Quasem Industries financial analysis: one Sunstone payment was half of FY2025 pre-tax profit (Oct 2026)

Batteries carry the sales; a one-off Sunstone payment and Tk 131.9m of interest decide the profit

What it is. Quasem Industries PLC makes dry-cell batteries (UM-1, UM-3 and UM-4 sizes), flashlights, air fresheners, shaving foam and other aerosols at factories in Gorai (Tangail) and Baimail (Gazipur), and runs an artificial quartz plant at Gorai built with Sunstone International LLC of the USA to export to the US [1 p.14]. All figures here are on the company basis: the company prepares single-entity statements and carries its 18.75% stake in sister company Quasem Food Products at cost [1 p.26]. Batteries were 74.2% of FY2025 gross sales (Tk 1,285.7m of Tk 1,732.1m before VAT and supplementary duty) [1 p.54] [16].

Where it stands. FY2025 (year to 30-Jun-2025) sales net of VAT were Tk 1,471.2m (+1.2%) and net profit Tk 75.9m (EPS Tk 1.04) [1 p.11]. Two items explain most of the year: gross margin rose to 24.5% from 19.1%, and other income of Tk 51.6m included Tk 48.0m from Sunstone LLC [1 p.39], equal to 50.6% of profit before tax [16]. For FY2026 the board reported EPS of Tk 1.07, NAV per share of Tk 57.28 and NOCFPS of Tk 1.21 on 19-Oct-2026, and recommended a 2% cash and 8% stock dividend [9]; the audited FY2026 statements are not yet in our corpus. Over the nine months to March 2026, sales fell 5.3% to Tk 1,047.6m while net profit rose to Tk 66.4m, with Tk 44.5m of other income [6 p.2]. The shares closed at Tk 39.0 on 29-Oct-2026 [11].

What drives shareholder returns. Over FY2019-FY2025 operating profit ranged from Tk 85.5m to Tk 179.6m, while financial expenses rose from Tk 37.1m (FY2022) to Tk 131.9m (FY2025) [5 p.58] [3 p.8] [2 p.11] [1 p.11]; model [16]. What is left for shareholders depends on three lines: the gross margin on batteries and aerosols, the interest bill on about Tk 1.1bn of bank debt, and non-operating items that the notes name one by one (a Tk 45.9m land-acquisition compensation in FY2021 [3 p.8], the Tk 48.0m Sunstone item in FY2025 [1 p.39]). Cash conversion has been weak: free cash flow (operating cash flow less capex paid) added up to minus Tk 379.5m over FY2019-FY2025, mainly the quartz plant and an inventory build in FY2022-FY2023 [16]. Distributions are small and mostly in shares: cash dividends paid were Tk 10.9m in FY2025 [1 p.13], the FY2025 dividend was 10% stock [1 p.46], and FY2026's is 2% cash plus 8% stock [9].

• How much of FY2026 profit came from Sunstone again? Signpost: the 'Other Income' note in the FY2026 audited statements (missing from our corpus as of 1-Nov-2026).
• Is the quartz plant earning its keep? Signpost: Annexure-B quartz export line against FY2025's Tk 94.2m, and any repayment of the Tk 284.5m supplier's credit.
• Can battery volume grow into the idle capacity? Signpost: capacity note 39.06 (UM-3 output 46.02m pieces in FY2025).
• Does the interest bill keep falling? Signpost: Q1 FY2027 finance cost against Tk 32.4m in Q1 FY2026.
• Will the auditor's qualifications clear? Signpost: the FY2026 audit report on WPPF and dividend timing.

Three businesses under one roof: batteries for the home market, aerosols partly made for other brands, and quartz for one US partner

Batteries. The core business is zinc-carbon dry cells sold under the company's own brands in metal and vinyl jackets, in the UM-1 (D), UM-3 (AA) and UM-4 (AAA) sizes [1 p.14]. Annexure-B to the FY2025 accounts lists every product line at gross value: the UM-3 H/D line alone was Tk 641.6m and UM-4 480-piece packs Tk 325.4m, up from Tk 127.7m a year earlier [1 p.54]. The battery group grew 14.7% while quartz exports more than halved, which is why total gross sales still rose 2.4% to Tk 1,732.1m [16]. Management says local sales rose through 'relentless effort' while quartz exports fell [1 p.45].

Aerosols, cans and contract filling. Unit-3 at Baimail prints tin plate, makes aerosol cans and fills them. The Wave and Sunlite brands (air fresheners, body spray, shaving foam, aerosol insecticide) sit next to filling done for other brand owners: the schedule names Odonil and Odo Block, LAFZ (Elite Cosmetical), Areon (First Imperial), Aircair conversion fees and empty cans sold to third parties [1 p.53]. The whole aerosol and can group was Tk 313.7m gross in FY2025 against Tk 316.8m in FY2024 [16]. Butane gas, ghee and peanut cans for the sister company QFPL and metal-jacket printing are in the same group [1 p.53].

Artificial quartz. The quartz plant at Gorai was built 'in collaboration with Sunstone International LLC, USA', with the main objective of exporting to the US and a provision for local sales [1 p.14]. The machinery came on a supplier's credit of Tk 284.5m [1 p.32]; capital work-in-progress reached Tk 538.8m in June 2022 before capitalisation [3 p.7]. Sunstone had paid advances against exports from November 2021 (US$706,022, Tk 43.2m), and in FY2025 the company adjusted this advance against Sunstone receivables, describing it as covering the pre-operational cost of the project [1 p.34]. Quartz gross sales were Tk 229.6m in FY2024 (Tk 216.3m exported) and Tk 117.2m in FY2025 (Tk 94.2m exported) [1 p.54].

Capacity. The capacity note shows how much room the plants have. UM-3 lines produced 46.02m pieces in FY2025 against an effective capacity of 379.94m (12.1%), and UM-1/UM-4 lines 32.20m against 87.92m (36.6%); the aerosol can line ran at 8.2% [1 p.43] [16]. The company's own remark is 'under capacity utilization due to low demand' for batteries and 'market demand is not yet created up to the mark' for new aerosol products [1 p.43]. Quartz capacity is not given in the note.

Distribution for sister concerns (ended). Until FY2025 the company also distributed and marketed products of Quasem group companies (Quasem Lamps, Quasem Food Products, Sun Beverage) and booked the fee as 'Income from Service' [1 p.14]. That income peaked at Tk 237.7m in FY2024 and fell to Tk 60.3m in FY2025 [1 p.37]; the company says it 'terminated the distribution service contracts with the sister concern', and that the matching selling cost moved to those companies [1 p.45]. The nine-month FY2026 statement shows no service income at all [6 p.2].

Net profit fell from Tk 95.7m in FY2017 to Tk 21.8m in FY2023 before the FY2025 rebound

The company's own five-year table shows net profit of Tk 82.1m in FY2016, Tk 95.7m in FY2017 and Tk 79.3m in FY2018, with equity per share of Tk 47.47 in FY2016 [5 p.24]. Profit then slid: Tk 48.8m in FY2019, Tk 44.2m in FY2020, Tk 35.4m in FY2022 and Tk 21.8m in FY2023 [5 p.58] [3 p.8] [2 p.11] [1 p.11]; model [16]. The two years that break the trend each contain a named one-off: FY2021's Tk 91.6m includes Tk 45.9m of compensation from a government land acquisition [3 p.8], and FY2025's Tk 75.9m includes the Tk 48.0m Sunstone item [1 p.39]. Over the same decade total assets grew from Tk 2,569.0m to Tk 3,959.3m, mostly through revaluation of land and buildings and the quartz plant [5 p.24] [1 p.10], so return on assets fell from 3.7% in FY2017 to 0.6% in FY2023 and 1.9% in FY2025 [16].

Sales tell a similar story. Net sales were Tk 1,855.5m in FY2019 and fell for three years to Tk 1,076.6m in FY2022 [5 p.58] [3 p.8], then recovered to Tk 1,471.2m by FY2025 [1 p.11]. The company's FY2023 explanation of lower EPS was the 'substantial increase of USD', which raised raw material and operating costs, together with higher bank interest and unchanged selling prices [4 p.46]; the FY2025 notes credit higher local sales, lower selling cost and the Sunstone benefit for the higher EPS [1 p.45]. Share count matters for per-share comparisons: bonus issues lifted shares from 58.8m (FY2019) to 72.7m (FY2022) and 80.0m (January 2026) [1 p.29] [10]. Restated to today's 80.0m shares, EPS was Tk 0.61 in FY2019, Tk 0.27 in FY2023 and Tk 0.95 in FY2025 [16].

Gross margin jumped to 24.5% as materials fell to 50.8% of sales; the distribution exit cut both service income and selling cost

Revenue. Net sales are gross sales less VAT (Tk 213.6m in FY2025), supplementary duty (Tk 18.0m) and inter-departmental transfers (Tk 29.3m) [1 p.35]. The net-of-VAT ratio slipped from 85.9% to 84.9% as VAT rose 11.0%, faster than gross sales [16]. Local sales rose to Tk 1,377.0m from Tk 1,237.2m while export sales fell to Tk 94.2m from Tk 216.3m [1 p.35]. The battery lines drove the local gain; the export line is quartz only [1 p.54]. In the nine months to March 2026 sales fell 5.3%, and the company says production and supply were 'disrupted due to crisis of fuel and Gulf war', mainly in the third quarter [6 p.8] [6 p.9].

Cost of goods sold. Cost of sales fell 5.6% to Tk 1,110.3m while sales rose 1.2% [1 p.11]. Raw and packing materials consumed fell from Tk 830.5m to Tk 746.8m, or from 57.1% to 50.8% of sales; manufacturing overheads rose from Tk 341.9m to Tk 373.9m, with wages up to Tk 87.5m from Tk 67.3m and factory salaries to Tk 87.6m from Tk 72.8m [1 p.36] [1 p.37]. The notes do not split material cost by product, so the margin gain cannot be assigned to batteries or quartz from the filings alone. Imports of raw and packing materials fell to US$3.26m from US$4.92m while the average rate used rose to Tk 122 from Tk 112 per dollar [1 p.41].

Income from service and selling cost move together. From FY2019 to FY2024 the distribution fee grew from Tk 30.3m to Tk 237.7m, and selling and distribution cost from Tk 118.9m to Tk 195.2m [5 p.58] [3 p.8] [2 p.11] [1 p.11]; model [16]. Without the fee, the manufacturing business made an operating loss before finance cost in each of FY2021 to FY2024 (minus Tk 12.9m, Tk 54.0m, Tk 91.2m and Tk 66.7m), then a Tk 119.2m profit in FY2025 [16]. In FY2025 the fee fell by Tk 177.3m and selling cost by Tk 97.6m: field-staff salaries (JSR) fell to Tk 11.1m from Tk 45.4m, delivery charges to Tk 0.3m from Tk 10.9m and JSR bonus, travel and allowances by about Tk 28m [1 p.38] [1 p.39]. Administrative cost was steady at Tk 144.1m [1 p.38].

Financial expenses. Interest is the largest cost after materials and labour. Financial expenses rose from Tk 37.1m in FY2022 to Tk 90.5m in FY2023, Tk 123.8m in FY2024 and Tk 131.9m in FY2025 [5 p.58] [3 p.8] [2 p.11] [1 p.11]; model [16]; FY2022 was low partly because the quartz project was still in capital work-in-progress [3 p.7]. The company attributes the FY2025 rise to higher bank rates and working-capital changes [1 p.45]. Divided by average bank and NBFI borrowings of about Tk 1,099m, the FY2025 expense is about 12.0% [16]; the IPDC project loan carries 13.64% [1 p.35]. In the nine months to March 2026 finance cost fell to Tk 94.0m from Tk 108.5m [6 p.2].

Other income. Non-operating income was below Tk 4m in every year except FY2021 and FY2025 [5 p.58] [3 p.8] [2 p.11] [1 p.11]; model [16]. FY2025's Tk 51.6m other income was Tk 48.0m from 'Sunstone LLC, USA', Tk 3.4m of FDR interest and small items [1 p.39]; the notes call the Sunstone amount 'cost benefits received from Sunstone LLC' [1 p.45]. The same wording explains the Q1 FY2026 EPS rise [9] and the nine-month FY2026 rise, when other income was Tk 44.5m [6 p.2] [6 p.9]. Neither filing states the contract terms behind these amounts or whether they recur.

Tax. The company pays the higher of 20% on business profit and the minimum tax on gross receipts. In FY2024 minimum tax (Tk 11.8m) applied; in FY2025 tax on business profit (Tk 16.7m) was the higher [1 p.40]. The effective rate fell to 20.0% from 34.4% [16]. Advance income tax paid but not yet set against assessments had grown to Tk 272.9m by June 2025, against current tax liabilities of Tk 75.5m [1 p.27] [1 p.35].

FY2026: nine-month sales down 5.3%, profit up 59.5% on other income; full-year EPS Tk 1.07 announced

Quarterly sales were Tk 362-382m in each of the six quarters to December 2025, with Q3 FY2026 (January-March 2026) lower at Tk 301.7m [6 p.2]. Gross margin was 25.1% to 26.2% in each FY2026 quarter [16]. The profit line moved with other income: Tk 13.1m in Q1, Tk 20.7m in Q2 and Tk 12.0m in Q3 FY2026 [8 p.2] [7 p.2] [6 p.2]. Q4 FY2025 is derived (full year less nine months) and carries the Tk 48.0m Sunstone item; its service income is negative (Tk 60.3m for the year against Tk 65.0m for the nine months) [1 p.11] [6 p.2].

The FY2026 interims do not add up exactly. The three own-quarter profit columns sum to Tk 64.1m, while the nine-month statement shows Tk 66.4m; the half-year statement (Tk 49.8m) is also Tk 0.6m above Q1 plus Q2 as first reported [8 p.2] [7 p.2] [6 p.2]. The filings do not explain the gaps, so the table uses each interim's own-quarter column and the nine-month totals are shown separately. FY2025's quarters reconcile: Tk 7.5m, Tk 21.5m and Tk 12.6m sum to the Tk 41.6m nine-month figure [6 p.2].

FY2026 announced figures. On 19-Oct-2026 the company reported FY2026 EPS of Tk 1.07, NAV per share of Tk 57.28 and NOCFPS of Tk 1.21 [9]. On 79,999,195 shares [10], EPS of Tk 1.07 is net profit of about Tk 85.6m (Tk 85.2-86.0m given rounding), so the fourth quarter added about Tk 19.2m (Tk 18.8-19.6m) to the nine-month Tk 66.4m [6 p.2] [16]. NAV per share was Tk 27.28 in March 2026 [6 p.1]. Separately, the board decided on 21-Jun-2026 to revalue all land and land development, with Shafiq Basak & Co. as valuer, and approved the revaluation report on 27-Jul-2026 [9]. The DSE announcement does not break down the FY2026 NAV; the audited statements will.

ROE 3.6%, interest cover 1.36x and a 224-day cash cycle

Returns are low on any measure. ROE on average equity was between 1.1% and 4.6% in FY2020-FY2025 and 3.6% in FY2025 [16]. Equity includes a revaluation surplus of Tk 820.2m [1 p.10]; on equity excluding that surplus ROE was 6.0% in FY2025 and 1.9% in FY2023. ROCE (operating profit over average equity plus net debt) stayed between 2.9% and 5.1% [16]. The ten-year view is similar: ROE peaked at 5.1% in FY2017 [5 p.24] [16].

Leverage and cover. Interest-bearing debt (MTBL facilities, the IPDC loan, the supplier's credit and leases) rose from Tk 658.9m in FY2021 to Tk 1,473.3m in FY2023 and was Tk 1,405.4m in FY2025 [16]. Net debt to equity was 0.66x, or 1.07x if the revaluation surplus is excluded. Interest cover fell from 2.31x in FY2022 to 1.36x-1.38x in FY2023-FY2025; excluding the distribution fee it was below 1.0x in every year from FY2020 to FY2025 [16]. Each 1pp change in the rate on Tk 1,097.2m of bank and NBFI debt moved interest by about Tk 11.0m, or 11.6% of FY2025 profit before tax [16].

Working capital. Inventory is the main use of capital. Year-end inventory rose from 120 days of cost of sales in FY2019 to 314 days in FY2023 and was 251 days in FY2025 [16]. In June 2025 it consisted of raw materials Tk 208.3m, finished goods Tk 106.3m (Tk 60.6m of it quartz) and stock-in-transit Tk 408.2m, including quartz materials, spares and stores [1 p.27] [1 p.28]. The auditor named inventories (19.29% of total assets) a key audit matter [1 p.3]. Receivables are short, 16 days, and trade payables 43 days, so the cash cycle was 224 days [16].

Peers. Listed makers of dry cells are not available for comparison, so the table uses the two other small electrical and consumer-durable companies in our F20 group with June 2025 year ends. Each figure is the company's own printed line. Of the three, Quasem had the highest gross margin (24.5%) and the only net profit; Bangladesh Lamps had a slightly lower gross margin (21.3%) and a gross finance cost of 8.2% of revenue against Quasem's 9.0%, and ended with a Tk 65.5m loss [12 p.50] [1 p.11]. Quasem's borrowings are 0.52x its equity against 2.88x at Bangladesh Lamps [12 p.49] [16]. GQ Ball Pen had a gross loss on Tk 18.5m of sales [13 p.74].

Tk 1.0bn of bank debt, a Tk 284.5m supplier's credit and Tk 17.9m of cash; most MTBL debt has been rescheduled

Debt. At 30-Jun-2025 the company owed Mutual Trust Bank (MTBL) Tk 956.3m across seven facilities and IPDC Finance Tk 140.9m [1 p.34] [1 p.35]. The largest MTBL lines were UPAS (Tk 285.0m), a rescheduled term loan (Tk 215.1m current plus Tk 78.8m non-current) and CC-Hypo (Tk 134.6m) [1 p.34]. The CC-Hypo balance was Tk 4.6m above its Tk 130.0m limit, and the time and demand loans carry no stated limit [1 p.44]. By March 2026 the current loan line had fallen to Tk 743.0m and the rescheduled non-current part had risen to Tk 184.5m [6 p.1]. Land and factory buildings of 1,095.08 decimals are pledged to MTBL [1 p.52]; the IPDC loan is secured on 175 decimals of land at Joydebpur, a Tk 20.0m FDR, directors' personal guarantees and a corporate guarantee from Quasem Lamps [1 p.35].

The supplier's credit for the quartz machinery has stood at Tk 284.5m since June 2023 (Tk 279.8m in June 2022) with no repayment line in any cash-flow statement since [3 p.7] [1 p.32] [1 p.13]. Interest on it was Tk 5.6m in FY2024 and nil in FY2025 [1 p.39]. Cash was Tk 19.5m in June 2025 and Tk 17.9m in March 2026 [1 p.10] [6 p.1].

Cash quality. Operating cash flow was negative (minus Tk 166.8m) in FY2023, when inventory rose by Tk 209.5m [2 p.13] [2 p.10] [3 p.7]. In FY2025 it was Tk 63.9m, 0.84x net profit, after paying interest of Tk 135.6m and tax of Tk 44.8m [1 p.13]. The company says it 'paid more than realized from customers' [1 p.45]. Capex has been small since the quartz build: Tk 61.8m in FY2024 and Tk 16.8m in FY2025, and the PPE note states there is no contractual commitment for new assets [1 p.13] [1 p.52]. A sweep of DSE announcements from November 2024 to October 2026 shows no board approval of new capacity or capex; the only asset decision was the land revaluation [9].

Tax assets and contingencies. Advance income tax of Tk 272.9m dates back to FY2015-16 [1 p.27]. The VAT authority has three open claims: Tk 33.8m for FY1997-1999, Tk 15.4m for FY2012-2017 and Tk 45.9m for FY2019-2022 (Tk 31.7m VAT and Tk 14.2m supplementary duty), together Tk 95.0m; all three are before the High Court, and the company has deposited part of each [1 p.42]. The stay orders were valid to 30-Oct-2025 and 2-Mar-2026 respectively for the second and third claims (both dates passed; outcome unknown) [1 p.42]. The balance sheet carries Tk 17.4m of deposits against VAT appeals [1 p.26].

Related parties. Transactions with Quasem group companies are disclosed without 'established terms and conditions', commitments or security [1 p.43]. In the March 2026 interim, temporary loans are listed for Quasem Zinc (Tk 7.5m), Quasem Food Products (Tk 4.7m), Quasem Logistics (Tk 2.9m) and Truce Beauty (Tk 1.5m) in the receivable/(outstanding) column, Tk 16.6m together, besides the Tk 17.5m investment in Quasem Food Products [6 p.10]. Trade payables at June 2025 include a negative inter-company balance of Tk 14.6m (Quasem Logistics and a QFPL temporary loan) [1 p.33].

Sponsors hold exactly 30%; two qualified audits, a spell in the Z category, and dividends paid mostly in shares

Ownership and board. Sponsors and directors held 30.00% at 30-Sep-2026, institutions 18.18% and the general public 51.82%; there are no foreign holders [10]. In the FY2025 register the largest individual holders are sponsor Khadiza Shamim (8.71m shares) and MD & CEO Tasvir Ul Islam (6.90m shares); the chairperson is Dr. Reyan Anis Islam [1 p.30]. The MD & CEO and the Director HR & Administration were paid Tk 7.8m and Tk 5.0m in FY2025 [1 p.41], and Tk 9.0m together in the nine months to March 2026 [6 p.6]. The audit firm changed from Shiraz Khan Basak & Co. (FY2020) [5 p.57] to S.K. Barua & Co. (FY2022) [3 p.7] and Kazi Zahir Khan & Co. (FY2024 and FY2025) [2 p.10] [1 p.9].

Audit and compliance. The FY2025 opinion is qualified on two points: 'every Company shall pay within 09 months of the close of every year 5% of the net profit of the previous year ... The Company has not followed this compliance', and 'Divedend should be paid within 30 days. This was not complied by the Company.' [1 p.2]. The FY2024 opinion was also qualified [9]. WPPF payable was Tk 10.1m at June 2025 after Tk 4.7m was paid in the year [1 p.34]. DSE moved the shares to the Z category on 29-Jan-2025 for not paying the approved dividend on time, back to B on 17-Mar-2025 after the 1.5% FY2024 cash dividend was paid, and to A on 21-Jan-2026 after the FY2025 bonus shares were credited [9]. CRAB rated the company A1 long-term and ST-3 short-term, outlook stable, on 18-Dec-2025 [9].

Capital actions. The FY2025 10% stock dividend took shares to 79,999,195 [10]; the company stated it was declared out of retained earnings to capitalise them [9]. The FY2026 recommendation of 2% cash and 8% stock would pay about Tk 16.0m in cash on today's share count and, if approved, raise shares by 8% [9] [16]. Retained surplus available for appropriation was Tk 123.3m in March 2026 [6 p.7]. Rights issues last raised capital in 1996-2000 [6 p.7].

Next: record date 15-Nov-2026, Q1 FY2027 accounts and the 15-Dec-2026 AGM

Already announced and therefore not listed above: the FY2026 results (EPS Tk 1.07, NAV Tk 57.28) and the dividend recommendation [9]. The audited FY2026 statements had not reached our corpus by 1-Nov-2026; when they do, the other-income note will show whether the Sunstone receipt recurred for the full year and the PPE note will show the land revaluation. On LDC graduation, the UN General Assembly moved Bangladesh's date to 24-Nov-2029 [14] [15]; the filings do not say whether any of the quartz export terms depend on LDC status.

Risks: other income, the interest bill and the quartz project matter most

FY2025 profit before tax was Tk 94.9m [1 p.11]; take away the Tk 48.0m Sunstone item and it is Tk 46.9m, about the same as FY2024's Tk 46.0m [16]. That residual is smaller than the Tk 131.9m interest bill and only about three times the effect of a 1pp change in gross margin. The FY2026 nine months show the same shape: profit before tax excluding non-operating income fell to Tk 35.0m from Tk 49.2m [6 p.2] [16]. On the other side, the end of the distribution contracts removed both the fee and most of the field sales cost, and the manufacturing business reported an operating profit of its own in FY2025 [1 p.45] [16].

Two balance-sheet items carry their own risk. The Tk 284.5m supplier's credit has not been reduced since the quartz plant was commissioned [1 p.32], and its terms are not disclosed beyond the machinery value. The MTBL term loan has been rescheduled, with Tk 184.5m now classed as non-current [6 p.1]; the CC-Hypo account was over its limit in June 2025 [1 p.44]. The auditor reported that its loan procedures 'did not identify any issues' [1 p.5].

• Q1 FY2027 accounts (inferred around 13-Nov-2026): other income and finance cost against Tk 13.1m and Tk 32.4m in Q1 FY2026.
• FY2026 audited statements: the Sunstone line in other income, quartz export sales and the revaluation entry.
• 15-Dec-2026 AGM and the BSEC decision on the 8% bonus.
• Any repayment or restructuring of the Tk 284.5m supplier's credit.
• MTBL rescheduled balance (Tk 184.5m non-current in March 2026).
• Outcome of the VAT appeals whose stay orders lapsed on 30-Oct-2025 and 2-Mar-2026.

FAQ

What does Quasem Industries make?

Dry-cell batteries in UM-1, UM-3 and UM-4 sizes, flashlights, air fresheners, shaving foam and other aerosols at Gorai (Tangail) and Baimail (Gazipur), plus artificial quartz for export to the US. Batteries were 74.2% of FY2025 gross sales.

Why did Quasem's profit rise in FY2025?

Gross margin rose to 24.5% from 19.1%, selling cost halved after the distribution contracts with sister companies ended, and other income included Tk 48.0m from Sunstone LLC. Net profit was Tk 75.9m (EPS Tk 1.04) against Tk 30.2m.

What is the Sunstone income?

Sunstone International LLC of the USA is the company's partner in the artificial quartz project. The FY2025 notes record Tk 48.0m from it as other income and describe it as cost benefits; the filings do not give the contract terms.

How much debt does Quasem Industries have?

Tk 1,044.6m of bank and NBFI borrowings at 31-Mar-2026 (Mutual Trust Bank and IPDC Finance), plus a Tk 284.5m supplier's credit for the quartz machinery. FY2025 financial expenses were Tk 131.9m.

What dividend did Quasem declare for FY2026?

The board recommended 2% cash and 8% stock on 19-Oct-2026, subject to BSEC approval; the record date is 15-Nov-2026 and the AGM is on 15-Dec-2026.

Why was the audit opinion qualified?

For FY2025 the auditor said the company had not paid 5% of net profit to the workers' funds within nine months and had not paid the dividend within the 30 days BSEC requires. The FY2024 opinion was also qualified.

Sources

1. Quasem Industries PLC audited financial statements, year to 30-Jun-2025 (corpus QUASEMIND_ANNUAL_2025; PDF page numbers; company basis) · link · accessed 2026-11-01
2. Quasem Industries Limited audited financial statements, year to 30-Jun-2024 (QUASEMIND_ANNUAL_2024) · link · accessed 2026-11-01
3. Quasem Industries Limited audited financial statements, year to 30-Jun-2022 (QUASEMIND_ANNUAL_2022) · link · accessed 2026-11-01
4. Quasem Industries Limited audited financial statements, year to 30-Jun-2023 (QUASEMIND_ANNUAL_2023) · link · accessed 2026-11-01
5. Quasem Industries Limited Annual Report 2019-20, incl. key data of five years FY2016-FY2020 (QUASEMIND_ANNUAL_2020) · link · accessed 2026-11-01
6. Un-audited financial statements, nine months to 31-Mar-2026 (QUASEMIND_QUARTERLY_Q3_2026) · link · accessed 2026-11-01
7. Un-audited financial statements, half year to 31-Dec-2025 (corpus key QUASEMIND_QUARTERLY_Q2_2025, period end 31-Dec-2025) · link · accessed 2026-11-01
8. Un-audited financial statements, quarter to 30-Sep-2025 (corpus key QUASEMIND_QUARTERLY_Q1_2025, period end 30-Sep-2025) · link · accessed 2026-11-01
9. DSE news archive for QUASEMIND, 10-Nov-2024 to 19-Oct-2026 (price-sensitive and corporate announcements, each cited with its post date) · link · accessed 2026-11-01
10. DSE company page for QUASEMIND (shareholding at 30-Sep-2026, paid-up capital, category), read 1-Nov-2026 · link · accessed 2026-11-01
11. AnalystBro market data: DSE daily bars for QUASEMIND to 29-Oct-2026 (bonus-adjusted) · link · accessed 2026-11-01
12. Bangladesh Lamps PLC Annual Report 2024-2025 (peer; BDLAMPS_ANNUAL_2025, P&L p.50, balance sheet p.49) · link · accessed 2026-11-01
13. GQ Ball Pen Industries Limited Annual Report 2024-2025 (peer; GQBALLPEN_ANNUAL_2025, P&L p.74) · link · accessed 2026-11-01
14. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30-Oct-2026 · link · accessed 2026-11-01
15. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30-Oct-2026 · link · accessed 2026-11-01
16. AnalystBro history and ratio model for QUASEMIND (model.xlsx, the workbook below) · link · accessed 2026-11-01