Lub-rref (Bangladesh) financial analysis: FY2025 loss of BDT 662.7m and a qualified audit (Oct 2026)

Investment considerations: positive operating cash flow in FY2023-FY2025; a BDT 662.7m FY2025 loss, BDT 3,928.2m of bank loans and a qualified audit

Lub-rref (Bangladesh) PLC was incorporated as a public company limited by shares on 18 November 2001, started commercial operation in 2006 and listed on the Dhaka and Chittagong stock exchanges in 2021 [1 p.13]. Its principal activities are 'to manufacture of lubricants & allied products' at its factory in the BSCIC Industrial Estate, Sagarika Road, Chittagong [1 p.13]. The brand name is BNO Lubricants and the corporate directory describes the company as 'An approved unit of the Bangladesh Petroleum Corporation (BPC)' [2 p.3]. The DSE lists the shares in the Z category [8].

In FY2025 (the year to 30-Jun-2025) the company reported net revenues of BDT 646.1m, gross profit of BDT 30.1m, an operating loss of BDT 219.6m, financial expenses on loan of BDT 444.9m and a net loss after tax of BDT 662.7m, or BDT (4.56) a share [1 p.10]. The auditor, Islam Jahid & Co., issued a Qualified Opinion with seven bases and four emphasis-of-matter paragraphs [1 p.2] [1 p.3]. Total assets at 30-Jun-2025 were BDT 9,452.2m, of which property, plant and equipment was BDT 5,844.0m and capital work-in-progress BDT 2,122.6m; equity was BDT 4,751.6m [1 p.9].

Business: BNO Lubricants from a Chittagong blending plant; industrial grade 37.8% of FY2025 revenue

The notes describe a lubricant manufacturing plant that produces 'Automotive, Industrial, Marine lubricants and Grease as well as laboratory Services' [1 p.13]. The directors' report states the principal activity as 'to manufacture Automotive, Industrial, and Marine products focused on the development, manufacture, and marketing of a broad range of Lubricating products and centrifuging & and filtration of Transformer Oil' [2 p.83]. The corporate directory prints a site storage capacity of 1,500 MT and the production facility as 'Lub Oil Blending & Refining' [2 p.3]. The company states that its distribution is organised into Industrial and Automotive segments [2 p.37]. The notes state that the company operates in a single industry segment and presents no segment report [1 p.32].

Revenue by product grade is printed in note 23. In FY2025 mono grade was BDT 293.3m, multi grade BDT 91.1m, industrial grade BDT 244.3m, marine grade BDT 11.5m and others BDT 5.9m, a total of BDT 646.1m as printed [1 p.43]. Industrial grade was 37.8% of revenue and mono plus multi grade 59.5% (derived) [22]. Note 41 prints turnover in quantity of 4,227 M.Ton for FY2025 and 2,346 M.Ton for FY2024 [1 p.49]. On these printed quantities, revenue per tonne was BDT 152.8 thousand in FY2025 and BDT 265.8 thousand in FY2024 (derived); the notes do not state the unit mix behind the tonnage [22].

Laboratory services are a second income line. The FY2025 statement shows 'Operating Income from Lab' of BDT 14.3m net of BDT 21.4m of lab expenses, and the note states: 'In the earlier years the expenditure of lab were claimed in the Admin & general expenditure, current year we claimed seperately avobe expenditure with the receipt of Lab Income as per management decision' [1 p.10] [1 p.44]. The FY2024 comparative of the same line is BDT 135.2m, printed under the label 'Other Operating Income' in the FY2024 statements [4 p.8]. The 9M FY2026 statement shows operating income from lab of BDT 40.7m (9M FY2025: BDT 112.0m) [3 p.3].

The annual report describes an expansion plan on 40.0 acres of land at Juldha across the Karnaphuli River, including a Group-II base oil refinery of 70,000 MTPA, a hydrogen plant, a 100,000 MTPA tank terminal, a 30,000 MTPA specialised bitumen plant and a multipurpose jetty [2 p.43]. It also states that capacity after BMRE 'would be 12,494 MTPA constituting about 7.81% of the total market size', which it estimates at 160,000 MT a year [2 p.42]. The chairman's message lists 'Suspension of BMRE expansion activities' among the year's issues and states that 'the BMRE project remains partially stalled' [2 p.59] [2 p.58]. The auditor states that at the factory premises and the Julda Project site 'we did not find any construction activities or work in progress' [1 p.2].

Five-year record: revenue BDT 1,798.5m in FY2022 and BDT 646.1m in FY2025; two loss years FY2024-FY2025

Five audited years are read for this note, FY2021 to FY2025, each from the statements as printed [6 p.12] [5 p.11] [4 p.8] [1 p.10]. Revenue was BDT 1,723.9m in FY2021, BDT 1,798.5m in FY2022, BDT 1,448.3m in FY2023, BDT 623.5m in FY2024 and BDT 646.1m in FY2025. Revenue fell 19.5% in FY2023 and 57.0% in FY2024 and rose 3.6% in FY2025 (derived) [22]. Net profit after tax was BDT 394.4m, BDT 310.1m and BDT 204.7m in FY2021-FY2023; the FY2024 and FY2025 results were losses of BDT 107.5m and BDT 662.7m.

Gross margin was 32.3%, 32.5%, 29.5%, 20.3% and 4.7% in FY2021-FY2025 (derived) [22]. Operating margin was 28.2%, 28.3%, 24.7%, 11.9% and -34.0%. The FY2021 net profit of BDT 394.4m includes a deferred tax income of BDT 88.3m; profit before income tax that year was BDT 364.5m [6 p.12]. FY2021 EPS was printed as 3.41 (pre-IPO weighted shares); on 145.243m shares the derived figure is 2.72 [6 p.12] [22].

Two FY2023 tax lines are reprinted differently. The FY2023 statements print current tax of 61,108,753 and profit before income tax of 279,954,672; the FY2024 statements print the FY2023 comparatives as 61,108,754 and 279,954,671 [5 p.11] [4 p.8]. Net profit after tax is 204,707,167 in both. The FY2024 statements label the BDT 135.2m line 'Other Operating Income'; the FY2025 statements reprint the same figure for FY2024 under 'Operating Income from Lab' [4 p.8] [1 p.10].

Line items: FY2025 gross profit BDT 30.1m, operating loss BDT 219.6m, financial expenses on loan BDT 444.9m

Revenue. FY2025 net revenues of BDT 646.1m were 3.6% above FY2024 (BDT 623.5m) [1 p.10]. The key-audit-matter text states the increase as BDT 22,627,032 [1 p.5]. The company's FY2025 quarter table shows revenue of BDT 8.55 crore, 22.16 crore and 23.50 crore in Q1-Q3 and 64.60 crore for the year [2 p.89]; the 9M FY2025 statement prints BDT 542.3m, which leaves BDT 103.7m for the fourth quarter (derived) [3 p.3] [22]. In its Q2 FY2025 DSE post the company gave as reasons for deviation in EPS that it 'Gradually faced a sales decline due to product shortages caused by banking cooperation issues. Internal problems at SIBPLC, and a prolonged market gap that benefited competitors' [7].

Cost of goods sold. FY2025 cost of goods sold was BDT 616.0m: raw materials consumed BDT 361.4m, packing materials BDT 16.2m, factory overhead BDT 185.8m and a fall in finished goods from BDT 116.7m to BDT 64.1m [1 p.43]. Factory overhead included depreciation of BDT 139.0m, 22.6% of cost of goods sold (derived) [1 p.43] [22]. Raw materials consumed rose from BDT 252.3m to BDT 361.4m; raw material consumed in quantity is printed as 2,809 M.Ton for FY2024 and 2,359 M.Ton for FY2025 [1 p.49]; cost per tonne consumed was BDT 89.8 thousand and BDT 153.2 thousand (derived) [22]. The company's dividend section names 'banking restrictions, shortages in working capital, higher procurement costs, and an overall increase in financial burdens' for the decline in EPS [2 p.83].

Operating expenses. General and administrative expenses rose from BDT 111.8m to BDT 175.9m, including a bad debt expense of BDT 59.1m in FY2025 (FY2024: nil), depreciation of BDT 29.8m and MD's remuneration of BDT 14.7m [1 p.43] [1 p.44]. Selling and distribution expenses rose from BDT 76.1m to BDT 88.1m [1 p.44]. Depreciation is allocated 70% to factory overhead, 15% to general and administration and 15% to selling and distribution [1 p.34]. G&A plus selling expenses were 6.7% of revenue in FY2021 and 40.9% in FY2025 (derived) [22].

Finance cost. Financial expenses on loan were BDT 444.9m in FY2025 and BDT 188.7m in FY2024: interest on the long-term loan BDT 376.7m (FY2024: 129.7m), short-term loan BDT 32.5m, force loan BDT 3.1m, WES bill BDT 32.4m and bank charges BDT 0.3m [1 p.44]. These rows sum to the printed total [22]. Interest on the long-term loan was 12.7% of the average long-term loan balance in FY2025 (derived); note 14 prints the Social Islami Bank PLC term loan at an interest rate of '9% per year' [1 p.39] [22]. Interest of BDT 50.0m was capitalised into capital work-in-progress in FY2025; the FY2024 interest-capitalisation row of note 3.04 is blank, and the cash flow statement prints '-' for 'Finance Expenses Capitalized' in both years [1 p.34] [1 p.12]. The auditor states that this 'actually should have been charged in profit or loss as financial expense due to non-existence of CWIP' [1 p.3].

Other income and tax. Financial income was BDT 10.4m (interest on SND BDT 9.2m) and income from others (wastage sales) BDT 0.9m in FY2025 [1 p.44]. No WPPF contribution was charged in FY2024 or FY2025 [1 p.10]. Current tax of BDT 14.4m in FY2025 was set at the higher of the minimum tax calculation and the corporate-rate calculation, and deferred tax was an income of BDT 5.3m [1 p.45]. Note 20 records a letter dated 23.03.2025 stating that a 'Tax penalty would be imposed amounting Tk. 9.86 Crore u/s-275 of ITA Act-2023' for 'non-submission of Assessed tax from Assessment year 2012-2013 to Assessment year 2022-2023' [1 p.42].

FY2026 to date: nine-month revenue BDT 271.1m, gross profit BDT 40.7m, net loss BDT 322.7m (unaudited)

The unaudited nine months to 31-Mar-2026 show net revenues of BDT 271.1m (9M FY2025: BDT 542.3m), gross profit of BDT 40.7m (BDT 176.8m), an operating loss of BDT 51.5m (operating profit BDT 154.9m), financial expenses on loan of BDT 275.4m (BDT 136.9m) and a net loss of BDT 322.7m (net profit BDT 16.0m); EPS was (2.22) (0.11) [3 p.3]. The third quarter alone (January-March 2026) shows revenue of BDT 67.6m, gross profit of BDT 31.5m and a net loss of BDT 84.8m, EPS (0.58) [3 p.3]. The statements were dated 28.04.2026 and the DSE post followed on 29-Apr-2026 [3 p.2] [7].

The DSE posts give quarterly EPS of (0.82) for July-September 2025, (0.81) for October-December 2025 and (0.58) for January-March 2026 [7]. These three figures sum to (2.21) (derived); the printed nine-month EPS is (2.22). In its Q1 FY2026 post the company listed 'High interest expense (BDT 10.34 crore) caused net loss', 'Low gross margin (6.2%) from high COGS', operating cash flow of '-3.04 crore' and 'High debt level (BDT 434.38 crore)' [7].

For FY2025 the quarter table in the annual report shows profit after tax of BDT (6.91) crore, 3.33 crore and 3.48 crore in Q1-Q3 and (66.26) crore for the year [2 p.89]. Using the 9M FY2025 statement figure of BDT 16.0m, the fourth quarter of FY2025 carried a loss of BDT 678.6m (derived) [3 p.3] [1 p.10] [22]. The directors' report states that profitability declined 'due to rising input costs, higher finance expenses, and adverse performance in the final quarter' [2 p.90].

Operating cash flow for 9M FY2026 was BDT 95.9m (9M FY2025: BDT 337.3m), with receipts from customers of BDT 325.0m and no addition to capital work-in-progress (9M FY2025: BDT 509.9m) [3 p.5]. Financial expenses paid on loans were BDT 275.4m and long-term loans increased by BDT 167.1m [3 p.5]. Cash and cash equivalents were BDT 220.4m at 31-Mar-2026 [3 p.2].

Ratios: borrowings 0.17x equity at 30-Jun-2021 and 0.83x at 30-Jun-2025; current ratio 3.46x to 0.87x

Returns. ROE on average equity was 5.7% in FY2022, 3.7% in FY2023, -2.0% in FY2024 and -13.0% in FY2025; ROA on average total assets was 4.5%, 2.6%, -1.2% and -6.9% (derived) [22]. The annual report's own five-year charts print ROE of -0.13933557 and ROA of -0.070044599 for 2025 in decimal form, and the accompanying text describes ROA as falling 'to -79% in 2025' [2 p.28]. The chart values and the text differ on the same page.

Leverage and coverage. Bank borrowings (long-term plus short-term loans) were BDT 909.9m at 30-Jun-2021, BDT 2,629.5m at 30-Jun-2023, BDT 3,928.2m at 30-Jun-2025 and BDT 4,113.2m at 31-Mar-2026 (unaudited) [6 p.11] [5 p.10] [1 p.9] [3 p.2]. Borrowings to equity were 0.17x, 0.47x, 0.83x and 0.93x on the same dates (derived) [22]. Operating profit covered financial expenses on loan 3.82x in FY2021, 7.23x in FY2022, 4.54x in FY2023 and 0.39x in FY2024; FY2025 operating profit was negative [22]. The auditor's key audit matter gives the 30-Jun-2025 total as 'Long Term Loan of BDT 3,343,471,084 and Short-term Loan of BDT 584,694,224 respectively total 3,928,165,308', equal to the derived figure [1 p.5]. The DSE company page shows short-term loan of BDT 1,209.15m and long-term loan of BDT 2,719.01m at 30-Jun-2025 [8]. 584.7 (short-term bank loan) + 624.5 (long-term loan, current portion) = 1,209.15 (derived) [1 p.9].

Liquidity. The current ratio (derived) was 3.46x at 30-Jun-2021, 1.77x at 30-Jun-2023, 1.05x at 30-Jun-2024, 0.87x at 30-Jun-2025 and 0.84x at 31-Mar-2026 [22]. The annual report prints current ratios of 3.46 (2021), 3.07 (2022), 1.77 (2023), 1.054221121 (2024) and 0.871801712 (2025) [2 p.26]. The derived figures rounded to two decimals equal the printed figures for 2021-2025 (3.46, 3.07, 1.77, 1.05, 0.87).

Cash conversion and payout. Operating cash flow was BDT 288.5m in FY2023, BDT 441.5m in FY2024 and BDT 285.8m in FY2025; net profit after tax in those years was BDT 204.7m, a loss of BDT 107.5m and a loss of BDT 662.7m [4 p.10] [1 p.12]. In FY2025 the cash flow statement prints 'Payments to Operating Expenses' as a positive 67,840,746 [1 p.12]. Cash dividends were 10% for 2021 and 2022, 2% for 2023 and 1% for 2024 per the DSE page [8]; on 145.243m shares the cash payout was 36.8% of FY2021 profit, 46.8% of FY2022 profit and 14.2% of FY2023 profit (derived) [22]. The 1% for 2024 was declared on a loss year. The board recommended no dividend for FY2025 [7].

Balance sheet at 30-Jun-2025: CWIP BDT 2,122.6m, receivables BDT 512.1m, cash BDT 217.2m, dividend payable BDT 159.2m

At 30-Jun-2025 non-current assets were BDT 7,967.2m of BDT 9,452.2m total assets: property, plant and equipment BDT 5,844.0m, capital work-in-progress BDT 2,122.6m and right-of-use assets BDT 0.7m [1 p.9]. Land and land development at cost was BDT 3,260.4m, with a further BDT 562.4m at revaluation [1 p.50]. Capital work-in-progress was 22.5% of total assets at 30-Jun-2025 and 5.9% at 30-Jun-2021 (derived) [22]. Note 3.04 shows CWIP additions of BDT 277.0m, BMRE additions of BDT 140.4m and capitalised interest of BDT 50.0m in FY2025, with a closing make-up of BDT 1,487.8m for 'Project Expansion new site' and BDT 634.8m for 'Expansion of Business-BMRE (IPO Phase)' [1 p.34]. For 30-Jun-2024 the same note prints a make-up of 1,169,524,758 and 494,398,382, which add to 1,663,923,140 as printed, and a closing CWIP balance of 1,655,184,482 [1 p.34].

Cash. Cash and cash equivalents were BDT 217.2m at 30-Jun-2025: cash in hand BDT 1.0m, cash at bank BDT 199.7m and FDRs BDT 16.5m [1 p.37]. One Social Islami Bank PLC MND account held BDT 198.0m [1 p.37]. The Social Islami Bank PLC balances printed in notes 9.02 and 9.03 add to BDT 206.5m (derived from the printed rows); the auditor's emphasis of matter gives 'Taka 20.68 crore' [1 p.37] [1 p.38] [1 p.3]. The note states 'All the bank balances were confirmed by the respective bank' [1 p.37].

Receivables and advances. Receivables were BDT 512.1m at 30-Jun-2025, of which trade receivables BDT 501.1m; the note prints dues over six months of BDT 400.2m and within six months of BDT 100.9m, and a bad debt of BDT 59.1m written off in the year [1 p.35]. Advances, deposits and prepayments were BDT 444.9m, including an advance against land and land development of BDT 319.4m (unchanged from 30-Jun-2024) [1 p.35]. Advance income tax fell from BDT 116.5m to BDT 26.0m after an adjustment of BDT 104.8m [1 p.36]; the auditor states that 'we did not find corresponding adjustment to the Liability for current tax (note #20.00) for the same amount' [1 p.3].

Liabilities. Accounts payable of BDT 152.0m at 30-Jun-2025 include 'Other Payable' of BDT 143.0m, unchanged from 30-Jun-2024; the note marks it '** Trade payable has been renamed to other payable' and states 'All Creditors were paid on regular Basis' [1 p.41]. Dividend payable was BDT 159.2m at 30-Jun-2025 and at 31-Mar-2026 (unaudited) [1 p.9] [3 p.2]. The contingent-liability note records 'VAT Claim total Tk 30.24 Crore through 10 demand notices', four under the Appellate Division, three under writ petition and three under appeal to the Commissioner of VAT (Appellate) [1 p.42]. The notes state that the company 'have not yet established gratuity fund' [1 p.28].

Audit opinion: Qualified Opinion on seven bases, four emphasis-of-matter paragraphs and four key audit matters for FY2025

The FY2025 auditor is Islam Jahid & Co., Chartered Accountants (partner S.M. Abdul Hamid, FCA), and the report is dated 06 December 2025 [1 p.8]. The FY2024 auditor was ARTISAN Chartered Accountants, report dated 15 December 2024 [4 p.6]. DSE posted the FY2025 'Qualified Opinion & Emphasis of Matter' notice on 4-Jan-2026 and the FY2024 'Emphasis of Matter' notice on 7-Jan-2025 [7]. The opinion, every basis paragraph, every emphasis-of-matter paragraph, the other-matter paragraph and the key audit matters follow, word for word from the page images [1 p.2] [1 p.3] [1 p.4] [1 p.5] [1 p.6].

“In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying financial statements of the Company give a true and fair view of the financial position of the Company as at 30 June 2025 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act-1994, the Bangladesh Securities and Exchange Commission Rules-2020 and other applicable laws and regulations in Bangladesh.” [1 p.2]

“1. The Company’s prospectus for its Initial Public Offering (IPO) issued on 28 December 2020, outlined the specific purpose for the utilization of the proceeds. As on date an amount of 13.10 Crore from the IPO proceeds remains unspent and held in Social Islami Bank PLC which has outstanding balance of 19.87 Crore including profit accrued thereon. This non-utilization of funds is a material non-compliance with the stated purpose of the IPO as disclosed in Paragraph- a of chapter-XXII of the said prospectus. This matter represents a departure from the Company's stated financial strategy and exposes the Company to potential regulatory action and reputational risk.” [1 p.2]

“2. As per para no 2 of Directive No. BSEC/CMRRCD/2021-386/03, Dated, 14 January 2021, “The issuer shall pay off the annual or final dividend except the dividend on any scheme of a mutual fund to the entitled shareholder, within 30 (thirty) days of approval.” As per para no 3(i) Within 10 (ten) days of declaration of cash dividend by the board of directors or board of trustee of the issuer, as the case may be, an amount equivalent to the declared cash dividend payable for the concerned year shall be kept in a separate bank account of the issuer, dedicated for this purpose. The Company has outstanding dividend payable as on 30 June 2025 amounting to Taka 15.92 Crore out of which Tk. 1.42 Crore was for the year ended 30 June 2024 which is still not paid till date. This matter represents a departure from the said Directives and exposes the Company to potential regulatory action and reputational risk.” [1 p.2]

“3. As disclosed in Note 3.00 to the financial statements, the Company shown Property, Plant and Equipment (PPE) amount of Taka 584.40 Crore as at 30 June 2025. During our physical verification of Fixed Asset with the presence of company’s shift engineer, we observed that some of the fixed asset could not be traced out from the factory Plant for the estimated total amount of Tk. 114.92 Crore.” [1 p.2]

“4. As disclosed in Note 3.04 to the financial statements, the Company has recorded a material balance of Taka 212.26 Crore of Capital Work-in-Progress (CWIP) as at 30 June 2025, which includes Project Expansion – New Site and Expansion of Business – BMRE (IPO Phase). During the current year, the Company recognized additions of Tk. 46.73 Crore to CWIP. The Company did not provide books of accounts or detailed supporting records for the CWIP balance. Furthermore, during our physical verification at the factory premises and Julda Project site, we did not find any construction activities or work in progress. In addition to above, the Company capitalized the interest expenses of Tk. 05 Crore in CWIP which actually should have been charged in profit or loss as financial expense due to non-existence of CWIP.” [1 p.2] [1 p.3]

“5. As disclosed in Note 19 to the financial statements, the Company has recorded a material balance of Taka 14.30 Crore Other Payable under "Accounts Payable," which represents a liability carried forward from prior periods. The company did not provide us the Subsidiary Ledger of Other Payable with mail address. Due to lack of information, we were unable to send third party verification letter to Other payable. As an alternative audit procedure, we sought subsequent three-month period ledger to observe the movement. But the company did not provide us the same. As a result, we were unable to confirm the Other payable amount of Tk. 14.30 as on 30 June 2025.” [1 p.3]

“6. As disclosed in notes 24.01 and 24.02 to the financial statements raw material and packing material purchased during the year amount of Tk. 22.59 Crore and Tk. 1.74 Crore respectively; in total Tk. 24.33 Crore. In contrast, actual purchase as per Mushak 9.1 (Raw Materials and Packing Materials) during the year found amounting to Tk. 31.75 Crore. Resulted variance between accounting record and Mushak 9.1 record for the amount of Tk. 7.42 Crore. We did not find reconciliation between above reported amount and Mushak 9.1.” [1 p.3]

“7. As disclosed in note # 7.01.01, the company adjusted Advance Income Tax for the amount of Tk. 10.48 crore during the current year. But we did not find corresponding adjustment to the Liability for current tax (note #20.00) for the same amount to the financial statements. Also Liability for current tax has not been recognized properly.” [1 p.3]

Emphasis of Matters, introduced with the words 'Without modification of our opinion for the following respects, we draw attention to:' [1 p.3]

“1. Refer to note no. 9.02 to the Financial Statements, the Company has total deposited amount of Taka 20.68 crore with Social Islami Bank PLC. (SIBL) and amount of Taka 23,204 with EXIM Bank PLC. which are doubtful & uncertain to recover due to recent liquidity crisis and on-going merging issue with 05 (five) Islami Banks including SIBL and EXIM Bank PLC.” [1 p.3]

“2. Refer to note no. 4.00 to the Financial Statements, the depreciation method of Right of use Assets has been changed during the year to straight-line method from reducing balance method.” [1 p.3]

“3. Refer to note no. 22.01 to the Financial Statements, the VAT authority has outstanding VAT Claim total amounting to Tk 30.24 Crore through Ten (10) notices from time to time, which are under appeal.” [1 p.3]

“4. Refer to note no. 2.01 to the Financial Statements, the Company disclosed its going concern assessment.” [1 p.3]

Other Matter [1 p.6]

“The financial statements of the Company as at and for the year ended 30 June 2024 were audited by M/s. ARTISAN Chartered Accountants, who expressed an unmodified opinion on these financial statements on 15 December 2024.” [1 p.6]

Key Audit Matters [1 p.4]

“Key audit matters are those matters that, in our professional judgement, were of most significant in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statement as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters.” [1 p.4]

“Cash and Cash Equivalents. Refer to note no. 9 to the financial statements. As at 30 June 2025, the Company’s financial statements disclose a significant balance of cash and cash equivalents amounting to BDT 217,203,795. Cash and cash equivalents are significant to the financial statements due to the materiality of the balance and the inherent risks associated with the existence and valuation of cash, particularly cash in hand and bank balances held at various locations. There is also a risk of misappropriation or unauthorized transactions, especially given the involvement of multiple banking institutions and foreign currency accounts, if any. Further, judgment is involved in determining whether certain deposits qualify for classification as cash equivalents based on maturity and liquidity criteria per IFRS 9. Accordingly, this was considered to be a key audit matter. [Response:] Our audit procedures included, among others: Understanding and evaluating the internal control environment relating to cash handling and bank reconciliations; Obtaining confirmations from all banks where the Company holds accounts, including foreign currency accounts; Performing cash counts at selected locations; Reviewing bank reconciliations as at year-end and testing reconciling items for appropriateness and subsequent clearance; Evaluating the classification of term deposits and short-term investments as cash equivalents in accordance with IFRS 9. Testing the foreign currency translation of balances, where applicable. We also assessed the adequacy of the disclosures made in the financial statements in respect of cash and cash equivalents.” [1 p.4]

“Valuation of closing inventories. Refer to note no. 5 to the financial statements. Closing inventories aggregating to BDT 310,713,035 was recognized in the statement of financial position as on 30 June 2025. Compared with previous year, this has been decreased by BDT 186,864,129. Closing inventories were all held at factory premises of the Company. Since determining valuation of these inventories involves management judgments which results in estimation uncertainty, we considered this an area of significant audit attention to be emphasized during the audit. [Response:] Our audit responses comprise the following procedures: Evaluating the design and implementation of key inventory control operating across factory premises. Attending and observing the physical inventory at the reporting date. Evaluating compliance with instructions of management count procedures during the count. Inspecting physical stock counting report as on 30 June 2025 and reconciling count results to closing inventories listings and performing test count on selected items to test completeness, accuracy and existence of inventories. Reviewing composition of cost of inventories comprising raw materials, finished goods and comparing net realizable value on selected samples to test their valuation.” [1 p.4] [1 p.5]

“Bank Loan. Refer to note no. 14 and note no. 17 to the financial statements. As refereed note no 14 & 17 in the financial statements the company recognized Long Term Loan of BDT 3,343,471,084 and Short-term Loan of BDT 584,694,224 respectively total 3,928,165,308 at the reporting date. Loan liability borrowings from bank were considered as key audit matter because this external form of credit facilities availed by the company require fulfillment of several terms and require fulfillment of several terms and conditions as mentioned in loan sanction letter issued by lending bank. [Response:] Our audit responses comprise the following procedures: Our substantive audit procedure adopted during the audit includes the following test or details. Inspecting relevant board minutes in support of bank loan reported in the financial statement. Agreeing outstanding balances with confirmation letter received from the bank. Agreeing finance costs charged by the company with loan statements provided by bank to test accuracy and completeness of expenses in relation to bank loan.” [1 p.5]

“Revenue recognition. Refer to note no. 23 to the financial statements. During the year, the Company recognized Revenue of BDT 646,091,029 which has been increased by BDT 22,627,032 as compared with previous year. Sales revenue recognized by the Company as per IFRS: 15, 'Revenue from Contracts with Customers' and Company Policy. Revenue is recognized based on point of delivery and when relevant performance obligations are satisfied, the company adopted IFRS: 15 'Revenue from Contracts with Customers' as continued from last year. We considered sales revenue as an item of significant audit areas during our audit because of its predominance in determining the financial performance of the Company. [Response:] Our audit procedures included the following test the design and operating effectiveness of key control focusing on: Segregation of duties in invoice creation and modification. Timing of revenue recognition considering step by step procedure. Our substantive procedures in relation to revenue recognition and measurement comprise the following: Obtaining understanding and documenting the process of revenue recognition and measurement followed by the Company. Tracing performance obligations stipulated and contract value in the contract with invoice and delivery challan issued to evaluate point of recognition and measurement. Assessing accuracy and comparing revenue recognized during the year with VAT returns submitted to VAT authority; Finally assessing the appropriateness and presentation of disclosure notes with IFRS 15: Revenue from contracts with customers.” [1 p.5] [1 p.6]

Bullet markers in the response column are replaced by sentence breaks and '[Response:]' marks the second column; the words are as printed. The company's going-concern note, to which emphasis of matter 4 refers, reads [1 p.13] [1 p.14]:

“The Board of Directors of Lub-Rref (Bangladesh) PLC has assessed the company’s ability to continue as a going concern. Based on its assessment of cash flows, current liabilities, available financing, and future business prospects as at the reporting date of 30 June 2025, the Board is optimistic that the company will be able to continue its operations for at least the next twelve months. However, certain material uncertainties exist arising from lower revenue, lower gross profit, negative EPS, increasing loan liabilities and interest expense thereon, market volatility, political instability, merging of our lead Bank (SIBL) that may cast doubt on the company’s ability to continue as a going concern. The Board is taking the following steps to mitigate these risks: Rescheduling of existing loan liability; Cost reduction measures and operational efficiency improvements; Implementing appropriate cash flow management strategies. Accordingly, these financial statements have been prepared on a going concern basis.” [1 p.13] [1 p.14]

The MD and CFO certificate in the annual report states that 'there exists no material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern' [2 p.160]; the going-concern note above states that 'certain material uncertainties exist' [1 p.13]. Both are printed. The text pages of the annual report read for this note do not print a management response to the seven qualification bases; annual-report pages 161-179 and 182-237 have no text layer (pages 180-181, the value-added and EVA statements, do). Of the image-only pages, 161-178 are the corporate-governance compliance statement (Annexure-C), 179 is the compliance certificate (Annexure-B), 182 a membership certificate, 183 the CRISL rating letter, 184 and 186 product advertisements and 188-192 a copy of the auditor's report; pages 163-165, 167-170, 172, 174-178, 185, 187 and 193-237 were not each viewed. No company response to the qualification was found in the pages viewed [2 p.188]. On the IPO balance, the company's DSE post of 10-Jun-2026 states that it requested BSEC to use 'an amount of taka about 20.00 Crore of IPO fund lying almost idle with Social Islami Bank PLC, Agrabad Branch, Chittagong at a very nominal rate of return as the said bank failed to provide promised syndicated loan for BMRE of project' [7].

The qualified balances are stated at their audited date, 30-Jun-2025. Later unaudited balances, labelled: at 31-Mar-2026 the unaudited statements show PPE of BDT 5,713.8m, CWIP of BDT 2,122.6m (unchanged), accounts payables of BDT 151.7m and dividend payable of BDT 159.2m [3 p.2]. The FY2024 auditor's report (ARTISAN) carries an 'Emphasis of Matter' advising management 'to maintain Registers for Property, Plant & Equipment in proper standard format' [4 p.1].

Governance: four family directors, a nominee, one independent and one proposed independent awaiting BSEC approval; 50 DSE posts, one correction

Board. The FY2025 annual report lists seven directors: Mrs. Rubiya Nahar (Chairman), Mr. Mohammed Yousuf (Managing Director), Mr. Md. Salauddin Yousuf (Director), Ms. Dr. Israt Jahan (Director), Lieutenant Colonel (Rtd) Imran Azad (Director, 'Representative of Companigonj Agro Industries Ltd'), Mohammed Rafiqul Alam, FCMA (Independent Director) and Masuda Sultana, FCS, ACA ('Proposed Female Independent Director') [2 p.4]. The Company Secretary and Compliance Officer is Kabir Hossain and the Chief Financial Officer Mr. Mofijur Rahaman, CGIA [2 p.4]. DSE posted the board's confirmation of Mr. Kabir Hossain as Company Secretary with effect from September 17, 2025 [7]. The managing director's name is printed as 'Mohammed Yousuf' on the financial statements and 'Mohammad Yousuf' in the director profiles and shareholding table [1 p.9] [2 p.66] [2 p.93].

Family relationships and other positions, as printed. Md. Salauddin Yousuf is described as 'the son of the company’s visionary founder, Mr. Mohammed Yousuf, and Mrs. Rubiya Nahar', and Dr. Israt Jahan as 'the daughter of the company’s founder, Mr. Mohammed Yousuf, and Mrs. Rubiya Nahar' [2 p.67] [2 p.68]. The shareholding table states for Mrs. Rubiya Nahar 'Her husband is also a member of the Board of Directors' and for Mohammad Yousuf 'His wife is also a member of the Board of Directors' [2 p.93]. Mrs. Rubiya Nahar's profile states that she established Grease House Limited and was its Managing Director [2 p.66]. Mr. Yousuf's profile lists co-founding Homeland Chemical Industries Limted (as printed), establishing Grease House Limited, a tenure as 'Managing Director of FUCHS Bangladesh PLC' and the establishment of 'FUCHS-GHL Lubricants Bangladesh PLC in 1998' [2 p.66] [2 p.67]. Ms. Masuda Sultana's profile states she 'is an Independent Director of Esquire Knit Composite PLC' [2 p.70]. Mr. Mohammed Rafiqul Alam's profile states he 'currently leads Rafiq & Associates' [2 p.69]. The related-party note lists Julda Shipyard Limited with relationship 'Common Directorship' [1 p.46]. No former chair is named in the pages read.

Attendance. Note 38 prints seven board meetings in FY2025, with attendance of 7 for Mohammed Yousuf, Rubiya Nahar, Md. Salauddin Yousuf, Dr. Israt Jahan and Lieutenant Imran Azad, Rtd., 4 for Mr. Mohammed Rafiqul Alam, FCMA and 2 for Masuda Sultana, FCS, ACA [1 p.46]. The annual report's board-meeting table prints '7/4' for Lieutenant Imran Azad, Rtd. [2 p.159]. The audit committee met once in FY2025 per the financial statements and per one annual-report page, and 'met 6 times' per another annual-report page, whose own table shows one meeting [1 p.47] [2 p.118] [2 p.140]. The NRC met once [1 p.47] [2 p.146]. In the committee tables of note 38 Lieutenant Imran Azad, Rtd. is printed with position 'Independent Director'; the annual report prints him as 'Nominated Director by Companygonj Agro Industries' [1 p.47] [2 p.118].

Board-meeting fees as printed in note 38 at 'Tk. 8,000.00' per meeting: Rubiya Nahar 56,000; Lieutenant Imran Azad, Rtd. 56,000; Mr. Mohammed Rafiqul Alam, FCMA 32,000; Masuda Sultana, FCS, ACA 16,000; total 160,000; no fee is printed for Mohammed Yousuf, Md. Salauddin Yousuf or Dr. Israt Jahan [1 p.46].

Independent directors. The corporate-governance compliance statement (Annexure-C) records for condition 1.2(a) 'There are currently 2 (Two) Independent Director including 1 (One) Female Independent Director whose documents were submitted to BSEC on 10th September 2025 and still awaiting BSEC’s approval' [2 p.161]. Condition 1.2(c), on appointment of independent directors 'subject to prior consent of the Commission', is ticked 'Non-Complied', with the remark 'The company following the recommendation of its NRC applied to BSEC for approval of the appointment of Female Independent Director’s' [2 p.162]. Condition 5.4(a), that the audit committee 'shall conduct at least its four meetings in a financial year', is ticked 'Non-complied' with the remark 'Audit Committee held 1 (One) Meeting during the year' [2 p.171]; this agrees with the one audit-committee meeting in note 38 and on AR p.118, and differs from 'met 6 times' on AR p.140 [1 p.47] [2 p.118] [2 p.140].

Other printed conflicts in the governance pages. Condition 1.5(xvii), 'There are no significant doubts upon the issuer company’s ability to continue as a going concern', is ticked complied [2 p.166]; note 2.01 states that 'certain material uncertainties exist' [1 p.13]. Condition 5.5(m), on oversight of IPO proceeds, carries the remark 'No such event occurred' [2 p.173]; qualification basis 1 states that '13.10 Crore from the IPO proceeds remains unspent' [1 p.2]. The MNA Associates certificate dated December 3, 2025 states that the company 'has complied with the conditions of the Corporate Governance Code ... except those mentioned in the statement of compliance status' and that 'The governance of the company is satisfactory' [2 p.179]; the same statement of compliance marks conditions 1.2(c) and 5.4(a) non-complied [2 p.162] [2 p.171].

Key management. The annual report names as top five executives Mrs. Raihatul Zannah (Director, Supply Chain Management; 295 shares), Dr. Khandaker Jakir Hossain (GM Technical), Mr. Sajid Aftab (Chief Marketing Officer), Eng. Mr. Naim siddiki (Head of Operation) and Mr. Saifuddin (Head of Lab), and Mr. Ahmed Hossain as Acting Head of Internal Audit, Control and Compliance [2 p.93]. The shareholding table states that Mr. Salauddin Yousuf's 'wife is also holding 295.00 shares' [2 p.93]; the filings read do not name his wife.

Remuneration and related parties. Note 37 prints remuneration and fees by name for FY2025: Mohammed Yousuf (Managing Director) addition BDT 9,000,000, adjustment (8,250,000), closing BDT 4,156,738; Rubiya Nahar (Chairman) BDT 56,000; Md. Salauddin Yousuf (Director) BDT 4,800,000, closing BDT 3,000,000; Dr. Israt Jahan (Director) BDT 1,800,000, closing BDT 725,000; Lieutenant Imran Azad, Rtd. BDT 72,000; Mr. Mohammed Rafiqul Alam, FCMA BDT 48,000; Masuda Sultana BDT 32,000; total additions BDT 15,808,000 and closing balance BDT 7,881,738.00 [1 p.46]. Companygonj Agro Industries Limited ('Common Directorship & Shareholder of the Company') and Julda Shipyard Limited ('Common Directorship') show no amounts [1 p.46]. The fee rows equal the meeting counts at Tk. 8,000 per meeting: BDT 72,000 for Lieutenant Imran Azad (7 board, 1 audit, 1 NRC), BDT 48,000 for Mr. Rafiqul Alam (4+1+1) and BDT 32,000 for Ms. Sultana (2+1+1) (derived) [1 p.46] [1 p.47]. Note 25 prints MD's remuneration of BDT 14,700,000 and board meeting fees of BDT 208,000; the IAS 24 table prints key management compensation of BDT 14,700,000 [1 p.43] [1 p.47]. The three executive remuneration additions in note 37 sum to BDT 15,600,000 (derived); both figures are printed.

Ownership. The annual report's director-holding table prints 3,455,140 shares for Mrs. Rubiya Nahar, 29,567,544 for Mohammad Yousuf, 3,247,520 for Mr. Salauddin Yousuf, 3,123,495 for Mrs. Israt Jahan and 3,509,300 for the Companigonj Agro Industries nominee [2 p.93]; these add to 42,902,999 shares, 29.54% of 145,243,144 (derived). Mohammad Yousuf's holding is printed as 20.357% [2 p.93]. The DSE page shows sponsor/director holdings of 35.69% at 30-Jun-2025 and 35.73% at 31-Aug-2026 and 30-Sep-2026 [8]. Both figures are printed; the filings read do not reconcile them. The pattern-of-shareholding page prints a total of 145,343,144 shares [2 p.158]; note 10 prints 145,243,144 [1 p.38].

DSE news, 24 months. The sweep of all LRBDL news posted from 1-Nov-2024 to 1-Nov-2026 returned 50 posts, dated 14-Nov-2024 to 10-Sep-2026 [7]. Counted in code: 5 posts on the proposed utilisation of IPO proceeds and the EGM, 5 LR 16(1) board-meeting schedules, 2 LR 16(1)/19(1) postponements, 2 reschedules, 1 LR 19(1) schedule, 2 credit-rating results, 2 auditor's reports on IPO-proceeds utilisation, 1 qualified-opinion notice, 1 emphasis-of-matter notice, 1 DSE query non-response notice and 1 query response, and 1 correction ('Correction of AGM Web Link', 23-Dec-2025) [7]. That correction is the only DSE correction post in the window. The FY2025 audited-accounts board meeting was first set for October 28, 2025, postponed on 28-Oct-2025 and held on November 27, 2025 [7]. On 9 June 2026 the 187th board meeting approved, subject to shareholders excluding sponsors and directors, settlement of LC liabilities of USD 364,811.00 (BDT 45,601,375 @ 125), a down payment of BDT 4,33,00,000.00 'for rescheduling long-term and short loan amount... under BRPD Circular No. 07' and use of the rest of the IPO proceeds as working capital, with an EGM on 9 July 2026 and record date 30 June 2026 [7]. No later DSE post in the sweep reports the EGM result (passed, outcome unknown). CRISL rated the company 'BB' long term and 'ST-6' short term with Developing outlook, per DSE posts dated 6-Aug-2025 and 10-Sep-2026 [7]; the CRISL letter in the annual report gives the rating date as 04.08.2025 [2 p.183]. The filings do not link the BRPD circular to any line item; the circular is named only in the company's DSE post.

Peers: Eastern Lubricants Blenders and CVO Petrochemical Refinery, all three with a Qualified Opinion for FY2025

Peers are the two DSE fuel-and-lubricant companies with live AnalystBro notes, both checked at HTTP 200: Eastern Lubricants Blenders PLC [17] and CVO Petrochemical Refinery PLC [18]. Their businesses as printed: Eastern Lubricants Blenders reports blending lube oil and grease, 'doing businesses of base oil import since FY 2015-16 and marketing of bitumen from October'2019 side by side its blending business' [12]; CVO Petrochemical Refinery describes itself as 'one of the leading private petrochemical & solvent refineries in Bangladesh' running a condensate plant and a naphtha plant [16]. The three have different products and revenue models; the table states each company's own figures for the year to 30-Jun-2025 on its own labels.

Audit opinions as printed in each filing: Lub-rref, 'Qualified Opinion' [1 p.2]; Eastern Lubricants Blenders, 'Qualified Opinion' (one basis: sales and Advance VAT differing from Mushak 9.1, and bitumen purchases of Tk. 478,913,508.80 'not reflected in the VAT return') [9]; CVO Petrochemical Refinery, 'Qualified Opinion' (two bases, on Sylhet Gas Fields Limited balances) [13]. Eastern Lubricants Blenders presents its statements in Taka '000 [11]. Lub-rref's finance cost is gross ('Financial Expenses on Loan' and 'on Lease', with 'Financial Income' shown separately); Eastern Lubricants Blenders prints no finance-cost line on the face of its statement; CVO prints 'Finance Cost' [1 p.10] [11] [15]. Eastern Lubricants Blenders and CVO charge WPPF in FY2025; Lub-rref charged none [11] [15] [1 p.10]. CVO's 30-Jun-2025 equity includes a revaluation surplus of BDT 476.6m booked in FY2025 [14].

Market data: BDT 11.80 on 29-Oct-2026, 0.39x the 31-Mar-2026 NAV, 52-week closes BDT 8.50-16.20

The DSE close on 29-Oct-2026 was BDT 11.80 [21] [8]. At that price the 145,243,144 shares had a market value of BDT 1,713.9m (derived); the DSE page prints a market capitalisation of BDT 1,713.869m [8]. Price to book on the 31-Mar-2026 unaudited NAV per share with revaluation of BDT 30.50 was 0.39x, and on the NAV without revaluation of BDT 26.55 0.44x (derived) [3 p.2] [22]. EPS for FY2025 and 9M FY2026 were negative and a P/E is not shown; trailing twelve-month EPS to 31-Mar-2026 (FY2025 (4.56) less 9M FY2025 0.11 plus 9M FY2026 (2.22)) was BDT (6.89) (derived) [1 p.10] [3 p.3].

The 52-week range is computed in code from 237 unadjusted daily closes in the TradingView DSE feed between 30-Oct-2025 and 29-Oct-2026 [21]. There was no bonus or rights issue in the window; the closes are on one basis. The lowest close was BDT 8.50 on 1-Feb-2026 and the highest BDT 16.20, a close reached on two days, 3-Aug-2026 and 4-Aug-2026 [21]. The DSE page prints a 52-week moving range of BDT 8.50-16.80 [8]. The feed includes two Saturday sessions, 23-May-2026 and 17-Oct-2026 [21]. DSE sent a query on July 28, 2026 on an 'unusual hike in price and trading volume'; DSE posted a non-response notice on 30-Jul-2026 and the company's reply that there was 'no undisclosed price sensitive information' on 2-Aug-2026 [7].

What's next: FY2026 accounts 2-Nov to 24-Dec-2026 (inferred), Q1 FY2027 15-Nov to 10-Dec-2026 (inferred)

FY2026 audited accounts (year to 30-Jun-2026). No LR 19(1) board-meeting notice for FY2026 appears in the DSE news to 1-Nov-2026; no date has been notified [7]. The printed precedents are: FY2022 statements dated 30.10.2022 [6 p.11]; FY2023 statements dated 24.12.2023 [5 p.10]; FY2024 statements dated 15 December 2024 [4 p.7]; FY2025 board meeting first set for October 28, 2025 (DSE post 21-Oct-2025), held on November 27, 2025 (board date), with statements dated 06 December 2025 [7] [1 p.9]. These give a range of 30-Oct to 24-Dec; 1-Nov-2026 is past the FY2022 precedent of 30-Oct. Inferred range on DSE business days: 2-Nov-2026 (Monday) to 24-Dec-2026 (Thursday) (inferred, 4 years).

Q1 FY2027 accounts (July-September 2026). Precedents: Q1 FY2025 results posted on DSE on 14-Nov-2024 (DSE post date; board date not in the posts read), and the Q1 FY2026 board meeting held on December 10, 2025 (board date; schedule posted 7-Dec-2025) [7]. No date has been notified. 14-Nov-2026 is a Saturday; the inferred range is 15-Nov-2026 (Sunday) to 10-Dec-2026 (Thursday) (inferred, 2 years). The 23rd AGM was held on Sunday, 28 December 2025 [2 p.11] [8]; with one AGM date in the filings read, no AGM date is inferred. Bangladesh's LDC graduation date is 24-Nov-2029 [19] [20].

Passed items with no outcome in the filings: the EGM of 9 July 2026 on the use of IPO proceeds (passed, outcome unknown) [7]; the chairman's message lists 'Reviving and advancing the BMRE project' among priorities for 2025 [2 p.59] and no later filing read gives an outcome (passed, outcome unknown).

Risks: going concern, finance cost, untraced assets, SIBL deposits and unpaid dividends

Each item below is a fact from the filings with the line it relates to. For scale, FY2025 net revenues were BDT 646.1m and the net loss BDT 662.7m [1 p.10].

Key questions: the FY2026 audit opinion, the IPO-proceeds EGM and the unpaid dividend

At 31-Mar-2026 (unaudited) equity was BDT 4,429.4m, of which the revaluation reserve was BDT 573.8m and retained earnings BDT 955.5m [3 p.2]. Long-term loans (non-current and current) were BDT 3,510.6m and the short-term bank loan BDT 602.6m on the same date (derived) [3 p.2] [22].

FAQ

What does Lub-rref (Bangladesh) do?

It manufactures automotive, industrial and marine lubricants and grease under the BNO Lubricants brand at a factory in Chittagong, and sells laboratory services [1 p.13] [2 p.3].

What was the FY2025 result?

Net revenues BDT 646.1m, net loss BDT 662.7m, EPS (4.56), NAV per share with revaluation BDT 32.72 [1 p.9] [1 p.10].

What did the auditor say about FY2025?

Islam Jahid & Co. issued a Qualified Opinion on seven bases with four emphasis-of-matter paragraphs [1 p.2] [1 p.3].

How much does the company owe banks?

Long-term loans of BDT 3,343.5m and short-term loans of BDT 584.7m at 30-Jun-2025, BDT 3,928.2m in total [1 p.5] [1 p.9].

What happened in 9M FY2026?

Revenue BDT 271.1m and a net loss of BDT 322.7m, EPS (2.22), unaudited [3 p.3].

When did Lub-rref last pay a dividend?

The DSE page lists a 1% cash dividend for 2024; the board recommended no dividend for FY2025 [8] [7].

When are the FY2026 accounts due?

No board date was notified at 1-Nov-2026; four years of precedent give a range of 2-Nov to 24-Dec-2026 (inferred) [7].

Sources

1. Lub-rref (Bangladesh) PLC, Independent Auditor's Report and Audited Financial Statements for the year ended 30 June 2025 (Islam Jahid & Co., dated 06 December 2025) · link · accessed 2026-11-02
2. Lub-rref (Bangladesh) PLC, Annual Report 2025 (year to 30-Jun-2025; 23rd AGM notice) · link · accessed 2026-11-02
3. Lub-rref (Bangladesh) PLC, third-quarter financial statements (unaudited), 1-Jul-2025 to 31-Mar-2026, dated 28.04.2026 · link · accessed 2026-11-02
4. Lub-rref (Bangladesh) Limited, audited financial statements, year to 30-Jun-2024 (ARTISAN, dated 15 December 2024) · link · accessed 2026-11-02
5. Lub-rref (Bangladesh) Limited, audited financial statements, year to 30-Jun-2023 (dated 24.12.2023) · link · accessed 2026-11-02
6. Lub-rref (Bangladesh) Limited, audited financial statements, year to 30-Jun-2022 (dated 30.10.2022) · link · accessed 2026-11-02
7. DSE news archive, LRBDL, all news 1-Nov-2024 to 1-Nov-2026 (50 posts dated 14-Nov-2024 to 10-Sep-2026; read 2-Nov-2026) · link · accessed 2026-11-02
8. DSE company page, LRBDL (market information for 1-Nov-2026, shareholding to 30-Sep-2026, dividend history; read 2-Nov-2026) · link · accessed 2026-11-02
9. Eastern Lubricants Blenders PLC, Annual Report 2024-2025, independent auditor's report (page image) · link · accessed 2026-11-02
10. Eastern Lubricants Blenders PLC, statement of financial position at 30-Jun-2025 (page image) · link · accessed 2026-11-02
11. Eastern Lubricants Blenders PLC, statement of profit or loss, year to 30-Jun-2025 (page image) · link · accessed 2026-11-02
12. Eastern Lubricants Blenders PLC, Annual Report 2024-2025, directors' report on the business (page image) · link · accessed 2026-11-02
13. CVO Petrochemical Refinery PLC, Annual Report 2024-2025, independent auditor's report (page image) · link · accessed 2026-11-02
14. CVO Petrochemical Refinery PLC, statement of financial position at 30-Jun-2025 (page image) · link · accessed 2026-11-02
15. CVO Petrochemical Refinery PLC, statement of profit or loss, year to 30-Jun-2025 (page image) · link · accessed 2026-11-02
16. CVO Petrochemical Refinery PLC, Annual Report 2024-2025, company profile (page image) · link · accessed 2026-11-02
17. AnalystBro, Eastern Lubricants Blenders financial analysis (published note) · link · accessed 2026-11-02
18. AnalystBro, CVO Petrochemical Refinery financial analysis (published note) · link · accessed 2026-11-02
19. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
20. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
21. AnalystBro price data (TradingView DSE daily feed): DSE:LRBDL daily bars 31-Jul-2025 to 1-Nov-2026 (saved to scratch/chart_bars_LRBDL_D300.json) · link · accessed 2026-11-02
22. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02