Magura Multiplex financial analysis: BDT 301.7m financial expenses on BDT 1,611.5m revenue (Oct 2026)

Investment considerations: FY2025 revenue BDT 1,611.5m and PAT BDT 106.6m; financial expenses BDT 301.7m; 9M FY2026 revenue down 33.5%

Magura Multiplex PLC was registered on 6 February 1989, issued shares to the public in 1990 and is listed on the Dhaka and Chittagong stock exchanges [1 p.93]. Its notes describe the business as 'Manufacturing, Converting and Printing of Paper & Paper Products and their Marketing', with the registered office at the BDG Corporate Building in Bashundhara and the factory at Sreerampur, Dhamrai [1 p.93]. Corporate information lists a second factory at New Town, Meghnaghat, Narayanganj [1 p.15]. The company traded as Paper Processing & Packaging Limited (DSE code PAPERPROC) until DSE approved the new name and the code MAGURAPLEX with effect from 16-Mar-2025 [8].

The present company is the result of a merger. Magura Paper Mills Limited was amalgamated into Paper Processing and Packaging Ltd. under a High Court order dated 27-11-2023 and a BSEC consent letter dated 30-01-2024; shares were issued to Magura Paper Mills' shareholders on 19-02-2024 at an exchange ratio of 0.5:1 and Magura Paper Mills was dissolved [5 p.11]. The DSE posts of 11-Nov-2024 state that 835,968 bonus shares were added on 18-01-2024 and 18,317,810 shares on the merger, taking paid-up capital to BDT 296,033,780 [8]. FY2024 contains Magura Paper Mills from February 2024 and FY2025 is the first full year of the merged company; the share count was 10,449,600 at 30-Jun-2023 and 29,603,378 at 30-Jun-2024 [6 p.10] [1 p.109].

In FY2025 (year to 30-Jun-2025) the company reported revenue of BDT 1,611.5m, gross profit of BDT 454.3m, profit from operation of BDT 395.3m, financial expenses of BDT 301.7m and profit after tax of BDT 106.6m, EPS BDT 3.60 [1 p.90]. In the nine months to 31-Mar-2026 revenue was BDT 948.4m and profit after tax BDT 60.3m, EPS BDT 2.04 [3 p.4]. The board recommended an 11% cash dividend for FY2025 [1 p.96].

Business: paper, textbook printing and converting for local buyers; capacity printed as BDT 2,500m

What it sells. The directors' report states that the company 'is primarily engaged in the manufacturing of import-substitute industrial grade paper, large-scale printing of primary school textbooks, exercise books, paper converting, photocopy paper, magazines, annual reports, diaries, calendars, posters, brochures, registers, office stationery, and shopping bags' and that it also conducts 'trading of waste paper' [1 p.40]. Note 29 prints revenue as a single line, 'Text Book/Exam Khata/Brochures / Register Khata /Diary/ Recycled paper/ Training Materials/ Others Printing Work', with no split by product, volume or price [1 p.110]. The key audit matter on revenue states that revenue is 'recognized from the sale of goods to local customers' [1 p.84].

Who buys. The directors' report names as 'key patrons' the National Curriculum and Text Book Board (NCTB), the Technical Education Board, the Madrasha Education Board, the Islamic Foundation, the Hindu Welfare Trust, the National University, Bangladesh Open University, other public and private universities, the Election Commission, the Bangladesh Bureau of Statistics, NGOs, the Bangladesh Medical Research Council, government and private offices and the general public [1 p.40]. No customer share of revenue is printed [1 p.110]. The marketing and distribution note includes 'Tender Schedule Expenses' of BDT 101,557 in FY2025 [1 p.111].

Capacity. Note 39.02 prints 'Normal Capacity' in taka, BDT 2,500,000,000 for FY2025 and BDT 1,500,000,000 for FY2024, sets 'Production' equal to revenue, and prints capacity utilised of 64.46% and 69.49% [1 p.113]. No tonnage capacity or production is printed in that note. The company had 572 employees earning above BDT 5,300 a month at 30-Jun-2025: 16 officers and staff and 3 workers at head office, and 25 officers and staff and 528 workers at the factory [1 p.113].

Group. The annual report describes the company as one of Magura Group's sister concerns and states that the group works in paper, apparel, housing, education and bulk trading [1 p.10]. The chairman, Mr. Mustafa Kamal Mohiuddin, is also chairman of Monospool Bangladesh PLC; director Mr. Mostafa Jamal Mohiuddin is Monospool's managing director; managing director Mr. Md. Mobarok Hossain is a director of Monospool [1 p.33] [1 p.34] [1 p.36]. Magura Group PLC holds 13.15% and Bangladesh Development Group PLC 15.90% of the shares [1 p.49].

Capital spending decided in the period. On 15-Sep-2025 the company announced that its board had decided on 14-Sep-2025 to procure eight machines 'to be financed by the company': a KBA sheet-fed offset printing machine, a re-winder, a folding gluing machine, a die cutting machine, a foil stamping machine, a single colour printing machine, a folding (Vazal) machine and a sewing machine [8]. The post gives no amount and no delivery date [8]. The 30-Jun-2025 note on advances against works lists 'Plant & Machinery' of BDT 49,176,292 (nil a year earlier) and 'Constraction & Development work' of BDT 73,762,444 [1 p.100]; the filings do not link these advances to the September 2025 decision.

Five-year record: revenue BDT 169.5m (FY2021) to BDT 1,611.5m (FY2025); PAT BDT 14.0m to BDT 106.6m

The annual report's 'Financial History of 05 Years' prints FY2021-FY2025 [1 p.19]. Its figures agree with the statements except for one-taka differences (FY2021 current liabilities 30,62,41,709 against 306,241,708 in the FY2022 statements; FY2024 current assets 1,483,821,812 and total liabilities 3,391,198,895 against 1,483,821,811 and 3,391,198,894 in the FY2025 comparatives) and FY2022 gross profit, printed as 14,30,79,966 in the history and in the FY2022 statements and as 143,079,967 in the FY2023 comparative column [1 p.19] [7 p.11] [6 p.11]. The history page prints FY2021 cost of goods sold in brackets and FY2022-FY2025 without, and mixes Indian-style and international digit grouping [1 p.19].

Revenue grew from BDT 169.5m in FY2021 to BDT 1,611.5m in FY2025 [38]. Year-on-year growth was 144.2% (FY2022), 14.7% (FY2023), 119.4% (FY2024) and 54.6% (FY2025) [38]. Profit after tax was BDT 14.0m, 48.2m, 49.2m, 74.6m and 106.6m [38]. EPS as printed was BDT 1.34, 4.62, 4.71, 2.52 and 3.60; the first three are on 10,449,600 shares and the last two on 29,603,378 [7 p.11] [6 p.11] [1 p.90] [1 p.112]. The DSE dividend post of 11-Nov-2024 also gives a FY2023 diluted EPS of BDT 1.66 and diluted NAV per share of BDT 12.53 [8].

Total assets rose from BDT 982.4m at 30-Jun-2023 to BDT 5,540.1m at 30-Jun-2024 and equity from BDT 370.9m to BDT 2,148.9m [6 p.10] [1 p.89]. The merger brought in investment property of BDT 2,379.5m, revaluation reserve of BDT 928.5m, a capital reserve of BDT 183.2m and a share premium of BDT 46.0m [1 p.89] [5 p.9]. At 30-Jun-2025 total assets were BDT 5,571.6m and equity BDT 2,214.1m [1 p.89].

Line items: raw materials 58.9% of FY2025 revenue, gas bill BDT 144.2m, Sonali Bank interest BDT 249.3m

Revenue. FY2025 revenue was BDT 1,611.5m against BDT 1,042.3m, an increase of 54.6% [1 p.110] [38]. The directors' report gives the figures without a product split [1 p.40]. Revenue includes no export line; the revenue key audit matter refers to local customers [1 p.84].

Cost of goods sold. FY2025 cost of goods sold was BDT 1,157.3m: raw materials consumed BDT 949.5m and factory overhead BDT 212.5m, with finished goods rising from BDT 129.6m to BDT 134.3m [1 p.110]. Raw materials consumed were 58.9% of revenue in FY2025 and 61.6% in FY2024 [38]. Purchases were BDT 958.9m [1 p.110]. In factory overhead the gas bill was BDT 144.2m in FY2025 against BDT 62.4m in FY2024, 8.9% and 6.0% of revenue [1 p.110] [38]. Factory salary and wages were BDT 44.5m (FY2024: 50.0m), electricity BDT 6.2m and factory depreciation BDT 16.0m [1 p.110]. The gas bill owed to Titas Gas Trans. & Distribution Co. Ltd. within liabilities for expenses was BDT 63.2m at 30-Jun-2025 (30-Jun-2024: 39.6m) [1 p.107].

Gross margin. Gross profit as a share of revenue was 38.0% in FY2021, 34.6% in FY2022, 31.1% in FY2023, 28.5% in FY2024 and 28.2% in FY2025 [38]. Over those five years the FY2025 figure is the lowest and FY2021 the highest. The directors' report prints a 'COGS to sales ratio of 71.81%' for FY2025 [1 p.40].

Operating expenses. Office and administrative expenses were BDT 26.9m in FY2025 (FY2024: 30.1m), of which salary and other allowances BDT 22.2m, and marketing and distribution expenses BDT 32.0m (FY2024: 34.5m), of which salary and other allowances BDT 29.7m [1 p.111]. Together they were 3.7% of revenue in FY2025 and 6.2% in FY2024 [38]. Profit from operation was BDT 395.3m, 24.5% of revenue [1 p.90] [38].

Financial expenses. Note 33 splits FY2025 financial expenses of BDT 301.7m into interest on the SIBL bank loan BDT 51.8m (FY2024: 40.4m), interest on the Sonali Bank loan BDT 249.3m (FY2024: 101.1m) and bank charges and commission BDT 0.6m [1 p.111]. Financial expenses were 17.9%, 7.8%, 6.8%, 13.6% and 18.7% of revenue in FY2021-FY2025, and profit from operation covered them 1.31 times, the lowest cover of FY2021-FY2025 [38]. The cash flow statement shows financial expenses paid of BDT 379.8m in FY2025 against BDT 15.7m in FY2024 [1 p.92]. Non-operating income was BDT 1.9m, of which FDR interest BDT 1.0m and accrued interest BDT 0.5m [1 p.112].

Tax. The FY2025 income tax line is a net credit of BDT 15.7m: current tax BDT 21.2m, 'Adjustment for Excess Provision' of BDT 37.2m credited, deferred tax income of BDT 0.76m and a deferred-tax adjustment of BDT 0.98m [1 p.90]. Note 26 describes the BDT 37,158,237 as 'Excess Provision of Income Tax up to FY 2022-2023' [1 p.109]. Current tax is 22.5% of taxable profit; note 35 compares it with a minimum tax on gross receipts, printed as '1% on gross receipt 16,115,206' in the annual report and as '0.6% on gross receipt 9,669,124' in the separately filed audited statements [1 p.112] [2 p.35]. The two printings conflict; both select the 22.5% figure.

WPPF. The company provides 5% of profit for the Workers' Profit Participation Fund: BDT 4.5m in FY2025 [1 p.90] [1 p.94]. Note 25 shows the opening balance of BDT 4,374,331 as 'Payment made during the year' [1 p.109].

FY2026 to date: 9M revenue BDT 948.4m (9M FY2025: 1,427.0m), PAT BDT 60.3m, EPS BDT 2.04

The un-audited nine months to 31-Mar-2026 show revenue of BDT 948.4m against BDT 1,427.0m, gross profit of BDT 267.5m against BDT 411.9m, profit from operation of BDT 231.0m against BDT 361.9m, financial expenses of BDT 151.4m against BDT 234.7m and profit after tax of BDT 60.3m against BDT 94.9m [3 p.4]. EPS was BDT 2.04 against BDT 3.21 [3 p.4]. Gross margin was 28.2% against 28.9% [38]. The third quarter (January-March 2026) had revenue of BDT 252.7m against BDT 494.4m and profit after tax of BDT 13.2m against BDT 44.1m, EPS BDT 0.45 against BDT 1.49 [3 p.4].

Nine-month financial expenses were interest on SIBL loans BDT 42.1m, interest on the Sonali Bank loan BDT 108.9m and bank charges BDT 0.4m, against BDT 43.8m, 190.6m and 0.3m in 9M FY2025 [3 p.21]. Operating cash flow was BDT 44.3m against BDT (37.7)m, after financial expenses paid of BDT 258.3m against BDT 9.3m [3 p.6]. The 9M FY2025 comparative column shows 'Receipts/ (Payments) of Short Term Loan' of BDT 78,400,000, the same amount as the 'Long Term Other Loan' in the FY2025 balance sheet [3 p.6] [1 p.105].

The company's explanation, posted on DSE on 30-Apr-2026 with the Q3 results, reads: 'Due to low Gas pressure production was hampered as well as high interest rate and fuel cost increase adversely affected company's profitability. Resultantly EPS was decreased. Receiving supply against advance payment of previous period. Resultantly, effect was decrease in suppliers payment and increase in NOCFPS.' [8]. This is the company's statement; the statements themselves do not quantify gas pressure or production volume [3 p.21].

EPS and NAV figure by figure, as posted on DSE: Q1 FY2026 EPS BDT 0.88 against 1.02, NAV per share BDT 75.67 at 30-Sep-2025; Q2 FY2026 EPS BDT 0.71 against 0.69, H1 FY2026 EPS BDT 1.59 against 1.72, NAV per share BDT 76.38 at 31-Dec-2025; Q3 FY2026 EPS BDT 0.45 against 1.49, 9M FY2026 EPS BDT 2.04 against 3.21, NAV per share BDT 75.73 at 31-Mar-2026; FY2025 EPS BDT 3.60 against 2.52 and NAV per share BDT 74.79 against 72.59 [8]. NOCFPS was BDT 0.24 (Q1), 0.23 (H1) and 1.50 (9M) in FY2026 against 0.35, 0.58 and (1.28) a year earlier [8]. Of the 47 posts in the 24-month DSE sweep, none is titled as a correction [8]. The H1 FY2026 statement is signed 'Dated: January 31, 2025' for a period ended 31-Dec-2025; the DSE notice set the board meeting for January 31, 2026 [4 p.4] [8].

Ratios: FY2025 cover 1.31x, operating cash flow 0.16x profit, payout 30.5%

Returns. Profit after tax on closing equity was 4.8% (FY2021), 14.6% (FY2022), 13.3% (FY2023), 3.5% (FY2024) and 4.8% (FY2025) [38]. Equity at 30-Jun-2024 and 30-Jun-2025 includes revaluation reserves of BDT 1,018.8m and BDT 1,018.7m; the reserve was BDT 90.3m before the merger [1 p.89] [6 p.10]. Revenue on closing total assets was 0.21x, 0.46x, 0.48x, 0.19x and 0.29x in FY2021-FY2025 [38].

Working capital. Receivable days (trade receivable on revenue) were 131 at 30-Jun-2024 and 47 at 30-Jun-2025; inventory days on cost of goods sold were 198 and 132 [38]. The 30-Jun-2024 receivables include BDT 187.8m transferred from Magura Paper Mills [1 p.98]. The receivables ageing at 30-Jun-2025 was BDT 160.5m (1-3 months), 44.1m (4-6 months) and 3.1m (7-12 months), all classed 'considered good & secured' [1 p.98].

Cash conversion. Operating cash flow divided by profit after tax was 2.06x (FY2021), 0.21x (FY2022), -0.63x (FY2023), 0.50x (FY2024) and 0.16x (FY2025), and 0.74x in 9M FY2026 [38]. The company presents financial expenses paid inside operating activities; before that line operating cash flow was BDT 396.9m in FY2025 (derived) [1 p.92] [38]. Operating plus investing cash flow was negative in FY2021, FY2022, FY2023 and FY2025 and positive in FY2024 and 9M FY2026 [38].

Payout. Cash dividends declared were BDT 10.4m, 8.4m, 12.5m, 41.4m and 32.6m for FY2021-FY2025, or 74.6%, 17.3%, 25.5%, 55.6% and 30.5% of profit after tax [1 p.46] [38]. Dividends paid in cash were BDT 41.7m in FY2025 and BDT 32.5m in 9M FY2026 [1 p.92] [3 p.6].

Balance sheet: bank loans BDT 2,462.8m at 30-Jun-2025 incl. BDT 635.2m interest outstanding; land BDT 2,379.5m

Borrowings, loan by loan as printed at 30-Jun-2025. 'Long Term Loan' of BDT 2,308,201,515 consists of 'Long Term Bank Loan' BDT 2,074,705,164, 'Sponser Directors Loan' BDT 155,096,350 and 'Long Term Other Loan' BDT 78,400,000 [1 p.104]. The long-term bank loan is Social Islami Bank PLC BDT 231,776,733 (principal 83,214,306 and 70,661,473 plus interest outstanding 44,917,323 and 32,983,631) and the Sonali Bank project loan net balance BDT 1,842,928,432 (principal 1,516,568,173 plus interest outstanding 509,401,098, less current portion 183,040,839) [1 p.105]. 'Short Term Bank Loan' of BDT 167,780,872 is SIBL BIAM (Com) principal 119,900,000 plus interest outstanding 47,880,872 [1 p.107]. 'Long Term Bank Loan-Current Portion' of BDT 220,329,746 is SIBL HPSM and BIAM/BAIM instalments of BDT 37,288,907 and Sonali Bank BDT 183,040,839 [1 p.108]. Notes 18 and 22-23 print balances and account numbers; they print no interest rate, tenor or security [1 p.104] [1 p.105] [1 p.107] [1 p.108].

Bank loans in total were BDT 2,540.9m at 30-Jun-2024, BDT 2,462.8m at 30-Jun-2025 and BDT 2,354.6m at 31-Mar-2026 [38]. Interest outstanding inside those balances was BDT 713.3m, 635.2m and 528.3m, or 28.1%, 25.8% and 22.4% of bank loans [38]. The Sonali Bank principal was BDT 1,516,568,173 on all three dates and its current portion BDT 183,040,839 at 30-Jun-2025 and 31-Mar-2026 [1 p.105] [3 p.16] [3 p.19]. SIBL short-term interest outstanding rose from BDT 26.2m (30-Jun-2024) to BDT 47.9m (30-Jun-2025) and BDT 67.4m (31-Mar-2026) on unchanged principal of BDT 119.9m [1 p.107] [3 p.19].

Including the sponsor directors' loan and the long-term other loan, all printed loan lines were BDT 2,696.3m at 30-Jun-2025 against equity of BDT 2,214.1m and cash of BDT 56.6m [38]. The auditor's key audit matter cites 'long-term loans balance BDT. 2,308,201,515 and short-term loans balance BDT. 388,110,618'; the short-term figure equals the short-term bank loan plus the current portion [1 p.86] [1 p.89]. The DSE company page shows the same 388.11 and 2308.2 under 'Present Loan Status as on June 30, 2025' [9].

Assets. At 30-Jun-2025 property, plant and equipment was BDT 1,634.4m, of which revalued assets BDT 1,198.5m [1 p.89] [1 p.96]. Investment property was BDT 2,379.5m, land of 925.54 decimals, of which 899.14 decimals at Sonargaon carried at BDT 2,023.1m; no fair-value gain or loss was recorded in FY2025 [1 p.97]. The revaluation policy note states the land was revalued as on 31 December 2015 by Malek Siddiqui Wali [2 p.15]. Inventories were BDT 418.3m (raw materials, chemicals and others BDT 284.0m; finished goods BDT 134.3m) [1 p.97]. Cash and cash equivalents were BDT 56.6m, of which cash in hand BDT 51.2m and cash at bank BDT 5.4m [1 p.101].

Advances. Advances, deposits and pre-payments were BDT 802.6m at 30-Jun-2025 (30-Jun-2024: 553.1m): advance against purchases BDT 627.5m, advance against works BDT 139.3m, advance against salary BDT 6.3m, security deposits BDT 28.2m [1 p.99] [1 p.100] [1 p.101]. Within purchases, 'Advance against Local Material' was BDT 623,829,841 with no counterparty named; the 30-Jun-2024 list included Shukran Food Ltd. at BDT 79,000,000, nil a year later [1 p.99]. The balance was BDT 757.6m at 31-Mar-2026 [3 p.3].

Contingencies. Note 41 is headed 'Contingent Liabilities' and prints no amount or text beneath the heading [1 p.113]. Note 40 refers capital expenditure commitments to Annexure A, which is the property, plant and equipment schedule [1 p.113] [1 p.114]. Security deposits include bank guarantees of BDT 8.0m and performance guarantees of BDT 10.2m at 30-Jun-2025 [1 p.101].

Related parties: sponsor loans BDT 155.1m; BDT 78.4m other loan from the chairman's son and spouse

Note 2.24 lists related-party balances at 30-Jun-2025 by name [1 p.95]. Investment in share: 'Bangladesh Monospool Paper Mfg.Co.Ltd.' BDT 23,459,700; note 4 shows this as BDT 84,700 plus BDT 23,375,000 'Invested into Pearl Paper And Board Mills Ltd. Which is converted to Bangladesh Monospool Paper Manufacturing Co. Ltd. Against M&A considering exchange ratio 0.4:1' [1 p.95] [1 p.97]. Inter-company account (current asset): Bangladesh News & Entertainment Ltd. BDT 20,959,485, with nil against BDG Foundation, Bangladesh Development Group Ltd., Millennium Spinning & Knitting Factory Ltd, Progressive Marketing Ltd, Magura Recycled Paper Ind. Ltd. and Magura Group Limited [1 p.95]. At 30-Jun-2024 those six had balances of BDT 1,833,360, 3,490,013, 7,455,473, 8,410,358, 150,000 and 8,953,466 [1 p.101].

Sponsor directors' loans: Magura Group Limited BDT 65,009,141, Bangladesh Development Group Ltd. BDT 71,566,239 and Mr. Mustafa Kamal Mohiuddin BDT 18,520,970, total BDT 155,096,350 (printed as 155,096,351 at 30-Jun-2024) [1 p.95] [1 p.105]. Inter-company loan (current liability): Bangladesh Development Co. Ltd. BDT 1,018,775 (30-Jun-2024: BDT 5,673,775; 31-Mar-2026: nil) [1 p.95] [1 p.109] [3 p.3]. 'Long Term Other Loan' of BDT 78,400,000, new in FY2025, is from Mostafa Azad Mohiuddin BDT 61,600,000 and Dilara Mostafa BDT 16,800,000 [1 p.105]. Note 2.24 does not list this loan [1 p.95]. The DSE posts of 15-Dec-2024 name Mr. Mostafa Azad Mohiuddin as the son and Ms. Dilara Mostafa as the spouse of the chairman, Mr. Mustafa Kamal Mohiuddin [8].

Debtor and payable notes. The receivables note prints nil for 'Receivables due by Directors or other Officers' and for 'Receivables due from companies under same management' [1 p.98]. The advance-against-salary list includes 'Md. Gulam Kibria' BDT 1,400,000 (30-Jun-2024: 400,000) and 'Mustafizur Rahman' BDT 1,465,000 (unchanged) [1 p.100]; the board includes Advocate Md. Golam Kibria and the company secretary is Md. Mustafizur Rahman [1 p.14]. The filing does not state whether these are the same persons. Key management personnel, including the board, received BDT 9,008,032 in FY2025 (short-term benefits BDT 8,481,432, post-employment BDT 142,800, other long-term BDT 383,800) [1 p.112]. Board-meeting attendance fees total BDT 195,000 in the attendance table; the office expenses note shows 'Board /NRC / Audit Committee Meating' of BDT 243,000; the filing does not reconcile the two [1 p.50] [1 p.111].

Audit: FY2025 unmodified with four key audit matters; FY2024 unmodified with three emphasis-of-matter items

FY2025 (year to 30-Jun-2025). The auditor is G. Kibria & Co., Chartered Accountants, partner Mohammad Showket Akber, FCA, report dated October 30, 2025 [1 p.88]. The report has an 'Opinion' paragraph, a 'Basis for Opinion' paragraph, a 'Key Audit Matters' section with four matters, and no emphasis-of-matter, other-matter or going-concern paragraph [1 p.84] [1 p.85] [1 p.86] [1 p.88]. The opinion reads in full: 'In our opinion, the accompanying financial statements give a true and fair view of the financial position of the company as at June 30, 2025 and of its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).' [1 p.84].

The Basis for Opinion paragraph reads in full: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.84]. The four key audit matters are quoted in full in the exhibit below, from the page images [1 p.84] [1 p.85] [1 p.86].

FY2024 (year to 30-Jun-2024). The same firm and partner gave an unmodified opinion on Paper Processing and Packaging Ltd., report dated November 10, 2024, with an 'Emphasis of Matter' section that reads in full: 'Without qualifying our opinion, we draw attention on the matter as disclosed below: 1. In accordance with Note No. 6.00 of the financial statements, the closing inventory was reported at BDT. 404,139,653/- on the statement of financial position as of the reporting date. However the inventory records are being maintained erratically, suggesting to maintain computer based perpetual inventory records. 2. As per section 234 of Labour Act 2006 (amendment in 2013), the company shall pay with a proportion of 80:10:10 to the Participatory Fund, Welfare Fund and Worker's Welfare Foundation Fund. During our audit period, we noted that the company has been distributed the entire amount among the employees. 3. As per Section 18 of IFRS 3 Business Combinations, At Merger or Acquisition date, All Assets & Liabilities shall be measured at Fair value. Paper Processing and Packaging Ltd has followed as mentioned in note 2, as per the Scheme of Amalgamation / Merger and Acquisition (M&A) and Approval / Order no. 4056 dated on 27-11-2023 of the Hon'ble High Court Division of Supreme Court and subsequent Approval/Consent Letter no. BSEC/CFD/CRD/M&A/2023/244/321 Dated on 30-01-2024 received from Bangladesh Securities and Exchange Commission (BSEC).' [5 p.2] [5 p.6]. Note 2 of the same statements prints the BSEC letter number as 'BSEC/CFD/CRD/M&A/2023/244/31'; the two printings differ [5 p.11]. DSE posted the emphasis of matter on 24-Nov-2024 [8]. The corpus holds the FY2024 audited statements without the rest of the FY2024 annual report; no company explanation of these items was found in the corpus at 1-Nov-2026.

Auditor rotation. The directors' report states that G. Kibria & Co. 'audited the Financial Statements for the third year. So, as per BSEC rules they are not eligible for appointment' and that 'Islam Zahid & Co., Chartered Accountants have applied for appointment as statutory auditors of the company for the year to be ended on 30-06-2026' [1 p.43]. Appointment of statutory auditors for 2025-2026 was item 5 of the 36th AGM agenda for 29-Dec-2025 (passed), outcome not in the corpus at 1-Nov-2026 [1 p.8].

Governance: seven directors, sponsors 45.81%, BSEC declined a BDT 3.97m sponsor share issue in Aug-2025

Board. The board has seven directors: Mr. Mustafa Kamal Mohiuddin (Chairman), Mr. Mostafa Jamal Mohiuddin (Director), Mr. Md. Rezaul Islam (Director), Advocate Md. Golam Kibria (Director), Prof. Dr. Md. Rafiqul Islam (Independent Director), Prof. Dr. Nafisa Rounok (Independent Director) and Mr. Md. Mobarok Hossain (Managing Director) [1 p.14]. Mr. Md. Rezaul Islam and Advocate Md. Golam Kibria are nominated by Bangladesh Development Group PLC [1 p.34] [1 p.35]. Prof. Dr. Md. Rafiqul Islam joined on 14 February 2021 'being nominated by Bangladesh Securities and Exchange Commission'; Prof. Dr. Nafisa Rounok has served since July 07, 2024 [1 p.35] [1 p.36]. Six board meetings, four audit committee meetings and one NRC meeting were held in FY2025 [1 p.40]. Mr. Mostafa Jamal Mohiuddin and Mr. Md. Rezaul Islam were to retire by rotation at the 36th AGM [1 p.40]. The AGM agenda included the appointment of Mr. Md. Mobarok Hossain as managing director from 04.08.2025 to 03.08.2027 [1 p.8].

Committees and management. The audit committee is Prof. Dr. Md. Rafiqul Islam (Chairman), Mr. Md. Mobarok Hossain and Advocate Md. Golam Kibria, with Mr. Md. Mustafizur Rahman as secretary; the nomination and remuneration committee is Prof. Dr. Nafisa Rounok (Chairman), Mr. Md. Mobarok Hossain and Advocate Md. Golam Kibria, with the same secretary [1 p.14] [1 p.64] [1 p.65]. The executive committee is the managing director, the company secretary Mr. Md. Mustafizur Rahman, the chief financial officer Mr. Naimul Islam and the head of internal audit and compliance Mr. Md. Shakhawat Hossain [1 p.14]. The shareholding page also lists Mr. Md. Ataur Rahman, General Manager (Sales & Mktg.), Mr. Md. Murad Alam, AGM (Production) and Mr. Protul Kumar, Manager (Tax & VAT), each holding no shares [1 p.49]. Name spellings differ across pages: 'Rounok' (p.14, p.36) and 'Rounak' (p.50); 'Mr. Naimul Islam' (p.14) and 'Mr. Md. Naimul Islam' (p.49) [1 p.14] [1 p.36] [1 p.49] [1 p.50].

Ownership. At 30-Sep-2026 the DSE page shows Sponsor/Director 45.81%, Institute 5.57%, Foreign 0.00% and Public 48.62% (30-Jun-2025: 45.81%, 9.45%, 0.00%, 44.74%) [9]. The filing prints two different director holdings at 30-Jun-2025. Note 13 shows Mr. Mostafa Jamal Mohiuddin with 830,247 shares (2.80%) and the late sponsor Mr. Mohiuddin Ahmed with 940,464 (3.18%), and 'Sponsor and Director' (Group-A) with 13,561,445 shares [1 p.103]. The shareholding pattern on p.49 shows Mr. Mostafa Jamal Mohiuddin with 17,01,047 (5.74%), Mr. Mohiuddin Ahmed with 69,664 (0.24%), and a directors' and sponsors' total of 1,41,01,877 (45.18%) [1 p.49]. The four director holdings on p.49 add to 13,377,677 (45.19%), not to the printed total; 13,561,445 is 45.81% of 29,603,378 [38]. The DSE post of 07-May-2025 states that 870,800 of Mr. Mohiuddin Ahmed's 940,464 shares were to be transmitted to Mr. Mostafa Jamal Mohiuddin after his death on 02.12.2024 [8]; 830,247 plus 870,800 equals 1,701,047, and 940,464 less 870,800 equals 69,664 (arithmetic; the filings do not link them).

Capital actions. DSE posted on 24-Aug-2025 that the company had applied to BSEC on 21-07-2025 to raise paid-up capital from BDT 296,033,780 to BDT 300,000,000 by issuing shares for the shortfall of BDT 3,966,220 to three sponsors, to meet the BDT 30.00 crore requirement of Regulation 9(i) of the listing regulations [8]. The post states that BSEC declined the proposal and gives BSEC's observations: 'that the offer was not made to the existing shareholders, Extra-ordinary General Meeting was not convened for consent of the general shareholders, PSI was not disseminated to issue new shares, proposed price of the shares was at face value which is below the prevailing market price and for containing emphasis-of-matter points in the audited financial statements' [8]. Paid-up capital was BDT 296,033,780 at 31-Mar-2026 [3 p.3]. On 01-Jan-2025 DSE posted that the chairman had completed gifts of 650,000 shares each to his son Mr. Mostafa Azad Mohiuddin and spouse Ms. Dilara Mostafa, and that Mr. Mostafa Jamal Mohiuddin had gifted 295,000 shares to his spouse Ms. Afroza Begum [8].

Dividends. The dividend history since re-listing is 10% cash for 2020-2021, 8% cash for 2021-2022, 12% cash and 8% stock for 2022-2023, 14% cash for 2023-2024 and 11% cash for 2024-2025 [1 p.46]. The DSE page also lists 11% cash and an 11% bonus for 2020 [9]. The FY2025 dividend had a record date of 23-Nov-2025 and was reported disbursed on 02-Feb-2026 [8]. Unpaid dividend was BDT 2,487,116 at 30-Jun-2025, of which BDT 24,948 related to 2019-2020 [1 p.109]. The shares were re-listed on the DSE main market on June 10, 2021 and listed on the Chittagong Stock Exchange on May 14, 2024 [1 p.40].

Peers: Monospool (converting and printing) and Sonali Paper (paper and board mill), FY2025

The two peers are DSE-listed paper companies with FY2025 (year to 30-Jun-2025) audited accounts and published AnalystBro notes [33] [34]. Monospool Bangladesh PLC 'is engaged in Converting and Printing of Paper & Paper Products and their Marketing' at Sreerampur, Dhamrai, the same location as Magura Multiplex's factory, and shares its chairman [16 p.13] [1 p.33]. Magura Multiplex's own note adds manufacturing: 'Manufacturing, Converting and Printing of Paper & Paper Products and their Marketing' [1 p.93]. Monospool's note describes converting and printing without manufacturing, so the two businesses differ as printed. Sonali Paper & Board Mills Limited manufactures and markets 'Media, Liner, Simplex, Duplex Board Papers and Quality Writing, Printing Papers' at Tarabo, Rupganj [23 p.67]. Its note describes a paper and board mill with no printing. Margins of all three are shown and not ranked.

Audit opinions, read from the page images. Monospool: G. Kibria & Co., unmodified opinion ('give a true and fair view'), four key audit matters (revenue and trade receivables; inventory; property, plant and equipment; long-term and short-term loans) and no emphasis-of-matter or other-matter paragraph, report dated October 30, 2025 [10 p.3] [11 p.4] [12 p.5] [13 p.8]. Sonali Paper: MABS & J Partners, qualified opinion ('except for the effects of the matter described in the Basis for Qualified Opinion section'), on deferred tax: the company recognised deferred tax income of Taka 22,370,265 in FY2025, including Taka 16,098,088 relating to 2022-2023 and 2023-2024, and had not adjusted deferred tax for the change in the capital gains tax rate from 4% to 15% [18 p.57]. It has four key audit matters (revenue recognition, valuation of inventory, measurement of deferred tax liabilities, valuation of property, plant and equipment) and an Other Matter paragraph stating that FAMES & R audited FY2024 and 'expressed an unqualified opinion on those statements on 22 October 2024'; no emphasis-of-matter paragraph; report dated 27 October 2025 [19 p.58] [20 p.60] [21 p.63].

Basis of the table. Loans are the printed loan lines on each balance sheet at 30-Jun-2025. Magura Multiplex: 'Long Term Loan' 2,308,201,515 (bank 2,074,705,164; sponsor directors 155,096,350; other 78,400,000), 'Short Term Bank Loan' 167,780,872 and 'Long Term Bank Loan-Current Portion' 220,329,746; 'Inter Company Loan Account' 1,018,775 excluded [1 p.89] [1 p.104]. Monospool: 'Long Term Loan' 3,234,245,738, which note 20 splits into 'Long Term Bank Loan' 2,923,547,987 (Social Islami Bank PLC 118,622,259; Islami Bank Bangladesh PLC 620,312,188; Southeast Bank PLC 289,181,138; 'Phoneix finance and Investment Ltd.' 1,153,254,084; Premier Leasing and Finance Ltd. 742,178,319), 'Sponsor Directors Loan Account' 102,207,751 (Mr. Mustafa Kamal Mohiuddin 3,087,183; Magura Group Ltd 29,816,120; Bangladesh Developlent Group 69,304,448) and 'Long Term Other Loan' 208,490,000 (Mr. Mostafa Azad Mohiuddin 86,395,000; Mrs. Dilara Mostafa 122,095,000, nil a year earlier); plus 'Short Term Loan' 1,506,894,016 and 'Long Term Bank Loan-Current Portion' 163,798,039 [14 p.9] [25 p.30] [26 p.31]. The same two persons lend to Magura Multiplex BDT 61,600,000 and BDT 16,800,000 [1 p.105]. Sonali Paper: 'Short Term Bank Loan (Secured)' 1,071,497,606; 'Long Term Bank Loan (Secured)' and 'Current Portion of Long Term Loan' are nil [21 p.63]. Finance cost is each company's printed line, gross: Magura Multiplex 'Financial Expenses' (SIBL interest, Sonali Bank interest, bank charges); Monospool 'Financial Expense' (interest on SIBL, IBBL and 'Interest Expenses of PFIL', bank charges) [17 p.37]; Sonali Paper 'Finance Cost', which includes realised and unrealised foreign exchange losses of Taka 22,152,491 and share-investment fees of Taka 13,992,112 [24 p.85]. None nets interest income against the line. All three deduct WPPF below the finance line [1 p.90] [15 p.10] [22 p.64].

Market data: BDT 73.90 on 29-Oct-2026, 52-week closes BDT 73.9-103.7, P/E 20.5x FY2025

MAGURAPLEX closed at BDT 73.90 on 29-Oct-2026, the last DSE trading day before the note date; the DSE page shows 73.90 as yesterday's closing price on 1-Nov-2026 [37] [9]. On DSE trading-day closes from the chart feed, the 52-week range from 30-Oct-2025 to 29-Oct-2026 was BDT 73.9 (27-Oct-2026 and 29-Oct-2026) to BDT 103.7 (2-Nov-2025) [37]. The DSE page's '52 Weeks' Moving Range' of BDT 72.90-104.80 is a different basis (intraday prices, as printed) [9]. The close of 29-Oct-2026 was 23.1% below the close of 96.1 on 30-Oct-2025 [37].

Multiples, stated as facts. Market capitalisation at BDT 73.90 is BDT 2,187.7m [38]. P/E is 20.5x FY2025 EPS of BDT 3.60 and 30.4x trailing EPS of BDT 2.43 (9M FY2026 EPS 2.04 plus FY2025 EPS 3.60 less 9M FY2025 EPS 3.21, derived) [38]. The DSE page prints a trailing P/E of 30.41 and an audited P/E of 20.53 for 29-Oct-2026 [9]. Price to the 31-Mar-2026 NAV per share of BDT 75.73 is 0.98x [3 p.3] [38]. The FY2025 cash dividend of BDT 1.10 a share is 1.5% of the price [38]. On 26-Aug-2025 the company replied to a DSE query that there was 'no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares' [8].

What's next: FY2026 board meeting 9-Nov-2026 (notified); AGM 25-Dec-2026 to 19-Jan-2027 (inferred)

FY2026 audited accounts. The year ended on 30-Jun-2026. On 26-Oct-2026 DSE posted that the board will meet on November 09, 2026 at 4:30 PM to consider the audited financial statements for the year ended June 30, 2026 [8]. The FY2026 annual statements are not in the corpus at 1-Nov-2026. Earlier boards approved the annual accounts on 28-Sep-2022 (FY2022), 31-Oct-2023 (FY2023), 10-Nov-2024 (FY2024) and 30-Oct-2025 (FY2025) [7 p.10] [6 p.11] [5 p.7] [1 p.93]. The notified 9-Nov-2026 date is later than the 30-Oct-2025 precedent and inside the four-year span of 28-Sep to 10-Nov.

Record date and AGM. For FY2022 the board signed on 28-Sep-2022, the record date was October 24 2022 and the AGM, first called for November 08, 2022, was refixed to December 08, 2022 [7 p.10] [27 p.8] [27 p.7]. For FY2024 and FY2025 the record dates were 01-Dec-2024 and 23-Nov-2025 and AGMs were called for 26-Dec-2024 and 29-Dec-2025 [8]. No FY2023 record date or AGM date was found in the corpus. Measured from each board meeting, the record date came 21-26 days later and the AGM 46-71 days later over these three years. Both inferences depend on the 9-Nov-2026 board meeting taking place on that date: the FY2026 record date is inferred at 30-Nov to 5-Dec-2026 and the AGM at 25-Dec-2026 to 19-Jan-2027 (3 years each); no record date or AGM date has been posted at 31-Oct-2026 [8].

Quarterly accounts. Signing and board dates: Q1 on 14-Nov-2023, 14-Nov-2024 and 16-Nov-2025; Q2 on 31-Jan-2023, 30-Jan-2024, 29-Jan-2025 and 31-Jan-2026; Q3 on 30-Apr-2023, 30-Jun-2024 (the merged 9M FY2024 statements), 29-Apr-2025 and 29-Apr-2026 [30 p.3] [28 p.3] [31 p.3] [29 p.3] [32 p.3] [8]. On these precedents Q1 FY2027 is inferred at 14-Nov to 16-Nov-2026 (3 years), Q2 FY2027 at 29-Jan to 31-Jan-2027 (4 years) and Q3 FY2027 at 29-Apr to 30-Jun-2027 (4 years). The Q1 FY2027 range overlaps the notified 9-Nov-2026 annual board meeting. LDC graduation date: 24-Nov-2029 [35] [36].

Passed items with no outcome in the corpus: the September 2025 machine procurement (no amount, supplier or delivery date posted), the appointment of statutory auditors for FY2026 at the 29-Dec-2025 AGM and the paid-up capital shortfall of BDT 3,966,220 against the BDT 30.00 crore requirement (passed, outcome unknown) [8] [1 p.8] [1 p.43].

Risks: BDT 301.7m financial expenses, BDT 635.2m interest outstanding, 9M FY2026 revenue BDT 948.4m

Each item below is a fact from the filings or DSE posts with the line it relates to. For scale, FY2025 revenue was BDT 1,611.5m and profit after tax BDT 106.6m [1 p.90].

Key questions: FY2026 results on 9-Nov-2026, Sonali Bank interest, BDT 623.8m material advance

At 31-Mar-2026 equity was BDT 2,241.8m, of which revaluation reserve BDT 1,018.7m and retained earnings BDT 697.8m; bank loans were BDT 2,354.6m and cash BDT 57.9m [3 p.3] [38]. Nine-month financial expenses were BDT 151.4m against profit from operation of BDT 231.0m [3 p.4].

FAQ

What does Magura Multiplex do?

It manufactures, converts and prints paper and paper products, including textbooks, exercise books and stationery, at Sreerampur, Dhamrai [1 p.93] [1 p.40].

What changed in FY2024?

Magura Paper Mills Limited was amalgamated into the company, with shares issued on 19-Feb-2024; FY2025 is the first full year after the merger [5 p.11].

What was the FY2025 result?

Revenue BDT 1,611.5m, profit after tax BDT 106.6m, EPS BDT 3.60, NAV per share BDT 74.79 [1 p.89] [1 p.90].

How large are the loans?

Bank loans were BDT 2,462.8m at 30-Jun-2025, of which BDT 635.2m was interest outstanding; sponsor directors' loans were BDT 155.1m and other loans BDT 78.4m [1 p.104] [1 p.105] [38].

What did the auditor say about FY2025?

An unmodified opinion with four key audit matters and no emphasis of matter [1 p.84].

How did FY2026 go so far?

9M FY2026 revenue was BDT 948.4m and profit after tax BDT 60.3m, EPS BDT 2.04 (9M FY2025: 3.21) [3 p.4].

When are the FY2026 accounts due?

The board meeting to consider them is notified for 9-Nov-2026 [8].

Sources

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