Mir Akhter Hossain financial analysis: JV-funded growth, Tk 20.6bn debt and FY2026 EPS of -Tk 6.58 (Oct 2026)

A road and rail contractor whose profit comes mostly from joint ventures, funded by Tk 20.6bn of borrowing; FY2026 EPS was -Tk 6.58

What it is. Mir Akhter Hossain Limited (MAHL) is a Dhaka civil-engineering contractor that started as a partnership in 1968, became a private company in 1980 and listed on the Dhaka and Chittagong exchanges on 26-Jan-2021 [1 p.39]. It builds roads, bridges, highways, railway track and airport runways, and also does river dredging, gas-pad drilling and railway-sleeper manufacturing [1 p.39]. Its clients are mainly government bodies (it thanks RHD, BBA, LGED, BIWTA, CAAB and CDA) and a few private owners such as Chevron Bangladesh and Reliance Insurance [1 p.37] [1 p.124]. The directors' report says it was working on 16 projects in 2025 [1 p.39]. Its largest contracts are run through seven unincorporated joint ventures with Korean and Chinese contractors, booked as an investment of Tk 17,077m at 30-Jun-2025 [1 p.114].

Where it stands. Consolidated revenue fell 50.2% to Tk 1,339.6m in FY2025, the lowest in the eight years to FY2025, and net profit fell 31.0% to Tk 207.4m (EPS Tk 1.72) [1 p.51]. Of that profit, Tk 184.7m (89.1%) was MAHL's share of joint-venture profit and only Tk 22.7m came from its own contracts [1 p.51]. Borrowings (long-term loan, short-term loan and zero coupon bonds) reached Tk 20,606m against equity of Tk 6,220m [1 p.52]. For FY2026 the company announced on 27-Oct-2026 a consolidated EPS of -Tk 6.58, NAV per share of Tk 44.21 (Tk 51.51 a year earlier) and no dividend [7]. The nine-month accounts to March 2026 showed a profit of Tk 79.4m [3 p.3], so the June 2026 quarter carried a loss of about Tk 874m on our arithmetic (full-year EPS times 120.77m shares, less nine months); the audited FY2026 annual report is not yet in our corpus, so the cause of that loss is not known to us. The shares closed at Tk 25.0 on 29-Oct-2026 [10].

What drives shareholder returns. Three lines decide the result. First, contract revenue and its gross margin: MAHL earns 26%-31% gross on its own work, but revenue has swung between Tk 1,340m and Tk 4,267m since FY2018 [2 p.42] [1 p.51]. Second, the joint ventures: their profit share was 68%-89% of net profit in every year since FY2018 [15], and the capital tied up in them grew from Tk 3,725m to Tk 17,077m [2 p.43] [2 p.44] [1 p.52]. Third, interest: MAHL borrows in its own name and passes most of the interest to the ventures, so the cost sits inside the ventures' accounts and reaches MAHL's profit through its JV share [1 p.126] [1 p.112]. Cash returned to shareholders has been modest: Tk 1.00-1.25 a share for FY2021-FY2024, then 10.5% paid to non-sponsor shareholders only for FY2025, and nothing for FY2026 [7].

• What caused the June 2026 quarter loss of about Tk 874m? Signpost: the FY2026 audited annual report and auditor's opinion, ahead of the AGM on 23-Dec-2026.
• Hego-Mir Akhter in FY2025: Tk 8,155m invested, Tk 2,065m of interest charged, MAHL share of PAT Tk 156.9m. Signpost: note 5.1, note 29 and note 31 of the FY2026 report.
• How will the Tk 650.8m of zero coupon bonds (four-year bonds issued in February 2023) be repaid? Signpost: the bond balance in the Q2 FY2027 accounts (late Jan-2027, inferred).
• Do the new LGED and railway contracts lift own-contract revenue from the FY2025 level of Tk 1,336m? Signpost: Q1 FY2027 revenue (board meeting about mid-Nov-2026, inferred).
• Is the provident-fund audit that led to the FY2025 qualification complete? Signpost: the FY2026 auditor's report.

Own contracts plus seven joint ventures: Tk 1.3bn of own revenue in FY2025 against Tk 5.7bn of JV revenue

How the money is made. MAHL bids for civil works, mostly public contracts funded by the Annual Development Programme and donors such as the Asian Development Bank (the Sylhet-Chhatak railway package is under ADB Loan No. 4305-BAN) [7]. Work it wins alone is booked as its own revenue. Revenue is recognised over time with an output method, treating each contract as a single performance obligation [1 p.112]. The company reports one business and geographic segment [1 p.130]. Bigger contracts are run through joint ventures that the notes describe as 'partnership at will' set up for a particular contract [1 p.115]; MAHL books its capital in them as 'Investment in Joint Venture' and its share of their after-tax profit as a separate line [1 p.114] [1 p.127].

The joint ventures. The seven ventures at 30-Jun-2025 were Hego-Mir Akhter (with Henan Highway Engineering Group, China; Tk 8,155m invested), Samwhan-Mir Akhter (Samwhan Corporation, Korea; Tk 3,811m), Mir Akhter-WMCG (Wuhan Municipal Construction Group; Tk 1,691m), Halla-Mir Akhter (Tk 1,513m), CRCC-MAHL (China Railway Construction Bridge Engineering Bureau; Tk 1,178m), Mir Akhter-CAMCE (China CAMC Engineering; Tk 638m) and Halla-MAH-Seokwang (Tk 90m) [1 p.114]. Hego-Mir Akhter holds the SASEC road packages: the Bangabandhu Bridge (west)-Hatikamrul four-lane road (19.80 km) and three lots of the Dhaka-Sylhet N2 four-laning [1 p.114] [1 p.115]. CRCC-MAHL builds the Madhukhali-Magura broad-gauge rail line, Mir Akhter-CAMCE the Shah Amanat airport runway, Halla-MAH-Seokwang the Cox's Bazar airport works [1 p.114] [1 p.115].

Own contracts. In FY2025 standalone revenue of Tk 1,336.4m came from 11 projects. The largest were the Jamuna Rail Bridge packages WD-I and WD-II (Tk 489.0m together), the Sylhet-Chhatak railway rehabilitation (Tk 234.5m, new in FY2025), Chevron Bangladesh Block Twelve (Tk 203.2m, down from Tk 710.2m) and RCCDRF (Tk 114.0m, down from Tk 308.3m) [1 p.124]. The two Jamuna Rail Bridge packages, Sylhet-Chhatak and Chevron made up 69.3% of standalone revenue in FY2025 [15]. The company also owns a stockbroker, Mir Securities Limited (99.75%), which began trading in July 2022 and added Tk 3.2m of revenue in FY2025 [1 p.43] [1 p.124].

Equipment. The Tk 1,250m raised in the January 2021 IPO was spent on heavy equipment (batching plants, piling rigs, boom pumps, excavators, cranes and similar) now used on its projects [1 p.42]. Property, plant and equipment was Tk 4,019m at 30-Jun-2025, 14.8% of total assets [1 p.52], and depreciation of Tk 548.2m was charged in FY2025 [1 p.129], of which Tk 103.4m sat in the cost of execution [1 p.125]. The notes do not show where the rest of the depreciation is charged (gap). There was no capital expenditure commitment at 30-Jun-2025 [1 p.130].

Public road, rail and airport budgets set demand; MAHL reports no listed construction peer

Demand. MAHL's work depends on government capital spending. The directors' report cites FY2025-26 development allocations of Tk 38,496 crore for the roads and highways division, Tk 6,505 crore for the bridges division and Tk 2,455 crore for civil aviation and tourism, against a total Annual Development Programme of Tk 2,65,000 crore for FY2024-25 [1 p.39]. Management said that political instability 'postponed infrastructure development and halted the supply chain system' and named 'rising material costs labor shortages, high interest and political instability' as the pressures on margins in FY2025 [1 p.36]. It describes MAHL as 'amongst the top 3 organizations in terms of capacity' in the sector [1 p.39]; we have no independent market-share data (gap).

Who it competes with. Large road and rail contracts in Bangladesh are usually let in international competitive bidding, which is why MAHL partners with foreign contractors; its listed partners include Samwhan, Seokwang and Halla of Korea, Henan Highway Engineering, CRCC, Wuhan Municipal and China CAMC of China, Sadeem Al Kuwait, and Japanese contractors such as Obayashi, Shimizu, Taisei and TOA [1 p.34]. MAHL's own management discussion states that it is the only company in the construction sector listed on the Dhaka and Chittagong exchanges, so it cannot compare its results with listed peers [1 p.37]. For a peer table we therefore use the nearest listed engineering contractors in our sector format, the pre-engineered steel-building makers Bangladesh Building Systems (BBS) and Dominage Steel Building Systems, from their own FY2025 statements.

Notes to the peer table: all three have June year-ends and audited FY2025 statements. MAHL's finance cost is after Tk 2,461.2m was charged to joint-venture partners [1 p.126]; its profit includes Tk 184.7m of JV profit. Finance costs are as charged in each P&L: MAHL's is net of the JV recharge (gross Tk 2,588.8m), BBS and Dominage show a single line with no recharge. WPPF: MAHL deducted Tk 6.8m before own PBT, BBS none in FY2025, Dominage Tk 0.47m [1 p.51] [11 p.13] [12 p.11]. Dominage's figure excludes Tk 11,566 of lease interest shown on a separate line [12 p.11]. Borrowings are long-term, current-portion and short-term loans; MAHL's include zero coupon bonds. BBS and Dominage make steel buildings rather than civil works, so the comparison is of funding and margins, not of business model. Within this set of three, MAHL had the highest gross margin (31.4%) and the highest debt-to-equity (3.31x); BBS was the only one with a loss [11 p.13].

Line items: revenue halved in FY2025, gross margin rose to 31.4%, and tax took 82.7% of own-business profit

Revenue. Own-contract revenue fell from Tk 2,687.4m to Tk 1,339.6m in FY2025 [1 p.51]. The project table shows why in arithmetic terms: Chevron Block Twelve fell by Tk 507.0m, Munshiganj Bridge by Tk 319.2m, the two Jamuna Rail Bridge packages by Tk 315.3m and RCCDRF by Tk 194.3m, while the new Sylhet-Chhatak package added Tk 234.5m [1 p.124]. The managing director called it a 50% decrease to Tk 133 crore [1 p.36]. The fall continued in FY2026: nine-month revenue was Tk 512.3m against Tk 947.4m, and the March 2026 quarter only Tk 36.1m against Tk 337.7m [3 p.3].

Cost of execution and gross margin. Cost of execution fell 50.7% to Tk 919.1m in the five-year summary [1 p.51]; note 26.A gives Tk 877.3m consolidated [1 p.124], and the filing does not reconcile the two (footnote). Material cost was Tk 563.3m (Tk 1,446.7m in FY2024) and direct expenses Tk 308.8m, of which wages Tk 120.0m, depreciation Tk 103.4m and VAT deducted at import stage Tk 50.8m [1 p.124] [1 p.125]. Work in process rose from Tk 2,291.6m to Tk 2,583.8m [1 p.124]. Gross margin was 31.4% in FY2025 and has risen from 26.2% in FY2018 [15]. The filings do not split the margin by project, so we cannot say which contracts lifted it.

General and administration expense. G&A fell from Tk 232.8m to Tk 154.8m [1 p.51], mostly staff salaries (Tk 122.7m against Tk 192.4m) [1 p.125]. It still rose to 11.6% of revenue, the highest share in the eight years, because revenue fell faster [15]. Employees earning Tk 36,000 or more a year were 859 at both year-ends [1 p.131].

Finance expense. MAHL recorded gross interest and bank charges of Tk 2,588.8m in FY2025 (Tk 2,139.5m in FY2024), then deducted Tk 2,461.2m 'charged to Joint Venture Partners', leaving Tk 127.6m in its own profit and loss [1 p.126]. Its accounting policy says interest 'is allocated to the different projects and joint ventures on the basis of loan used' [1 p.112]. Hego-Mir Akhter alone was charged Tk 2,065.2m in FY2025 (Tk 972.7m in FY2024) [1 p.126], equal to 46.2% of that venture's FY2025 revenue of Tk 4,470.7m [15]. The notes do not show how the recharge is settled in cash or reflected in the investment balance; the cash flow statement shows interest paid of Tk 127.6m [1 p.97]. We list this as a gap.

Tax. Contract receipts are taxed at source, and the company provides the higher of 20% of profit, tax deducted at source and a minimum tax of 0.6% of revenue [1 p.127]. In FY2025 tax deducted at source (Tk 102.4m) was the binding figure against Tk 27.4m at 20% [1 p.127]. Current tax of Tk 108.8m took 82.7% of own-business profit before tax, the highest rate in the eight years; the rate was 56.5% in FY2018 [15]. Own-business PAT was Tk 22.7m in FY2025 [1 p.51] and -Tk 6.3m in the nine months to March 2026 [3 p.3].

Joint-venture profit. MAHL's share of JV profit fell from Tk 224.9m to Tk 184.7m in FY2025, and was Tk 85.7m in the nine months to March 2026 against Tk 112.7m [1 p.127] [3 p.3]. Hego-Mir Akhter produced Tk 156.9m of MAHL's share; the other six ventures together produced Tk 27.7m, with Halla-MAH-Seokwang at a loss of Tk 2.0m [1 p.127]. Ventures earned 3.3% after tax on their FY2025 revenue [15].

FY2026: nine-month profit of Tk 79m, then a full-year EPS of -Tk 6.58 announced on 27-Oct-2026

Nine months to March 2026. Revenue fell 45.9% to Tk 512.3m and gross profit 38.0% to Tk 154.9m, so the gross margin rose to 30.2% from 26.4% [3 p.3] [15]. Operating profit was Tk 84.0m and interest Tk 62.4m. Own-business tax of Tk 26.7m exceeded own-business profit before tax of Tk 20.5m, leaving a loss of Tk 6.3m from own construction; joint ventures added Tk 85.7m, for a net profit of Tk 79.4m (EPS Tk 0.66) [3 p.3]. The March 2026 quarter alone had revenue of Tk 36.1m, an operating loss of Tk 0.7m and net profit of Tk 6.7m (EPS Tk 0.06) [3 p.3].

Full year FY2026 (DSE announcement, audited accounts not yet in our corpus). On 27-Oct-2026 the company reported consolidated EPS of Tk (6.58), NAV per share of Tk 44.21 and operating cash flow per share of Tk 2.58 for the year to 30-Jun-2026, against Tk 1.72, Tk 51.51 and Tk 6.68 for FY2025, and the board recommended no dividend [7]. On 120.77m shares the loss is about Tk 795m; less the nine-month profit of Tk 79.4m, the April-June 2026 quarter lost about Tk 874m [15]. NAV per share fell by Tk 7.30, about Tk 882m of equity, which is close to the loss plus the FY2025 dividend of Tk 65.2m paid in January 2026 [7]. The announcement gives no reason for the loss. MISSING FILING: the audited FY2026 annual report; this note will be updated in place when it is filed.

Eight-year ratios: ROE fell from 20.0% in FY2019 to 3.4% in FY2025; JV return 1.1%

Growth. Revenue has no trend: it peaked at Tk 4,267m in FY2019, was Tk 2,695m-3,242m between FY2020 and FY2024 and fell to Tk 1,340m in FY2025 [2 p.42] [1 p.51]. Net profit fell in four of the seven years after FY2018, from Tk 618.8m in FY2018 to Tk 207.4m in FY2025 [2 p.42] [1 p.51].

Returns. ROE on average equity was 20.0% in FY2019 and has fallen to 3.4% in FY2025, the lowest in the series [15]. The IPO added Tk 1,250m of equity in FY2021 [1 p.118], and retained earnings rose every year to FY2025. Profit from the joint ventures was 1.1% of the average capital invested in them in FY2025, down from 8.2% in FY2019, while that capital rose 4.6 times from Tk 3,725m (FY2018) to Tk 17,077m [2 p.43] [2 p.44] [1 p.52] [15].

Efficiency. Asset turnover fell from 0.25x in FY2018-FY2019 to 0.05x in FY2025 because total assets grew with the JV investment while own revenue fell [15]. Inventories and work in process (Tk 3,978m) equalled about 1,084 days of FY2025 revenue, against 247 days in FY2018 [15]. Retention money held by employers was Tk 567.0m, 42.3% of FY2025 revenue and the highest ratio in the series [15].

Leverage and coverage. Total borrowings rose in six of the seven years after FY2018, from Tk 9,114m to Tk 20,606m [2 p.43] [2 p.44] [1 p.52]. Debt to equity was 3.31x at June 2025 (highest 4.18x at June 2020, lowest 2.90x at June 2023) [15]. Interest cover on the net finance expense the company reports was 2.1x in FY2025, but on gross interest of Tk 2,588.8m the operating profit of Tk 265.7m covered 0.10x [1 p.51] [1 p.126].

Cash conversion and payout. Operating cash flow was 3.9x-5.4x net profit in FY2022-FY2025, but 0.4x in FY2021 [15]; FY2025 operating cash flow was Tk 806.8m and Tk 1,944.8m went into joint ventures in the same year [1 p.97]. The dividend took 31%-43% of net profit in FY2021-FY2025 [15].

Balance sheet: Tk 17.1bn in joint ventures, Tk 20.6bn of debt, Tk 0.2bn of cash

Where the money sits. At 30-Jun-2025, 62.9% of total assets was investment in joint ventures, 14.8% PPE and 14.7% inventories and work in process; cash was Tk 229.9m [1 p.52] [15]. By 31-Mar-2026 the JV investment had risen to Tk 19,064m and borrowings to Tk 21,598m (long-term Tk 16,887m, short-term Tk 4,204m, zero coupon bonds Tk 507m), with cash of Tk 222.3m [3 p.2].

Who lends. Long-term loans of Tk 19,955m including the current portion came from 18 banks with balances plus Tk 1,701m of inter-company loans; the largest were Prime Bank (Tk 3,197m), BRAC Bank (Tk 3,084m), Mutual Trust Bank (Tk 2,858m), Dhaka Bank (Tk 1,542m) and Modhumoti Bank (Tk 1,505m) [1 p.120]. Bank loans carry 8.00%-15.50% interest and are secured by 'personal guarantee of all the Directors including Managing Director', charges on movable and immovable property and post-dated cheques [1 p.121]. The zero coupon bonds are four-year bonds at a fixed 8.50% subscribed in February 2023 by Mr. Najmul Huq (Tk 289.8m outstanding), Ms. Abeda Sultana Huq (Tk 289.8m) and Naheed Cotton Mills Limited (Tk 71.2m) [1 p.122].

Receivables and retention money. The balance sheet carries no trade-receivables line; the notes state that debts are 'considered good and secured' and that no provision for doubtful debts is made [1 p.132]. Retention money ('Security deposits retained by the employer', note 8.2) was Tk 567.0m: Tk 47.0m was retained and Tk 33.0m refunded in FY2025, after Tk 213.6m was refunded in FY2024 [1 p.116]. Advances to suppliers rose from Tk 347.4m to Tk 594.3m [1 p.116].

Audit opinion. G. Kibria & Co. gave a qualified opinion on the FY2025 accounts. The basis reads: 'The company had established a provident fund at 2010 under the rules of Bangladesh labor Act- 2006. In accordance with para-08 of circular no: 179/FRC/FRM/Proggapon/2020/2 dated July 07, 2020 issued by Financial Reporting Council, financial statements of employee provident fund of a public interest entity shall be audited within 120 days of completion of relevant financial year. However, the company did not do so. We were unable to determine if any issues exist there which may affect financial statements. The audit is under process.' [1 p.90] [9]. Key audit matters were the subsidiary consolidation and property, plant and equipment [1 p.91]. The only contingent liability disclosed is a tax claim of Tk 7.79m for assessment year 2012-13 under appeal at the High Court [1 p.131].

Related parties. Mir Telecom Ltd. and Bangla Telecom Ltd., described as companies with common directorship, lent MAHL Tk 1,249.0m and Tk 423.2m at 30-Jun-2025 (Tk 859.7m and Tk 106.2m a year earlier); REGO Communications Ltd. lent Tk 21.0m and Colo Asia Limited Tk 8.0m [1 p.130] [1 p.122]. In FY2025 Mir Telecom added Tk 1,411.4m and Tk 1,022.0m was adjusted [1 p.130]. The note to the loans says they were received during the year 'which has subsequently been paid' [1 p.122]. MAHL also had Tk 15.9m of advances to its subsidiary Mir Securities [1 p.130].

Dividends: Tk 1.25 a share for FY2021-FY2023, Tk 1.00 for FY2024, 10.5% to non-sponsors for FY2025, none for FY2026

The board recommended a 12.5% cash dividend for FY2021, FY2022 and FY2023 and 10% (Tk 1.00 a share) for FY2024 [4 p.36] [2 p.36] [5 p.36] [6 p.37]. For FY2025 the DSE declaration of 28-Oct-2025 was a 10.50% cash dividend 'for general shareholders (excluding Sponsors and Directors)'; sponsors and directors, who hold 58,667,000 of the 120,771,547 shares, were excluded, and the other 62,104,547 shares received Tk 65.2m [7]; the annual report's events note describes the proposal as a 10% cash dividend [1 p.132]. The FY2025 dividend was disbursed by 26-Jan-2026, and the board recommended no dividend for FY2026 [7]. All paid-out rows above are for all shareholders except FY2025.

Capital raising. On 22-Dec-2024 the board decided to issue up to Tk 2,500m of cumulative, non-participative, fully redeemable preference shares 'to refinance the existing loans', subject to an EGM on 8-Feb-2025 and BSEC approval; on 19-Jun-2025 DSE reported that BSEC 'is not in a position to accord consent' [7]. Our 24-month sweep of DSE news (old_news.php, criteria 3) found no board approval for new capital expenditure or expansion, and the FY2025 accounts show no capital expenditure commitment [7] [1 p.130].

Governance: sponsors hold 48.58%; four of six directors are executives or family; directors guarantee the loans

Sponsors and directors held 58,667,000 shares, 48.58% of the 120,771,547 shares, at both June 2024 and June 2025; institutions held 7% (5% in 2024) and the general public 44% (47%) [1 p.118] [7]. The board in FY2025 had six members: Mir Nasir Hossain (managing director), Mrs. Sohela Hossain, Mrs. Mahbuba Nasir, Mr. Shama-e-Zaheer (director and COO), and two independent directors, Prof. Dr. Muhammad Shariat Ullah and Prof. Khelada Khanom; the board met five times [1 p.131]. The managing director was paid Tk 5.6m and the COO Tk 2.24m in FY2025 [1 p.130]. Shama-e-Zaheer is also managing director of the subsidiary Mir Securities [1 p.44].

DSE news, last 24 months. Beyond results and dividends, the company disclosed two contract awards (Bangladesh Railway, Tk 1,999.4m, NOA 14-Jan-2025, signed 3-Feb-2025, 18 months; LGED, Tk 1,746.2m, NOA 29-Oct-2025, 24 months), the preference-share plan and its refusal, the auditor's qualified opinion (11-Nov-2025), two CRISL ratings (A+/ST-3 on 12-Jan-2025; A/ST-4 on 22-Apr-2026) and the appointment of Khandaker Fahim Ahammed as company secretary (6-Oct-2026) [7] [8]. DSE news in the window shows no sponsor share sale [7].

Market data: Tk 25.0 a share, 0.57 times FY2026 NAV per share

The shares closed at Tk 25.0 on 29-Oct-2026, against a 52-week range of Tk 23.9 (17-Nov-2025) to Tk 48.7 (4-Jun-2026) [10]. At that price the market value is about Tk 3,019m on 120.77m shares. The price is 0.57 times the FY2026 NAV per share of Tk 44.21 [7]; there is no P/E on the FY2026 loss. At June year-ends the P/E on reported EPS moved from 21.6x (FY2021) to 15.3x (FY2025) and the P/B from 1.78x to 0.51x [15]. In 2022-2023 the share traded at Tk 50.8 for months at a time [10]. These multiples are stated as facts only.

What's next: record date 19-Nov-2026, AGM 23-Dec-2026, bonds due February 2027

Contracts. The Bangladesh Railway Sylhet-Chhatak Bazar rehabilitation (Tk 1,999.4m, ADB-funded) was signed on 3-Feb-2025 with an 18-month duration [7]; that period ended in August 2026 (passed), outcome unknown. The LGED contract for primary-school-cum-flood-shelters with solar nano-grids, roads and culverts in Lalmonirhat District has a contract value of Tk 1,746.2m over 24 months from 29-Oct-2025 [8]. Both move own-contract revenue, and the filings give no order-book total, so we cannot state the backlog (gap). Funding. The zero coupon bonds were issued on 1, 7 and 12 February 2023 for four years [1 p.122]; the balance was Tk 506.9m at 31-Mar-2026 [3 p.2]. Policy. The UN General Assembly adopted the move of Bangladesh's LDC graduation date from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct in Dhaka) [13] [14]; MAHL's filings do not discuss LDC graduation.

Risks: interest, one large venture and the FY2026 loss, each tied to a line

The joint ventures carry the result: in FY2025 they produced 89.1% of net profit [15], and their profitability depends on contract margins that MAHL does not report venture by venture beyond revenue and profit after tax [1 p.127]. Their funding rests on MAHL's own borrowing: Tk 2,461.2m of the year's interest was charged to them [1 p.126]. The directors' report lists project-completion, market and technology, credit, liquidity, exchange-rate and policy risks and states that most clients are government bodies, so 'the risk of not getting available funds ... is very slim' [1 p.41]. The company's own note 47 gives Tk 76.4m of additional expense for a 1% rise in the average interest rate [1 p.132].

• Q1 FY2027 accounts (about 12-14 Nov 2026, inferred): own revenue against Tk 512.3m for nine months of FY2026, and JV profit.
• FY2026 annual report before the AGM of 23-Dec-2026: cause of the June 2026 quarter loss, JV note 31, interest note 29 and the auditor's opinion.
• Zero coupon bond balance in the Q2 FY2027 accounts (late Jan 2027, inferred).
• Inter-company loans from Mir Telecom and Bangla Telecom in the FY2026 related-party note.
• Any new CRISL rating announcement on DSE.

FAQ

What does Mir Akhter Hossain Limited do?

It is a Dhaka civil-engineering contractor building roads, bridges, railway track and airport runways, mostly for government agencies. Large contracts are run through seven joint ventures with Korean and Chinese contractors; in FY2025 these produced Tk 184.7m of its Tk 207.4m net profit.

Why did Mir Akhter's revenue fall in FY2025?

Own-contract revenue fell from Tk 2,687m to Tk 1,340m as large projects such as Chevron Block Twelve, Munshiganj Bridge and the Jamuna Rail Bridge packages billed less. Management named rising material costs, labour shortages, high interest and political instability as pressures.

How much debt does Mir Akhter have?

Tk 20,606m at 30-Jun-2025 (long-term loans, short-term loans and zero coupon bonds), 3.3 times equity, and Tk 21,598m at 31-Mar-2026. Bank loans carry 8.00%-15.50% interest and are guaranteed personally by all directors.

Did Mir Akhter pay a dividend for FY2026?

No. The board recommended no dividend for the year to 30-Jun-2026 after a consolidated EPS of -Tk 6.58. The record date is 19-Nov-2026 and the AGM 23-Dec-2026. For FY2025 it paid 10.5% to non-sponsor shareholders only.

Why is the FY2025 audit opinion qualified?

The auditor, G. Kibria & Co., said the company's employee provident fund accounts were not audited within 120 days of the year-end as an FRC circular requires, so it could not determine whether any issues there affect the financial statements.

Sources

1. Mir Akhter Hossain Limited Annual Report 2025, year to 30-Jun-2025 (corpus MIRAKHTER_ANNUAL_2025, PDF page numbers) · link · accessed 2026-10-31
2. Mir Akhter Hossain Limited Annual Report 2022, year to 30-Jun-2022, five-year consolidated summary FY2018-FY2022 (corpus MIRAKHTER_ANNUAL_2022) · link · accessed 2026-10-31
3. Mir Akhter Hossain Limited un-audited consolidated financial statements, nine months to 31-Mar-2026 (corpus MIRAKHTER_QUARTERLY_Q3_2026) · link · accessed 2026-10-31
4. Mir Akhter Hossain Limited Annual Report 2021 (directors' report, FY2021 dividend) · link · accessed 2026-10-31
5. Mir Akhter Hossain Limited Annual Report 2023 (directors' report, FY2023 dividend) · link · accessed 2026-10-31
6. Mir Akhter Hossain Limited Annual Report 2024 (directors' report, FY2024 dividend) · link · accessed 2026-10-31
7. DSE news archive for MIRAKHTER, 1-Oct-2024 to 31-Oct-2026 (old_news.php, criteria=3): FY2026 results and no dividend (27-Oct-2026), Q1-Q3 FY2026 results, CRISL ratings (12-Jan-2025, 22-Apr-2026), preference-share decision (22-Dec-2024) and BSEC refusal (19-Jun-2025), NOA notices (18-Feb-2025, 24-Nov-2025), company secretary (6-Oct-2026) · link · accessed 2026-10-31
8. Mir Akhter Hossain Limited letter to BSEC, 'Submission of Material Information' (LGED NOA of 29-Oct-2025), dated 23-Nov-2025, DSE annexure · link · accessed 2026-10-31
9. DSE dissemination of the auditor's qualified opinion for the year ended 30-Jun-2025 (G. Kibria & Co.) · link · accessed 2026-10-31
10. AnalystBro market data: DSE daily and monthly bars for MIRAKHTER to 29-Oct-2026 · link · accessed 2026-10-31
11. Bangladesh Building Systems PLC audited financial statements, year to 30-Jun-2025 (peer; statements p.12-13) · link · accessed 2026-10-31
12. Dominage Steel Building Systems Limited audited financial statements, year to 30-Jun-2025 (peer; statements p.10-11) · link · accessed 2026-10-31
13. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-10-31
14. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-10-31
15. AnalystBro history and ratio model for MIRAKHTER (model.xlsx, the workbook below) · link · accessed 2026-10-31