Power Grid Bangladesh financial analysis: FX losses, term loans 4.8x equity, qualified FY2025 audit (Oct 2026)

Investment considerations: operating profit in all six years FY2020-FY2025; net losses in FY2023-FY2025 with foreign-exchange losses above interest

Power Grid Bangladesh PLC. (DSE: POWERGRID) describes itself as "the sole organization of Government of Bangladesh, entrusted with transmission of power throughout the country" and "a government owned Public Limited Company which is listed at the Dhaka and Chittagong Stock Exchange" [1 p.3]. The notes call it "a subsidiary company of the Bangladesh Power Development Board (BPDB)" [1 p.179]. The year to 30-Jun-2025 is the latest audited year in the corpus; the FY2026 audited accounts are not in the corpus at 1-Nov-2026, and the board meets on 8-Nov-2026 to consider them [18].

Revenue was BDT 18,740.6m in FY2020 and BDT 30,997.9m in FY2025, 1.65 times the FY2020 figure [27]. Profit after tax was BDT 2,445.6m in FY2020 and BDT 3,208.1m in FY2021 (restated; first printed BDT 3,378.7m) [4 p.156]; the company reported losses after tax of BDT 7,202.8m, BDT 6,109.1m and BDT 2,106.2m in FY2023, FY2024 and FY2025 [5 p.148] [2 p.180] [1 p.176]. Each of those three years carried a foreign exchange rate fluctuation loss larger than the year's interest expenses [27].

Business: the national transmission grid; Palli Bidyut Samity paid 56.4% of the FY2025 wheeling charge

The notes print the business this way: "The Company's principal activities are planning, promoting, developing, operating and maintaining an integrated and efficient power transmission system/network throughout Bangladesh. As the sole power transmission Company in Bangladesh, the Company is responsible for all aspects regarding transmission lines, sub-stations, load dispatch centers, communication facilities, etc." [1 p.179]. It was incorporated on 21 November 1996 as a company fully owned by BPDB, converted to a public limited company on 05 March 2000 and listed on the DSE and CSE in October 2006 [1 p.179].

At 30-Jun-2025 the network printed in the "Transmission Sector at a glance" pages, "Including other entities", was 3,115 circuit km of 400 kV line, 4,752 circuit km of 230 kV and 9,366 circuit km of 132 kV, with one HVDC back-to-back station (2x500 Megawatt), 11 400/230 kV substations (13,870 MVA), 34 230/132 kV substations (20,725 MVA) and 186 132/33 kV substations (37,733 MVA) [1 p.35]. Manpower was 3,871 persons [1 p.35]; note 37 prints 3,871 employees at 30 June 2025 and 3,436 at 30 June 2024 [1 p.221].

Revenue has two lines. The transmission/wheeling charge is billed per kWh to the distribution entities at three voltage levels; note 24.1 prints the units and the charge for each buyer [1 p.212]. The optical fiber charge is rent from telecom and network operators, listed by name in note 24.2: Robi Axiata BDT 245.2m, Summit Communication Ltd. BDT 183.1m, Teletalk Bangladesh Ltd BDT 144.2m and Bangladesh Telegraph & Telephone Board (BTTB) BDT 126.9m were the four largest in FY2025 [1 p.213].

The per-unit charges printed in note 24.1 were BDT 0.2944, 0.2886 and 0.2857 per kWh at 33 kV, 132 kV and 230 kV from July 2023 to January 2024, and BDT 0.3144, 0.3086 and 0.3057 from February 2024 to June 2025 [1 p.212]. Dividing the printed charge before the DPDC adjustment by the printed units gives BDT 0.3022 per kWh in FY2024 and BDT 0.3135 in FY2025 (derived) [27]. The company's letter of 03-Jun-2026 reports that BERC revised the rates that day to BDT 0.3789 (230 kV), 0.3825 (132 kV) and 0.3897 (33 kV), from 0.3057, 0.3086 and 0.3144, effective from the June-2026 bill month [19]. DSE posted the letter on 04-Jun-2026 [18].

Six-year record: revenue BDT 18,740.6m to BDT 30,997.9m; net result BDT 2,445.6m to BDT (2,106.2)m

The model uses the latest printing of each year: FY2025 and FY2024 from the FY2025 report, FY2023 from the FY2024 report, FY2022 from the FY2023 report, FY2021 from the FY2022 report and FY2020 from the FY2021 report [1 p.176] [2 p.180] [3 p.170] [4 p.156] [5 p.148]. Several years were restated after first printing; the restatement exhibit in the conflicts section lists both printings.

Line items: foreign-exchange losses of BDT 9,341.9m and interest of BDT 7,327.5m in FY2025; depreciation 65.7% of transmission expenses

Revenue. FY2025 revenue rose 11.3% to BDT 30,997.9m. Units wheeled rose 6.7% and the derived charge per unit rose from BDT 0.3022 to BDT 0.3135 per kWh [27]; note 24.1 dates the per-unit rate step to February 2024 [1 p.212]. The optical fiber charge was BDT 1,035.5m in FY2025 and BDT 801.7m in FY2024 [1 p.213]. The auditor's emphasis paragraph 6 states that the wheeling charge was recorded "after the adjustment of substation maintenance expenses by DPDC" and that revenue and transmission expenses "were understated by BDT 18,000,000" [1 p.169].

Transmission expenses. Depreciation and amortization was BDT 12,214.0m of the BDT 18,595.8m of FY2025 transmission expenses, 65.7%; salary and other benefits were BDT 3,374.4m and repair and maintenance BDT 1,152.7m [1 p.213]. PPE additions transferred from capital works-in-progress were BDT 76,408.8m in FY2025 and BDT 29,935.9m in FY2024 [1 p.188]. Gross margin was 47.5% in FY2020, 38.3% in FY2023 and 40.0% in FY2025 [27].

Finance expenses. Interest expenses were BDT 3,943.5m in FY2021 and BDT 7,327.5m in FY2025; the foreign exchange rate fluctuation loss charged to profit or loss was BDT 501.9m, BDT 5,358.0m, BDT 12,746.5m, BDT 10,981.2m and BDT 9,341.9m in FY2021-FY2025 [4 p.156] [3 p.170] [2 p.180] [1 p.176]. FY2025 interest included BDT 1,985.9m printed as "Interest on exchange rate fluctuation loss" [1 p.215]. Management's statement on the audit says the total FY2025 foreign exchange loss was BDT 23,735,556,115, of which BDT 9,341,945,684 "that is related to closed projects has been charged in statement of profit or loss as per IAS-21 and the remaining BDT 14,393,610,432 that is related to running projects has been capitalized under capital work-in-progress" [1 p.74].

Other income and finance income. Finance income was BDT 1,739.8m in FY2025: BDT 976.4m from fixed deposits and BDT 763.4m from current and SND accounts [1 p.214]. Other income of BDT 996.4m included sale of scrap of BDT 701.4m, BDT 389.2m in FY2024 [1 p.214].

Tax. Current tax for FY2025 was BDT 1,553.3m, computed as minimum tax: AIT of BDT 943.3m on the wheeling charge and BDT 61.7m on the optical fiber charge, plus 20% tax of BDT 547.2m on BDT 2,736.2m of income from other sources, and BDT 1.0m on excess entertainment [1 p.215]. Deferred tax income of BDT 1,918.0m brought the net tax line to a credit of BDT 364.7m [1 p.215]. The note states that "as the company is providing minimum tax following sec 163 of ITA, 2023 and therefore, the Company did not disclose the reconciliation" [1 p.215].

Ratios: operating margin 37.0% in FY2025; finance expenses 145.4% of profit from operating activities

Operating margin was 44.5% in FY2020 and 37.0% in FY2025. Finance expenses were 52.0% of profit from operating activities in FY2020 and 213.5% in FY2023, 145.4% in FY2025 [27]. Interest cover was 2.02x in FY2021; the interest expenses line is printed separately from FY2021 in the restated comparatives [4 p.156].

ROE on average total equity was 4.1% in FY2021 and -1.8% in FY2025; asset turnover was 0.068x and 0.042x [27]. Total equity includes the Government's preference shares and deposit for shares (BDT 131,013.3m at 30-Jun-2025); ordinary share capital, share premium and retained earnings together were BDT (3,727.7)m (derived) [1 p.174] [27]. Ratios on the ordinary-shareholder base are not computed where that base is negative.

Year-end accounts and other receivables were 130.6 days of revenue in FY2021 and 131.4 days in FY2025 [27]. The five-year review prints accounts receivable to sales of 4.32 months for FY2025 and 4.80 months for FY2024 [1 p.38]. Cash receipts from customers were 1.04x revenue in FY2025 and 0.90x in FY2023 [27].

Balance sheet: term loans BDT 611,993.8m and capital works-in-progress BDT 437,764.2m at 30-Jun-2025

Capital works-in-progress was BDT 437,764.2m at 30-Jun-2025, 54.6% of total assets [1 p.174] [27]. Cost incurred in FY2025 was BDT 135,823.1m and transfers to fixed assets BDT 76,408.8m [1 p.188]. The project list includes Infrast. Dev. for Evacuation Facilities of Rooppur Nuclear Power Plant Project (BDT 66,131.1m), Power Grid Network Strengthening Project (G to G) (BDT 71,502.8m), Barapukuria-Bogura-Kaliakoir 400 KV TL Project (BDT 57,642.6m) and a line for "Foreign exchange fluctuation loss (note 5.1)" of BDT 47,153.3m [1 p.188].

Term loan principal was BDT 532,660.6m at 30-Jun-2025 from 19 lender lines; ADB was 22.5% and GoB loan 18.3% [1 p.195] [1 p.196] [27]. Interest payable added BDT 75,379.0m to the non-current portion [1 p.196]. The ADB note shows each loan with a separate "Exchange rate fluctuation loss" row; for loan 3683 that row was BDT 6,614.9m at 30-Jun-2025 [1 p.197].

Capital structure. Equity at 30-Jun-2025 was BDT 127,285.6m: ordinary share capital BDT 9,138.1m, irredeemable non-cumulative preference shares BDT 101,465.1m, share premium BDT 2,010.8m, deposit for shares BDT 29,548.2m and retained earnings BDT (14,876.5)m [1 p.174]. Deposit for shares "represents the amount of investment received from the Government of Bangladesh (GoB) as part of GoB equity against the development projects" [1 p.192]. Note 11.2 sets the preference dividend as preference share capital divided by (ordinary share capital + preference share capital), multiplied by profit after tax and by 25% [1 p.192].

Receivables and advances. Accounts and other receivables were BDT 11,156.3m and advances and deposits BDT 45,562.6m at 30-Jun-2025 [1 p.174]. Related-party note 35 lists BPDB, "Majority shareholder", with a transmission-charge receivable of BDT 5,361,259,248 at 30 June 2025: opening BDT 7,484,857,016, debits BDT 4,216,508,309 and credits BDT 6,340,106,076 [1 p.221]. Those printed rows add to BDT 5,361,259,249 (one-taka footing gap). Contingent liabilities for income tax were BDT 6,731,042,626 for assessment years 2018-19 to 2022-23, per the auditor's emphasis paragraph 8 [1 p.169].

Cash and capital allocation: BDT 457,128.4m of additions to PPE and CWIP over six years, funded by loans and Government equity

Across FY2020-FY2025, net cash flows from operating activities totalled BDT 66,941.5m; additions to PPE and capital works-in-progress were BDT 457,128.4m; long-term loans received were BDT 353,226.0m and receipts against deposit for shares from the Government BDT 78,963.4m (sums of printed lines) [27]. In FY2025 the company repaid BDT 11,777.2m of long-term loans and paid interest of BDT 3,725.2m and income tax of BDT 5,072.9m [1 p.178].

The auditor's emphasis paragraph 9 states: "The Company did not follow IAS 7 properly while preparing the Statement of Cash Flows." [1 p.169]. Dividends paid were BDT 1,928.5m in FY2021 and BDT 37,727 in FY2025 [5 p.150] [1 p.178]. The five-year review prints cash dividends of 20% for FY2021, 10% for FY2022 and FY2023 and nil for FY2024 and FY2025 [1 p.38]. The board recommended "No dividend" for FY2025 at Board Meeting No. 631/2025 on 9 November 2025, citing the loss and negative undistributed retained earnings [1 p.75].

Audit: a qualified FY2025 opinion on six matters, nine emphasis paragraphs and four key audit matters

Hoda Vasi Chowdhury & Co (A F Nesaruddin, FCA, Senior Partner) and ACNABIN (Abu Sayed Mohammed Nayeem, FCA, Managing Partner) signed the FY2025 report, dated 10 Nov 2025, under the heading "Qualified Opinion" [1 p.166] [1 p.173]. The opinion paragraph, quoted in full: "In our opinion, except for the effects of the matters 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 30 June 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange Rules 2020 and other applicable laws and regulations." [1 p.166]

The "Basis for Qualified Opinion" section has six numbered paragraphs, each quoted in full below from the page images [1 p.166] [1 p.167] [1 p.168].

Basis 1 (p.166): "As disclosed in notes # 3.1 & 5.1 to the financial statements, the Company has capitalised unrealised foreign exchange loss amounting to BDT 47,153,258,578 up to 30 June 2025 which includes BDT 14,393,610,432 capitalised under Capital works-in-progress (CWIP) during the year 2024-2025 in accordance with Section 185 (Schedule -XI, Part - I) of the Companies Act 1994. This capitalisation of foreign exchange loss is not in accordance with IAS-21 The Effects of Changes in Foreign Exchange Rates which requires such exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements to be recognised in the statement of profit or loss in the period in which they arise." [1 p.166]

Basis 2 (p.166-167): "As disclosed in note # 4 to the financial statements, the carrying amount of Property, Plant and Equipment (PPE) has been reported at BDT 274,367,629,326. The Company has never performed any impairment test of its Property, Plant and Equipment, which is a non-compliance with IAS-36. Also, the Company has recognised Land at a carrying amount of BDT 14,102,188,218, which includes the addition of land during the current year amounting to BDT 164,421,157. In support of ownership for the transferred lands from Bangladesh Power Development Board (BPDB), Power Grid presented the 1996 ECNEC decision establishing Power Grid, Power Division's orders in 2001, BPDB's Office Orders, and six vendor agreements between Power Grid and BPDB. The general conditions of these vendor agreements stipulate that BPDB is committed to provide a No Objection Certificate (NOC) to facilitate the mutation of these lands in Power Grid's name, which would complete the ownership documentation. The Company has provided us a list of lands along with location, size, and status of land mutation, but the carrying amount of each piece of land separately was not mentioned in the list. In the absence of the NOC and subsequent mutation, we were unable to fully verify the legal ownership and valuation of the transferred land. As a result, we could not confirm the ownership and completeness of the lands owned by the Company as on 30 June 2025." [1 p.166]

Basis 3 (p.167): "As disclosed in note # 8 to the financial statements, the Company has reported an amount of BDT 11,156,322,206 as “Accounts and other receivables”. It includes, inter alia, receivables from BPDB, PBS, DPDC, DESCO, WZPDCL, NESCO, and OPGW, amounting to BDT 5,361,259,248, BDT 3,178,113,711, BDT 645,745,880, BDT 452,465,734, BDT 269,390,338, BDT 443,083,919, and BDT 170,867,503, respectively. It includes disputed amounts with BPDB and PBS amounting to BDT 1,664,556,782 and BDT 42,903,609, respectively (total of BDT 1,707,460,391). In our opinion, the Company is very unlikely to recover the amounts in full, and no provision has been recognised thereon." [1 p.167]

Basis 4 (p.167): "As disclosed in note # 14.3 to the financial statements, the Company has disclosed BDT 3,599,172,321 (2023-2024: BDT 3,599,172,321) as ‘Assigned loan from DPDC (DESA)’. No documents in support of such assigned loan were found to verify the loan balance. It is also mentionable that in the audited financial statements of DPDC for the year 2024-25, no receivable was found to be recognized on account of the Company. Furthermore, we were not provided with the total sanction amount, repayment and overdue, if any, schedule of the loan which indicates that the Company does not have complete visibility on the loan they have taken as well as booked in the name of the Company and for the purposes of company’s business." [1 p.167]

Basis 5 (p.167): "As disclosed in note # 19 to the financial statements, the Company has disclosed BDT 79,333,160,877 on account of interest payable on term loan. It includes ‘inter-alia’ interest payable against loans for running projects (Interest During Construction-IDC) of BDT 11,659,057,930 and interest payable against loans for closed projects (interest charged as finance expenses) of BDT 7,327,496,356. Further, interest payable on foreign currency (FC) loans of closed projects has been calculated on the outstanding BDT principal balance instead of calculating it on the foreign currency principal portion balance and converting it to BDT at the closing rate. On the other hand, a separate entry was made to account for interest on foreign exchange (FX) gain/loss of the principal portion of the loan for the year by applying the interest rate to the cumulative FX gain/loss of the loan. However, during our recalculation of interest payable on 10 loans of closed projects, we found interest expense for the year is understated by BDT 2,064,128,479. This indicates that interest expense and interest payable on FC loans of closed projects are understated in the financial statements." [1 p.167]

Basis 6 (p.167-168): "Repayment of interest for closed projects is supposed to be made based on the repayment schedule that is approved as per the Subsidiary Loan Agreement (SLA). However, at the end of the Grace Period of the loan (which usually extends beyond the initially agreed grace period), the Company prepares a new repayment schedule. However, the SLA partners have not approved this new repayment schedule. Subsequently, the Company usually fails to follow even the unapproved revised repayment schedule and starts repayment after significant delays. When repayment of a loan eventually starts after these delays, the Company does not update the repayment schedule and does not make interest repayments that were supposed to be paid for the delayed period. Instead, the previous repayment schedule is followed and interest payments for each installment are made per that schedule." [1 p.167]

The "Emphasis of Matters" section opens: "We draw attention to the following matters, though our opinion is not qualified in respect of the same:" and lists nine paragraphs, quoted in full [1 p.168] [1 p.169].

Emphasis 1: "Reference to notes # 3.1, 14, 18 & 39 of the financial statements, the Company has translated its unsettled foreign currency liabilities in USD, SEK, EURO, JPY & CNY at the exchange rate (BC Selling rate of Bangladesh Bank) of BDT 122.85/USD, BDT 12.98/SEK, BDT 143.99/EURO, BDT 0.85/JPY and BDT 17.5/CNY on 30 June 2025 as per the requirements of IAS 21- The Effects of Changes in Foreign Exchange Rate. Subsequently, up to 30 September 2025, foreign currency liabilities were settled at the rate of BDT 121.82/USD, BDT 12.94/SEK, BDT 142.87/EURO, BDT 0.82/JPY and BDT 17.09/CNY as disclosed under Event after Reporting Period as per IAS-10 in note # 39(b) to the financial statements of the Company." [1 p.168]

Emphasis 2: "Reference to notes # 3.4.2 and 14 to the financial statements, the Company has revealed its loan recognition policy for "Term loan - interest bearing", which includes loans from development partners, the Government of Bangladesh, assigned loans, and other sources. In the case of recognizing loans, the Company recognized the loans when the loans are disbursed by the development partners, nevertheless, few projects have recognized loans when the Company issues payment certificates or withdrawal notifications. This has resulted overstatements of loan balance by undisbursed portion as of 30 June 2024. Additionally, no exchange gain/(loss) was calculated on such overstatement of foreign currency loan of equivalent BDT 1,643,291,004. However, the loan interest calculations thereon have been correctly made from the disbursement dates of loans." [1 p.168]

Emphasis 3: "In notes # 8, 9 and 10 to the financial statements, the Company disclosed BDT 11,156,322,206, BDT 45,562,605,025 and BDT 13,779,689,741 as ‘Accounts and other receivables (restated)’, ‘Advances and deposits’ and ‘Cash and cash equivalents’ respectively. We have sent balance confirmation letters to Receivable parties, Advance and deposit parties, Banks covering 83%, 22% and 86% of ‘Accounts and other receivables (restated)’, ‘Advances and deposits’ and ‘Cash and cash equivalents’ respectively on a sample basis. However, we have received 5%, 0% and 32% respectively on confirmation we sent on account of ‘Accounts and other receivables (restated)’, ‘Advances and deposits’ and ‘Cash and cash equivalents’ respectively. As the above balances were not confirmed by the parties, we cannot confirm whether the balances were accepted by the parties or whether there were any unreconciled items." [1 p.168]

Emphasis 4: "In notes # 16 and 16.1 to the financial statements, the Company has disclosed BDT 612,624,945 as Deferred Liabilities for Gratuity, which includes provision for the year BDT 674,519,229. The Company has not undertaken any actuary valuation during this year but made gratuity provision using a formula rather than using the Projected Unit Credit Method as per IAS 19, as disclosed in note # 16.1, instead of actual liability calculation." [1 p.169]

Emphasis 5: "In note # 21 to the financial statements, the Company disclosed BDT 36,157,298,099 as ‘Liabilities for other finance (restated)’, which inter alia includes BDT 45,531,339 as ‘WPPF payable’ (representing 10% of the Company’s Worker’s Profit Participation Fund contribution up to 30 June 2021, to be remitted to the Bangladesh Worker’s Welfare Foundation). As per the provisions of the Bangladesh Labour Act, 2006, the Company is required to remit 10% of its WPPF contribution directly to the Bangladesh Workers’ Welfare Foundation. However, the Company has not yet transferred the said amount to the Foundation, contrary to the statutory requirement." [1 p.169]

Emphasis 6: "In note # 24.1 the financial statements, the Company disclosed ‘Transmission/wheeling charge’ amounting to BDT 29,962,461,228 after the adjustment of substation maintenance expenses by DPDC while making payment against Transmission/ wheeling charge. It is a non-compliance with para 32 of IAS-1. Due to this non-compliance, both ‘Transmission/wheeling charge’ revenue and ‘Transmission expenses’ were understated by BDT 18,000,000." [1 p.169]

Emphasis 7: "In note # 31.2 to the financial statements, the Company disclosed a Deferred tax income amounting to BDT 1,917,990,473. While calculating the deferred tax income, the Company considered BDT 42,300,263,026 as unabsorbed depreciation, having absorbed BDT 16,494,684,730 of depreciation during FY 2024-25. However, the unabsorbed depreciation is not supported by either the assessment order of DCT or the appeal order. As a result, it is not confirmed that the Company will get the benefit of unabsorbed depreciation in future. As such, the deferred tax income is overstated by BDT 8,460,052,605 (20% of BDT 42,300,263,026). The Company applied to the Appellate Tribunal for the inclusion of unabsorbed depreciation in the assessment orders on 15 October 2025." [1 p.169]

Emphasis 8: "In note # 41.2 to the financial statements, the Company disclosed contingent liabilities amounting to BDT 6,731,042,626 on account of income tax related to the AY 2018-19 to 2022-23. On 15 October 2025, the Company applied to the Appellate Tribunal against the order (excluding 2021-22) from the Appellate Joint Commissioner of Taxes, received on 24 August 2025. While submitting the application to the Appellate Tribunal, the Company did not deposit the required tax as per sec-291(2) of the Income Tax Act 2023. However, the company applied to the Commissioner of Taxes for the relaxation of section 291 (2) of the Income Tax Act 2023, following section 291 (3) of the Income Tax Act 2023." [1 p.169]

Emphasis 9: "The Company did not follow IAS 7 properly while preparing the Statement of Cash Flows." [1 p.169]

The report sets out four key audit matters "In addition to the matters described in the Basis for Qualified Opinion section" [1 p.169]. Each risk description and the auditor's response are quoted in full; bullet points are joined into running text.

Valuation of inventories, risk: "At the reporting date, the carrying value of inventories amounted to BDT 9,236,347,778 Inventories were considered as a key audit matter due to the size of the balance and because inventory valuation involves management judgment. Inventory valuation and existence was an audit focus area because of the number of locations/ stores/GMDs that inventory was held at, and the judgment applied in the valuation of inventory to incorporate inventory shrinkage. According to the Company’s accounting policy, Inventories consisting of spare parts at Grid Maintenance Divisions (GMD) offices are valued at cost. The cost of inventories includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition." Response: "We obtained a detailed understanding and evaluated the design and implementation of controls that the Company has established in relation to inventory valuation. We obtained assurance over the appropriateness of management’s assumptions applied in calculating the value of inventory. Our substantive procedures in relation to the inventory comprise the followings: Evaluating the design and implementation of key inventory controls operating across the Company including GMDs on sample basis during the audit of the GMDs; Critically assessing the Company’s inventory provisioning policy, with specific consideration given to aged inventory as well as stock turnover calculations, including the impact of seasonality; and Reviewing the historical accuracy of inventory damage and the inventory destroyed as per provision of applicable laws during the year." [1 p.170]

Measurement of deferred tax liabilities, risk: "The Company reported net deferred tax liabilities totaling BDT 2,404,230,010 as of 30 June 2025. Significant judgment is required in relation to deferred tax liabilities as their adjustment is dependent on forecasts of future profitability over a number of years." Response: "We obtained an understanding, evaluated the design and tested the operational effectiveness of the Company’s key controls over the recognition and measurement of deferred tax liabilities and the assumptions used in estimating the Company’s future taxable income. We also assessed the completeness and accuracy of the data used for the estimations of future taxable income. We involved personnel enriched with the knowledge of taxation to assess key assumptions, controls, recognition and measurement of deferred tax liabilities. We also assessed the appropriateness of the presentation of disclosures against IAS 12: Income Taxes." [1 p.170]

Revenue recognition, risk: "The revenue during the year represents revenue mainly arising from transmission /wheeling charge and optical fiber charges. We have identified the head ‘revenue’ as a key audit matter because revenue is one of the key performance indicators of the Company and therefore there is an inherent risk of manipulation of the timing of recognition of revenue by management to meet specific targets or expectations. There is also a risk that revenue may be overstated through misstatement of the measurement units. Further, there is a risk that the provisions of IFRS 15 may not be properly complied with. The application of IFRS 15 involves certain key judgments relating to the identification of distinct performance obligations, determination of transaction price of the identified performance obligation, the appropriateness of the basis used to measure revenue recognized over a period." Response: "Our audit included the following procedures: We tested certain internal controls within the revenue process including controls over the calculation of the units invoiced for; We checked the process to get assurance that revenue has been recognized at the correct time by testing a sample of transactions against which the revenue has been recognized. We tested a sample of revenue which comprised of transmission /wheeling charge and optical fiber charge as main components and compared to underlying documentation, including the contracts. We critically assessed journals posted to revenue to identify unusual or irregular items and obtained underlying documentation. We ascertained the revenue recognition process and tested the same through recalculation of revenue, and evaluation of recognition, measurement, presentation and disclosures in the financial statements in accordance with the related IFRS 15." [1 p.171]

Legal and regulatory matters, risk: "The Company has several legal proceedings, claims and government investigations and inquiries pending that expose it to significant litigation and similar risks arising from disputes and regulatory proceedings. Such matters are subject to many uncertainties and the outcome may be difficult to predict. These uncertainties inherently affect the amount and timing of potential outflows with respect to the provisions which have been established and other contingent liabilities. Overall, the legal provision represents the Company's best estimate for existing legal matters that have a probable and estimable impact on the Company's financial position." Response: "Our audit procedures included: We obtained an understanding, evaluated the design and tested the operational effectiveness of the Company's key controls over the legal provision and contingencies process. We enquired to those charged with governance to obtain their view on the status of all significant litigation and regulatory matters. We enquired of the Company's internal legal counsel for all significant litigation and regulatory matters and inspected internal notes and reports. We also received formal confirmations from external counsel. We assessed the methodologies on which the provision amounts are based, recalculated the provisions, and tested the completeness and accuracy of the underlying information. We also assessed the Company's provisions and contingent liabilities disclosure." [1 p.171]

Company explanation. The directors' report reproduces the six basis paragraphs and adds a "Statement of Power Grid on External Auditors' Findings" [1 p.73] [1 p.74]. On basis 1: "Total foreign exchange rate fluctuation loss incurred in FY 2024-25 is BDT 23,735,556,115 out of which BDT 9,341,945,684 that is related to closed projects has been charged in statement of profit or loss as per IAS-21 and the remaining BDT 14,393,610,432 that is related to running projects has been capitalized under capital work-in-progress as per section 185 (Schedule -XI, Part-I) of the Companies Act, 1994." [1 p.74] On basis 2 it states that "a total of approximately 742.03 acres of land from 101 locations across the country were transferred to Power Grid through six vendor agreements executed between 31 March 1999 and 10 April 2012" and that the company sent an NOC request to BPDB on 27 September 2023 with reminders on 29 July 2024, 03 September 2024 and 10 February 2025 [1 p.74]. On basis 3 it states that "BPDB has deducted a total amount of Tk. 128,17,52,634 from the wheeling bill up to December 2024" and that a joint committee "last met on 22 October 2025" [1 p.75]. On basis 4: "Power Grid will sign a loan agreement with Govt. and repay loan as per the approved amortization schedule." On basis 5: "Financial Statements of Power Grid Bangladesh PLC have been finalized till FY 2022-23 by calculating interest payable on foreign currency loans of closed projects on the outstanding BDT principal which has been certified by the auditor and approved in the Annual General Meeting. According to the observation of the auditor, at the end of every year, interest payable on foreign currency loans should be calculated on converting the outstanding foreign debt into BDT currency. However, Interest payable may be accounted for as per the instruction of external auditors." On basis 6: "Along with amortization schedule PCR of three projects are in process of approval. From now on Power Grid will repay DSL as per the approved amortization subject to the availability of sufficient fund. In order to repay DSL accordingly, tariff rate needs to be increased or Govt. subsidy shall be required." [1 p.75]

DSE posted the auditor's "Qualified Opinion" and "Emphasis of Matter" notices for FY2024 on 05-Feb-2025 and for FY2025 on 22-Dec-2025 [18]. The FY2025 report names ACNABIN with Snehasish Mahmud & Co. as the board's recommended joint auditors for FY2025-26, subject to the 29th AGM, and states that Hoda Vasi Chowdhury & Co. "has already completed three consecutive terms" [1 p.76].

Governance: BPDB 58.50% and Government 22.00% of ordinary shares; 27 names on the 2024-25 board attendance list; no 'Not Complied' tick

Ownership. At 30-Jun-2025 the 913,806,991 ordinary shares were held 58.50% by sponsors (BPDB), 22.00% by the Government, 14.61% by institutions, 4.88% by individuals and 0.01% by foreign holders [1 p.191]. All 10,146,510,999 preference shares are held by the Government [1 p.192]. There were 10,449 shareholders at 30-Jun-2025 and 11,258 at 30-Jun-2024 [1 p.192].

Board. The directors' report states that the board "consists of 12 members. Out of which, three are independent directors and one is the Managing Director" [1 p.75]. The FY2025 profile pages name Dr. M. Rezwan Khan (Chairman; Professor Emeritus, Dept. of EEE, United International University), Engr. Md. Rezaul Karim (Chairman, Bangladesh Power Development Board), Major General S M Zia-Ul-Azim, ndc, afwc, psc (Chairman, Bangladesh Rural Electrification Board), Md. Younus Mian (Ex. Chief, Industry & Energy Division, Planning Commission), Md. Sobur Hossain (Additional Secretary, Power Division), Dr. Abdul Hasib Chowdhury (Professor, Dept. of EEE & Pro-Vice Chancellor, BUET), Dr. Md. Abdur Rouf (Ex. Member (VAT Policy), National Board of Revenue), Md. Mizanur Rahman (Independent Director; Ex. Member, BERC and Ex-Chief Engineer, BPDB), Riaz A. Choudhury (Independent Director; Ex-Country Head of Corporate, Wholesale Banking, HSBC, Bangladesh), Abdur Rashid Khan (Managing Director; Ex-Officio Director) and Md. Hasibul Mahmud (Deputy Secretary, Power Division); the board photograph page lists Nur Ahmed and Md. Jahidul Islam as "Ex. Director" [1 p.28] [1 p.14] [1 p.16] [1 p.17] [1 p.18] [1 p.19] [1 p.20] [1 p.21] [1 p.22] [1 p.23] [1 p.24] [1 p.25]. Independent director Md. Monjur Alam resigned on 26 August 2025; the NRC recommended Ms. Tasnuva Shelly, Deputy Attorney General, as an independent director, subject to BSEC consent [1 p.76].

The 2024-25 attendance statement lists 27 names; the board changed during the year with removals on 15.08.2024, replacements on 21.09.2024, 03.11.2024 and 08.03.2025 and joinings through 08.03.2025 [1 p.151] [1 p.152]. 15 of the 27 attended every meeting held during their tenure; Barrister Sajed Ahammad Sami attended 1 of 3 and Dr. Md. Abdur Rouf 8 of 16 [1 p.151]. The statement notes: "The Directors who could not attend Meetings were granted leave of absence by the Board." [1 p.152]. Md. Sobur Hossain and Md. Hasibul Mahmud, both profiled as directors, are not in the 2024-25 attendance table [1 p.19] [1 p.25] [1 p.151]. The board photograph page labels Nur Ahmed and Md. Jahidul Islam, both in the 2024-25 attendance table, as "Ex. Director" [1 p.28]; the report does not print the dates on which Md. Sobur Hossain and Md. Hasibul Mahmud joined.

Committees. The FY2025 report lists six board committees [1 p.30] [1 p.31]: Audit Committee (Riaz A. Choudhury, Independent Director, Convener; Dr. Md. Abdur Rouf; Md. Mizanur Rahman, Independent Director; Md. Hasibul Mahmud); Nomination & Remuneration Committee (Md. Mizanur Rahman, Convener; Md. Younus Mian; Riaz A. Choudhury; Md. Hasibul Mahmud); Administrative Affairs Committee (Md. Sobur Hossain, Convener; Md. Rezaul Karim; Md. Younus Mian; Abdur Rashid Khan); Legal Affairs Committee (convener cell blank on the page; Md. Mizanur Rahman, Md. Hasibul Mahmud, Abdur Rashid Khan); Procurement Board Committee (Dr. Abdul Hasib Chowdhury, Convener; Md. Rezaul Karim; Dr. Md. Abdur Rouf; Abdur Rashid Khan); and OPGW Related Committee (Dr. Abdul Hasib Chowdhury, Convener; Md. Mizanur Rahman; Riaz A. Choudhury; Abdur Rashid Khan). The annexure records 07 Audit Committee meetings and one NRC meeting in 2024-25 [1 p.143] [1 p.147].

Key management. The "Key Persons of the Company" pages list Abdur Rashid Khan (Managing Director); Md. Abdul Monayem Chowdhury (Executive Director (O&M)); Md. Muniruzzaman (Executive Director (Finance), Executive Director (HRM), (A/C)); Md. Abul Kashem (Executive Director (P&D)); Md. Belayet Hossain (General Manager (Finance)); Md. Yeakub Ali (Deputy General Manager (Audit)); Md. Jahangir Azad (Company Secretary); and chief engineers and general managers [1 p.32] [1 p.33]. Md. Muniruzzaman signed the CEO/CFO declaration of 09.12.2025 as Executive Director (Finance) [1 p.150]. No person is titled "Head of Internal Audit and Compliance" on the key-persons, declaration or annexure pages read; the audit post listed is Md. Yeakub Ali, Deputy General Manager (Audit) [1 p.33]. The annexure ticks condition 3(1)(a), that the board "shall appoint" an MD, CS, CFO and "a Head of Internal Audit and Compliance (HIAC)", as complied, and remarks under 3(1)(b): "They are different individuals" [1 p.140].

Executive pay. Note 36 lists gross pay for FY2024-25 of BDT 984,802 for A.K.M. Gause Mohiuddin Ahmed (Managing Director), BDT 1,662,024 for Md. Anowarul Islam, BDT 1,602,334 for Abul Kalam Azad, BDT 3,906,015 for Abdur Rashid Khan and BDT 3,843,702 for Md. Abdul Monayem Chowdhury (each printed as Executive Director), BDT 11,998,877 in total [1 p.221]. Directors' honorarium in administrative expenses was BDT 4,755,010 [1 p.214].

Corporate governance annexure. The FY2025 "Status of compliance with the Corporate Governance Code" runs from p.132 to p.149; read page by page from the images, no condition is ticked in the "Not Complied" column [1 p.132] [1 p.149]. Haruner Rashid & Associates (A.K.M. Haruner Rashid, LL.B, FCS) certified on November 24, 2025 that "The Company has complied with the conditions of the Corporate Governance Code" and that "The Governance of the company is satisfactory." [1 p.131]. Three compliance statements conflict with the auditor's basis paragraphs 1 and 2 (IAS-21 and IAS-36): condition 3(3)(a)(ii), ticked complied, that the statements "are in compliance with existing accounting standards and applicable laws" [1 p.141]; the CEO/CFO declaration dated 09.12.2025 that "These statements collectively present true and fair view of the Company's affairs and are in compliance with existing accounting standards and applicable laws" [1 p.150]; and condition 1(5)(xiv), ticked complied, "that International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable in Bangladesh, have been followed" [1 p.137].

Related parties. Note 35 lists one party, BPDB ("Majority shareholder"), with the transmission-charge balance shown in the balance-sheet section [1 p.221]. The notes do not list the Government, the Power Division or the distribution companies as related parties [1 p.221].

FY2026 interims: 9M profit after tax of BDT 5,703.0m with a BDT 3,138.0m foreign-exchange gain; preference shares issued to the Government

The FY2026 interim statements carry no auditor and no printed signing date on most pages; the Q2 statement carries the Company Secretary's handwritten date 28.01.2026 [8 p.2]. Revenue was BDT 9,308.3m in Q1, BDT 16,716.7m for the six months and BDT 23,864.3m for the nine months to 31-Mar-2026, BDT 22,186.8m in the same nine months of FY2025 [7 p.2] [8 p.2] [9 p.2]. Basic EPS was BDT 3.98, 5.22 and 6.24 for the three cumulative periods, BDT (2.81), 1.55 and (0.34) in FY2025 [7 p.2] [8 p.2] [9 p.2]. The foreign exchange line was a gain of BDT 3,138.0m in 9M FY2026 and a loss of BDT 6,444.8m in 9M FY2025 [9 p.2]. NAV per share was BDT 150.11 at 31-Mar-2026 [9 p.1].

Capital actions on DSE in the 24 months to 2-Nov-2026 (48 posts, no corrections) [18]: the board recommended no dividend for FY2024 (post of 19-Jan-2025) and FY2025 (10-Nov-2025); DSE moved the shares from 'A' to 'Z' category from 11-Nov-2025 "as the company has failed to declare any dividend for a period of 2 (two) consecutive years"; BSEC consented on 17-Feb-2026 to 1,324,294,764 irredeemable non-cumulative preference shares (Tk. 13,242,947,640) for the Power Division against deposit for shares at 30-Jun-2024, issued on 22.04.2026; the 29th AGM on 24-Jan-2026 raised authorised capital from Tk. 15,000 crore to Tk. 17,000 crore; and BSEC consented by letter of 20-May-2026 to a further 1,529,194,237 preference shares (Tk. 15,291,942,370) against deposit for shares at 30-Jun-2025 [18]. No issue date for the second tranche was posted by 2-Nov-2026 [18]. BSEC approved extensions for the FY2024 audited accounts (to 26-Dec-2024, then 30-Jan-2025) and the Q1-Q2 FY2025 accounts [18]. No post in the period announces a capital-expenditure or expansion approval [18].

Printed conflicts: two auditor dates for the FY2025 report and three years of 'basic' EPS printed differently in the five-year review

Like-for-like printed conflicts. (1) Auditor's signing date: the auditor's report is "Dated: 10 Nov 2025" [1 p.173]; the same auditors' signature blocks under the statement of financial position and the statement of profit or loss read "Dated: 09 Nov 2025" [1 p.175] [1 p.176]. (2) FY2021-FY2023 basic EPS: the FY2025 five-year review row "Basic Earnings per Share" prints (7.88) for 2022-23, 1.33 for 2021-22 and 3.50 for 2020-21 [1 p.38]; the statements print basic EPS of (10.11) for FY2023 (restated; diluted (7.88)) [2 p.180], 1.70 for FY2022 (diluted 1.33) [3 p.170] and 4.50 for FY2021 (restated) [4 p.156].

Footing gaps. Note 35's BPDB row and note 29.1's interest rows each differ from their printed totals by one taka [1 p.221] [1 p.215]. These are recorded as footing gaps.

Restatements (not conflicts). Each annual report since FY2021 restates the prior year. FY2024 net loss after tax was BDT (4,574.7)m as first printed and BDT (6,109.1)m restated [2 p.180] [1 p.176]; the FY2025 report lists the prior-period items and states that "management identified certain prior period errors relating to the recognition/classification of assets, liabilities, and expenses" [1 p.195]. The 9M FY2026 statement of changes in equity shows a further prior-year adjustment, taking the 1-Jul-2025 balance from BDT (14,876,534,534) to BDT (14,911,360,358) [9 p.3].

Peers: no listed transmission company; four power generators shown on their own statements for context

The FY2025 notes describe Power Grid as "the sole electric power transmission organization in Bangladesh" [1 p.179]. The power companies with published AnalystBro notes are shown for context, each on its company (separate) statements for the year to 30-Jun-2025, with its business and audit-opinion heading as printed [20] [21] [22] [23]. Doreen Power: "The principal activity of the Company is to set up power plants for generation and supply of electricity." [14 p.140] Khulna Power: "The principal activity of the Company is generation and selling of electricity to Bangladesh Power Development Board (BPDB)." [15 p.11] Summit Power: "The principal activity of the Company/Group is to generate and supply of electricity." [16 p.13] United Power: "The principal activity of DEPZ power plant and CEPZ power plant is to generate electricity by gas fired power plants" [17 p.212].

What's next: board meeting on 08-Nov-2026 for FY2026 and Q1 FY2027; record date 1-Dec-2026 to 7-Feb-2027 and AGM 14-Jan-2027 to 8-Mar-2027 (inferred)

The board meets on 08-Nov-2026 at 6:00 PM to consider the FY2026 audited statements (DSE post of 29-Oct-2026) and the Q1 FY2027 un-audited statements (DSE post of 2-Nov-2026) [18]. Annual statements were dated 07-Nov-2020, 15-Nov-2021, 09-Nov-2022, 08-Nov-2023, 18-Jan-2025 and 09-Nov-2025 [6 p.14] [5 p.148] [4 p.157] [3 p.170] [2 p.180] [1 p.176]; Q1 statements carry the handwritten dates 08.11.2023 and 18.01.2025 (Q1 FY2025; board meeting 18-Jan-2025 after a BSEC time extension, DSE posts 14-Jan-2025 and 23-Jan-2025; the Q1 outlier), and the Q1 FY2026 board met on 09-Nov-2025 [11 p.1] [10 p.1] [18].

No record date or AGM date for FY2026 had been notified at 2-Nov-2026 [18]. Record dates were 06-Dec-2021, 19-Dec-2023, 06-Feb-2025 and 01-Dec-2025 [5 p.10] [3 p.15] [2 p.7] [1 p.11]; the inferred FY2026 range is 1-Dec-2026 to 7-Feb-2027 (inferred, 4 years), with 06-Feb-2025 (FY2024 accounts filed under a BSEC time extension) the outlier and 1-Dec-2026 to 20-Dec-2026 without it. AGMs were set for 16-Jan-2021, 29-Jan-2022, 10-Feb-2024, 08-Mar-2025 and 24-Jan-2026, all Saturdays [6 p.22] [5 p.10] [3 p.15] [2 p.7] [1 p.9]; the inferred 30th AGM range is 14-Jan-2027 to 8-Mar-2027 (inferred, 5 years; 16-Jan-2027 is a Saturday), with 08-Mar-2025 the outlier and 14-Jan-2027 to 10-Feb-2027 without it.

Q2 precedents are 29-Jan-2021 (statement, handwritten), 05-Feb-2025 (board, after a BSEC extension) and 28-Jan-2026 (board; statement handwritten 28.01.2026) [13 p.1] [18] [8 p.2]; the inferred Q2 FY2027 range is 28-Jan-2027 to 7-Feb-2027 (inferred, 3 years), with 05-Feb-2025 the outlier and 28-Jan-2027 to 31-Jan-2027 without it. Q3 precedents are 25-Apr-2024 (statement, handwritten), 28-Apr-2025 and 28-Apr-2026 (board meetings) [12 p.1] [18]; the inferred Q3 FY2027 range is 25-Apr-2027 to 28-Apr-2027 (inferred, 3 years), with 25-Apr-2024 the outlier and 28-Apr-2027 without it. All range ends are DSE business days (Sunday to Thursday). Other Q1-Q3 statements in the corpus carry no printed date (images read).

Bangladesh's LDC graduation date is 24-Nov-2029 [24] [25]. The FY2026 annual report is not in the corpus at 1-Nov-2026.

Risks: foreign-exchange loss, interest the auditor says is understated, disputed receivables and land title

The risk table lists each item with the filing that prints it. The "line it moves" column reads "None disclosed" unless a filing quote links the item to a line.

Key questions: the FY2026 audit opinion, the revised tariff in revenue and the dividend decision

At the 29-Oct-2026 close of BDT 38.60, the market value of the ordinary shares was BDT 35,272.9m and the price was 0.28x NAV per share at 30-Jun-2025 and 0.26x NAV per share at 31-Mar-2026 [26] [27]. P/E on FY2025 EPS is not computed (negative EPS).

FAQ

What does Power Grid Bangladesh do?

Its printed principal activities are planning, promoting, developing, operating and maintaining the power transmission system throughout Bangladesh [1 p.179].

Who pays the wheeling charge?

The distribution entities: Palli Bidyut Samity, BPDB, DPDC, DESCO, NESCO and WZPDCL, per note 24.1 [1 p.212].

What changed in the wheeling tariff in 2026?

BERC revised the per-kWh rates on 03-Jun-2026 to BDT 0.3897 (33 kV), 0.3825 (132 kV) and 0.3789 (230 kV), effective from the June-2026 bill month [19].

Why does equity include preference shares?

Government equity for projects is received as deposit for shares and later issued as irredeemable non-cumulative preference shares to the Government [1 p.192] [18].

When are the FY2026 results due?

The board meets on 08-Nov-2026 to consider them [18].

What is the 52-week range?

BDT 26.4 to BDT 41.9 on unadjusted DSE trading-day closes, 30-Oct-2025 to 29-Oct-2026 [26].

Sources

1. Power Grid Bangladesh PLC. Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-02
2. Power Grid Bangladesh PLC. Annual Report 2023-24 (year to 30-Jun-2024) · link · accessed 2026-11-02
3. Power Grid Company of Bangladesh Ltd. Annual Report 2022-23 (year to 30-Jun-2023) · link · accessed 2026-11-02
4. Power Grid Company of Bangladesh Ltd. Annual Report 2021-22 (year to 30-Jun-2022) · link · accessed 2026-11-02
5. Power Grid Company of Bangladesh Ltd. Annual Report 2020-2021 (year to 30-Jun-2021) · link · accessed 2026-11-02
6. Power Grid Company of Bangladesh Ltd. audited financial statements, year to 30-Jun-2020 · link · accessed 2026-11-02
7. Power Grid Bangladesh PLC un-audited statements, quarter to 30-Sep-2025 (Q1 FY2026) · link · accessed 2026-11-02
8. Power Grid Bangladesh PLC un-audited statements, six months to 31-Dec-2025 (Q2 FY2026) · link · accessed 2026-11-02
9. Power Grid Bangladesh PLC un-audited statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-02
10. Power Grid Bangladesh PLC un-audited statements, quarter to 30-Sep-2024 (Q1 FY2025) · link · accessed 2026-11-02
11. Power Grid Company of Bangladesh Ltd. un-audited statements, quarter to 30-Sep-2023 (Q1 FY2024) · link · accessed 2026-11-02
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13. Power Grid Company of Bangladesh Ltd. un-audited statements, six months to 31-Dec-2020 (Q2 FY2021) · link · accessed 2026-11-02
14. Doreen Power Generations and Systems Limited Annual Report 2025 (year to 30-Jun-2025; separate statements) · link · accessed 2026-11-02
15. Khulna Power Company Ltd. auditor's report and financial statements, year to 30-Jun-2025 · link · accessed 2026-11-02
16. Summit Power Limited audited consolidated and separate financial statements, year to 30-Jun-2025 · link · accessed 2026-11-02
17. United Power Generation & Distribution Company Ltd. Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-02
18. DSE news archive, POWERGRID, all news 31-Oct-2024 to 2-Nov-2026 (48 posts dated 17-Nov-2024 to 2-Nov-2026) · link · accessed 2026-11-02
19. Power Grid Bangladesh PLC, price-sensitive information letter to BSEC, DSE and CSE on the BERC wheeling-charge revision, dated 03-Jun-2026 (DSE annexure) · link · accessed 2026-11-02
20. AnalystBro, Doreen Power financial analysis (published note) · link · accessed 2026-11-02
21. AnalystBro, Khulna Power financial analysis (published note) · link · accessed 2026-11-02
22. AnalystBro, Summit Power initiation (published note) · link · accessed 2026-11-02
23. AnalystBro, United Power Generation & Distribution initiation (published note) · link · accessed 2026-11-02
24. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
25. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
26. AnalystBro price data (TradingView DSE daily feed): DSE:POWERGRID daily bars 29-Oct-2025 to 2-Nov-2026 · link · accessed 2026-11-02
27. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02