Runner Automobiles financial analysis: interest cover 1.1x, Bajaj three-wheelers and Eicher trucks drive revenue (Oct 2026)

Investment considerations: a 31% gross margin business whose interest bill took 94% of FY2025 operating profit

Runner Automobiles PLC (RAPLC) is the flagship of the Runner Group. It makes Runner-brand motorcycles and scooters at Bhaluka, Mymensingh, sells Yadea electric two-wheelers, and since February 2023 has assembled Bajaj three-wheelers in its own plant as the sole manufacturer and distributor of Bajaj three-wheelers in Bangladesh [3 p.80] [4 p.4]. Its 61.67% subsidiary Runner Motors PLC (RMPLC) is the exclusive Bangladesh distributor of Eicher light and medium trucks made by Volvo Eicher Commercial Vehicles [1 p.29] [3 p.87]. Group revenue was BDT 10,481m in the year to June 2025, 25.3% higher than a year earlier but still 6.7% below FY2021 [1 p.10] [3 p.86].

The investor question is simple to state. The business earns a gross margin of about 31-33% and an operating margin of about 18% in normal years, but it sells a large share on credit, funds that credit with bank loans and a bond, and pays most of its operating profit away as interest. In FY2025 operating profit was BDT 1,896m and financial expenses BDT 1,774m [1 p.10]. Everything that reaches shareholders comes from the gap between the two, plus about BDT 240m of other income, mostly interest on fixed deposits [1 p.40].

Industry: motorcycles recovered to 424,000-467,000 units after a five-year fall; Runner's own share was 3% in FY2023

Motorcycles are the volume market in Bangladesh, and the market has only just stopped shrinking. The Business Standard reports that sales peaked at over 625,000 units in 2020, fell for five years to 392,610 and recovered to 424,304 units (+8%) in the latest fiscal year [11]. The Daily Star, using a calendar-year series, reports 466,858 units in 2025, up 19% from 392,130 in 2024, and puts the peak at 604,479 units in 2022 [12]. The two outlets use different periods and give different peaks, so we show both and do not merge them.

Brand shares differ between the two reports as well. For 2025 TBS gives Yamaha 20.8%, Honda about 20%, Suzuki 19.08%, Hero 17.8% and Bajaj 15.7% [11]; The Daily Star gives Suzuki 20.1%, Yamaha 19.7%, Hero 18.1%, Honda 17.8% and Bajaj 17.6%, and says TVS sales fell 80% [12]. Both agree that five Japanese and Indian brands hold almost the whole market. Neither gives a figure for Runner. The company's own last disclosure was a 3% share of two-wheelers in FY2023, when it sold 9,480 units [4 p.27], and about 42% of the small scooter and step-through segment (about 6,500 vehicles a year) [4 p.22].

Policy shaped the industry. Customs duty on completely knocked-down (CKD) motorcycle kits was cut by 25 percentage points to 20% to encourage local assembly; TBS dates the cut to FY2017 [11] and The Daily Star ties it to the Motorcycle Industry Development Policy 2018 [13]. Today about 99% of motorcycles are assembled or made locally, according to both outlets [11] [13]. For three-wheelers and four-wheelers Runner pays VAT at a reduced 5% on local sales and no VAT or supplementary duty on imported engine parts and raw materials under SRO 180 of 1-Jun-2022, and it applied for a 0% income tax rate on three- and four-wheeler manufacturing profit [4 p.156]. The FY2025 tax note shows two-wheeler business income taxed at 10% and three-wheeler business income at 0% [1 p.41].

LDC graduation sets the clock on that protection. The UN General Assembly adopted Bangladesh's move from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 (30-Oct in Dhaka) [14] [15]. For an assembler whose costs depend on import duty and VAT concessions the date matters; we do not estimate any effect.

Business: Bajaj three-wheelers are 88% of Runner Automobiles' vehicle sales and Eicher trucks 46% of group revenue

Runner was founded in 2000 to become Bangladesh's first local two-wheeler maker [3 p.80]. It listed on the DSE in 2019, raising BDT 1,000m (999,999,980) in its IPO [5 p.139]. The group now has three revenue lines. First, three-wheelers (CNG, LPG and diesel auto-rickshaws) assembled from Bajaj kits in a 30,000-unit plant next to the motorcycle factory [3 p.80]; all components are imported from Bajaj through letters of credit [4 p.22]. Second, two-wheelers: Runner-brand motorcycles, mainly entry-level 80-125cc bikes and scooters, Yadea electric two-wheelers, and premium partnerships with KTM, Vespa, Aprilia and Benelli-Keeway [3 p.46] [4 p.4]. Third, trucks: Runner Motors imports and sells Eicher light and medium commercial vehicles [3 p.87].

The mix has changed completely in four years. In FY2022 ICE motorcycles were BDT 1,789m and three-wheelers BDT 1,463m of Runner Automobiles' gross sales; by FY2025 motorcycles were BDT 517m and three-wheelers BDT 5,098m, 88% of vehicle sales and 86% of its BDT 5,944m gross sales including parts and service [4 p.151] [1 p.39]. Trucks fell from BDT 6,649m (net of VAT) in FY2022 to BDT 3,976m in FY2024 and recovered to BDT 4,849m in FY2025 [4 p.151] [1 p.39]. In FY2025 trucks were 46% of group revenue, against 64% in FY2022 [17].

Strategy has moved twice. In 2023 management said it would shift three-wheeler dealers to cash-and-carry, with retail credit provided through intermediaries so that the credit risk sits outside the company [4 p.24]. In 2024 the plan was to cut the motorcycle range to about six models, build Yadea electric two-wheelers (825 sold in FY2024 through 45 dealerships) and premium brands [3 p.46] [4 p.30]. In March 2026 the board approved a Master Supply and Manufacturing Agreement with BYD Auto Industry of China; in August 2026 it approved a technical licence agreement and the import and distribution of BYD vehicles in completely built-up (CBU) form while it prepares the CKD project [8]. The company told DSE that the investment size and financial projections were still under evaluation, and as of 23-Aug-2026 it had not yet submitted a copy of the agreement to DSE [8].

Volumes and prices: a three-wheeler earns about BDT 520,000 of revenue, five times a motorcycle

Unit disclosure is thin and not always consistent, so we use only the figures the company printed and show where they disagree. Two-wheeler sales fell from 20,008 units in FY2022 to 9,480 in FY2023 [4 p.29]; the same report elsewhere says 12,205 motorcycles were sold in FY2023 [4 p.28], a gap of 2,725 units that is close to the 2,756 scooters and step-throughs it also lists. Production of two-wheelers was 8,477 units in FY2023 and 3,880 in FY2024 against a 100,000-unit capacity [3 p.221]; the standalone note prints 3,380 for FY2024 [3 p.267], and the operations review says 2,929 ICE two-wheelers [3 p.65]. For three-wheelers, the report says 7,362 units were sold in FY2024 in one place and 5,800 in the managing director's letter [3 p.14] [3 p.46]; production was 7,841 units, 26% of the 30,000-unit plant [3 p.65] [3 p.82]. The standalone note prints three-wheeler installed capacity as 450,000 units (total machine capacity) and utilisation of 2% [3 p.267]. The FY2025 statements give no sales units; they show 2,467 two-wheelers and 714 three-wheelers in finished stock at 30-Jun-2025 and 303 trucks at Runner Motors [1 p.29] [1 p.30].

Revenue per motorcycle rose from about BDT 89,400 in FY2022 to about BDT 99,900 in FY2023 (+12%) even as volume halved, which fits management's description of a market moving to higher-displacement bikes and of price rises driven by imported component costs [4 p.29] [3 p.83] [17]. A Bajaj three-wheeler brought in about BDT 520,000 of revenue in FY2024 on the 7,362-unit figure [17], five times a motorcycle; that is why a few thousand three-wheelers now outweigh the whole motorcycle line.

For three-wheelers, management says the constraint has been supply, not demand: FY2024 plant use was 'constrained not by manufacturing or demand but by supply-side factors' [3 p.65]. It cites limited new vehicle permissions, import restrictions and LC margin rules [3 p.82] [3 p.65], and in FY2026 it blamed 'unavoidable supply chain disruptions' in the three-wheeler segment for lower revenue in Q2 and Q3 [8]. Runner Automobiles' gross sales were 5% lower in the nine months to March 2026 (BDT 4,248m against 4,483m) [2 p.11]. The chairman's 2023 claim that Runner had 'cornered over half of the 3W market' [4 p.4] is the company's own statement; we found no independent count of three-wheeler registrations.

Margins and the taka: gross margin stayed at 31%; the taka cut volume rather than margin

Cost of sales is mostly imported kits: Bajaj three-wheeler components, motorcycle CKD parts and Eicher trucks, all paid in US dollars through LCs [4 p.22] [3 p.83]. Even so, the group gross margin held between 34.9% and 31.9% from FY2021 to FY2023, when the taka fell sharply, and was 31.0% in FY2025 [17]. Management describes the mechanism: higher costs for imported components 'led to higher vehicle prices', which hurt demand rather than margins [3 p.81] [3 p.83]. Volume, not margin, took the hit.

The two businesses moved differently. The motorcycle and three-wheeler margin dropped to 25.0% in FY2023, when the old motorcycle range was discounted to clear stock and the three-wheeler plant was ramping up, and recovered to 31.4% in FY2024 [17] [4 p.28] [4 p.26] [4 p.30]. The truck margin was highest in FY2023 (36.2%), when volume collapsed, and eased to 32.2% in FY2025 as volume came back [17]. In the nine months to March 2026 the group gross margin was 31.8%, against 32.6% a year earlier [2 p.3].

The taka shows up in two other lines. Foreign exchange losses are booked inside financial expenses: BDT 26.0m in FY2024 and a small gain in FY2025 [1 p.40]; the currency risk note says the group tries to agree the rate for retiring LCs in advance when it expects volatility [3 p.221]. And the auditor made inventory valuation a key audit matter partly because 'the volatility in USD market makes the cost allocation more complex' [1 p.3]. Inventory was BDT 2,192m at June 2025, of which BDT 333m was material in transit [1 p.29].

Selling and distribution costs are the other big lever. They fell from 18.2% of revenue in FY2023 to 9.3% in FY2025 [17]. Within them, bad and doubtful debt charges fell from BDT 65.3m to 39.5m, while advertising rose from BDT 55.1m to 96.3m and service and parts costs from BDT 58.3m to 123.2m [1 p.40]. Warranty provisions of BDT 83.2m were made in FY2025 [1 p.38].

Receivables and hire purchase: down to 233 days, but a third of the book is more than a year out

Runner is both a vehicle maker and a lender. Both companies sell on hire purchase and book 'credit business income' as revenue: BDT 1,042m in FY2022, falling to BDT 453m in FY2025 as the group cut credit sales [4 p.151] [1 p.39]. Part of that income is unrealised interest recognised over time from an amortisation schedule set at the time of sale, which the auditor flagged as a revenue-recognition key audit matter [1 p.2] [1 p.3].

The balance sheet shows the clean-up. Total trade receivables fell from BDT 11,718m at June 2022 to BDT 7,578m at June 2024 and were BDT 7,462m at March 2026 [4 p.118] [1 p.9] [2 p.2]. Measured against revenue, receivable days fell from 504 at June 2023 to 245 at June 2025 and 233 at March 2026 [17]. That still means about eight months of sales are outstanding, and a third of the book is due after more than a year.

Provisioning looks thin against that ageing. The provision for bad and doubtful debts was BDT 322.7m at June 2025, after BDT 32.1m was added and BDT 46.6m used for losses on resold seized vehicles and dealer lawsuits [1 p.38]. That is 4.6% of trade receivables, while BDT 2,349m (33%) is due after more than a year [1 p.30] [17]. Management states the amounts are 'collectible in full' based on payment history, and the receivables are pledged to banks [1 p.30]. Repossession costs ('seize expenses') were BDT 14.5m in FY2025 [1 p.40].

The bond is tied to this credit book. Of the BDT 2,675m sustainability bond, 90% (BDT 2,407.5m) was earmarked to finance rural customers buying CNG, LPG and electric three-wheelers and 10% (BDT 267.5m) for a 4MW rooftop solar plant [3 p.84]. The bond is guaranteed by GuarantCo; MetLife Bangladesh holds BDT 2,575m and Green Delta Insurance BDT 100m [1 p.34]. So the move away from dealer credit has partly been a move of credit from banks to a bond-funded retail book.

Debt and interest cover: BDT 11.7bn of debt; operating profit covered interest 1.07x in FY2025

Gross debt (bank loans plus the bond) was BDT 16,027m at June 2022, BDT 12,318m at June 2025 and BDT 11,721m at March 2026 [17]. Net of cash and fixed deposits it was BDT 9,813m, about 1.32x the receivable book [17]. Bank loans carried interest of 14-15.5% at June 2025 and are secured on current assets and fixed assets [1 p.34] [1 p.36]. At March 2026, BDT 6,218m of loans and bond instalments were due within a year [2 p.2].

Interest cost is the line that decides profit. Financial expenses were BDT 641m in FY2020, doubled to BDT 1,378m in FY2021 and reached BDT 1,774m in FY2025 [3 p.86] [1 p.10]. In FY2025 the largest items were term loan interest BDT 1,087.5m, bond interest BDT 341.6m, overdraft interest BDT 111.7m and trust-receipt interest BDT 93.5m [1 p.40]. Because debt fell while the cost rose, the implied cost of debt went from 9.8% in FY2023 to 14.3% in FY2025 and about 15.9% annualised in FY2026 [17].

Each one percentage point on the cost of debt was worth about BDT 123m a year on FY2025 average debt, against FY2025 profit before tax of BDT 346m [17] [1 p.10]. Runner Automobiles has also guaranteed Runner Motors' bank facilities: BDT 12,980m at June 2024 and BDT 9,290m at June 2025; it holds that the BSEC limit on guarantees does not apply to a guarantee for a subsidiary [3 p.267] [1 p.42]. A Pubali Bank guarantee for BDT 424.5m of bond coupons is a further contingent liability [1 p.44]. CRAB rated the company A1 long term and ST-3 short term (stable) in November 2025 [8].

Ratios: ROE has not exceeded 4.2% since FY2021 because interest takes 12-21% of revenue

Six years of consolidated history show a business that earns a steady gross margin, but whose return on equity has been at or below 4.2% in every year since FY2021, because financial expenses have taken 12-21% of revenue since FY2021 [17].

Working capital is the other weight on returns. The cash conversion cycle was 635 days at June 2023 and 303 days at March 2026; inventory days fell from 152 to 83 while trade payables stayed at only 11-21 days of cost of sales because imports are paid through LCs and bank loans rather than supplier credit [17]. Fixed assets are BDT 9.9bn, much of it land: BDT 883m of land revaluation was booked in FY2024 and BDT 653m in FY2023 [1 p.28] [4 p.119].

FY2026: EPS BDT 1.70 after a loss in Q2; Q4 alone earned about BDT 1.20 a share

FY2026 was the first year since FY2022 with a clear profit. The board reported consolidated EPS of BDT 1.70, NAV per share of BDT 67.39 and operating cash flow per share of BDT 15.55 for the year to June 2026, against BDT 0.90, 66.70 and 19.29, and recommended a 10% cash dividend [8]. The audited FY2026 statements are not yet in our corpus, so the line items below stop at March 2026 and FY2026 figures are the DSE-announced ones.

The quarters were uneven. EPS was BDT 0.38 in Q1, a loss of BDT 0.12 in Q2 (October-December 2025), BDT 0.24 in Q3 and, by difference, about BDT 1.20 in Q4 [8] [17]. The company blamed the Q2 loss on supply-chain disruption in three-wheelers and noted repayments to suppliers [8]. In the nine months, revenue rose 17.8% to BDT 8,783m and financial expenses only 4.4%, so profit after tax swung from a BDT 18.8m loss to a BDT 137.1m profit; BDT 80.2m of that profit belonged to minority holders in Runner Motors [2 p.3]. Runner Motors made BDT 82.1m in Q3 on 28% higher sales, while the parent company made a loss [2 p.11].

FY2025 Q4 EPS is derived the same way (BDT 0.90 for the year less BDT 0.07 for nine months) [8]. Q4 has been the strongest quarter in both years; we do not have a quarterly unit series to explain the pattern.

Cash and dividends: 10% cash in most years; FY2025 paid 111% of EPS

Operating cash flow has run ahead of profit since FY2023 because the receivable book has been shrinking: CFO was BDT 4,350m in FY2023, BDT 2,464m in FY2024 and BDT 2,191m in FY2025 against group profit of BDT -961m, -45m and 124m [4 p.121] [1 p.12]. The direct-method cash flow, however, shows finance costs under financing, not operations: BDT 1,833m was paid in FY2025 [1 p.12]. After capex and interest paid, free cash flow was BDT 174m in FY2025, against dividends paid of BDT 202m [17].

Dividends have been modest and steady: 10% cash every year from FY2018-19 to FY2021-22, nothing for the FY2023 loss, 11% for general shareholders (1% for sponsor directors) for FY2024, 10% for FY2025 and 10% for FY2026 [4 p.105] [3 p.88] [1 p.43] [8]. The FY2025 dividend of BDT 1.00 was 111% of EPS; the FY2026 dividend is 59% of the announced EPS [17]. The revaluation surplus on plant and machinery is restricted from distribution [1 p.33]. No stock dividend has been paid since 5% for 2019 [9].

IPO proceeds were raised in March 2019: BDT 1,000m, of which BDT 139.3m went to share capital and BDT 860.7m to share premium; the prospectus committed BDT 330m to loan repayment, BDT 40m to issue costs and BDT 630m to business expansion [5 p.139]. By August 2019 BDT 330m of loans had been repaid and BDT 40m of issue costs paid [5 p.64], and the 2023-24 directors' report states the IPO money was 'fully utilized ... within the stipulated time' [3 p.93]. We did not find an itemised final utilisation statement in the corpus.

Runner Group: BDT 690m owed by related companies, and the sponsor stake down to 34%

The Runner Group is larger than the listed company, and money moves between them. Runner Automobiles lends to its subsidiaries (BDT 631m to Runner Motors at June 2025) and has receivables from sister companies controlled by the sponsors [1 p.42]. Related-party receivables rose from BDT 47m at June 2023 to BDT 607m at June 2024 and BDT 690m at March 2026 [4 p.118] [1 p.9] [2 p.2], 9.2% of parent equity [17].

The largest balance, BDT 392m from Runner Lube & Energy, rose by BDT 21m in FY2025 [1 p.32]. Management says the balances are temporary, repayable on demand and fully recoverable, and that interest is charged [1 p.32] [1 p.36]: interest income from related parties was BDT 21.0m and interest paid on related-party loans BDT 15.1m in FY2025 [1 p.40]. CG Runner BD also sub-leases a Tejgaon showroom from Runner Automobiles [1 p.29]. The statements also note that credit sales were made to dealers and customers including 'some director related entity' [1 p.43]; the size is not given.

Ownership has changed fast. The sponsor and director holding was 46.93% at 30-Jun-2025 and 34.19% at 31-Aug-2026, per the DSE company page [9]. Brummer Frontier PE II (Mauritius), a corporate director, sold 5,000,000 shares in April 2026 out of 18,304,347; sponsor Taslim Uddin Ahmed sold all 2,709,000 of his shares by May 2026; and sponsor director Md. Mozammel Hossain gifted 3,406,200 shares to his children (declared April 2025, completed by 22-May-2025) [8]. The company's own FY2025 share register shows sponsors and directors at 38.12% at 30-Jun-2025, counting Brummer in that group [1 p.33], so the DSE and company figures are on different bases. Institutions rose from 24.88% to 36.33% [9].

Capital actions are pending. On 20-Aug-2026 the board approved raising authorised capital from BDT 2,000m to BDT 4,000m and issuing BDT 2,500m of cumulative, non-participating preference shares with a 50% conversion option, subject to EGM and BSEC approval; the EGM was set for 8-Oct-2026 [8]. That EGM has passed; we found no DSE notice of the outcome or of BSEC approval. If issued and converted, the preference shares would dilute ordinary holders; their dividend would rank ahead of ordinary dividends.

Peers: Runner's interest cover of 1.07x compares with 0.25x at Aftab; Atlas made a gross loss

Bangladesh has three other listed auto names; none is a close match. They are Aftab Automobiles (whose balance sheet shows a current account with Navana Group companies), Atlas Bangladesh and IFAD Autos. We use each company's own FY2025 audited statements (all June year ends) and quote each label. IFAD Autos' audited statements after FY2022 are not in our corpus, so it appears only with its DSE-announced per-share figures.

On these numbers Runner is the only one of the three that earns its interest. Aftab's financial expenses were 37.4% of revenue and its receivables were 2,304 days of sales; it also carries BDT 8,426m in a 'current account with Navana Group Companies' [6 p.10]. Atlas has almost no debt but made a gross loss [7 p.40], and 92% of its equity is revaluation reserve [7 p.39]. IFAD Autos reported FY2026 EPS of BDT 0.45 and NAV of BDT 35.92 (FY2025: -0.27 and 35.56) and a 3% cash dividend [10]; at BDT 21.6 that is a P/E of 48x and P/B of 0.60x [16]. Runner's P/E on FY2026 EPS is 27.1x and P/B 0.68x [17]. These are facts about the prices, not a view on them.

Governance: unqualified audit; a PE fund and a sponsor sold in 2026; preference shares proposed

The auditor, A. Qasem & Co., gave an unqualified opinion on the FY2025 consolidated statements, with key audit matters on revenue recognition (including unrealised credit income) and inventory valuation [1 p.2] [1 p.3]. Its 'Other Matters' paragraph repeats the subsidiary auditor's note that Freedom Motors has generated no revenue from its core business since 2013-14 [1 p.6]; DSE carried the paragraph as news on 17-Nov-2025 [8]. The chairman is Hafizur Rahman Khan [1 p.12], who also heads the Bangladesh Motorcycle Manufacturers and Exporters Association [11]. Muhammad Nazrul Islam FCA has been managing director and CEO since 1-Nov-2024, succeeding Subir Kumar Chowdhury [8] [4 p.23].

DSE news in the last 24 months also records a land transaction approved on 24-Apr-2025 (buying land at Magura and Bhaluka and selling 552 decimals at Boradoba) for which DSE sought an explanation for delayed disclosure, and a DSE query in May 2025 about a newspaper report on Chinese scooters [8]. A VAT claim of BDT 208m for FY2017-FY2021 was dropped on appeal [3 p.267].

What's next: dividend record date 24-Nov-2026, AGM 23-Dec-2026, preference shares and BYD

Items already announced that will move the lines (direction only, no forecast). All dates are after 31-Oct-2026.

Without dates: the outcome of the 8-Oct-2026 EGM on BDT 2,500m of preference shares and BSEC approval (passed, outcome unknown) [8]; the BYD technical licence agreements and first CBU imports, for which the company has not given an investment size [8]; and the June 2027 national budget, which sets VAT and duty on kits. The preference shares would reduce bank debt if used to repay loans, but the company has not said how the money would be used.

Risks: rates, credit losses and three-wheeler supply matter most

Each risk is tied to the line it moves. For scale: FY2025 profit before tax was BDT 346m, and financial expenses BDT 1,774m [1 p.10].

Two sensitivities from history. Each one percentage point of FY2025 revenue in financial expenses was BDT 105m, about 30% of profit before tax [17]. And each 10 days of receivables at the FY2025 sales rate tied up about BDT 287m, which at the FY2025 implied cost of debt costs about BDT 41m a year in interest [17].

Key questions: interest cover, the credit book and three-wheeler supply decide shareholder returns

RUNNERAUTO at BDT 46.0 trades at 27.1x FY2026 EPS of BDT 1.70, 0.68x the 30-Jun-2026 NAV of BDT 67.39 and 1.00x NAV excluding the revaluation surplus at March 2026, with a dividend yield of 2.2% [16] [17]. DSE's year-end P/E was 24.4x for FY2021, 22.1x for FY2022 and 27.7x for FY2025 [9]. These are facts about the price, not a view on it.

FAQ

What does Runner Automobiles make?

Runner-brand motorcycles and scooters, Yadea electric two-wheelers and Bajaj three-wheelers at Bhaluka; its subsidiary Runner Motors sells Eicher trucks [3 p.80] [3 p.87].

Is Runner the Bajaj motorcycle distributor?

No. Runner describes itself as the sole manufacturer and distributor of Bajaj three-wheelers in Bangladesh [4 p.4]; Bajaj motorcycles are a separate brand in the market [11].

What was Runner's FY2026 result?

Consolidated EPS of BDT 1.70 and a 10% cash dividend for the year to 30-Jun-2026, announced on 27-Oct-2026 [8].

How much debt does Runner have?

BDT 11,721m of bank loans and sustainability bond at 31-Mar-2026 [2 p.2].

How much did Runner raise in its IPO?

BDT 1,000m in 2019, committed to loan repayment, issue costs and expansion [5 p.139].

Which results does this note use?

Audited statements to FY2025, the unaudited nine months to March 2026 and the DSE-announced FY2026 figures. The audited FY2026 statements are not yet in our corpus.

Sources

1. Runner Automobiles PLC audited consolidated financial statements, year to 30-Jun-2025 · link · accessed 2026-11-01
2. Runner Automobiles PLC unaudited consolidated statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-01
3. Runner Automobiles PLC Annual Report 2023-24 (year to 30-Jun-2024) · link · accessed 2026-11-01
4. Runner Automobiles PLC Annual Report 2022-23 (year to 30-Jun-2023) · link · accessed 2026-11-01
5. Runner Automobiles Ltd Annual Report 2018-19 (IPO year) · link · accessed 2026-11-01
6. Aftab Automobiles Limited audited consolidated financial statements, year to 30-Jun-2025 · link · accessed 2026-11-01
7. Atlas Bangladesh Limited audited financial statements, year to 30-Jun-2025 · link · accessed 2026-11-01
8. DSE news archive, RUNNERAUTO (Jul-2024 to Oct-2026) · link · accessed 2026-11-01
9. DSE company page, RUNNERAUTO (shareholding, dividends, loans; read 1-Nov-2026) · link · accessed 2026-11-01
10. DSE news archive, IFADAUTOS (FY2026 results, 28-Oct-2026) · link · accessed 2026-11-01
11. The Business Standard, 'Back in gear: Bangladesh's motorcycle market revives after five years of decline' (4-Jul-2026) · link · accessed 2026-11-01
12. The Daily Star, 'Japanese brands take the lead as motorcycle market recovers' (16-Jan-2026) · link · accessed 2026-11-01
13. The Daily Star, 'How Bangladesh became a motorcycle nation' (29-Dec-2025) · 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 price data (TradingView feed): DSE:RUNNERAUTO, AFTABAUTO, ATLASBANG, IFADAUTOS daily bars to 29-Oct-2026 · link · accessed 2026-11-01
17. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01