National Polymer Industries financial analysis: FY2026 EPS BDT 0.42, borrowings 2.5x equity (Oct 2026)

Investment considerations: FY2025 profit of BDT 5.0m on revenue of BDT 5.61bn, and FY2026 EPS of BDT 0.42 per the board's figures

National Polymer Industries PLC (NPOLYMER) owns and operates plants for PVC pipes, PVC water tanks, PVC doors and bottle-grade PVC compound at Tongi, Gazipur, and sells them in the local and foreign markets [1 p.87]. It was incorporated in 1987, listed on the Dhaka Stock Exchange in 1991 and on the Chittagong Stock Exchange in 1995, and reports installed capacity of 75,500 tonnes a year [1 p.6] [1 p.105]. The company describes its products as serving 'water supply, sanitation, construction and agricultural applications' and reports one operating segment [1 p.19]. Local sales were BDT 5,584.9m of FY2025 revenue of BDT 5,614.9m; exports were BDT 30.0m [1 p.102].

Net profit was between BDT 79.4m and BDT 213.1m in each year from FY2018 to FY2024 [3 p.47] [1 p.25]. In FY2025 (July 2024 to June 2025) revenue fell 22.8% to BDT 5,614.9m, gross profit fell from BDT 1,068.3m to BDT 786.5m and net profit after tax fell from BDT 165.9m to BDT 5.0m, or EPS of BDT 0.07 against BDT 2.27 [1 p.84]. The directors' report states that the business is 'closely related to the construction sector' and that construction slowed with 'many private and government projects facing delay or suspension'; the company attributes the revenue fall to that, to the political unrest after the July 2024 uprising and to floods [1 p.16]. The board's figures for FY2026, posted by DSE on 28-Oct-2026, show EPS of BDT 0.42, NAV per share of BDT 29.55 and net operating cash flow per share of BDT 10.45 [6]. The FY2026 audited statements are not yet in our filings corpus, so the line items for FY2026 below stop at the nine months to March 2026.

Balance sheet. Borrowings, counting bank loans, overdraft, zero coupon bonds and a loan from a sister company, were BDT 5,361.9m at 30-Jun-2025 and BDT 5,433.1m at 31-Mar-2026, against equity of BDT 2,163.7m at June 2025 and BDT 2,151.5m at March 2026 [1 p.83] [2 p.2] [10]. Financial expenses were BDT 378.1m in FY2025, 75 times net profit [1 p.84] [10]. The callouts set out what the filings show on each side.

PVC pipes, tanks, doors and compound from Tongi: 99.5% of FY2025 revenue was local

Products and plant. The notes list four product lines: PVC pipes, PVC water tanks, PVC doors and bottle-grade PVC compound [1 p.87]. The company says it has expanded capacity 'from initial 500 MT to 75,500 MT' and holds ISO 9001, ISO 14001 and ISO 45001 certificates as well as two Bureau of Indian Standards certifications [1 p.6]. The registered office is at Squib Road, Nishatnagar, Tongi; factory land and building of 146.90 decimals at Kathaldia, Tongi are mortgaged to the lenders [1 p.87] [1 p.100]. The note gives 1,374 as 'the number of employees engaged for the whole year' in FY2025 [1 p.106].

Customers and channels. Revenue is almost entirely local: net local sales of BDT 5,584.9m and exports of BDT 30.0m in FY2025, against BDT 7,209.5m and BDT 61.7m in FY2024 [1 p.102]. Local sales carry 15% VAT; the company paid BDT 837.7m of VAT on gross local sales of BDT 6,422.7m in FY2025 [1 p.102]. The annual report does not name customers or give a customer concentration figure. The company says its distribution network 'covers the entire country' [1 p.6]. On peers, the MD&A states that the only other plastic-products manufacturer listed on the exchanges is Aziz Pipes Ltd., which it says 'is not currently active with its production', and that a peer comparison is therefore 'not possible' [1 p.25].

Ten-year arc. Revenue rose from BDT 2,366.4m in FY2018 to BDT 7,271.2m in FY2024, a compound rate of 20.6% a year (derived), with growth in every year of that run [3 p.47] [1 p.25] [10]. Paid-up capital doubled from BDT 364.9m (FY2020) to BDT 729.8m (FY2021), the year of a rights issue referenced in the unclaimed-dividend report ('Un-allotted Rights Shares (2009 & 2021)') [3 p.47] [1 p.44]. Equity rose from BDT 1,309.1m to BDT 1,968.4m in that year [1 p.25]. From FY2022 to FY2024 the company spent BDT 3,166.2m in cash on property, plant and equipment and work in progress (derived from three cash flow statements), and PPE rose from BDT 2,596.6m (Jun-2022) to BDT 4,312.1m (Jun-2024) [3 p.77] [1 p.86] [3 p.100] [1 p.83] [10]. Over the same three fiscal years, from 30-Jun-2021 to 30-Jun-2024, paid-up capital was unchanged at BDT 729.8m and borrowings were BDT 4,079.2m at June 2022 and BDT 5,700.4m at June 2024; the June 2021 borrowing total is not compiled in our model [3 p.47] [10].

Funding attempts. A DSE post of 29-Jun-2025 refers to BSEC's consent for a zero coupon bond of BDT 300 crore, first disseminated on 06.03.2022; the balance sheet carried BDT 498.0m of zero coupon bonds from June 2023 and BDT 438.0m at March 2026 [6] [3 p.100] [2 p.2]. On 24-Feb-2025 DSE posted that BSEC was 'not in a position to accord consent' to the company's application to issue BDT 1,000 million of redeemable preference shares through private offer [6]. On 29-Jun-2025 DSE posted that BSEC had exempted the company from the condition requiring the bonds to be listed on the Alternative Trading Board [6]. The 24-month DSE news sweep (posts from 7-Nov-2024 to 28-Oct-2026) shows no board approval of a new capacity expansion or capex budget [6].

Line items: volume -22.5% in FY2025 with revenue per tonne flat; financial expenses BDT 378.1m

Revenue: volume and price per tonne. Sales volume fell from 62,941 tonnes to 48,783 tonnes (-22.5%) while revenue per tonne sold was BDT 115.5k in FY2024 and BDT 115.1k in FY2025 (derived) [1 p.102] [10]. Revenue per tonne had risen from BDT 95.6k in FY2022 to BDT 116.5k in FY2023 [3 p.117] [10]. Each 1,000 tonnes of FY2025 sales corresponded to about BDT 115m of revenue at that year's average realisation (history-based).

Cost of goods sold: raw material is the bulk. Raw material used in production was BDT 3,996.0m of BDT 4,834.5m of FY2025 production cost, or 82.7% (derived), with manufacturing overhead BDT 805.7m and packing materials BDT 32.7m [1 p.102]. Raw material cost per tonne used was BDT 86.1k in FY2023, BDT 77.0k in FY2024 and BDT 79.5k in FY2025 (derived) [3 p.117] [1 p.102] [10]. Manufacturing overhead did not fall with volume: it was BDT 796.7m in FY2024 and BDT 805.7m in FY2025, or BDT 12.7k and BDT 16.5k per tonne produced (derived) [1 p.102] [10]. The directors cite 'under-utilization of production capacity, fixed operating expenses, high finance cost' as the factors behind the profit fall [1 p.19]. Gross margin was 14.7% in FY2024 and 14.0% in FY2025, against 17.6% in FY2023 [10].

Operating expenses. Administrative expenses fell from BDT 208.6m to BDT 170.2m and selling and distribution expenses were BDT 156.2m and BDT 155.5m [1 p.84]. Together they were 5.0% of revenue in FY2024 and 5.8% in FY2025 [10]. Profit from operations was BDT 703.6m and BDT 460.9m [1 p.84].

Foreign exchange. The company imports most of its raw material and pays in foreign currency, as the MD&A states [1 p.27]. The foreign exchange line was a loss of BDT 268.6m in FY2023, BDT 84.5m in FY2024 and BDT 37.9m in FY2025 [3 p.101] [1 p.84]; FY2025 comprised gains of BDT 1.3m and losses of BDT 39.2m [1 p.104]. In the nine months to March 2026 it was a loss of BDT 0.5m against BDT 31.3m a year earlier [2 p.3].

Financial expenses. The FY2025 total of BDT 378.1m (gross, including BDT 11.4m of bank charges) breaks down into interest on LTR loans of BDT 103.7m, overdraft BDT 66.2m, STF loans BDT 60.2m, long-term loans BDT 91.7m and bond interest BDT 44.9m [1 p.104]. STF interest fell from BDT 143.6m while long-term loan interest rose from BDT 46.7m [1 p.104]; over the same year short-term loans fell and long-term loans rose [1 p.83]. Financial expenses were 6.7% of FY2025 revenue and 8.0% of nine-month FY2026 revenue [10].

Tax. FY2025 tax of BDT 56.1m equals turnover tax at 1.00% of revenue; the FY2024 charge of BDT 43.6m was turnover tax at 0.60% [1 p.105]. The note states that minimum tax applies under section 163 of the Income Tax Act, 2023, taking the higher of 20% of profit, turnover tax at 1.00% and advance income tax [1 p.104]. The FY2025 effective rate on profit before tax was 91.8% (derived) [10]. Each BDT 1,000m of FY2025 revenue carried BDT 10m of turnover tax at that rate (history-based). Workers' profit participation fund (WPPF) was BDT 3.1m at 5% of profit before WPPF [1 p.104].

Other income. FY2025 other income of BDT 19.4m was Bangladesh Bank cash assistance on exports (BDT 8.1m), interest on fixed deposits (BDT 8.2m) and accrued FDR interest (BDT 3.0m) [1 p.104].

Nine months to March 2026: revenue -4.4%, EPS BDT 0.25 against 0.71; FY2026 EPS BDT 0.42

Nine months to March 2026. Revenue was BDT 3,508.1m against BDT 3,669.2m (-4.4%), gross profit BDT 524.5m against BDT 569.2m and net profit BDT 18.5m against BDT 51.9m; EPS was BDT 0.25 against BDT 0.71 [2 p.3]. Financial expenses were BDT 280.6m against BDT 278.2m [2 p.3]. The tax charge rose from BDT 22.0m to BDT 35.1m [2 p.3]. The company told DSE that 'revenue from sales declined' and that 'high cost of raw materials has affected the profitability' [6].

Quarter by quarter. DSE posts give EPS of BDT 0.37, 0.01 and 0.33 for the first three quarters of FY2025, and BDT 0.02, 0.06 and 0.17 for the first three quarters of FY2026 [6]. With full-year EPS of BDT 0.07 (FY2025) and BDT 0.42 (FY2026), the fourth quarters work out at BDT -0.64 and BDT 0.17 (derived: full year less nine months) [1 p.84] [6]. In money terms, Q4 FY2025 revenue was BDT 1,945.8m and net profit a loss of BDT 46.9m (derived) [10]. DSE does not post a separate Q4 figure, so this loss quarter rests on the derivation only. Q3 FY2026 revenue was BDT 1,205.8m against BDT 1,221.6m, with gross margin of 9.6% against 10.7% [2 p.3] [10].

FY2026 as announced. The board met on 27-Oct-2026 (notified on 18-Oct-2026) and DSE posted the results on 28-Oct-2026: EPS BDT 0.42 against BDT 0.07, NAV per share BDT 29.55 against BDT 29.65 and NOCFPS BDT 10.45 against BDT 8.14 [6]. Net profit implied by EPS of BDT 0.42 on 72,983,668 shares is about BDT 30.7m (derived) [10]. Revenue, margins and the auditor's opinion for FY2026 are not available until the annual report is in our corpus (MISSING FILING).

Ratios: ROE 0.23% and interest cover 1.22x in FY2025; gross margin 14.0%

Growth. Revenue growth was positive in each year from FY2019 to FY2024, between 12.3% and 30.7%, then -22.8% in FY2025 [10]. Net profit peaked at BDT 213.1m in FY2022 within FY2018-FY2025 and was BDT 152.6m and BDT 165.9m in the two years after [1 p.25].

Margins. Gross margin across FY2018-FY2025 ran 16.4%, 18.6%, 17.5%, 16.1%, 17.3%, 17.6%, 14.7%, 14.0% [10]. FY2025's 14.01% is the lowest in the series, and FY2024's 14.69% the second lowest. Net margin was 3.35%, 4.24%, 4.38%, 4.06%, 4.21%, 2.36%, 2.28%, 0.09% over the same years [10].

Returns. ROE on average equity was 11.4%, 12.1%, 11.1%, 10.5%, 7.2%, 7.5%, 0.2% for FY2019-FY2025 [10]. ROE was between 10.5% and 12.1% in FY2019-FY2022 and between 0.2% and 7.5% in FY2023-FY2025 [10]. Separately, equity was BDT 1,309.1m at June 2020 and BDT 1,968.4m at June 2021 [1 p.25]. Asset turnover (revenue over total assets) was 0.87x in FY2024 and 0.70x in FY2025 [10].

Working capital. At year end, receivables were 97, 73, 69 and 80 days of revenue in FY2022-FY2025; inventory was 115, 90, 79 and 100 days of cost of goods sold; payables were 4, 4, 8 and 10 days [10]. The cash conversion cycle was therefore 208, 159, 141 and 171 days. Loans against trust receipt (LTR) are carried in short-term loans: BDT 1,348.8m at June 2024 and BDT 112.3m at June 2025 [1 p.100].

Leverage and coverage. Borrowings over equity were 1.95x, 2.24x, 2.55x and 2.48x at June 2022-2025 and 2.53x at March 2026 [10]. The FY2023 annual report printed its own debt-equity ratio of 2.37 for FY2023 and 2.04 for FY2022 on a different definition (deferred tax excluded) [3 p.47]; the ratios here are ours and are not the same measure. Interest cover was 1.92x, 2.28x, 1.73x and 1.22x in FY2022-FY2025, and 1.16x in the nine months to March 2026, the lowest reading in that set [10].

Cash conversion. Net operating cash flow was BDT 350.9m, 476.2m, 210.7m and 593.8m in FY2022-FY2025 [1 p.25]. With FY2025 profit of BDT 5.0m, the FY2025 ratio of operating cash flow to profit was 118x. Free cash flow was BDT -739.8m, -684.3m, -704.4m and 467.0m [10]. The company explained the FY2025 increase in NOCFPS by higher collections from receivables and lower payments to suppliers [6].

Payout. Dividends paid in FY2023, FY2024 and FY2025 were 34%, 50% and 46% of the previous year's profit [10]. The FY2025 dividend of BDT 30.7m, paid in FY2026, compares with FY2025 profit of BDT 5.0m [2 p.4] [1 p.84].

Balance sheet: borrowings BDT 5,433m at March 2026, 2.53x equity

Borrowings. At 30-Jun-2025 the company owed long-term loans of BDT 1,839.0m, zero coupon bonds of BDT 498.0m, an inter-company loan of BDT 686.7m, short-term loans of BDT 1,776.9m, overdraft of BDT 558.5m and BDT 2.8m to directors: BDT 5,361.9m in all (derived) [1 p.83] [10]. At 31-Mar-2026 the same lines totalled BDT 5,433.1m, with long-term loans of BDT 2,959.8m and short-term loans of BDT 714.9m [2 p.2] [10]. Cash was BDT 50.4m and BDT 307.0m on those dates, so net debt was BDT 5,311.5m and BDT 5,126.1m [10]. The auditor's key audit matter and note 19 both state long-term loans of BDT 1,839,039,419, while the balance sheet lines (1,429,490,421 + 409,548,997) add to BDT 1,839,039,418, a gap of BDT 1 [1 p.79] [1 p.99] [1 p.83].

Lenders and security. Short-term facilities come from Standard Chartered, Prime Bank, IDLC Finance, One Bank, Community Bank, BRAC Bank and Bank Asia under sanctions dated from 2020 to June 2025 [1 p.100]. Security includes a registered mortgage over factory land and buildings of 146.90 decimals at Kathaldia, Tongi on a pari-passu basis among seven banks, and personal guarantees of the sponsor directors [1 p.100]. The overdraft of BDT 558.5m included BDT 321.5m with One Bank [1 p.100].

Inter-company loan. Note 22 names National Fittings & Accessories Limited, a 'sister concern', as the lender, and says the company took the loan 'for settling down higher rate Bank loan and NBFI loan as per approval as a syndicate loan from Standard Chartered Bank Ltd.' [1 p.100]. The balance fell from BDT 1,330.0m (Jun-2022) to BDT 686.7m (Jun-2025) and was BDT 814.2m at 31-Mar-2026 [3 p.100] [1 p.83] [2 p.2] [10]. It was 12.8% of borrowings at June 2025 and 15.0% at March 2026 [10].

Receivables, inventory and tax assets. Trade and other receivables were BDT 1,232.4m at 30-Jun-2025 and BDT 1,090.0m at 31-Mar-2026; the OCR text of the March 2026 balance sheet reads '41,090,013,980', and the figure used here is the one that ties to total current assets of BDT 4,012.9m on the page image [1 p.83] [2 p.2]. The annual report does not give a receivables ageing in the pages read. Inventories were BDT 1,326.0m and BDT 1,475.9m [1 p.83] [2 p.2]. Advance income tax was BDT 720.9m at June 2025, up from BDT 389.6m at June 2022 [1 p.83] [3 p.100].

Contingent liabilities: two statements. Note 48 opens '(I) There was no contingent liability as on 30 June, 2025.' and then lists four VAT demands of BDT 5,148,712, 11,646,222, 4,545,225 and 7,534,439 (BDT 28.9m together, derived) under writ petitions and a tribunal case, adding 'All of these ceases are stayed till disposal of Rule.' [1 p.106]. The accounting policy note says 'The Company does not have any contingent liabilities as on the reporting date.' [1 p.92]. Both statements are printed; the VAT amounts are disclosed in the same note that says there is no contingent liability (flagged).

Revaluation. Land was revalued on 4-May-2015 from BDT 67.4m to BDT 597.3m, a surplus of BDT 529.9m; the balance sheet carries a revaluation reserve of BDT 496.3m and a deferred tax liability of BDT 79.5m on the surplus [1 p.100] [1 p.83]. NAV per share of BDT 29.65 at June 2025 includes it; without the reserve, NAV per share would be BDT 22.85 (derived) [10].

Audit: unmodified FY2025 opinion with seven key-audit-matter headings and no emphasis of matter

Opinion. The FY2025 auditor, Islam Quazi Shafique & Co. (Quazi Shafiqul Islam, FCA), signed on 25-Oct-2025 [1 p.82]. The opinion reads: 'In our opinion, the accompanying financial statements present fairly, in all material respects, 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 International Financial Reporting Standards (IFRSs).' [1 p.77]. The 'Basis for Opinion' section is one paragraph as printed, and the report has no emphasis-of-matter paragraph [1 p.77]. The FY2023 statements were audited by Shiraz Khan Basak & Co. [3 p.101].

Key audit matters. The report prints seven key-audit-matter headings: 'Revenue Recognition', 'Existence and Valuation of Inventories', 'Recognition and Measurement of Property, Plant and Equipment', 'Long-Term Loans', 'Inter-Company Loan' (printed twice with the same text), 'Trade and Other Receivables' and 'Management's Consideration of the Potential Impact of July'2024 Uprising' [1 p.77] [1 p.79] [1 p.80]. Under revenue it says: 'we can see a steep downfall of sales during the current audit period creating a risk concern that sales may be understated due to either miscalculation or manipulation.' [1 p.77]. Under the last heading it says: 'The company's revenue declined by 22.78% during the financial year 2024–2025 compared to the same period of the previous year. This decline was primarily due to the forced shutdown of operations caused by unrest and ensuing political instability, natural disasters (floods), and the overall adverse socio-economic conditions of the country. ...' [1 p.80]. The introduction to the key audit matters refers to 'consolidated and separate financial statements', although the FY2025 statements are for the company alone [1 p.77].

Going concern. The directors state: 'There are no significant doubts upon the Company's ability to continue as a going concern.' [1 p.21]. The accounting policy note states that 'The company has adequate resources to continue in operation for the foreseeable future.' [1 p.89].

Related parties as printed. Note 49 lists three items [1 p.106]: (1) 'Mr. Riad Mahmud, Managing Director' - remuneration of BDT 7,200,000, with BDT 600,000 outstanding at both year ends; (2) 'Directors Board Meeting Fees' - BDT 428,000; (3) 'National Fittings & Accessories Limited, Npolymer Construction Limited Common Management' - an inter-company loan payable with an opening balance of BDT 823,333,326, nothing received, BDT 136,666,668 paid and BDT 686,666,658 outstanding (BDT 823,333,326 a year earlier). The note prints one combined amount for the two named companies and does not split it; note 22 names National Fittings & Accessories Limited alone as lender [1 p.100]. The note's column for transactions is headed 'Total Transaction 2023-2024', while note 46 gives the managing director's remuneration as BDT 7,200,000 for FY2025 and BDT 6,240,000 for FY2024 [1 p.105]; both are stated here and the heading is flagged. The note's totals of BDT 687,266,658 and BDT 823,933,326 equal the loan plus the BDT 600,000 remuneration payable [1 p.106].

Peers: two DSE manufacturers with different business models, shown side by side with FY2025 printed figures

Peer set. The company itself names no operating listed peer [1 p.25]. The two comparisons here are DSE-listed manufacturers in the plastics, packaging and paper group with June year ends and AnalystBro notes: Khan Brothers PP Woven Bag Industries Ltd. (KBPPWBIL), whose FY2025 revenue line is printed as 'Toll Manufacturing Revenue' [4 p.55], and GQ Ball Pen Industries Limited (GQBALLPEN), whose line is printed as 'Sales (Sales net off VAT, Sales Discount & Return Etc.)' [5 p.74]. All figures are for the year to 30-Jun-2025, standalone, as printed in each company's own annual report. The set is not like-for-like. No operating PVC-pipe maker with a published AnalystBro note exists; the company itself names Aziz Pipes as the only other listed plastic-products maker and says it is not producing [1 p.25]. KBPPWBIL earned all of its FY2025 revenue under a sub-contract agreement with a sister concern, Khan Brothers Bag Industries Ltd., which also paid its factory overhead, wages and operating expenses [4 p.48]; given that sub-contract structure, its margins are not comparable with NPOLYMER's. Its auditor also reports inventory 'carried forward without any movement since 2021' [4 p.47]. GQBALLPEN makes ball pens, as its company name states, and reports a gross loss for FY2025 [5 p.74]. The table therefore shows the printed figures side by side with no margin ranking.

Finance cost and WPPF basis. NPOLYMER prints 'Financial Expenses' of BDT 378.1m, gross, including bank charges [1 p.104]; KBPPWBIL prints 'Financial Expenses' of BDT 2.4m [4 p.55]; GQBALLPEN does not show finance cost separately but within 'Administrative, Financial and Marketing Expenses' of BDT 17.8m [5 p.74]. WPPF: NPOLYMER BDT 3.1m, KBPPWBIL BDT 1.9m, GQBALLPEN nil [1 p.84] [4 p.55] [5 p.74].

Peer audit opinions, from each filing. KBPPWBIL's auditor, Islam Aftab Kamrul & Co., gave a qualified opinion: 'In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 30th June, 2025, ...' [4 p.47]; the auditor's name is on the signature block [4 p.55]; the basis section has ten numbered paragraphs, the first on inventories of BDT 597,460,177 'carried forward without any movement since 2021' [4 p.47] [4 p.48]. GQBALLPEN's auditor, Basu Banerjee Nath & Co., gave an unmodified opinion: 'In our opinion, the accompanying financial statements give true and fair view, in all material respects, of the financial position of the Company as at June 30, 2025 ...' with three numbered emphasis-of-matter paragraphs and the statement 'Our opinion is not modified in respect of these matters.' [5 p.66] [5 p.67].

Governance: five-member board, sponsors and ICB nominee hold 32.55%, sponsors excluded from the last two dividends

Board as printed in the corporate directory: Mr. Golam Murshed (Chairman), Mr. Riad Mahmud (Managing Director), Ms. Mahmuda Akhter (ICB Nominated Director), Ms. Sherina Idrish (Independent Director) and Mr. Md. Sahadat Hossain (Independent Director) [1 p.8]. Audit Committee: Mr. Md. Sahadat Hossain (Chairman), Ms. Sherina Idrish (Member), Ms. Mahmuda Akhter (Member). Nomination and Remuneration Committee: Ms. Sherina Idrish (Chairman), Mr. Md. Sahadat Hossain, Ms. Mahmuda Akhter, Mr. Golam Murshed and Mr. Riad Mahmud (Members) [1 p.8]. Chief Financial Officer Mr. Bidhan Kumar Saha; Company Secretary Mr. Md. Abdul Maleque; Head of Internal Audit & Compliance Mr. Mohammad Shoujat Hossain; the management committee also lists Engr. Md. Lokman Hakim (Chief Operating Officer) and Mr. Md. Almas Hossain Khan (Head of HR & Administration) [1 p.8].

The FY2025 attendance table lists six names: Mr. Golam Murshed (6 of 6 meetings), Mr. Riad Mahmud (6 of 6), Ms. Mahmuda Akhter (6 of 6), Mr. Mohammed Ariful Islam, Independent Director (6 of 6), Dr. Mohammad Mahboob Rahman, Independent Director (6 held, 4 attended) and Ms. Sherina Idrish (6 held, 1 attended) [1 p.21]. Mr. Md. Sahadat Hossain is not in that table. Ms. Idrish's appointment runs from 29-Apr-2025 to 28-Apr-2028 [1 p.12], and both independent directors' appointments are subject to shareholder approval at the AGM [1 p.17]. Mr. Golam Murshed is also the proprietor of 'GM Trading', described as a trading business of plastic raw materials [1 p.10]; the related-party note does not list GM Trading [1 p.106].

Ownership. The pattern of shareholding gives directors and sponsors 23,752,819 shares (32.55%) and general shareholders 49,230,849 (67.45%) [1 p.37]. Named holdings: Mr. Golam Murshed 3,782,840 (5.18%), Mr. Riad Mahmud 3,603,773 (4.94%), Ms. Mahmuda Akhter as ICB nominee 12,095,242 (16.57%), Late Shamsul Abedin Akhand & Mrs. Khaleda Akhand (joint) 3,231,611 (4.43%), Mr. Rohel Mahmud 726,202 (1.00%), Mrs. Razia Morshed 304,082 (0.42%), Mrs. Khaleda Akhand 9,069 (0.01%) and Mr. Ehsanul Karim, son of Mr. Golam Murshed and Mrs. Razia Morshed, 250,000 (0.34%) [1 p.37]. The 11,657,577 sponsor shares excluded from the dividends equal the directors-and-sponsors total less the ICB-nominee holding [6] [1 p.37].

Dividends. Cash dividends were 10% for FY2021 and 10.5% for FY2022 and FY2023 [3 p.47]. The BDT 76,632,851 paid in FY2025 for FY2024 corresponds to BDT 1.05 a share on 72,983,668 shares (10.5%, derived; 1.05 x 72,983,668 = 76,632,851.4) [1 p.85]. FY2025: 5% cash to general shareholders and ICB, excluding sponsors, BDT 30,663,046, paid from retained earnings [6] [2 p.4]. FY2026: 3% cash to general shareholders excluding sponsors, BDT 18,397,828, record date 18-Nov-2026 and AGM on 30-Dec-2026 [6]. DSE moved the share from A to B category from 1-Jan-2026 'as the Company has approved 5% Cash Dividend' [6].

Credit rating. National Credit Ratings Limited's surveillance rating was 'A+' long term and 'ST-2' short term with a Stable outlook (DSE post of 5-Dec-2024) and 'A' and 'ST-3' with a Developing outlook (DSE post of 4-Dec-2025) [6].

DSE news, 24 months. The archive for NPOLYMER holds 42 posts from 7-Nov-2024 to 28-Oct-2026 [6]. None is a correction: the count of corrections is zero. Two posts are 'Dividend Declaration (Additional Information)' (27-Oct-2025 and 2-Nov-2025), which add detail and do not amend figures. Three posts of 30-Apr-2025 carry the code 'NPOLYMAR' in their titles [6].

Multiples: 64.3x FY2026 EPS and 0.91x NAV at BDT 27.0

At BDT 27.0 (close of 29-Oct-2026) the market capitalisation was BDT 1,971m [9] [10]. On the board's FY2026 figures the P/E was 64.3x and the price-to-NAV 0.91x; the FY2026 dividend of BDT 0.30 a share to general shareholders is 1.1% of the price [6] [10]. The FY2023 annual report printed P/E ratios of 27.62 (FY2018), 26.14 (FY2019), 13.74 (FY2020), 20.35 (FY2021), 18.25 (FY2022) and 24.40 (FY2023), on 30-June prices of BDT 89.40, 111.15, 56.60, 57.40, 53.30 and 51.00 [3 p.47]. These are stated as facts; no view is taken on them. The 52-week range uses DSE daily closes from 30-Oct-2025 to 29-Oct-2026: low BDT 23.7 on 13-Nov-2025 and high BDT 37.6 on 21-Jul-2026 [9].

What's next: record date 18-Nov-2026, AGM 30-Dec-2026, Q1 FY2027 accounts inferred 12-Nov-2026

Dates. The record date for the FY2026 dividend is 18-Nov-2026 and the AGM is on 30-Dec-2026, both company-announced [6]. As at 31-Oct-2026 no board-meeting date for the first quarter of FY2027 had been notified. Q1 board meetings were held on 12-Nov-2024 and 12-Nov-2025, so the inferred date is 12-Nov-2026; Q2 meetings were on 29-Jan-2025 and 26-Jan-2026 (inferred range 26-29 Jan 2027); Q3 meetings were on 29-Apr-2025 and 25-Apr-2026 (inferred range 25-29 Apr 2027) [6]. Each inference rests on 2 years of precedent only (the 24-month DSE archive); no earlier board-meeting dates were taken from the filings. The FY2026 accounts were approved on 27-Oct-2026, two days later in the calendar than the FY2025 meeting of 25-Oct-2025, and are not overdue [6]. The NCR surveillance results were posted on 5-Dec-2024 and 4-Dec-2025 (DSE post dates; no rating date is notified) [6]. LDC graduation: 24-Nov-2029 [7] [8].

Passed events. The AGM for FY2025 was set for 30-Dec-2025 on a digital platform and the FY2025 dividend was disbursed by 25-Jan-2026 [6]; the board's re-election of the ICB nominee and appointment of two independent directors were subject to that AGM (passed), outcome unknown from the filings read [1 p.17].

Risks are listed with the line each one has moved in the filings. Volume: a 22.5% fall in tonnes sold in FY2025 came with a 22.8% fall in revenue [10]. Fixed costs: manufacturing overhead was flat in money terms while production fell [1 p.102]. Interest: financial expenses were 6.7% of FY2025 revenue [10]. Refinancing: BDT 409.5m of long-term loans and BDT 370.0m of the inter-company loan were current at June 2025 [1 p.83]. Tax: the turnover-tax rate rose from 0.60% to 1.00% [1 p.105]. Currency: FX losses were BDT 268.6m in FY2023 [3 p.101].

Data notes: bases, conflicts and gaps

Bases and conflicts. FY2023 balance sheet figures are the company (separate) statements [3 p.100]. The AR2025 five-year table prints FY2023 total assets of BDT 7,380,776,390, the consolidated figure [3 p.74], alongside FY2023 current liabilities of BDT 3,420,947,375, the separate figure [1 p.25] [3 p.100]; the two bases differ by BDT 67,500 on total assets. The directors' report prints FY2025 revenue as BDT 5,614,933,873 and the profit and loss statement as BDT 5,614,933,872 [1 p.16] [1 p.84]. FY2022-FY2023 capex comes from the consolidated cash flow; the subsidiary NPOLY Trading Ltd. reported no revenue for FY2023 [3 p.77] [3 p.127].

Gaps. The FY2026 audited annual report is not in the corpus (MISSING FILING); FY2026 figures here are the board's per-share figures posted by DSE [6]. The FY2024 annual report in the corpus is an OCR scan and was not used for figures; FY2024 comes from the comparatives in the FY2025 report [1 p.83]. The March 2026 receivables figure and the nine-month financial expenses were read from the page images because the OCR text is damaged (OCR FIX) [2 p.2] [2 p.3].

FAQ

What does National Polymer Industries make?

PVC pipes, PVC water tanks, PVC doors and bottle-grade PVC compound, at Tongi, Gazipur, with installed capacity of 75,500 tonnes a year [1 p.87] [1 p.105].

What were the FY2025 results?

Revenue BDT 5,614.9m (-22.8%), net profit BDT 5.0m and EPS BDT 0.07 against BDT 2.27 [1 p.84].

What did the board report for FY2026?

EPS BDT 0.42, NAV per share BDT 29.55 and NOCFPS BDT 10.45, posted by DSE on 28-Oct-2026 [6].

What dividend was declared for FY2026?

3% cash for general shareholders excluding sponsors, BDT 18,397,828 in total; record date 18-Nov-2026 [6].

How much does the company borrow?

BDT 5,433.1m at 31-Mar-2026 across bank loans, overdraft, zero coupon bonds, an inter-company loan and directors' loans (derived) [2 p.2] [10].

What was the FY2025 audit opinion?

Unmodified, from Islam Quazi Shafique & Co., with no emphasis of matter and seven key-audit-matter headings [1 p.77].

Who lends to the company among related parties?

National Fittings & Accessories Limited, a sister concern, through an inter-company loan of BDT 686.7m at June 2025 [1 p.100].

What multiples does the share trade on?

64.3x FY2026 EPS and 0.91x NAV at BDT 27.0 on 29-Oct-2026 [10].

Sources

1. National Polymer Industries PLC Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
2. National Polymer Industries PLC un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
3. National Polymer Industries PLC Annual Report 2022-2023 (year to 30-Jun-2023; five-year data FY2018-FY2023) · link · accessed 2026-10-31
4. Khan Brothers PP Woven Bag Industries Ltd. Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
5. GQ Ball Pen Industries Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
6. Dhaka Stock Exchange, NPOLYMER company news archive (posts dated 7-Nov-2024 to 28-Oct-2026; query range 31-Oct-2024 to 1-Nov-2026) · link · accessed 2026-10-31
7. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
8. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
9. AnalystBro price data (TradingView feed): DSE:NPOLYMER daily bars, 3-Aug-2025 to 1-Nov-2026 · link · accessed 2026-10-31
10. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31