to 2023-24 [3 p.5] [3 p.27]; whether the 2024-25 dividend had been received by June 2026 will show in the audited FY2026 statements.

Line items: revenue gone, plant costs nearly gone, finance income up to BDT 55.7m

Revenue. KPCL's revenue came only from BPDB and had two parts: a non-fuel payment (the monthly tariff for capacity and fixed operation) and a fuel payment that passed through the cost of HFO [1 p.22]. In FY2025 the non-fuel part was BDT 152.9m and the fuel part BDT 669.3m; Unit II earned BDT 691.1m and Noapara BDT 131.1m [1 p.40]. Revenue per kWh generated rose each year from BDT 11.69 in FY2021 to BDT 20.89 in FY2025 (derived from revenue and printed generation) [20]; the filings do not split this into fuel price and tariff. The 9M FY2026 revenue was nil [3 p.35].

Cost of sales. In FY2025 HFO and related costs were BDT 749.6m and plant depreciation BDT 166.1m of BDT 986.4m, which left a gross loss of BDT 164.2m [1 p.41] [1 p.8]. With the plants held for sale, depreciation stopped under IFRS 5 [1 p.34], and 9M FY2026 cost of sales was BDT 7.4m, of which BDT 3.4m was "Other operation and maintenance costs"; the notes say "The company had to incur other operation and maintenance cost despite non-operation of the plants" [3 p.36].

General and administrative expenses were BDT 26.9m in FY2025 and BDT 14.0m in 9M FY2026, mostly salaries [1 p.41] [3 p.36]. KPCL had three permanent employees at June 2025 against ten a year earlier [1 p.21]. FY2021 G&A is printed as BDT 686.0m in both the FY2021 and FY2025 summaries [7 p.24] [2 p.14]; the summaries do not explain it.

Finance income and cost. KPCL borrowed from banks to fund HFO working capital until FY2024 and then from group companies at 14% a year [1 p.38]. Finance cost fell from BDT 152.3m in FY2024 to BDT 57.5m in FY2025 and BDT 4.3m in 9M FY2026, "mainly due to having no involvment of working capital facility" [1 p.42] [3 p.37]. Finance income, from fixed deposits, rose to BDT 55.7m in 9M FY2026 from BDT 11.3m, after the sale advances arrived [3 p.37]. The net figure turned from a cost of BDT 142.2m in FY2024 to income of BDT 51.4m in 9M FY2026 [1 p.42] [3 p.37].

Other income was BDT 30.2m in FY2025 (insurance claim BDT 19.1m, gain on asset disposal BDT 10.6m) and BDT 26.8m in 9M FY2026, of which BDT 24.8m came from selling HFO sludge, used lube oil and drums [1 p.42] [3 p.37]. Tax was BDT 16.4m in 9M FY2026 against BDT 0.9m a year earlier, as interest and other income rose [3 p.37]; profit from Unit II and Unit III was tax-free because BPDB bore their taxes, and KPCL-I's exemption ended on 12-Oct-2013 [3 p.35].

Ratios: ROE from 23.3% in FY2018 to 1.5% in FY2025; liabilities 0.05x equity

Gross margin was 22.4% in FY2017, 29.2% in FY2020 and negative in FY2022 (-8.4%) and FY2025 (-20.0%) [20]. Net profit over revenue stopped being a useful ratio once the associate share became larger than gross profit: it was 14.0% in FY2025 with a gross loss [20]. Return on average equity fell from 23.3% (FY2018) to 0.8% (FY2024) and 1.5% (FY2025) [20]. On the 9M FY2026 profit of BDT 290.8m and March 2026 equity of BDT 7,793m, the nine-month return was 3.8% (not annualised) [3 p.2] [3 p.3] [20].

Leverage fell to almost nothing: total liabilities were 0.23x equity in FY2020 and 0.05x in FY2025 [20]. At March 2026 liabilities rose to BDT 1,648.0m, of which BDT 1,384.9m was the contract liability for sale advances [3 p.2] [3 p.34]. Interest-bearing borrowings were nil [3 p.2].

Operating cash flow ran ahead of profit in most years: 2,666m against profit of 345m in FY2021, and BDT 614.7m against BDT 114.8m in FY2025 as receivables were collected [2 p.14] [20]. FY2023 was the exception, an outflow of BDT 1,748.0m [2 p.14]. In 9M FY2026 operating cash flow was an outflow of BDT 4.6m because BPDB paid nothing [3 p.5]; DSE's NOCFPS for FY2026 was BDT (0.06) [8].

Balance sheet: BDT 1.49bn owed by BPDB, BDT 4.39bn of plant for sale, and cash that matches the sale advances

Receivables. Trade receivables from BPDB were BDT 1,488.5m at June 2025 and at March 2026, split BDT 287.9m non-fuel and BDT 1,200.7m fuel payment [1 p.34] [3 p.29]. The ageing table puts all of it "Past due above 120 days", and the notes state "There were no impairment losses to be recognised" [3 p.11]. At June 2025 trade and other receivables (BDT 1,496.2m, the base used) were 664 days of FY2025 revenue, against 87 days at June 2021 [20]. Cash received from BPDB was BDT 1,055.7m in FY2025 and nil in 9M FY2026 [1 p.10] [3 p.5]; DSE's Q1, Q2 and Q3 notices gave "no recovery of trade receivables from Bangladesh Power Development Board (BPDB) against sales" as the reason for negative cash flow [8].

Assets held for sale. The two plants are carried at BDT 4,391.3m at March 2026: cost BDT 7,028.9m less accumulated depreciation BDT 2,982.4m, plus spare parts BDT 216.6m and "asset ready for sale" BDT 128.1m [3 p.29]. The notes state the contract values as USD 14.55m for Unit II (USD 10.05m received) and USD 6.7m for Noapara (USD 1.34m received) [3 p.34]. The advances were booked at BDT 1,222.07m and BDT 162.88m [3 p.34], which implies about BDT 121.6 per US dollar. At that rate the two contracts total about BDT 2,584m, BDT 1,807m below the carrying amount (derived; the filings do not state an expected gain or loss, and the contracts may not cover all items in the held-for-sale balance) [20]. The gap equals 23.2% of March 2026 equity, or BDT 4.55 a share (derived) [20].

Cash and the advance. Cash rose from BDT 153.9m to BDT 1,369.1m in nine months; investing inflows of BDT 1,422.7m were the two advances plus BDT 37.9m of interest [3 p.5]. On the other side, "Contract Liability" of BDT 1,384.9m sits in trade and other payables [3 p.33] [3 p.34], so cash net of the advance was BDT -15.9m at March 2026 (derived) [20]. The related-party note lists an investment of BDT 104.3m in United Finance PLC at March 2026 (nil at June 2025) [3 p.10]; the balance sheet shows no separate line for it.

Group balances. KPCL still owed interest to group companies of BDT 123.2m at March 2026: United Enterprise & Co. BDT 68.1m, Summit Corporation BDT 29.5m and United Mymensingh Power BDT 25.6m [3 p.34]. The FY2025 notes describe the loans as borrowed "as short term basis @14% p.a to meet up deficit of working capital" [1 p.38]; the principal was repaid by March 2026 [3 p.2] [3 p.5].

Unclaimed dividends. The FY2025 auditor drew attention to BDT 33,902,795 of dividends unclaimed for more than three years (to 30-Jun-2021) not yet transferred to the Capital Market Stabilization Fund [1 p.2]. Unclaimed dividends were BDT 41.4m at March 2026 [3 p.34].

Audit: two qualified opinions in a row, with an unassessed plant impairment and a BDT 819m deferred tax point

The FY2025 auditor, S. F. Ahmed & Co, gave a qualified opinion. The basis paragraph states that the PPA for Unit II and Unit III "has expired on 23 March 2024", that "the PPA has not been signed yet", and that "This situation indicates that a material uncertainty exists that may cast significate [sic] doubt on the Company's ability to continue as a going concern" [1 p.2]. It continues: "the carrying value of property, plant and equipment (PPE) except land might have been impaired due to suspension of operations of the plant from 16 August 2024", an impairment "which was not assessed by the management for its accounting and reporting purposes" [1 p.2].

The two emphasis of matter paragraphs cover deferred tax and unclaimed dividends. On deferred tax: "the Company calculated deferred tax without considering PPE amounting to BDT 4,094,643,608. Consequently deferred tax was not calculated properly which has an impact on deferred tax balance of BDT 818,928,722" [1 p.2]. The deferred tax asset reported was BDT 896,433 [1 p.7]. The key audit matter on plant adds: "Our assessment indicates that the carrying value of PPE except land might have been impaired" [1 p.3].

The FY2024 auditor, Hoda Vasi Chowdhury & Co, also qualified its opinion on the same PPA facts and stated that "The management did not assess the impairment of PPE except land as well as quantify the amount relating to impairment loss during the year" [4 p.3]. DSE carried the FY2024 'Qualified Opinion' notice on 24-Nov-2024 and the FY2025 'Qualified Opinion and Emphasis of Matter' notice on 14-Dec-2025 [8]. On workers' profit participation fund (WPPF), KPCL's policy states that the fund "is not wholly applicable to the Company because it does not have any employee who may fall under the category of 'Beneficiary'" [1 p.29].

Peers: KPCL is the only one with nil revenue and a qualified opinion; P/NAV 0.56x against 0.39-0.64x

The peer table uses each company's own statements for the nine months to 31-Mar-2026, on the basis each company reports (consolidated for DOREENPWR, BPPL and SUMITPOWER; KPCL has no subsidiaries). Finance cost is shown as printed: gross for KPCL, DOREENPWR and BPPL, and net of finance income for SUMITPOWER. None of the four provides WPPF: KPCL by policy [1 p.29], and the other three's auditors each draw attention to the absence of a WPPF provision [10 p.2] [12 p.83] [14 p.2]. Prices are 29-Oct-2026 closes [19].

KPCL is the only one of the four with nil revenue, and the only one whose auditor's own opinion on its latest annual accounts is qualified. DOREENPWR's FY2026 opinion is unmodified, with an emphasis of matter on WPPF at its subsidiaries [10 p.2]. BPPL's FY2025 group opinion is unmodified, but its basis section reproduces "Qualified Exhibits" from the reports on its subsidiaries Karnaphuli Power (gratuity on a cash basis) and Baraka Shikalbaha Power (no gratuity arrangement; deferred tax on securities not provided), and its emphasis paragraphs cover 30-year plant depreciation and WPPF [12 p.83]. SUMITPOWER's FY2025 opinion is unmodified, with emphasis of matter on "disputed trade receivables of BDT 6,956,415,757 from Bangladesh Rural Electrification Board (BREB)", tax on dividends to its parent, and WPPF [14 p.2]. Summit Power Ltd is also a KPCL sponsor with 17.64% [1 p.37].

Of the four, KPCL has the smallest NAV per share (BDT 19.61) and SUMITPOWER the lowest price-to-NAV (0.39x); KPCL's is 0.56x and DOREENPWR's 0.57x [20]. These are facts about prices and book values, not a view on them. The receivable-days figures for the three operating peers range from 213 (DOREENPWR) to 316 (SUMITPOWER) days on nine-month revenue [20].

Governance: sponsors with 70% take no dividend, a new board from April 2025, and no expansion approved

At 30-Jun-2025 United Mymensingh Power Ltd held 35.28% of KPCL, Summit Power Ltd 17.64% and Summit Corporation Ltd 17.04%; general investors held 30.01% (119,262,051 shares) [1 p.37]. DSE notices describe the sponsors as holding 278,151,128 shares [8]. The board changed in 2025: the annual report lists five directors "up to 30-4-2025", resignations of independent directors Syed Fazlul Haque (16-3-2025), Junayed Ahmed Chowdhury (18-3-2025) and Malik Talha Ismail Bari (27-4-2025), and a new chairman, Mohammad Khairul Anam Chowdhury [2 p.3], whose election with effect from 30-Apr-2025 DSE published on 12-May-2025 [8]. The audit committee is chaired by independent director Zareen Rahman, appointed on 27-10-2025 [2 p.42]. The registered office moved to United House, United City, Dhaka in July 2025 [8].

Related parties. Group companies supplied services and lent money: Khulna Power Operations & Services Ltd billed BDT 15.7m in FY2025 (BDT 48.1m in FY2024), and interest was charged by United Enterprise & Co., United Mymensingh Power and Summit Corporation [1 p.15]. Key management compensation was BDT 7.4m in FY2025 [1 p.15]. In 9M FY2026 the only new related-party transaction listed with a value was BDT 0.27m with Neptune Land Development Ltd, plus the United Finance PLC investment [3 p.10].

Dividends. KPCL paid 30-55% cash dividends in FY2017-FY2020 [7 p.24]. Since FY2021 the sponsors have taken reduced or no dividends: FY2022 was 10% for the public and 8% for sponsors, and FY2021 and FY2023-FY2025 were for general public shareholders only [2 p.14]. The FY2025 statement of changes in equity shows BDT 278.2m "Dividend waived by sponsors" credited back and BDT 119.3m paid [1 p.9]; note 15 says the sponsors waived "for the betterment of the Company's financial health" [1 p.37]. For FY2026 the board recommended 7.5% cash to general public shareholders, BDT 89,446,538.25 in total, with the sponsors' 278,151,128 shares receiving nothing [8]. That is 44% of the FY2026 profit implied by the announced EPS (derived) and BDT 0.75 a share, 6.8% of the 29-Oct-2026 price for a public holder [20].

Capital decisions in 24 months. A sweep of DSE news from November 2024 to October 2026 finds no board approval of a new plant, capacity, acquisition or capital raising; the capital decisions were the two plant sales [8]. The FY2025 directors' report describes the sales as made "Pursuant to the contractual obligation and related Statutory Regulatory Order (SRO) governing the re-export/sale of the above plants upon contract expry [sic]" [2 p.13]. When KPCL announced the Aksa agreement, The Business Standard reported on 23-Jul-2025 that the company did not disclose the transaction value [15]; the USD 14.55m figure first appears in our corpus in the March 2026 notes [3 p.34].

FY2026: EPS 0.73 for nine months, 0.51 for the year, so the June quarter lost about BDT 87m

The quarterly path in FY2026 was EPS of BDT 0.25 (Q1), 0.27 (Q2) and 0.22 (Q3), 0.73 for nine months [8] [3 p.3]. The full-year EPS of BDT 0.51 announced on 29-Oct-2026 implies a fourth-quarter loss of BDT 0.22 a share, about BDT 87m (derived) [8] [20]. NAV per share moved from BDT 19.61 at March 2026 to BDT 19.39 at June 2026 [8]. The DSE notice gives no reason, and the audited FY2026 statements are not in our corpus. The announced FY2026 EPS (0.51) and NAV (19.39) are the same figures DSE published for the half year to December 2025 [8]; this note uses them as announced and will be updated in place when the annual statements are filed.

What's next: Q1 FY2027 results in mid-November, record date 23-Nov-2026 and the AGM on 29-Dec-2026

Dated items already disclosed, and the line each moves (direction only, no forecast):

Several items have no date in the filings or DSE news. The balance of the two sale contracts, USD 4.50m for Unit II and USD 5.36m for Noapara (derived from contract less received), has no stated settlement date [3 p.34]; completion would remove the held-for-sale asset and the contract liability and put any difference through profit. There is no disclosed timetable for BPDB to pay the BDT 1,488.5m receivable [3 p.29], nor for the CMSF transfer [1 p.2]. The UPPL dividend for 2025-26 was declared on 25-Oct-2026; no payment date is disclosed [8]. The FY2026 board meeting (28-Oct-2026) came one day later in the calendar than the FY2025 meeting (27-Oct-2025), so the annual accounts are not overdue against precedent [8].

The UN General Assembly adopted Bangladesh's three-year deferral of LDC graduation to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct in Dhaka) [17] [18]. KPCL now has no export or tariff-protected sales, and we found no clause in its filings that ties its income, tax exemption or the sale contracts to LDC status.

Risks: the associate, the BPDB receivable and the sale prices against book

Each risk is tied to the line it moves and to a figure in the filings. The size test is 9M FY2026 profit of BDT 290.8m [3 p.3].

Two risks have a dated history in the filings. The BPDB receivable has been flat at BDT 1,488.5m since June 2025 with no cash received in nine months [3 p.5] [3 p.29]. The associate's profit fell from BDT 922.2m in FY2022 to BDT 627.6m in FY2024 before rising to BDT 930.0m in FY2025 [5 p.75] [1 p.42], which moved KPCL's share by BDT 103m between FY2022 and FY2024 [20].

Key questions: the June-quarter loss, the BPDB receivable and the plant sales

KPCL closed at BDT 11.0 on 29-Oct-2026 [19]. On the DSE-announced FY2026 figures that is 21.6x EPS of BDT 0.51 and 0.57x NAV per share of BDT 19.39 [8] [20]; on March 2026 NAV of BDT 19.61 it is 0.56x [3 p.2]. Market capitalisation is BDT 4.37bn and the 52-week intraday range BDT 9.1-12.4 [19]. The investment in UPPL was carried at BDT 1,825.0m at March 2026, BDT 4.59 a share [3 p.2] [20]. These are facts about the price, not a view on it.

FAQ

Does Khulna Power still generate electricity?

No. Its two remaining plants, KPC Unit II (115 MW) and Noapara (40 MW), last generated on 16-Aug-2024 and are being sold for re-export [2 p.13] [3 p.34].

Where does KPCL's profit come from now?

Mainly from its 35% share of United Payra Power's profit (BDT 250.5m in 9M FY2026) and interest on deposits (BDT 55.7m) [3 p.3] [3 p.37].

What were KPCL's FY2026 results?

DSE announced EPS of BDT 0.51, NAV per share of BDT 19.39 and NOCFPS of BDT (0.06) on 29-Oct-2026; the audited statements are not yet in our corpus [8].

Who receives the FY2026 dividend?

Only general public shareholders: 7.5% cash (BDT 0.75 a share), BDT 89.45m in total; the sponsors' 278,151,128 shares receive nothing. Record date 23-Nov-2026 [8].

Why is the audit opinion qualified?

The auditor cites a going-concern material uncertainty after the PPA expired and was not renewed, and an impairment of plant that management did not assess [1 p.2].

How much does BPDB owe KPCL?

BDT 1,488.5m at 31-Mar-2026, all past due above 120 days; BPDB paid nothing in the nine months [3 p.5] [3 p.11].

What are the plants being sold for?

USD 14.55m for Unit II to Aksa Enerji and USD 6.7m for Noapara to Sabson Energy, of which USD 11.39m had been received by March 2026 [3 p.34].

Sources

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4. Khulna Power Company Ltd, auditor's report and audited financial statements, year to 30-Jun-2024 (Hoda Vasi Chowdhury & Co) · link · accessed 2026-11-01
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9. Doreen Power Generations and Systems Ltd, un-audited consolidated statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
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14. Summit Power Ltd, audited financial statements, year to 30-Jun-2025 (auditor's report) · link · accessed 2026-11-01
15. The Business Standard, 'Khulna Power to sell second plant to Turkish firm' (23-Jul-2025) · link · accessed 2026-11-01
16. The Financial Express, 'Khulna Power's fate sealed after shutdown of plants' (29-Oct-2024) · link · accessed 2026-11-01
17. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
18. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
19. AnalystBro price data (TradingView feed): DSE:KPCL, DSE:DOREENPWR, DSE:BPPL, DSE:SUMITPOWER daily bars to 29-Oct-2026 · link · accessed 2026-11-01
20. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01