Samorita Hospital financial analysis: 3.4% net margin, land is 74% of assets, qualified audit (Oct 2026)

Investment considerations: revenue BDT 401.4m, net margin of 3.4% in FY2025, FY2026 EPS up to BDT 1.12

Samorita Hospital Limited runs a private general hospital at 89/1 Panthapath, Dhaka. It began on 1 February 1984 as the partnership 'M/s. Samorita Nursing Home', became a private limited company in 1985, took its present name in 1990 and became a public company in 1996, the year its shares were listed [1 p.52]. The company reports three segments: medical services (beds, operating theatres, dialysis, oxygen), diagnostic services (pathology, imaging, cardiology tests) and an in-house pharmacy [1 p.66]. It describes its principal activity in one line: 'The Company provides general hospital services' [1 p.52].

Revenue was BDT 401.4m in FY2025 and has grown 1.7% a year since FY2014 [7 p.13] [1 p.14]. Gross margin has held between 56% and 63% in every year of the twelve. Net margin was 9-12% in FY2014-FY2017 and has been between 0.2% and 4.8% in FY2022-FY2025 [12]. Land carried at revaluation was BDT 884.3m of the BDT 1,198.0m of total assets at 30-Jun-2025 [1 p.48] [2 p.3]. Return on closing equity has not exceeded 5% in any year from FY2014 to FY2025 [12].

The DSE-announced FY2026 results show EPS of BDT 1.12 against BDT 0.62, NAV per share of BDT 48.74 and operating cash flow per share of BDT 2.49 against 1.72, with a 10% cash dividend recommended; Q1 FY2027 EPS was BDT 0.83 against 0.69 [8]. The FY2026 audited annual report is not in our corpus at 1-Nov-2026, so the line items behind the FY2026 EPS are not yet visible; the nine-month statements to March 2026 are the latest detailed accounts [2 p.1].

Business: a single Panthapath hospital with medical services, diagnostic and pharmacy segments

Samorita is a single-site hospital company. Its registered office and principal place of business are at 89/1 Panthapath, Dhaka-1215 [1 p.52]. The company owns 39.06 decimals of freehold land in three plots, revalued on 30-Sep-2023 by Basu Banerjee Nath & Co. to BDT 884.3m; the board adopted the valuation on 28-Oct-2023 [2 p.3]. The hospital has an associate, The Imaging Services Ltd., in which it holds 45% and which earned BDT 0.2m in FY2025 [1 p.58].

How it earns money: a patient admitted to Samorita pays seat (bed) rent, an admission fee, operating-theatre charges, oxygen and dialysis charges; these make up medical services revenue. Tests ordered for in-patients and out-patients (pathology, X-ray, ECG, endoscopy, ultrasonography, echo and colour Doppler) make up diagnostic revenue. Medicines sold to patients through the hospital pharmacy make up pharmacy revenue [1 p.66]. In FY2025 seat rent alone was BDT 136.9m, 34.1% of revenue, and pathology was BDT 75.9m [1 p.66] [12].

The customers are individual patients and a set of institutions. The receivables note names insurers (MetLife, Chartered Life, Delta Life, Pragati Life, Jamuna Life, Guardian Life), ICDDR,B, two Dhaka hotels and MH Samorita Hospital & Medical College among the institutions that owed the hospital money at 30-Jun-2025 [1 p.60]. The company does not earn or pay in foreign currency, in its own words [1 p.13]. A search of all SAMORITA filings in our corpus for beds, bed capacity, occupancy and admissions returned no bed count, occupancy rate or patient-day figure; the accounts give seat rent in taka.

The company's own description of its market is that public hospitals cannot meet demand from 180 million people and that 'Private hospital in Bangladesh Is growing rapidly because middle class population is growing in the country' [1 p.11]. The same report lists competition from new entrants, technology obsolescence of equipment, regulatory change, political unrest and interest rates as its risks [1 p.13]. The company's corporate-governance compliance report states 'No Peer Industry is available for comparison' [1 p.26].

What changed over ten years: revenue moved from BDT 332.4m (FY2014) to 401.4m (FY2025) [7 p.13] [1 p.14]. The share count grew through bonus issues from 6.0m cash shares to 21.80m shares [1 p.62]. In FY2019 the company had 'no long term or short term loan' and said retained bonus-share money would fund the cardiac unit (ventilator, monitor, echo machine) [7 p.13] [7 p.14]. It later took a BDT 5.5 crore (BDT 55m) eight-year term loan from Southeast Bank at 14.50% 'for expansion of modern OT, installation of new diagnostic equipment', which was down to BDT 1.95m at 30-Jun-2025 and nil at 31-Mar-2026 [1 p.65] [2 p.1]. Dialysis revenue rose from BDT 8.5m to 12.1m in FY2025 [1 p.66].

Line items: FY2025 segment operating profit BDT 22.5m in pharmacy, salaries 30% of revenue

Revenue. Medical services revenue was BDT 182.6m in FY2021, fell to BDT 147.6m in FY2022 and 147.3m in FY2023, and was BDT 180.0m in FY2025 [6 p.66] [5 p.72] [4 p.72] [1 p.66]. In FY2021 total revenue was BDT 393.6m [1 p.14]. Seat rent, the largest item, was BDT 137.3m and 136.9m in FY2024 and FY2025; in FY2025 operating-theatre charges changed by +20% and dialysis by +42% [1 p.66] [12]. Diagnostic revenue has grown every year since FY2021, from BDT 77.7m to 102.7m; pathology was BDT 75.9m in FY2025 [1 p.66]. Pharmacy revenue was BDT 133.3m in FY2021, fell to 98.9m in FY2023 and rose 11.9% to BDT 118.6m in FY2025 [6 p.66] [4 p.72] [1 p.66].

The company's explanation of FY2025 growth is that 'This 6.07% growth in revenue reflects the company's ability to expand its services and attract a larger patient base' [1 p.12]. It reports no price or volume split. The directors' report also cites the July-August 2024 mass movement and the deterioration in law and order, and says 'Demand of our service depends on country's law and order situation and economic conditions of the country' [1 p.15]. For the first half of FY2025 the company told DSE that 'Revenue has been decreased' [8].

Direct expenses. These were BDT 168.6m in FY2025: BDT 36.8m for medical services (diet BDT 14.4m, dialysis BDT 8.5m, oxygen BDT 4.3m, operating theatre BDT 4.1m), BDT 39.6m for diagnostics (pathology BDT 32.3m) and BDT 92.1m cost of medicine sold [1 p.66] [1 p.67]. Pharmacy gross margin was lower in each year of the data, from 29.5% in FY2021 to 22.3% in FY2025; medical services gross margin stayed near 80% and diagnostic gross margin rose to 61.4% [12]. The company states: 'During the year 2024-2025 Gross profit margin was decreased by 1.43% compared to last year due to increase of direct expenses to revenue by 1.43%' [1 p.13].

Administrative expenses. All operating costs other than direct expenses sit in one line, BDT 216.7m in FY2025, 54.0% of revenue [1 p.49] [12]. Salary and allowances were BDT 121.4m (+10.4%), depreciation BDT 24.0m, electricity BDT 13.7m, the Managing Director's salary BDT 8.2m, repairs BDT 7.0m and WASA (water) BDT 4.8m [1 p.67]. Salary and allowances rose from 29.1% to 30.3% of revenue in FY2025 [12]. The company's segment report states: 'Since the Medical Services segment is the mother segment all expenditure which are not directly segregatable are shown under Medical Services segment' [1 p.73].

Finance cost, other income and tax. Financial expenses fell from BDT 6.9m (FY2022) and 6.0m (FY2023) to BDT 5.4m (FY2024) and BDT 2.8m (FY2025); the term-loan note shows interest of BDT 1.7m in FY2025 against 3.4m in FY2024 [5 p.72] [4 p.72] [1 p.49] [1 p.64]. Non-operating income was BDT 5.5m in FY2025 and 5.5m in 9M FY2026 [1 p.49] [2 p.1]. Income tax took 25.0% of pre-tax profit in FY2025 and 29.5% in 9M FY2026; the nine months to March 2025 included deferred tax income of BDT 4.5m. The company states: 'After tax profit in the reporting period has been decreased due to the impact of provision for deferred tax expenses. In the corresponding period of the previous year deferred tax income was accounted for.' [2 p.1] [2 p.2].

Latest results: FY2026 EPS BDT 1.12 after a loss in January-March 2026

Nine months to March 2026. Revenue was BDT 334.4m (+8.2%), gross profit BDT 196.6m and profit from operations BDT 20.7m against 19.2m; profit after tax was BDT 16.8m against 19.6m and EPS BDT 0.77 against 0.90 [2 p.1]. The company gave two reasons: 'After tax profit in the reporting period has been decreased due to the impact of provision for deferred tax expenses' and 'Operating expenses to revenue has been increased from 52.09% to 52.61%' [2 p.2].

The third quarter alone (January-March 2026) shows revenue of BDT 101.2m against 104.9m, administrative expenses of BDT 59.5m against 53.6m and a loss from operations of BDT 2.3m; the quarter's loss after tax was BDT 1.4m and EPS BDT (0.06) [2 p.1]. DSE's results post prints the same EPS of Tk. (0.06) for January-March 2026 against Tk. 0.30 [8].

Full year FY2026 (DSE-announced, audited accounts not yet in our corpus). The board met on 22-Oct-2026 and DSE posted on 25-Oct-2026: EPS BDT 1.12 against 0.62, NAV per share BDT 48.74 against 48.39, NOCFPS BDT 2.49 against 1.72, and a 10% cash dividend with record date 17-Nov-2026 and AGM on 27-Dec-2026 [8]. FY2026 EPS less the nine-month EPS gives BDT 0.35 for April-June 2026 (derived) [12]. On FY2026 EPS of BDT 1.12 the 10% cash dividend is a payout of 89% [12].

First quarter FY2027 (July-September 2026): EPS BDT 0.83 against 0.69, NOCFPS BDT 1.62 against 1.61 and NAV per share BDT 49.57 at 30-Sep-2026 [8]. Trailing twelve-month EPS to September 2026 is BDT 1.26 (FY2026 EPS less Q1 FY2026 plus Q1 FY2027, derived) [12]. The Q1 FY2027 statements are not in our corpus at 1-Nov-2026.

Ratios: gross margin near 58%, ROE at or below 5% in every year since FY2014

Growth. Revenue grew in 7 of the 11 years from FY2015 to FY2025; it fell in FY2018, FY2020, FY2022, FY2023 (-1.7%, -14.2%, -14.1% and -1.1%) [12]. Compound growth from FY2014 to FY2025 was 1.7% a year [12]. Net profit moved between BDT 0.7m (FY2023) and BDT 42.1m (FY2021) [1 p.14] [7 p.13].

Margins. Gross margin ranged from 56.2% to 63.3% over FY2014-FY2025 [12]. Net margin averaged 9.6% in FY2014-FY2019 and 3.9% in FY2020-FY2025 [12]. Administrative expenses were 54.0% of revenue in FY2025 [12].

Returns. Net profit over closing equity averaged 4.0% in FY2014-FY2019 and 1.5% in FY2020-FY2025 [12]. Equity includes a revaluation reserve of BDT 718.0m at 30-Jun-2025; excluding it, equity was BDT 337.1m and FY2025 net profit was 4.0% of that figure (derived) [1 p.48] [12].

Efficiency and working capital. Receivables were 9.8 days of revenue at 30-Jun-2025 and inventories 41.8 days of direct expenses [12]. Revenue of BDT 401.4m against total assets of BDT 1,198.0m is an asset turn of 0.34x (derived) [12].

Cash conversion and capital allocation. Operating cash flow was BDT 44.4m (FY2024), 37.5m (FY2025) and 41.9m (9M FY2026); purchases of property, plant and equipment were BDT 17.8m, 21.1m and 22.9m [1 p.51] [2 p.2]. Capex was 0.70x and 0.85x depreciation including right-of-use assets in FY2024 and FY2025 [12]. Financing outflows were the bank loan (BDT 21.4m in FY2024 and 21.5m in FY2025) and dividends (BDT 10.9m in FY2025) [1 p.51].

Payout. Cash dividends were 20% of face value in FY2014 and FY2015, 10% in FY2016 and FY2017, 12% in FY2018, 10% in FY2019, none in FY2020 and FY2023, 10% in FY2021, and 5% in FY2022, FY2024 and FY2025. Stock dividends were 10% (FY2014), 10% (FY2016), 10% (FY2017), 5% (FY2019), 5% (FY2022) and 10% (FY2023) [7 p.13] [1 p.14]. The board has recommended 10% cash for FY2026 [8]. Under a decision approved by the board in its 188th meeting, 3% -5% of net profit (as printed) goes to a dividend equalization fund each year; the fund was BDT 4.2m at 30-Jun-2025 [1 p.63].

Multiples as facts. At BDT 83.2 the stock trades at 74.3x FY2026 EPS, 66.0x trailing EPS and 1.71x NAV at 30-Jun-2026, with a dividend yield of 1.2% on the FY2026 recommendation [11] [12]. The company's own printed year-end P/E ranged from 29.17x to 2,486x over FY2014-FY2025, and year-end price to NAV from 1.17x to 1.70x (derived from the printed price and NAV) [7 p.13] [1 p.14] [12].

Balance sheet: land is 74% of assets, no bank loan left, BDT 18.2m owed to the WPPF

Assets. Property, plant and equipment was BDT 1,092.9m at 30-Jun-2025, which the auditor notes is 91.22% of total assets [1 p.44]. Land at revaluation is BDT 884.3m of it; land is not depreciated [1 p.53] [2 p.5]. The 2023 revaluation added BDT 124.1m, of which BDT 43.0m went to deferred tax and BDT 81.1m to the revaluation reserve (derived from the printed rows) [1 p.50]. Before the 2023 revaluation the land carried a revaluation gain of BDT 664.6m [2 p.3]. Current assets were BDT 99.0m [1 p.48].

Cash and where it sits. Cash and equivalents were BDT 38.2m at 30-Jun-2025 and 47.9m at 31-Mar-2026 [1 p.48] [2 p.1]. At 30-Jun-2025 the largest bank balances were at Agrani Bank, Pubali Bank and City Bank; BDT 3.62m was with Union Bank (current, SND and FDR accounts) and the note states 'Status of bank A/C No. 1360000576 of Social Islami Bank Ltd. is Dormant' [1 p.61].

Liabilities. Total liabilities were BDT 142.9m at 30-Jun-2025, of which deferred tax BDT 83.5m, trade and other payables BDT 36.2m and the last BDT 1.95m of the term loan [1 p.48]. The directors' report states 'We have repaid the Bank loan in full' [1 p.12]; the 30-Jun-2025 balance sheet prints a current portion of BDT 1,950,320, and the 31-Mar-2026 balance sheet prints none [1 p.48] [2 p.1]. Payables include the WPPF balance of BDT 18.2m, which grew with a provision of BDT 0.9m and interest of BDT 1.1m in FY2025 and payments of BDT 0.4m [1 p.65].

Tax disputes. The Q3 FY2026 notes list 5 assessment years (2013-14 to 2017-18) as 'Case has been remanded to tax Appellate Tribunal' [2 p.4] [2 p.5]. Two are pending: assessment year 2020-2021, 'Case is Pending at Tax Appellate Tribunal', and assessment year 2021-2022, 'Case is Pending at Tax Tribunal' [2 p.5]. Income tax provision was BDT 8.2m at 30-Jun-2025 and advance income tax BDT 15.1m [1 p.48].

Audit and governance: two qualifications on staff funds, directors' holdings 43.6%

Audit opinion. Aziz Halim Khair Choudhury, Chartered Accountants (partner M. Mosharraf Hossain) signed a qualified opinion on 22 October 2025 [1 p.43] [1 p.46]. The opinion reads: '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, all material respects, the financial position of the company as at 30 June 2025, and financial performance and its cash flow 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.43]. The two bases, as printed: '1. Non-compliance with the Bangladesh Labor Act-Worker's Profit Participation Fund Note-18.02 The entity has recorded a provision of TK.18,160,841 for the Worker's Profit Participation Fund (WPPF). However, it has not established a Board of Trustees for the WPPF, which is a requirement under Section 235 of the Bangladesh Labor Act 2006 (amended in 2013).' and '2. Absence of Gratuity Provision The organization has not recognized any gratuity provision as required by the Bangladesh Labor Act,2006 (amended in 2013), particularly in accordance with Sections 19,20,22,26 and 27 which results in non-compliance with labor regulations and could potentially incur financial liabilities in the future.' [1 p.43] The report has no emphasis-of-matter or other-matter paragraph [1 p.43] [1 p.46]. The FY2024 opinion (signed by the same firm) carried the same two bases, with the WPPF basis reading 'The entity has recorded a provision of Tk. 16,618,146 for the Worker's Profit Participation Fund (WPPF). However, it has not established a Board of Trustees for the WPPF, which is a requirement under Section 235 of the Bangladesh Labor Act, 2006 (amended in 2013).' [3 p.44]

Key audit matters, quoted from the risk column. '1. Revenue (Turnover) ... At year end of the Company reported total revenue of BDT 401,365,663. The Company has multiple revenue units including Medical, Diagnostic and Pharmacy Unit. The company has complex terms of contracts which require significant management estimation and judgment in determining the timing of revenue recognition and measurement. Revenue is derived from several business segments and agreement with customers contain more than one performance obligation. Hence the management needs to determine the basis for allocating the consideration received between the separate performance obligations based on relative standard selling price. This matter is considered a key audit matter due to the level of judgement required to determine the timing of revenue recognition and measurement.' [1 p.43] '2. Property, plant and equipment (PPE) ... The carrying value of PPE as at 30 June 2025 was BDT. 1,092,855,691. Which is 91.22% of total assets. There are a number of areas where management judgment impacts the carrying value of PPE, and the related depreciation. These include: Determining which costs meet the criteria for capitalization; The estimation of economic useful lives and residual values assigned to property, plant and equipment. We identified the carrying value of property, plant and equipment as a key audit matter because of the high level of management judgement involved and because of its significance to the financial statements.' '3. Valuation of Inventory ... The Company had inventory of BDT 19,329,040 at 30 June 2025, held and across multiple product lines. Inventories are carried at the lower of cost and net realizable value. The company keep significant stock of medical and diagnostic parts and medicines at its service units and stores mostly at its business place. Inventory valuation and existence was a key audit matter because of store/ location that inventory was held and the judgement applied in the valuation of inventory.' [1 p.44] DSE posted 'Qualified Opinion' notices for both FY2024 (17-Nov-2024) and FY2025 (11-Nov-2025) [8].

The company's explanation, attributed to management: 'The company has been making provision for Worker's Profit Participation Fund (WPPF) @ 5% of its net profit since 2013.', 'As per section 242 of Bangladesh Labor Act. 2006 (amended in 2013) the company has already distributed two-thirds of the amount of Participation Fund in equal proportion to all beneficiary in cash. The company has also charging interest and making provision for rest of the fund amount.', 'Mentionable that the Board of Directors in its 207th meeting held on October 28, 2024 has decided to constitute a Board of Trustees for the WPPF under section 235 for management of the funds. Meanwhile Trust Deed and Rules have been prepared and to be implemented accordingly', and on gratuity 'The Board in its 207th meeting held in October 28, 2024 also agreed in principle to take necessary measures for Gratuity Provision. The matter is now also under consideration.' [1 p.16] The company's own policy note says employee benefits are 'short term employee benefits ... in the form of incentive' [2 p.5].

Board. The FY2025 report lists 13 directors: Chairman Prof. Dr. Riaz Ahmed Chowdhury, Vice Chairman Mr. Mojibul Islam, Managing Director Dr. A. B. M. Haroon, six other directors and four independent directors [1 p.7]. The board met four times in FY2025; 9 of the 13 directors attended all four, and Mrs. Shamsa Chowdhury and Col. Wais Huda (Retd.) attended two each [1 p.19]. Mr. Shyamal Krishna Roy FCA was appointed independent director on 3-Jul-2025, subject to BSEC and AGM approval [1 p.19]. Dr. A. B. M. Haroon is both Managing Director and the signatory as Chief Executive Officer of the CEO/CFO declaration; the CFO is Abu Noman Md. Khalid Hasan [1 p.38]. The Company Secretary is Mr. Md. Shariful Islam [1 p.7]. FY2025 committees: Audit Committee of Prof. Dr. Mohammad Ridhwanul Haq, Mr. Mojibul Islam and Mrs. Shamsa Chowdhury (4 meetings); Nomination and Remuneration Committee of Prof. Dr. Md. Ubaidul Kabir Chowdhury, Mrs. Golam Fatima Tahera Khanam, Prof. Dr. Riaz Ahmed Chowdhury and Engr. Mostaque Ahmed Siddiqui (1 meeting); Purchase Committee of Mrs. Golam Fatima Tahera Khanam and Mrs. Farida Bano (2 meetings) [1 p.7] [1 p.20]. The committee list on p.7 and the NRC report name four NRC members; the FY2025 NRC attendance table on p.20 lists three, without Engr. Mostaque Ahmed Siddiqui [1 p.7] [1 p.20] [1 p.36].

Ownership. The nine non-independent directors held 9,515,104 shares, 43.6% of the company, at 30-Jun-2025 (sum of the printed holdings) [1 p.20]. The same report's shareholding table classes 17.23% as 'Sponsors', 17.21% as financial institutions and 65.54% as general public [1 p.62]; the filing does not reconcile the two tables. The distribution schedule shows 3 holders above one million shares with 5,428,103 shares; this equals the combined holdings of Mrs. Farida Bano, Mrs. Shamsa Chowdhury and Dr. A. B. M. Haroon, and the filing does not name the three holders [1 p.62] [1 p.20]. Executives' holdings printed: Dr. Pulak Kumar Deb, Chief Medical Officer, 9,895 shares (0.05%); Dr. Moslehuddin Ahmed, Medical Co-ordinator, 30,540 shares (0.14%) [1 p.20]. Mrs. Shamsa Chowdhury declared a sale of 125,000 shares on 22-Dec-2024 and confirmed it on 5-Jan-2025 [8].

Related parties. The FY2025 report lists rent of BDT 2,086,560 paid to Mrs. Latifa Haroon, wife of Dr. A. B. M. Haroon, for the nurse hostel; rent of BDT 1,054,200 (outstanding 336,805) and other payments of BDT 360,000 (outstanding 90,000) with The Imaging Services Ltd. (associate); an insurance premium of BDT 329,127 to Purabi General Insurance Company Ltd. (common director); and pathology tests of BDT 2,655,927 (outstanding 1,892,026) with M H Samorita Hospital & Medical College (common director) [1 p.16]. Director Mrs. Golam Fatima Tahera Khanam's profile lists her as 'Vice-Chairman of Sandhani Life Insurance Co. Ltd., Mona Group of Industries, Purabi General Insurance Co. Ltd., City University, MH Samorita Hospital & Medical College and MH Samorita Dental College' and 'Founder & Chairman of Alhaj Mockbul Hossain University College, MH Samorita Nursing College, Amico Laboratories Ltd., Panna Textile Mills Ltd. and Panna Spinning Mills Ltd.' [1 p.40]. Col. Wais Huda (Retd.) sits on the board as Nominated Director of Sandhani Life Insurance Co. Ltd. [1 p.20]. Director Mrs. Kishwar Jahan Sayeeda Banu's profile lists her as Director of Eastern Bank PLC and of EBL Investments Limited [1 p.39].

Corporate governance report. The compliance auditor Mollah Quadir Yusuf & Co. certified that 'The Company has complied with the conditions of the Corporate Governance Code' and 'The governance of the company is satisfactory' [1 p.34]. The company's compliance table remarks against condition 7(1)(i) (appraisal or valuation services) that the 'Audit Report contains 02 qualified opinions and a response has been given in the Board of Directors' Report' [1 p.33]. No condition is ticked 'Not Complied' in the annexure (pages 22-33). Three rows carry neither a tick nor a remark: 5(4)(a) 'The Audit Committee shall conduct at least its four meetings in a financial year' [1 p.29], 6(2)(g) 'The company secretary shall act as the secretary of the Committee' [1 p.31] and 6(5)(b)(v) [1 p.32]. Condition 5(5)(m), 'Oversee whether the proceeds raised through IPO/ RPO or Rights Share Offer have been utilized', is ticked 'Complied' [1 p.30]; the company's public issue was in 1996 [1 p.52]. The directors' statements include 'The system of internal controls is sound in design and has been effectively implemented and monitored' [1 p.21], alongside the two qualification bases above. Credit Rating Agency of Bangladesh rated the company A3 (long term), Stable, on FY2025 accounts (DSE post 13-Nov-2025) [8]. DSE moved the shares from 'A' to 'B' category from 29-Dec-2024 after the 5% cash dividend for FY2024 [8].

Peers: no listed hospital to compare with

No peer table. No other hospital operator has a published AnalystBro note, and the company itself states 'No Peer Industry is available for comparison' in its governance compliance report [1 p.26]. Pharmaceutical and medical-supply companies on DSE run different businesses, and their margins and returns are not on the same basis as a hospital's. This note therefore compares Samorita with its own twelve-year history [12].

What's next: FY2026 record date 17-Nov-2026, AGM 27-Dec-2026, audit opinion in November

The items below are dated and sourced; the line each one moves is 'None disclosed' unless a filing links it. Our 24-month sweep of DSE news (31-Oct-2024 to 2-Nov-2026) found no board approval of new capacity, a new building, a rights issue or a fund-raise [8]. The company's latest annual report repeats that management is 'optimistic about future growth' and does not give a capex plan or budget [1 p.13] [1 p.15]. No date has been notified for the WPPF Board of Trustees or a gratuity scheme [1 p.16].

Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted the decision on 29-Oct-2026 [9] [10]. Samorita states that it does not earn or pay in foreign currency [1 p.13]; the filings do not link LDC graduation to any line item. Past items: the 40th AGM was held on 9-Dec-2025 to elect directors and approve the appointment of independent director Mr. Shyamal Krishna Roy FCA (passed), outcome unknown from the filings in our corpus [1 p.8] [1 p.19].

Risks: salaries, pharmacy margin, WPPF and gratuity, tax disputes

Each risk below is listed with a line item and a figure from the filings. FY2025 profit before tax was BDT 18.0m [1 p.49].

Risk detail. Salaries are the largest cost and rose faster than revenue in FY2025 (+10.4% against +6.1%) [1 p.67] [1 p.14]. The cost of medicine sold rose 14.2% against medicine sales +11.9% in FY2025 [1 p.66] [12]. The WPPF balance and the absence of a gratuity provision are the two audit qualifications [1 p.43]. The company's own risk list includes technology obsolescence of machines and equipment [1 p.13].

Key questions: the FY2026 line items and the FY2026 audit opinion

For a reader new to the company, the filings describe a Dhaka hospital operating since 1984 whose revenue is spread over beds, tests and medicines; FY2025 segment profit from operations was BDT 22.5m in pharmacy and BDT 2.0m in diagnostics, net profit was BDT 13.5m and total assets BDT 1,198.0m [1 p.73] [1 p.48]. The DSE-announced FY2026 and Q1 FY2027 figures are higher than FY2025 [8]. At BDT 83.2 the shares trade at 74.3x FY2026 EPS and 1.71x NAV [11] [12]. These are facts about the price, not a view on it.

FAQ

What does Samorita Hospital do?

It runs a private general hospital at Panthapath, Dhaka, earning from medical services, diagnostics and its pharmacy [1 p.52] [1 p.66].

What was Samorita Hospital's EPS for FY2026?

BDT 1.12 against 0.62 for FY2025, as announced on DSE on 25-Oct-2026; NAV per share was BDT 48.74 [8].

What is Samorita's FY2026 dividend?

A 10% cash dividend (BDT 1.00 a share), record date 17-Nov-2026, AGM 27-Dec-2026 [8].

Why is Samorita's audit opinion qualified?

The auditor cited a WPPF provision of TK.18,160,841 without a Board of Trustees and the absence of a gratuity provision [1 p.43].

Does Samorita Hospital have bank debt?

No bank loan was outstanding at 31-Mar-2026; the Southeast Bank term loan was BDT 1.95m at 30-Jun-2025 [2 p.1] [1 p.48].

How much of Samorita's assets is land?

Land at revaluation was BDT 884.3m, 74% of total assets at 30-Jun-2025 [2 p.3] [12].

Who owns Samorita Hospital?

The nine non-independent directors held 43.6% at 30-Jun-2025; the shareholding table classes 65.54% as general public [1 p.20] [1 p.62].

Which results does this note use?

Annual reports FY2014-FY2025, the nine-month statements to 31-Mar-2026, and DSE-announced FY2026 and Q1 FY2027 figures. The FY2026 annual report is not in our corpus at 1-Nov-2026.

Sources

1. Samorita Hospital Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-02
2. Samorita Hospital Limited unaudited third-quarter financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-02
3. Samorita Hospital Limited Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-02
4. Samorita Hospital Limited Annual Report 2022-2023 (segment report) · link · accessed 2026-11-02
5. Samorita Hospital Limited Annual Report 2021-2022 (segment report) · link · accessed 2026-11-02
6. Samorita Hospital Limited Annual Report 2020-2021 (segment report) · link · accessed 2026-11-02
7. Samorita Hospital Limited Annual Report 2018-2019 (six-year data FY2014-FY2019) · link · accessed 2026-11-02
8. Dhaka Stock Exchange, SAMORITA news archive 31-Oct-2024 to 2-Nov-2026 (price-sensitive, results, dividend, rating and director-trade posts) · link · accessed 2026-11-02
9. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
10. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
11. AnalystBro price data (TradingView feed): DSE:SAMORITA daily bars to 1-Nov-2026 · link · accessed 2026-11-02
12. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02