M.L. Dyeing financial analysis: idle dyeing unit, BDT 226.5m nine-month loss, FY2026 EPS (0.97) (Oct 2026)

Investment considerations: a spinning mill inside a dyeing company, with a BDT 226.5m nine-month loss and an idle dyeing unit

M.L. Dyeing & Textile Ind. PLC was incorporated in 2001 and describes itself as having '24 years of experiences in yarn dyeing' [1 p.21]; its notes still describe the business as 'dyeing and finishing yarn for 100% export oriented sweater industries and Spinning of Cotton yarn for export oriented textile industries in Bangladesh' [2 p.5]. The filings show that the first half of that sentence no longer produces revenue. The dyeing unit, with an installed capacity of 19.84m lbs a year, produced 14.53m lbs in FY2021, 2.42m lbs in FY2023, 320,145 lbs in FY2024 and 1,635 lbs in FY2025, a utilisation of 0.01% [1 p.20]. Every taka of FY2025 export revenue, BDT 851.4m, came from the spinning unit at Gazipur, which sold 2.52m kg of cotton yarn [1 p.78] [1 p.83]. Because the business described in the accounts is cotton-yarn spinning sold to export garment makers, this note uses the yarn-spinning sector format (F10) rather than the knit and dyeing format (F12) under which the sector files list the company.

Turnover was BDT 2,468m in FY2019 and BDT 851m in FY2025, the lowest year in the nine-year series; profit after tax was BDT 222.4m in FY2017 and BDT 3.9m in FY2025 [5 p.27] [1 p.25]. The nine months to March 2026 then turned negative at the gross line: cost of export of BDT 822.7m exceeded export revenue of BDT 652.2m, a gross loss of BDT 170.5m, and the net loss was BDT 226.5m, or BDT (0.97) a share [2 p.2]. On 29-Oct-2026 the company told the DSE that its audited FY2026 accounts show EPS of BDT (0.97), NAV per share of BDT 12.27 and net operating cash flow per share of BDT (0.34), and that the board recommended a 0.10% cash dividend [6].

Business: a yarn dyer since 2001 whose revenue now comes entirely from a Gazipur spinning unit

The company was incorporated on 21-Mar-2001 as a private company, became a public company on 2-Jun-2010 and changed its name from M.L. Dyeing Limited to M.L. Dyeing & Textile Ind. PLC on 5-Jun-2023 [2 p.5]. Its registered office and dyeing factory are at Zamirdia, Valuka, Mymensingh [2 p.5]. It listed through an initial public offering approved by the securities regulator on 10-Jun-2018, raising BDT 200m from 20m shares for machinery and issue costs; the directors report the proceeds as fully used by June 2021 [1 p.23].

The second plant is a spinning unit at Mohona, Vabanipur, Gazipur Sadar, which the FY2023 directors' report says 'started its production from 30 June 2021' [4 p.20]. The FY2025 report describes it as 'a new production plant - Spinning Unit with a capacity of 20 ton yarn per day' and dates its start to 30 June 2023 [1 p.21]; the production table in the same report shows 1,200 kg of cotton yarn in FY2021 and 3.90m kg in FY2022 [1 p.20], which matches the 2021 date. Capacity was 4.90m kg in FY2021-FY2022 and 5.25m kg from FY2023 [1 p.20].

Dyeing used to be the whole business. In FY2019 and FY2020 the unit dyed 17.98m and 17.97m lbs of yarn, about 90.6% of capacity [4 p.20]. Output fell to 14.53m lbs in FY2021, 5.68m lbs in FY2022, 2.42m lbs in FY2023, 320,145 lbs in FY2024 and 1,635 lbs in FY2025 [1 p.20]. The directors' own explanation, printed in the FY2025 report, is that 'The operating results have been declined during the year compare to the last year due to stop of the dyeing production and sale. The existing machines became outdated as a result product cost has been becoming higher, so the management is thinking to replace the machines' [1 p.24]. FY2024 still had BDT 39.1m of dyeing export revenue; FY2025 had none [1 p.78].

Spinning now carries the company. Cotton yarn production was 3.58m kg in FY2025, 68.2% of capacity, up from 2.42m kg (46.0%) in FY2024 [1 p.20]. Raw cotton is 100% imported: BDT 702.4m of cotton was bought in FY2025 [1 p.78] and the company reports the full BDT 740.9m consumed as imported [1 p.85]. Sales are 'export' in the accounts, made against export letters of credit to what the directors call the 'export-oriented textile industry' [1 p.20]; FY2025 exports were US$7,013,126.50, equivalent to BDT 851,371,527 [1 p.85]. The auditor's key audit matter on revenue notes that 'The company generates revenue from sale of goods to export customers' [1 p.55]. The company had 333 employees at 30-Jun-2025, 283 of them workers [1 p.84].

Nine-year record: turnover down 65.5% from the FY2019 peak; FY2025 profit of BDT 3.9m is the series low

The five-year tables in the FY2021 and FY2025 annual reports give a nine-year record [5 p.27] [1 p.25]. Turnover rose from BDT 2,296m in FY2017 to a peak of BDT 2,468m in FY2019, then fell in every year: by 3.2% in FY2020, 18.7% in FY2021, 14.7% in FY2022, 35.1% in FY2023, 20.0% in FY2024 and 1.0% in FY2025 [12]. FY2025 turnover of BDT 851.4m is the lowest of the nine years and 65.5% below the FY2019 peak [12].

Profit followed. Net profit after tax was BDT 222.4m in FY2017, BDT 195-201m in FY2018-FY2020, BDT 143.5m in FY2021, BDT 100.1m in FY2022, BDT 45.3m in FY2023, BDT 31.8m in FY2024 and BDT 3.9m in FY2025 [5 p.27] [1 p.25]. Gross margin was highest in FY2017 at 11.7% and lowest in FY2025 at 7.1%; net margin went from 9.7% to 0.5% [12]. The printed EPS series (BDT 1.58 in FY2017 to BDT 0.02 in FY2025) is not restated for the bonus shares and IPO shares issued in FY2018-FY2021, when the share count rose from 140.41m to 232.43m [5 p.27]; on today's 232.43m shares FY2017 profit equals BDT 0.96 a share [12].

FY2023 contained an item that does not appear in the profit history. A fire on 29-Nov-2022 caused a reported loss of BDT 238,721,819 - raw cotton of BDT 120,698,229, finished yarn of BDT 59,487,188 and property, plant and equipment of BDT 58,536,402 - against insurance cover of BDT 310m with City General Insurance Company Limited [4 p.32]. The company charged the full loss to retained earnings 'considering the incident extraordinary nature' rather than to the profit and loss account, and said that no insurance benefit had been recovered or finalised [3 p.67] [3 p.58]. FY2023 profit after tax of BDT 45.3m is therefore stated before the BDT 238.7m charge that reduced equity in the same year.

Line items: cotton cost per kg up 15.5%, an idle dyeing unit costing BDT 137m, and financial expenses up 2.8x

Revenue. FY2025 export revenue was BDT 851.4m against BDT 859.5m, down 1.0% [1 p.60]. Spinning revenue rose 3.8% to BDT 851.4m on almost the same volume, 2,523,330 kg against 2,526,057 kg, while dyeing revenue went from BDT 39.1m to nil [1 p.83]. Spinning revenue per kg sold was BDT 324.8 in FY2024 and BDT 337.4 in FY2025 (derived) [12]. The chairman and managing director both write that 'net profit after tax has decreased due to decrease of selling price per unit and increase of financial expenses' [1 p.16] [1 p.39]; the per-kg revenue derived from the quantity schedule rose in taka terms, and the filings do not give a dollar price per kg to compare.

Cost of export. The FY2025 cost of export of BDT 791.1m was close to FY2024's BDT 794.6m, but its make-up changed [1 p.78]. Raw cotton consumed rose from BDT 465.7m to BDT 740.9m, as cotton consumed rose from 3.59m kg to 4.94m kg and the cost per kg consumed from BDT 129.7 to BDT 149.9 (derived) [1 p.78] [1 p.83] [12]. Cost of production was BDT 1,066.6m, but BDT 275.5m of it went into finished-goods stock, which rose from BDT 93.2m to BDT 368.7m [1 p.78]. In other words, the company produced 3.58m kg of yarn and sold 2.52m kg [1 p.20] [1 p.83].

The idle dyeing unit is a fixed charge inside cost of export. Depreciation on the dyeing unit was BDT 95.1m in FY2025 and BDT 103.9m in FY2024; the dyeing unit's manufacturing overhead was BDT 41.8m, including a gas bill of BDT 24.5m (BDT 17.2m in FY2024) and salaries and wages of BDT 14.1m [1 p.78] [1 p.79]. Together, dyeing depreciation and overhead were BDT 136.9m in FY2025 against output of 1,635 lbs [12]. The spinning unit's overhead was BDT 121.4m, of which electricity BDT 89.6m (BDT 80.4m in FY2024) and salaries and wages BDT 25.3m [1 p.79].

Operating expenses were BDT 19.0m in FY2025 and BDT 19.2m in FY2024, split between the dyeing unit (BDT 5.5m) and the spinning unit (BDT 13.6m) [1 p.79] [1 p.80]. The managing director's remuneration was BDT 600,000 and board meeting fees BDT 47,000 [1 p.84].

Financial expenses rose from BDT 12.1m to BDT 33.5m [1 p.60]. Note 21.01 splits the FY2025 figure into interest on EDF loan BDT 5.9m, interest on IBP loan BDT 1.9m, bank charge BDT 3.7m and 'Interest on PAD' BDT 22.0m; FY2024 had BDT 7.1m of 'Interest on Murabaha TR / EDF' and no PAD interest [1 p.81]. Short-term borrowings at June 2025 were all 'EDF - NRB', BDT 403.2m, against BDT 246.7m a year earlier held as an IBP loan with AIBL and EDF with IBBL [1 p.76]. Interest income of BDT 2.9m sits in other non-operating income, not in financial expenses [1 p.81].

Tax. The FY2025 tax charge was BDT 8.7m on profit before tax of BDT 12.6m [1 p.60]. The company computed BDT 5.8m of tax on operating income but booked the higher 'Tax deducted under section 163 of Income Tax Act 2023', BDT 8.6m, the tax collected at source on exports [1 p.81]. The same rule produced a BDT 7.3m tax charge in 9M FY2026 although the company made a pre-tax loss of BDT 219.2m [2 p.2] [2 p.9].

The nine months to March 2026. Export revenue fell 14.2% to BDT 652.2m, while cost of export rose 17.9% to BDT 822.7m, leaving a gross loss of BDT 170.5m against a gross profit of BDT 62.6m a year earlier [2 p.2]. The third quarter alone (January-March 2026) had revenue of BDT 211.6m, up 4.8%, and a gross loss of BDT 92.6m [2 p.2]. Financial expenses were BDT 27.5m, other income BDT 0.3m and the net loss BDT 226.5m [2 p.2]. The quarterly statements give cost of export as a single line [2 p.9], so the filings in our corpus do not show which cost items produced the gross loss.

Ratios: ROE fell from 5.7% to 0.1%, inventory days doubled to 222, and interest cover fell to 1.2x

Returns. Return on average equity, which the company also prints, was 5.6-5.7% in FY2018-FY2020, 3.9% in FY2021, 2.8% in FY2022, 1.4% in FY2023, 1.0% in FY2024 and 0.1% in FY2025 [5 p.27] [1 p.25] [12]. Equity has stayed near BDT 3.1bn since FY2023 because the company has little profit to add and paid small dividends; at 31-Mar-2026 the nine-month loss had reduced it to BDT 2,852.8m [2 p.1].

Asset use. Asset turnover was 0.65x in FY2017 and FY2019 on the company's own measure and 0.24x in FY2024 and FY2025 [5 p.27] [1 p.25]. Property, plant and equipment of BDT 2,556.4m made up 69.2% of total assets at June 2025 [1 p.59], and part of it is the dyeing plant that produced 1,635 lbs in the year [1 p.20].

Liquidity and leverage. The printed current ratio was 13.25x in FY2019 and 2.56x in FY2025, and the printed debt-equity ratio rose from 0.001 in FY2021 to 0.13 in FY2025 [1 p.25] [5 p.27]. Net debt (borrowings less cash) was BDT 145.6m at June 2024, BDT 247.1m at June 2025 and BDT 317.5m at March 2026, or 11.1% of equity [12]. The company's printed times-interest-earned ratio was 226.5x in FY2021 and 1.23x in FY2025 [1 p.25].

Working capital. Receivable days on revenue were 190 at June 2024, 188 at June 2025 and 155 at March 2026 (nine-month revenue annualised) [12]. Inventory days on cost of export went from 112 to 222 in FY2025 [12]; the printed inventory turnover fell from 3.87x to 2.18x [1 p.25]. The FY2024 and FY2023 auditors' emphasis paragraphs state that the auditor 'didn't observe the physical counting of the inventory', which was 'verified and counted by internal management' [3 p.51] [4 p.32]; the FY2025 report has no such paragraph [1 p.54].

Cash conversion. Net operating cash flow was BDT 171.3m in FY2023, BDT 2.9m in FY2024 and BDT (62.6)m in FY2025 [3 p.59] [1 p.62]. In FY2025 the reconciliation shows BDT 235.9m absorbed by the inventory build [1 p.82]. In 9M FY2026 operating cash flow was BDT (30.5)m against a net loss of BDT 226.5m; the reconciliation adds back depreciation of BDT 106.5m and financial expenses of BDT 27.5m, and records a BDT 68.1m fall in receivables and a BDT 22.1m rise in trade payables [2 p.4] [2 p.10]. Capital spending has been small: BDT 18.1m in FY2024, BDT 5.0m in FY2025 and BDT 1.3m in 9M FY2026 [1 p.62] [2 p.4].

Peers: a 7.1% gross margin against 15.0% at Matin Spinning and 13.4% at Square Textiles in FY2025

Two listed cotton spinners with June year ends and FY2025 audited accounts give a comparison on the same period. Matin Spinning Mills PLC reports one company; Square Textiles PLC reports group and standalone accounts, and the standalone figures are used here [7 p.152] [8 p.97]. Both received unmodified opinions: A. Qasem & Co. wrote that Matin's statements 'give a true and fair view of the financial position of the Company as at June 30, 2025' [7 p.146], and K.M. Hasan & Co. that Square Textiles' 'consolidated and separate financial statements give true and fair view' [8 p.66]. Neither opinion page carries an emphasis-of-matter paragraph [7 p.146] [8 p.66].

On these figures MLDYEING's gross margin of 7.1% compares with 15.0% at Matin and 13.4% at Square Textiles, and its net margin of 0.5% with 5.2% and 5.6% [12]. Its finance cost was 3.9% of revenue, against 4.4% and 5.6%, derived from their face statements [12]; that gap is 0.5pp and 1.7pp. Revenue scale differs by a factor of 10 to 27. The finance-cost figures are the gross lines printed on each face statement; we did not read the peers' finance-cost notes, and MLDYEING's figure includes BDT 3.7m of bank charges [1 p.81]. MLDYEING prints no workers' profit participation fund charge; Matin printed BDT 28.9m and Square Textiles BDT 69.5m [1 p.60] [7 p.152] [8 p.97].

Balance sheet and audit: BDT 344m of EDF borrowing, a nil-value associate, and three years of emphasis paragraphs

Debt and cash. Short-term borrowings were BDT 403.2m at June 2025, all export development fund (EDF) borrowing from NRB Bank, and BDT 344.3m at March 2026 [1 p.76] [2 p.1]. There is no long-term debt on the balance sheet [1 p.59]. Cash and cash equivalents of BDT 156.1m at June 2025 included a foreign-currency account with NRB Bank of BDT 124.8m [1 p.75]; cash was BDT 26.8m at March 2026 [2 p.1]. Deferred tax liabilities of BDT 157.3m reflect the gap between the book value of plant (BDT 2,556.4m) and its tax base (BDT 1,294.4m) [1 p.82].

Receivables. Trade receivables of BDT 438.2m at June 2025 are export bills; the notes describe them as 'secured by export letter of credit duly accepted by L/C opening bank' and 'considered good & realizable within one year' [2 p.6]. The accounting policy makes no provision for bad debts 'since sales / export are based on 100% confirmed letter of credit with fixed maturity date' [3 p.67].

The associate. The company owns 6,191,603 shares of Sharp Industries PLC (formerly R.N. Spinning Mills Ltd.), 2.0404% of its shares, which cost BDT 204.2m and have been carried at nil since 2020 under the equity method [1 p.22] [1 p.81]. Sharp Industries reported a profit of BDT 149.9m for FY2025 and a loss of BDT 654.4m for the nine months to March 2026, figures the company prints in its associate note without recognising any share [1 p.81] [2 p.9].

Audit opinion. For FY2025 M. Z. Islam & Co. (managing partner Mohammad Fakhrul Alam Patwary FCA, report dated 27-Oct-2025) wrote: 'In our opinion, 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) and other applicable laws and regulations' [1 p.54] [1 p.58]. Under 'Emphasis of Matter' it drew attention, 'through our report is not qualified in that regard', to two matters: the associate investment of 'Taka.204,200,000' in Sharp Industries PLC 'shown Nil in the current period since 2020', and that 'the entity didn't transfer unclaimed Dividend amounting Tk. 2,203,014.25/- to Capital Market Stabilization Fund (CMSF) which is carry forwarded more than 3 years' [1 p.54]. Key audit matters were revenue recognition and the valuation of inventory of BDT 480,338,634 [1 p.55].

Earlier years. The FY2024 emphasis paragraphs covered the associate and the inventory count the auditor did not observe [3 p.51]. The FY2023 paragraphs, as reproduced in the directors' report, also covered the fire, and stated that 'The property, plant & equipment register not updates and no impairment test took place as per IAS 36 from inception' [4 p.32]. Unclaimed dividend in the balance sheet was BDT 4.42m at June 2025, including BDT 2.20m for 2020-2021 [1 p.76].

Governance: four director companies hold 21.9%, dividends fell to 0.10%, and the rating outlook turned Negative

Board. The board has six members: chairman Abdul Mannan (representing M.N. Industries Ltd.), managing director Golam Azam Chowdhury (Rajon Industries Ltd.), directors Abul Khair Manik (Total Spinning Mills Ltd.) and Md Anisur Rahman (Faiaz Industries Ltd.), and independent directors Md. Anwar Zahid Bhuiyan and Rafiza Alam (Lucky) [1 p.26]. The board met 10 times in FY2025; the managing director attended 7 meetings and Rafiza Alam 2 [1 p.26]. The audit committee is chaired by Md. Anwar Zahid Bhuiyan [1 p.29].

Ownership. The shareholding note lists six named holders: M.N. Industries Ltd. 7.65%, Faiaz Industries Ltd. 5.98%, Shirin Faruk 4.33%, Abdul Kader Faruk 4.33%, Total Spinning Mills Ltd. 4.25% and Rajon Industries Ltd. 4.02%, together 30.56%; other shareholders hold 69.43% [1 p.76]. The same six holdings appear unchanged at March 2026 [2 p.7]. There were 10,382 shareholders at June 2025 [1 p.76].

Related parties. The directors' report lists two business relationships: purchases from 'FAR Chemical &Textile Ind. PLC' and purchases from Sharp Industries PLC, each with 'Bills Payable' and an outstanding balance of 'Nil' at 30-Jun-2025; it does not print the transaction amounts [1 p.23]. The equity link is the 2.0404% holding in Sharp Industries PLC [1 p.22]. Note 33 states that 'There was no other transaction resulting in Directors' interest with the Company' [1 p.85]. Payments to directors in FY2025 were BDT 607,000 to Golam Azam Chowdhury (BDT 600,000 remuneration plus BDT 7,000 fees), BDT 10,000 each to Abul Khair Manik and Md. Anwar Zahid Bhuiyan, BDT 9,000 each to Abdul Mannan and Md Anisur Rahman, and BDT 2,000 to Rafiza Alam (Lucky) [1 p.84].

Dividends. The company paid 10% cash for FY2021 and FY2022, 2% cash for FY2023, nothing for FY2024 and 0.50% cash for FY2025 [1 p.25]. Before that it paid 5% cash plus 15% stock for FY2019 and 5% cash plus 5% stock for FY2020 [5 p.27]. For FY2026 the board recommended 0.10% cash, BDT 0.01 a share, with a record date of 19-Nov-2026, alongside the reported loss [6]. The FY2025 dividend of BDT 11.6m was charged to retained earnings in 9M FY2026 [2 p.7].

DSE news, 1-Nov-2024 to 1-Nov-2026. We read every company announcement in the DSE archive for the period [6]. It contains results, board-meeting notices, record dates, two emphasis-of-matter notices (6-Nov-2024 and 11-Dec-2025), two credit-rating notices and two query responses. Emerging Credit Rating Limited affirmed 'A-' long term and 'ST-2' short term with a Stable outlook (posted 4-Aug-2025), then assigned the same ratings with a Negative outlook (posted 16-Jun-2026) [6]. In response to DSE queries of 14-Jul-2026 and 27-Jul-2026 about an 'unusual price hike and increase in volume of shares', the company said there was no undisclosed price-sensitive information [6]. The archive for the period contains no board approval of new machinery, capacity expansion or a replacement of the dyeing machines [6]; the FY2025 directors' report says only that management 'is thinking to replace the machines' [1 p.24].

What's next: the 19-Nov-2026 record date, Q1 FY2027 results and the FY2026 annual report

FY2026 results are already announced: EPS BDT (0.97), NAV per share BDT 12.27 and NOCFPS BDT (0.34), against BDT 0.02, BDT 13.30 and BDT (0.27) for FY2025 [6]. The full FY2026 annual report, with the cost notes and the auditor's report, is not yet in our corpus. Dated items after this note (31-Oct-2026), with the line each one moves:

Risks: the gross loss, an idle dyeing plant and unsold yarn move the most money

Each risk below is tied to the line it moves and to the evidence in the filings. The size of each item is set against FY2025 profit before tax of BDT 12.6m and the 9M FY2026 pre-tax loss of BDT 219.2m [1 p.60] [2 p.2].

Key questions: the gross margin, the unsold yarn and the dyeing plant

Revenue to profit. With equity of BDT 2,852.8m at March 2026 and a market value of about BDT 2.35bn at the 29-Oct-2026 close [2 p.1] [11], the FY2025 accounts show three lines between revenue and profit: the spread between yarn revenue and cotton cost per kg, the fixed cost of the dyeing plant, and the financing of working capital. In FY2025 the spread produced a gross profit of BDT 60.3m, the dyeing plant cost BDT 136.9m inside cost of export, and financial expenses took BDT 33.5m [1 p.60] [12]. Dividends have been small: BDT 11.6m was paid for FY2025 [2 p.7].

Earnings quality. FY2025 profit of BDT 3.9m was struck after building BDT 275.5m of finished-goods stock [1 p.78]; the key audit matter on inventory notes that finished goods are carried at 'lower of cost or estimated net realizable value' [1 p.55]. In 9M FY2026 cost of export exceeded revenue [2 p.2]. The filings do not show whether any write-down of finished yarn is included in the nine-month cost of export [2 p.9].

At BDT 10.1 the shares trade at 0.82x the BDT 12.27 NAV per share reported for 30-Jun-2026 [11] [6]; with FY2026 EPS of BDT (0.97) there is no meaningful P/E. The share price ranged from BDT 6.7 to BDT 19.3 in the year to 29-Oct-2026 [11].

FAQ

Does M.L. Dyeing still dye yarn?

Almost none: the dyeing unit produced 1,635 lbs in FY2025 against capacity of 19.84m lbs, and dyeing export revenue was nil [1 p.20] [1 p.78].

What does M.L. Dyeing sell now?

Cotton yarn from its Gazipur spinning unit: 2,523,330 kg sold for BDT 851.4m in FY2025 [1 p.83].

What was M.L. Dyeing's FY2026 result?

The company announced EPS of BDT (0.97), a loss, NAV per share of BDT 12.27 and a 0.10% cash dividend on 29-Oct-2026 [6].

Is the audit opinion qualified?

No. The FY2025 opinion is unmodified, with emphasis-of-matter paragraphs on the nil-value associate investment and on unclaimed dividend not transferred to the CMSF [1 p.54].

How much does M.L. Dyeing owe banks?

Short-term borrowings were BDT 344.3m at 31-Mar-2026; at June 2025 the BDT 403.2m balance was all EDF borrowing from NRB Bank [2 p.1] [1 p.76].

Which results does this note use?

Annual reports for FY2017-FY2025, the un-audited nine months to March 2026, and the DSE announcement of FY2026 results. The FY2026 annual report is not yet in our corpus.

Sources

1. M.L. Dyeing & Textile Ind. PLC Annual Report 2024-2025 (year to 30-Jun-2025), audited by M. Z. Islam & Co. · link · accessed 2026-11-01
2. M.L. Dyeing & Textile Ind. PLC un-audited financial statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-01
3. M.L. Dyeing & Textile Ind. PLC Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-01
4. M.L. Dyeing & Textile Ind. PLC Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-11-01
5. M.L. Dyeing Limited Annual Report 2020-2021 (five-year table FY2017-FY2021) · link · accessed 2026-11-01
6. Dhaka Stock Exchange news archive for MLDYEING, 1-Oct-2024 to 1-Nov-2026 (company announcements) · link · accessed 2026-11-01
7. Matin Spinning Mills PLC Annual Report 2024-2025 (year to 30-Jun-2025), audited by A. Qasem & Co. · link · accessed 2026-11-01
8. Square Textiles PLC Annual Report 2024-2025 (year to 30-Jun-2025), standalone statements, audited by K.M. Hasan & Co. · link · accessed 2026-11-01
9. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
10. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. AnalystBro price data (TradingView feed): DSE:MLDYEING daily bars to 29-Oct-2026 · link · accessed 2026-11-01
12. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01