Nahee Aluminum Composite Panel financial analysis: profit returns after Tk 525m write-off, audit qualified again (Oct 2026)

Profit is back at Tk 48m after a Tk 525m inventory write-off, but the audit is qualified for a third year running

What it is. Nahee Aluminum Composite Panel PLC (NACPP) makes aluminium composite panels (ACP) under the 'ALUCOTIGER' brand and aluminium false ceilings at its own factory in Shreepur, Gazipur; the notes describe it as the 'pioneer of Aluminum Composite Panel (ACP) manufacturer in Bangladesh' [1 p.14]. It sells only in Bangladesh: there were no exports in FY2026 [1 p.37] and the company reports a single business and geographic segment [1 p.34]. Installed capacity is 8.5m square feet (sft) of ACP and 6.0m sft of ceiling; FY2026 production was 2.28m sft of ACP (26.83% utilisation) and 0.23m sft of ceiling (3.88%) [1 p.37].

Where it stands. FY2026 (year to 30-Jun-2026) turnover was Tk 355.6m (+2.3%), gross profit Tk 107.1m (30.1% margin against 19.1%) and net profit Tk 48.2m, EPS Tk 0.71, after a FY2025 net loss of Tk 490.5m (EPS -Tk 7.18) [1 p.11]. The FY2025 loss came from a Tk 525.3m 'Loss on Inventory Write-off': the board decided on 29-May-2025 to write off inventory valued at Tk 550.2m, which was sold to the highest bidder for a net Tk 24.9m [1 p.29]. NAV per share is Tk 12.55, down from Tk 19.48 in June 2024 [1 p.10] [3 p.85]. The board recommended a 2.25% cash dividend for all shareholders, Tk 15.38m in total [1 p.33].

What drives shareholder returns. The directors' report says aluminium price swings make 'prices of ACPs ... highly dynamic in nature' [2 p.42]. In FY2026 raw materials were 60.4% of turnover, finance expenses and depreciation together Tk 40.9m, and ACP capacity use 26.83% [1 p.27] [1 p.11] [1 p.37]. Over FY2018-FY2026 operating cash flow added up to Tk 710.7m against reported net profit of Tk 528.2m, or Tk 1,053.5m before the FY2025 write-off loss (derived from [16]). Over the same years inventories rose from Tk 366.1m (June 2019) to Tk 772.2m (June 2024) before the write-off [5 p.83] [3 p.85]. Cash dividends have been small against that history: 2.5% to 10% of face value since FY2021, and FY2025's 1% went only to shareholders other than sponsors and directors [10].

• Q1 FY2027 accounts (board meeting about 12-Nov-2026, inferred; no date notified by 31-Oct-2026): gross margin, compared with 19.1% in Q1 FY2026 and 47.8% in Q4 FY2026 (derived).
• Q1 FY2027 accounts: finance expenses, compared with Tk 5.2m in Q1 FY2026.
• Full FY2026 annual report (before the AGM on 15-Dec-2026): directors' report and product revenue, compared with ceiling revenue of Tk 130.8m in FY2025.
• H1 FY2027 accounts (about 28-Jan-2027, inferred): receivables, compared with Tk 253.7m at 30-Jun-2026; advances, compared with Tk 165.8m.
• FY2027 audit report: status of the Tk 116.8m advances to parties and of the depreciation-rate emphasis of matter.

One factory, two products, 8.5m sft of ACP capacity running at 27%

History. The company was incorporated on 24-Oct-2010 as a private company, began commercial production on 01-Mar-2014, became a public company on 24-Jul-2014 and listed on the DSE and CSE in November 2017, with trading from 24-Dec-2017 [1 p.14]. It added aluminium ceiling production on 15-Jan-2019 [2 p.6]. The name changed to Nahee Aluminum Composite Panel PLC from 28-Oct-2024 [1 p.14]. The registered office and factory are on its own premises at Abdar, Telehate, Shreepur, Gazipur; the corporate office is in Mohakhali, Dhaka [1 p.14].

Products. The notes list PVDF-coated, polyester-coated, fire-resistant, Nano PVDF-coated, brush-finish and mirror-finish ACP, plus aluminium false ceiling [1 p.14]. The directors' report calls the product '100% import substitute ACP' and says manufacturers sell 'directly to consumers or supply through third-party dealers' [2 p.42]. Management says it produces 'more than 75 categories of ACP and ceiling products' and keeps a broad inventory to compete with imports [2 p.46]. The company had 103 employees at June 2026 [1 p.36].

Mix. In FY2025 the three ACP lines made Tk 216.8m (62.4% of turnover) and ceilings Tk 130.8m (37.6%), against 88.0% and 12.0% in FY2024 (derived from [2 p.43]). 4mm PE panels fell 88.6% to Tk 10.2m. The FY2026 statements do not give product revenue, only quantities: 2,138,978 sft of ACP and 202,154 sft of ceiling were sold, and closing finished stock rose to 799,040 sft from 627,495 sft [1 p.37]. Turnover per sft sold across both products was about Tk 152 in FY2026 (Tk 355.6m / 2.34m sft, derived).

Capacity and plans. ACP production has stayed between 2.28m and 2.54m sft over FY2024-FY2026 against 8.5m sft installed. The FY2025 directors' report says 'If we may grip the international market, this is our plan to set up another plant' [2 p.43]; we found no board approval, budget or date for a new plant in 24 months of DSE news [10]. Capital work-in-progress was Tk 22.3m at June 2026 after Tk 27.5m was transferred to fixed assets [1 p.22], and the auditor's qualification refers to advances 'for materials and land purchase' [1 p.3].

Turnover fell from Tk 985m in FY2019 to Tk 348m in FY2025; FY2026 is the first rise in five years

Turnover peaked at Tk 985.5m in FY2019, fell to Tk 660.1m in FY2021, recovered to Tk 852.1m in FY2022 and then dropped 52.0% to Tk 409.2m in FY2023; it declined again in FY2024 (Tk 370.4m) and FY2025 (Tk 347.6m), the lowest of the nine years, before rising 2.3% in FY2026 [4 p.44] [2 p.38] [1 p.11]. Gross margin held between 34.0% and 35.7% from FY2018 to FY2022, fell to 25.3% in FY2023, 24.9% in FY2024 and 19.1% in FY2025, the lowest in the series, and returned to 30.1% in FY2026 [16].

Management's own explanations: for FY2022 it cited the easing of COVID-19 [4 p.44]; for FY2025 'political & economic crisis which has reduced the purchase power of all segment of customers' [2 p.44] and 'slow progress in both government and private construction projects' together with 'sharp increases in raw material prices, and depreciation of the local currency' [2 p.45]; for FY2026 the going-concern note says turnover increased 'due to the stability in both political & economic environment' [1 p.15]. These are the company's statements; the filings give no market-size or market-share data to test them.

Profit from operations followed gross profit: 29.6% to 32.5% of turnover in FY2018-FY2022, 12.6% in FY2025 and 23.7% in FY2026 [16]. Net profit after tax was Tk 146.98m to Tk 219.62m a year in FY2018-FY2022; the three profitable years since then (FY2023 Tk 54.7m, FY2024 Tk 46.3m and FY2026 Tk 48.2m) are the three lowest positive results in the series [4 p.44] [2 p.38] [1 p.11]. EPS figures for FY2019 and FY2020 were printed on the share count of the time, before bonus shares took capital to 68,360,160 shares in January 2021 [1 p.24].

FY2026 cost of goods sold fell 11.6% on 2.3% more turnover; finance expenses rose 151%

Turnover. Gross local sales were Tk 409.0m in FY2026 and VAT of Tk 53.3m (13.0% of gross sales) was deducted to give turnover of Tk 355.6m [1 p.27]. All sales are local [1 p.37]. By quarter, turnover was Tk 88.2m, Tk 79.4m and Tk 64.6m in Q1 to Q3 and Tk 123.5m in Q4 (Q2 and Q4 derived) [6 p.4] [8 p.3] [1 p.11].

Cost of goods sold. Raw materials consumed were Tk 214.9m in FY2026 against Tk 275.2m, and fell to 60.4% of turnover from 79.2% [1 p.27] [16]. The schedule shows raw-material purchases of Tk 224.3m (894,597 kg) and consumption of 890,322 kg [1 p.37], so the taka cost per kg consumed was about Tk 241 (derived). The company states that its foreign-currency transactions are mostly in US dollars and that it is exposed to currency risk on raw materials, packing materials, spare parts and machinery [1 p.35]. Manufacturing overhead fell to Tk 34.0m, with its depreciation component down from Tk 28.5m to Tk 20.0m [1 p.28]; the total depreciation charge was Tk 20.8m against Tk 29.4m [1 p.22]. The auditor's emphasis of matter records that management 'reduced the depreciation rates of certain assets in line with the Income Tax Act, 2023, as approved by the Board on 15 April, 2026' [1 p.3].

Stock movements. Cost of goods sold also includes changes in work-in-process and finished goods. Closing finished goods rose to Tk 71.3m from Tk 60.5m and closing work-in-process to Tk 61.1m from Tk 59.0m in FY2026 [1 p.27]. In FY2025 the same note shows opening finished goods of Tk 363.5m and closing finished goods of Tk 418.5m before the write-off [1 p.27] [1 p.22].

Operating expenses. Administrative and selling expenses have stayed between Tk 22.6m and Tk 24.1m a year since FY2023 [3 p.86] [1 p.11]. Within administrative expenses the largest FY2026 items were salaries and allowances (Tk 5.9m) and office rent (Tk 1.44m) [1 p.28].

Finance expenses. Finance expenses were Tk 20.1m in FY2026, against Tk 8.0m in FY2025 and Tk 5.1m to Tk 10.8m a year in FY2019-FY2024 [1 p.11] [16]. FY2026 interest was on three Southeast Bank PLC loan accounts, plus Tk 0.27m of bank charges; the short-term account carried Tk 4.29m of interest in FY2025 and none in FY2026 [1 p.29]; the company classifies its Tk 132.7m of borrowings as fixed-rate [1 p.35]. Tk 20.1m on average borrowings of Tk 136.5m is about 14.8% (derived). The company gave 'increase in Finance Expenses & Cost of Production' as the reason for lower EPS in its Q1, Q2 and Q3 FY2026 announcements [10].

Tax and WPPF. Current tax for FY2026 was Tk 13.7m at 22.50% of profit before tax, which exceeded the 1% turnover tax of Tk 3.56m; in FY2025 current tax was Tk 3.48m, the 1% turnover tax, despite the loss [1 p.29]. A deferred tax credit of Tk 1.0m brought the effective rate to 20.8% [16]. WPPF of Tk 3.05m was charged at 5% [1 p.29]; none was charged in the FY2025 loss year [1 p.11].

Q4 FY2026 earned Tk 36.5m, three-quarters of the year's profit

Nine-month FY2026 net profit was Tk 11.7m (EPS Tk 0.17) against Tk 28.7m (EPS Tk 0.42) a year earlier, on turnover of Tk 232.1m against Tk 255.6m [8 p.3]. The fourth quarter then produced turnover of Tk 123.5m, gross profit of Tk 59.0m (47.8%) and net profit of Tk 36.5m (about Tk 0.53 a share; printed EPS gives Tk 0.71 less Tk 0.17 = Tk 0.54), all derived as full year less nine months [1 p.11] [8 p.3]. The derived Q4 gross margin is the highest of the eight quarters shown; the next highest is Q1 FY2025 at 25.8% [16]. The filings do not explain the quarter.

The audited full-year EPS of Tk 0.71 is printed on the statement of profit or loss [1 p.11]; the DSE announcement of 15-Oct-2026 repeats EPS Tk 0.71, NAV Tk 12.55 and NOCFPS Tk 0.75 [10]. At the half-year, 31-Dec-2025, receivables were Tk 229.0m, inventories Tk 205.6m and NAV per share Tk 11.99 [7 p.3].

Inventory reached 1,013 days of cost of sales before Tk 550m was written off

Inventories rose every year from Tk 366.1m in June 2019 to Tk 772.2m in June 2024, while turnover fell; year-end inventory went from 211 days of cost of goods sold in FY2019 to 1,013 days in FY2024 [5 p.83] [3 p.85] [16]. The FY2024 auditor qualified the accounts on this point: 'The volume of inventories is high in comparison to turnover. Total inventories of the Company is 43.62% of the total assets. No provision for written off value of unsaleable and long outstanding portion of inventories has been accounted for during the year.' [3 p.76]

On 29-May-2025 the board decided to write off inventory with a total value of Tk 550,158,520; it was sold 'to the highest bider with a net value of Tk 24,903,486', and the company recorded a non-operating loss of Tk 525,255,034 [1 p.29]. Before the write-off, June 2025 inventory was Tk 737.0m, of which finished goods were Tk 418.5m and raw materials Tk 252.8m; after it, Tk 186.9m [1 p.22]. Management described the stock as items 'accumulated over multiple years and were no longer suitable for current production standards, color trends, or market requirements' [2 p.46], and the directors' report says it had 'become technically and economically unviable for reuse, resulting from historical machinery and production issues' [2 p.44].

The FY2025 auditor's qualification read: 'we were unable to obtain sufficient audit evidence on the inventories due to lack of proper documentation and supporting records. Therefore, we could not determine whether adjustments were needed to the inventory balance, related loss, or disclosures.' [2 p.82] The loss equals 39.4% of June 2024 equity (derived) and took NAV per share from Tk 19.48 to Tk 11.91 [2 p.45]. At June 2026 inventory was Tk 206.5m, 303 days of FY2026 cost of goods sold [1 p.22] [16], and the FY2026 auditor listed inventories (19.78% of total assets) as a key audit matter but did not qualify on them [1 p.5].

ROE was 5.8% in FY2026; receivable days reached 260, the most in eight years

Returns. ROE on average equity was 25.2% in FY2019, the highest in the series, between 12.9% and 15.7% in FY2020-FY2022, 4.2% and 3.5% in FY2023-FY2024, -45.7% in FY2025 and 5.8% in FY2026 [16]. Equity fell from Tk 1,331.9m to Tk 814.0m in FY2025 with the write-off loss, so FY2026 ROE is calculated on the lower equity. Asset turnover was 0.34 times in FY2026 against 0.77 times in FY2019.

Working capital. Receivable days rose from 62 in FY2019 to 231 in FY2023 and 260 in FY2026, the highest in the FY2019-FY2026 series [16]. Advances, deposits and prepayments were 46.6% of turnover in FY2026; they fell in FY2025 when about Tk 245m of advance income tax was set against the tax provision (derived from notes 6.01 and 15) [1 p.23] [1 p.26]. Inventory days fell from 1,013 to 242 with the write-off and were 303 in FY2026.

Cash conversion. Operating cash flow was 0.43 to 0.94 times net profit in the profitable years FY2018-FY2023, 1.94 times in FY2024 and 1.06 times in FY2026 [16]. FY2025 operating cash flow was -Tk 37.2m [1 p.13]. The FY2025 annual report's five-year table shows FY2024 operating cash flow as Tk 23,406,135, the same figure as FY2023 [2 p.38]; the FY2024 cash flow statement prints Tk 89,835,883 for FY2024 [3 p.88], which we use.

Receivables and advances are 40% of assets; the auditor could verify neither in full

Total assets were Tk 1,044.1m at June 2026: fixed assets Tk 368.3m, capital work-in-progress Tk 22.3m, inventories Tk 206.5m, advances, deposits and prepayments Tk 165.8m, receivables Tk 253.7m and cash Tk 27.4m [1 p.10]. Receivables and advances together are 40.2% of total assets (derived).

Receivables. The June 2026 ageing shows Tk 99.9m up to 3 months, Tk 62.7m at 3 to 6 months and Tk 91.1m at 6 to 12 months [1 p.23]. The note says the amounts are 'unsecured but good and have been subsequently most of receivables realized' and that 'No provision was made for bad debt during the year under review' [1 p.23]. The auditor's emphasis of matter states: 'due to the unreliability of the ageing schedule and the unavailability of adequate supporting documentation, we were unable to obtain sufficient appropriate audit evidence regarding the existence, accuracy, and recoverability of the receivables or to assess the need for any adjustments or impairment allowances.' [1 p.3] A similar emphasis of matter was in the FY2025 report [2 p.82].

Advances. Advances, deposits and prepayments of Tk 165.8m comprise advance to parties Tk 116.8m, advance income tax Tk 29.4m, advance against VAT Tk 13.7m, LC margin Tk 4.3m, advance to employees Tk 1.5m and an electricity deposit Tk 0.1m [1 p.22]. Advance to parties was Tk 89.9m a year earlier. Tk 83.2m of the total had been outstanding for more than 6 months [1 p.39]. The note describes the advances as 'un-secured but good and subsequently realized and/or adjusted' [1 p.22]; the auditor's qualification reads: 'the Company reported advances to parties amounting to Tk. 116,834,944 for materials and land purchase. However, the Company did not provide the details of the suppliers or the relevant supporting documentation. Consequently, we were unable to perform the necessary audit procedures to verify the accuracy and recoverability of these advances.' [1 p.3]

Debt. Borrowing changed form in FY2025: short-term loans of Tk 142.3m at June 2024 were nil at June 2025, and term loans of Tk 140.3m appeared [3 p.85] [1 p.10]. The FY2025 cash flow statement shows a Tk 37.2m short-term repayment and Tk 140.3m of long-term loan inflow [1 p.13]; the two do not reconcile to the balance-sheet change on their own, and the notes do not explain the difference. At June 2026 the term loans from Southeast Bank PLC were Tk 132.7m, of which Tk 48.8m falls due within a year [1 p.10] [1 p.25]. The going-concern note says the company does 'not face any trouble to repay debt and found no defaulter exist' [1 p.15]. The notes report no contingent liabilities and no claims acknowledged as debt [1 p.33] [1 p.32].

Tax balances. The provision for tax fell from Tk 262.2m at June 2024 to Tk 20.3m at June 2025 and was Tk 34.0m at June 2026; advance income tax fell from Tk 254.2m to Tk 24.7m and was Tk 29.4m [1 p.26] [1 p.23]. The two balances were set against each other in FY2025 (about Tk 245m, derived).

Three qualified opinions in a row, each on a different balance

The FY2026 opinion states that 'except for the possible effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying financial statements give a true and fair view' [1 p.3]. The emphasis of matter on fixed assets reads: 'management reduced the depreciation rates of certain assets in line with the Income Tax Act, 2023, as approved by the Board on 15 April, 2026, without adequate assessment of their estimated useful lives as required by IAS-16.' [1 p.3] The FY2024 report differs in form: its opinion paragraph is headed 'Opinion' and has no 'except for' wording, while the next section is headed 'Basis for Qualified Opinion' [3 p.76]; DSE announced it as a qualified opinion [10]. The FY2026 report was signed on 14-Oct-2026 by engagement partner Abdulla-Al-Mahmud FCA [1 p.9]. DSE published notices of the qualified opinions on 20-Nov-2024 and 02-Dec-2025 [10].

Key audit matters in FY2026 were property, plant and equipment (35.27% of total assets), inventories (19.78%), accounts receivable (24.30%), the deferred tax liability (Tk 9.2m), long-term loans (Tk 132.7m) and revenue recognition [1 p.4] [1 p.5] [1 p.6] [1 p.7]. The receivable key-audit-matter text refers to 'developing the software and sale of service' [1 p.5] and the credit-risk note refers to 'generic pharmaceuticals products, basic chemical products, animal health products and pesticide products' [1 p.34]; neither describes NACPP's business, which the notes elsewhere give as ACP and ceiling manufacturing [1 p.14].

Management's response to the FY2025 qualification said it had 'already implemented stricter internal controls, documentation protocols, and tracking measures' for inventories [2 p.46] and listed 'Strengthening documentation and record-keeping systems' among its corrective actions on receivables [2 p.47]. The FY2026 report still carries an emphasis of matter on receivables and a new qualification on advances [1 p.3].

Against two listed metal processors in FY2025, Nahee had the highest gross margin and the lowest finance cost

We compare the year to 30-Jun-2025, the latest year with audited accounts for all three companies, using each company's own filing. The peers are Bangladesh Thai Aluminium Ltd. (BDTHAI) and Coppertech Industries Ltd. (COPPERTECH), the other non-ferrous companies in our engineering coverage. Labels are as printed: Nahee's 'Turnover' and 'Finance Expenses', BDTHAI's 'Tournover' and 'Financial Expenses', COPPERTECH's 'Revenue' and 'Financial Expenses'. Finance cost is gross in all three; none nets interest income on the face of the statement. Nahee and BDTHAI charged no WPPF in FY2025 (both made losses); COPPERTECH charged Tk 2.9m [1 p.11] [12 p.46] [13 p.124].

Within these three, Nahee had the highest FY2025 gross margin (19.1% against -10.7% at BDTHAI and 13.7% at COPPERTECH) and the lowest finance expenses relative to revenue (2.3% against 106.9% and 6.7%) [16]. Its receivable days (241) sat between COPPERTECH (60) and BDTHAI (1,977). Its FY2025 net loss of Tk 490.5m, which includes the Tk 525.3m write-off, was the largest of the three; BDTHAI lost Tk 257.1m and COPPERTECH earned Tk 46.4m [12 p.46] [13 p.124]. COPPERTECH's receivables line is 'Trade & Other Receivable' [13 p.123].

Audit opinions of the peers (read before using their figures). BDTHAI's FY2025 auditor gave an unmodified opinion with emphasis-of-matter paragraphs on long-unpaid WPPF, unclaimed dividend not transferred to the Capital Market Stabilization Fund and continuous losses [12 p.40]. COPPERTECH's auditor gave an unmodified opinion with emphasis of matter on the absence of a recognised gratuity fund and of a provident fund [13 p.116]. Nahee's FY2025 opinion was qualified [2 p.82]. Neither peer's qualifications affect the lines compared above.

Sponsors hold 32.29%; institutions rose to 23.13% in FY2026

Directors and sponsors held 32.29% at both June 2025 and June 2026; institutional investors rose from 20.41% to 23.13% and general shareholders fell from 47.30% to 44.58%; there were no foreign holders [1 p.24]. The number of shareholders fell from 7,293 to 5,943 [1 p.24]. On 18-Oct-2026 the company told DSE that the board had appointed Nahee Geo Textile Industries Ltd., represented by Md. Dalowar Hossain, as a corporate director, and that it 'holds 4,984,595 shares, representing 7.29%' [10]. Note 9 shows Director Abu Neaim Howlader with 4,984,595 shares (7.29%) at 30-Jun-2026 [1 p.24].

Board. The seven-member board met eight times in FY2026: Chairman Md. Abu Noman Howlader, Managing Director Monira Noman, Director Abu Neaim Howlader, Md. Abul Hossen representing Nahee SS Pipes Industries Ltd., and three independent directors, Brig Gen A H M Mokbul Hossain ndc psc (retd.), Md. Zakir Hossain and Maksuda Begum [1 p.33]. Directors' remuneration was Tk 560,000, paid to Abu Neaim Howlader; note 38 states that 'no compensation was made to the Managing Director' [1 p.32]. No board meeting fees were paid [1 p.33].

Note 37 names four related parties; the nature of the Nahee Geo Textile Industries Ltd. and Dynamic Cars PLC transactions is printed only as 'Short Term', with nothing outstanding at either year-end [1 p.32]. The table's total row shows nil outstanding at June 2025 although the Nahee SS Pipes Industries Ltd. row shows Tk 120,000 [1 p.32]. The FY2025 directors' report listed 'Short Term' transactions of Tk 11.5m with Nahee Geo Textile Industries Ltd. and Tk 9.65m with Dynamic Cars PLC [2 p.44]. Office rent for the year in note 22 was Tk 1.44m [1 p.28]; note 37 gives Tk 7.84m of office rent with Nahee SS Pipes Industries Ltd., and the notes do not reconcile the two figures.

DSE news, last 24 months. Besides quarterly results, dividend notices and the qualified-opinion notices, the archive shows: DSE approval of the PLC name with effect from 05-Dec-2024; National Credit Ratings Limited's ratings of 'A-' long term and 'ST-3' short term with Developing outlook (10-Dec-2024) and 'BBB+' and 'ST-3' with Developing outlook on the June 2025 accounts (28-Dec-2025); a DSE query on 24-May-2026 about an 'unusual price hike and increase in volume', to which the company replied on 02-Jun-2026 that there was no undisclosed price-sensitive information; and the corporate-director appointment of 18-Oct-2026 [10]. We found no board decision on capital expenditure, borrowing or expansion in the period [10].

The share closed at Tk 39.10 on 29-Oct-2026, up from a 52-week low of Tk 13.90

The share closed at Tk 39.10 on 29-Oct-2026; the 52-week trading range was Tk 13.90 (16-Nov-2025) to Tk 42.00 (8-Jun-2026 and 12-Jul-2026), and average daily volume over the last 20 sessions was about 0.88m shares [9]. Market value at that close was Tk 2,673m on 68,360,160 shares [1 p.24]. The company reports a closing price of Tk 36.00 on DSE on 30-Jun-2026 [1 p.24].

These are arithmetic facts: P/E is 55.07 times FY2026 EPS of Tk 0.71, P/B is 3.12 times June 2026 NAV of Tk 12.55, and the recommended 2.25% cash dividend is 0.58% of the price [1 p.11] [1 p.10] [9]. At the 30-Jun-2026 price of Tk 36.00 the P/B was 2.87 times (derived).

Next dates: record date 15-Nov-2026, Q1 FY2027 results about 12-Nov-2026, AGM 15-Dec-2026

Results timetable. The company has held its Q1 board meeting on 13-Nov-2024 and 12-Nov-2025, its Q2 meeting on 27-Jan-2025 and 28-Jan-2026, and its Q3 meeting on 28-Apr-2025 and 28-Apr-2026 [11]. As of 31-Oct-2026 no date had been notified for the Q1 FY2027 meeting [10]; the dates above are inferred from those precedents. The FY2026 accounts were approved on 14-Oct-2026, against 27-Oct-2025 and 24-Oct-2024 in the two prior years [1 p.15] [10] [3 p.85].

Dividend and AGM. The record date for the 2.25% cash dividend is 15-Nov-2026 and the AGM is on 15-Dec-2026 at 9:00 AM in hybrid form [10]. The full FY2026 annual report (directors' report, product revenue and capacity tables) was not yet in our corpus; the 41-page document we read contains the audited statements and notes only [1 p.2].

Policy. The UN General Assembly adopted Bangladesh's move of the LDC graduation date from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct in Dhaka) [14] [15]. Nahee sells only in Bangladesh and describes its product as an import substitute [2 p.42]; its filings do not discuss the effect of graduation on its tariffs or prices. Capex. No capital expenditure or expansion has been announced to DSE in the last 24 months [10]; FY2026 cash capital spending was Tk 23.1m [1 p.13].

Risks: receivables, unverified advances and the input-cost spread each measured against FY2026 profit

The sensitivities are arithmetic on FY2026 figures, not forecasts: raw materials consumed were Tk 214.9m, turnover Tk 355.6m, net profit Tk 48.2m and receivables over 6 months Tk 91.1m [1 p.27] [1 p.11] [1 p.35]. The turnover row holds costs, VAT and volume constant.

Governance and reporting risk. Three consecutive qualified opinions, each on a different balance, emphasis of matter on receivables in two years, and boilerplate text in the FY2026 notes that refers to software and pharmaceutical products [1 p.5] [1 p.34] are recorded in the FY2024-FY2026 audit reports and notes. The credit rating moved from 'A-' to 'BBB+' between December 2024 and December 2025 [10].

• Q1 FY2027 accounts (about 12-Nov-2026, inferred): gross margin against 47.8% in Q4 FY2026 (derived) and 19.1% in Q1 FY2026.
• Record date 15-Nov-2026 and AGM 15-Dec-2026: dividend approval and the full FY2026 annual report.
• Receivable ageing and any bad-debt provision in the H1 FY2027 accounts (about 28-Jan-2027, inferred).
• Advance to parties: whether the Tk 116.8m is converted into materials, land or cash.
• Credit rating surveillance on the FY2026 accounts (about 28-Dec-2026, inferred).
• Quarterly finance expenses against Tk 4.8m in Q3 FY2026.

FAQ

What does Nahee Aluminum Composite Panel make?

Aluminium composite panels under the ALUCOTIGER brand (PVDF, polyester, fire-resistant, brush and mirror finishes) and aluminium false ceilings, at its factory in Shreepur, Gazipur. It has 8.5m sft of ACP and 6.0m sft of ceiling capacity and sells only in Bangladesh.

Why did Nahee lose money in FY2025?

The board decided on 29-May-2025 to write off inventory valued at Tk 550.2m; it was sold for a net Tk 24.9m, giving a non-operating loss of Tk 525.3m. The year's net loss was Tk 490.5m (EPS -Tk 7.18).

What were Nahee's FY2026 results?

Turnover Tk 355.6m (+2.3%), gross profit Tk 107.1m (30.1% margin), net profit Tk 48.2m, EPS Tk 0.71, NAV per share Tk 12.55 and NOCFPS Tk 0.75. The board recommended a 2.25% cash dividend; record date 15-Nov-2026, AGM 15-Dec-2026.

Is Nahee's audit opinion qualified?

Yes, for FY2024, FY2025 and FY2026. The FY2026 qualification concerns Tk 116.8m of advances to parties for materials and land purchase without supplier details; the report also has emphasis-of-matter paragraphs on depreciation rates and on Tk 253.7m of receivables.

How much debt does Nahee have?

Term loans from Southeast Bank PLC of Tk 132.7m at 30-Jun-2026, Tk 48.8m of them due within a year, against cash of Tk 27.4m. FY2026 finance expenses were Tk 20.1m.

Who controls Nahee?

Directors and sponsors hold 32.29%: Managing Director Monira Noman 12.50%, Abu Neaim Howlader 7.29%, Chairman Engr. Abu Noman Howlader 6.25% and Nahee SS Pipes Industries Ltd. 6.25%. Institutions hold 23.13% and general shareholders 44.58%.

Sources

1. Nahee Aluminum Composite Panel PLC, audited financial statements for the year ended 30-Jun-2026 (Kazi Zahir Khan & Co., report dated 14-Oct-2026) · link · accessed 2026-10-31
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5. Nahee Aluminum Composite Panel Ltd., Annual Report 2019-2020 · link · accessed 2026-10-31
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7. Un-audited financial statements, half year to 31-Dec-2025 · link · accessed 2026-10-31
8. Un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
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13. Coppertech Industries Ltd., Annual Report 2025 (year ended 30-Jun-2025, peer) · link · accessed 2026-10-31
14. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30-Oct-2026 · link · accessed 2026-10-31
15. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30-Oct-2026 · link · accessed 2026-10-31
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