Sharp Industries financial analysis: FY2026 loss of BDT 2.39 a share after gross margin turns negative (Oct 2026)

Investment considerations: capacity restored by merger, but thin spreads, short-term debt and a FY2026 loss

Sharp Industries PLC is the renamed R.N. Spinning Mills Ltd, a yarn spinner listed on the Dhaka Stock Exchange in 2010 [8]. R.N. Spinning made acrylic and cotton yarn in the Cumilla Export Processing Zone until a fire on 8 April 2019 destroyed the factory, after which it had no production and no revenue [1 p.3] [6 p.70]. On 31 October 2023 it absorbed Samin Food & Beverage Inds. and Textile Mills Ltd, a cotton spinner at Bhabanipur, Gazipur, under a High Court order, and took the name Sharp Industries on 14 January 2024 [1 p.78]. The company today is the former Samin mill: 121,000 spindles with 23.5m kg of annual capacity, selling cotton yarn to export-oriented dyeing and textile factories [1 p.20] [1 p.21] [1 p.78]. It has no subsidiaries, so every figure in this note is on a company basis.

Three facts in the filings frame the case. First, the restarted mill has not filled its capacity: production was 11.0m kg in FY2024 and 13.6m kg in FY2025, 62.7% and 57.8% of installed capacity [1 p.21]. Second, the margin per kilo is thin. In FY2025 the company realised BDT 360 for each kg sold and consumed BDT 259 of raw cotton per kg produced, a spread of BDT 101 (price per kg sold less raw material per kg produced), and gross margin was 9.8% [1 p.99] [1 p.75] [15]. Third, the working capital is financed with short-term bank debt: borrowings rose from BDT 2,759m at June 2024 to BDT 3,476m at June 2025, and financial expenses took 6.8% of revenue [1 p.93] [1 p.75] [15].

FY2026 then broke the pattern. Revenue for the nine months to March 2026 fell 15.2% to BDT 2,570m while cost of goods sold rose to BDT 2,959m, leaving a gross loss of BDT 389m and a nine-month loss after tax of BDT 654m [2 p.2]. The audited year closed with EPS of BDT -2.39 and NAV per share of BDT 7.68, as announced on 19-Oct-2026 [7]. The FY2026 annual report, which would explain the cost lines, is not yet in our corpus.

Business: a burnt acrylic mill turned into a 121,000-spindle cotton spinner by merger

From acrylic to a fire. R.N. Spinning was incorporated in November 2004, became a public company in February 2007 and began commercial production on 28 August 2007 [1 p.78]. Its founders set it up in the Cumilla EPZ as a backward-linkage supplier of acrylic and cotton yarn to Bangladesh's sweater makers, with 30,000 spindles on acrylic and about 1,700 employees [1 p.3]. The fire on 8 April 2019 destroyed buildings, machinery, raw materials and finished yarn; the auditor puts the reported loss at BDT 6,123.3m, of which inventories were BDT 1,475.0m and property, plant and equipment BDT 4,648.3m [1 p.67]. From then until the merger the company had no revenue. It lost BDT 69.9m in FY2021, BDT 36.6m in FY2022 and BDT 31.5m in FY2023, and its equity turned negative at BDT -9.6m in June 2023 [8] [6 p.70] [6 p.69]. The FY2023 auditor gave a qualified opinion because no impairment test had been done on the damaged assets and the insurance recovery was unresolved [6 p.64].

The merger. The High Court approved the amalgamation of Samin Food & Beverage Inds. and Textile Mills Ltd into R.N. Spinning, shareholders and creditors accepted it at meetings on 21 April 2022, and BSEC gave consent on 1 October 2023 [1 p.3] [6 p.64]. The merger took effect on 31 October 2023 [1 p.78]. The capital was rebuilt as follows: BDT 3,222.8m of R.N. Spinning's BDT 3,925.4m paid-up capital and its BDT 599.8m share premium were moved to a capital reserve, which then absorbed BDT 3,674.3m of accumulated losses, leaving BDT 148.3m; Samin's shareholders received 233,186,584 new shares [1 p.91] [1 p.92]. Post-merger paid-up capital is BDT 3,034.5m (303.45m shares), of which R.N. Spinning's holders kept BDT 702.7m, 23.2% [1 p.78] [15].

What the company makes and who buys it. The FY2025 annual report describes the business as 100% cotton yarn for 100% export-oriented dyeing and textile factories [1 p.78]; the March 2026 quarterly describes it as 100% synthetic and cotton yarn for the same buyers [2 p.5]. All revenue is booked as 'Revenue from Export' [1 p.95]: the yarn is sold to local export factories against letters of credit, and the FY2025 export value was US$32.65m [1 p.100]. Every kilo of raw material consumed in FY2025 was imported, BDT 3,517m in all [1 p.100]. The mill is at Mohona, Bhabanipur, Gazipur and employed 2,169 people at June 2025, 2,078 of them workers [1 p.78] [1 p.100]. The filings name no customers and give no count mix.

Why utilisation is low is not explained in the filings. Spindles rose from 79,872 to 121,000 between the two years and capacity from 17.5m kg to 23.5m kg [1 p.20] [1 p.21], so FY2025 production grew 24% while the utilisation rate fell. The directors list power shortages, labour unrest and higher gas and grid tariffs as the sector's main problems [1 p.22]. The capacity figures are the company's own; they are not count-adjusted, so they are not comparable with spinners that report count-equivalent output.

Line items: a BDT 101-a-kg spread, rising interest and a turnover-based tax

Revenue is kilos sold times the price per kilo. Yarn sold was 10.70m kg in FY2024 and 10.98m kg in FY2025, and the realised price fell from BDT 375.84 to BDT 359.60 a kg, so revenue fell 1.7% to BDT 3,950m [1 p.99] [15]. The FY2025 export value of US$32.65m against BDT 3,962m implies about BDT 121 to the dollar [1 p.100]. The company does not split revenue by count, product or customer, so the price change cannot be divided into yarn-price, mix and exchange-rate effects from the filings.

Production ran ahead of sales in FY2025. The mill made 13.58m kg but sold 10.98m kg, and finished-goods stock rose from 1.41m kg (BDT 469m) to 4.00m kg (BDT 1,341m) [1 p.99]. At the FY2025 sales rate that stock equals 4.4 months of sales [15]. Its carrying cost was BDT 335 a kg, against an FY2025 average selling price of BDT 360 [15].

Raw material is the cost that sets the margin. Raw cotton consumed was BDT 3,517m in FY2025, 89.0% of revenue [1 p.95] [15]. Per kg produced it fell from BDT 269 to BDT 259, but the selling price fell by more, so the spread over raw material (price per kg sold less raw material per kg produced) narrowed from BDT 107 to BDT 101 a kg [15]. The mill consumed 1.11 kg of fibre for each kg of yarn in FY2025 against 1.15 in FY2024 [1 p.99] [15]. As a history-based sensitivity, with 10.98m kg sold in FY2025 each BDT 1 a kg of spread moved gross profit by about BDT 11m, a third of FY2025 profit after tax [1 p.99] [1 p.75] [15].

Power, wages and depreciation. Manufacturing overhead was BDT 647m in FY2025: power and fuel BDT 358m and salary, wages and allowances BDT 228m were most of it [1 p.95]. Wages rose 22% while production rose 24%, so wages per kg were roughly flat at about BDT 17 [15]. Power and fuel rose only 4.9% in taka, so its cost per kg fell from BDT 31.1 to 26.4 [15]. The company's gas connection is with Bakhrabad Gas Systems [1 p.86]; industrial gas tariffs were raised by up to 179% from 1 February 2023, according to The Business Standard [13]. Depreciation in cost of production was BDT 242m [1 p.95].

Operating expenses and other income are small. Operating expenses were BDT 55.1m in FY2025, 1.4% of revenue, against BDT 61.1m in FY2024, when they included BDT 20.1m to maintain the idle Cumilla EPZ factory, BDT 18.7m of it depreciation; FY2025 shows no such charge, while warehouse, distribution and selling expenses rose to BDT 25.3m from BDT 18.9m [1 p.96]. Other income was BDT 12.6m, of which BDT 10.9m was interest on fixed deposits [1 p.97].

Financial expenses are the line that decides profit. They were BDT 138m in FY2023, BDT 233m in FY2024 and BDT 269m in FY2025, all 'bank charge and interest on loan' [5 p.73] [1 p.97]. Against average borrowings, the FY2025 charge was about 8.6% [15]. In FY2025 net operating income of BDT 333m paid BDT 269m of interest, leaving BDT 64m before other income [1 p.75]. Financial expenses rose to BDT 200m in the nine months to March 2026 against BDT 142m a year earlier [2 p.2].

Tax is a turnover tax in practice. In both FY2024 and FY2025 the charge was the minimum tax deducted under section 163 of the Income Tax Act 2023, BDT 31.2m and BDT 41.4m, because taxable operating income was negative or small [1 p.97]. That took 54.3% of FY2025 pre-tax profit [15]. In the nine months to March 2026 the company recorded BDT 33.9m of tax on a pre-tax loss of BDT 620m [2 p.17].

FY2026: gross losses in Q2 and Q3 turned a BDT 0.11 profit into a BDT 2.39 loss per share

Quarter by quarter. Q1 FY2026 (July-September 2025) was still profitable: revenue BDT 810m, gross profit BDT 95m and profit after tax BDT 12m [4 p.2]. In Q2 (October-December 2025) revenue rose 17.3% year on year to BDT 1,204m, but cost of goods sold was BDT 1,550m, a gross loss of BDT 346m and a loss after tax of BDT 452m [3 p.2]. In Q3 (January-March 2026) revenue was BDT 557m, 21.6% below the year before, and the gross loss was BDT 138m [2 p.2]. The derived quarters reconcile to the reported cumulative figures: Q1 plus Q2 revenue equals the BDT 2,014m half-year total, and the three quarters' losses sum to the BDT 654m nine-month loss [3 p.2] [2 p.2] [15].

What the statements show alongside the losses. Inventories fell from BDT 1,765m at June 2025 to BDT 1,459m at December 2025 and BDT 1,166m at March 2026, and bills receivable from BDT 1,777m to BDT 953m [1 p.74] [3 p.1] [2 p.1]. The quarterly reports give no explanation of the gross losses and no quantities, so we cannot say from the filings whether they came from selling the stock built in FY2025 below cost, a write-down, lower yarn prices or lower volume. This note does not attribute the losses to any one of these.

The full year. The board, at its meeting of 18-Oct-2026, approved the audited FY2026 statements and, as announced on DSE on 19-Oct-2026, reported EPS of BDT -2.39, NAV per share of BDT 7.68 and net operating cash flow per share of BDT 0.52, against EPS of BDT 0.11, NAV of BDT 10.08 and operating cash flow of BDT -1.74 in FY2025 [7]. The implied FY2026 loss is about BDT 725m and the implied Q4 loss about BDT 71m [15]. FY2025 itself ended with a weak quarter: Q4 FY2025 gross margin was 3.0% and the quarter lost BDT 115m, which is visible only by subtracting the nine-month figures from the audited year [1 p.75] [2 p.2] [15].

Cash and debt through the year. Operating cash flow was BDT 124m in the six months to December 2025 and BDT 569m in the nine months to March 2026, against BDT -526m and BDT -263m a year earlier [3 p.18] [2 p.18]. Over the nine months the company repaid BDT 402m of short-term loans and BDT 103m of long-term loans, and cash ended at BDT 27m [2 p.4]. Income tax payable rose from BDT 157.7m at June 2025 to BDT 194.4m at March 2026, because the minimum tax accrued while no adjustment was recorded [2 p.15]. The FY2026 operating cash flow announced on DSE, BDT 0.52 a share, is lower than the nine-month BDT 1.88, so the fourth quarter used cash on the announced figures [7].

Ratios: gross margin near 10% until FY2026, a cash cycle of up to 279 days and cover of 1.23x

Growth and margins. On the combined basis restated after the merger, revenue was BDT 3,589m in FY2023, BDT 4,020m in FY2024 and BDT 3,950m in FY2025 [5 p.73] [1 p.75]. Gross margin stayed between 9.3% and 9.9% in those three years, operating margin between 7.7% and 8.4% [15]. Net margin fell from 3.8% to 0.9% while financial expenses nearly doubled [5 p.73] [1 p.75] [15]. In the nine months to March 2026 gross margin was -15.1% [15].

Returns. Profit after tax was 1.8% of average equity in FY2024 and 1.1% in FY2025 [15]. FY2026 ends with a loss equal to about a quarter of opening equity: NAV per share fell from BDT 10.08 to 7.68 [7]. Equity is mostly share capital: BDT 3,034.5m of capital against retained losses of BDT 123.8m at June 2025, and BDT 778.1m at March 2026 [1 p.74] [2 p.1].

Working capital. Receivable days were 109 at June 2023, 179 at June 2024 and 164 at June 2025, and inventory days 64, 116 and 181 [15]. Bills payable (amounts due for goods and services received) fell to 66 days at June 2025, so the cash cycle lengthened from 91 to 279 days [15]. Receivables older than six months were BDT 398.8m at June 2025, against BDT 197.8m a year earlier, and BDT 195.5m at December 2025 [1 p.88] [3 p.12]. In the nine months to March 2026 the cycle shortened to 186 days on last-twelve-month figures [15].

Cash conversion. Operating cash flow was BDT -822m in FY2024 and BDT -529m in FY2025, against profits of BDT 57m and BDT 35m [1 p.77]. The working-capital build was BDT 1,158m and BDT 832m [15]. In the nine months to March 2026 the direction reversed: operating cash flow was BDT 569m despite a BDT 654m loss, because inventory, receivables and payables released BDT 1,042m net [2 p.18] [15].

Payout. Sharp paid a 1% cash dividend for FY2024, BDT 30.3m, which moved it from the Z to the B category in January 2025 [1 p.92] [7]. No dividend was recommended for FY2025 or FY2026 [7]. Before the fire, R.N. Spinning paid stock dividends of 20% for 2016 and 2017 and 10% for 2018 [8].

Balance sheet: BDT 3.5bn of borrowings at June 2025, mostly short-term import finance

Borrowings. Interest-bearing borrowings were BDT 2,759m at June 2024, BDT 3,476m at June 2025 and BDT 2,971m at March 2026 [1 p.93] [2 p.15] [15]. At June 2025, BDT 2,293m was UPAS and EDF import finance, BDT 425m export-bill finance (FDBP/MDB), BDT 577m a hire-purchase term loan (BDT 120m due within a year) and BDT 182m unsecured loans [1 p.93] [1 p.94] [2 p.15]. Of the unsecured loans, BDT 145.9m came from Rahman & Nesa Hospital and Research Center Ltd, a company under common ownership [1 p.101]; the unsecured balance was BDT 223.9m at March 2026 [2 p.15]. Cash was BDT 25m at June 2025 [1 p.74]. The schedule below ties to the balance-sheet line 'Short Term Loan & Advances', which also holds the BDT 19m received from the insurer [1 p.93].

What sits beside the mill. The BDT 419m 'Investment' line at June 2025 held BDT 239.5m of shares in M.L. Dyeing & Textile Ind. PLC and FAR Chemical & Textile Ind. PLC, a BDT 41.6m advance to FAR Chemical and BDT 137.9m of fixed deposits [1 p.89]. M.L. Dyeing Ltd in turn holds 6,191,603 Sharp shares, 2.04% [1 p.101]. Dividend income from the shares was BDT 0.9m in FY2025 [1 p.97].

The burnt assets and the insurance claim. Property, plant and equipment was BDT 3,425m at June 2025, 45.5% of total assets [1 p.70]. The auditor states that the company has not performed an IAS 36 impairment test on the Cumilla EPZ assets and that it could not obtain sufficient evidence on their valuation [1 p.67]. The insurer, Union Insurance, settled the fire claim at BDT 305m against cover of BDT 1,324.6m; BDT 19m had been received by June 2025 and is carried as an advance, and the auditor notes that no legal steps have been taken to speed recovery [1 p.67] [1 p.94]. The FY2025 report states no capital expenditure commitment [1 p.101], and our sweep of 24 months of DSE news found no board decision on new capacity [7].

Audit opinion history. FY2023 (R.N. Spinning alone, auditor Kazi Zahir Khan & Co.) was a qualified opinion over the fire-damaged assets and an undistributed IPO refund [6 p.64]. For FY2024 and FY2025 M. Z. Islam & Co. gave an opinion worded 'except the matter stated' under emphasis of matter, covering the same fire and impairment issue and the absence of provident fund, gratuity and WPPF [5 p.64] [1 p.67]. DSE published the FY2025 emphasis-of-matter paragraphs on 11-Dec-2025 [7]. The BDT 1.1m IPO refund deposit is still held because the company has no foreign-currency account through which to pass it to the Capital Market Stabilization Fund [1 p.94].

Peers: the lowest gross margin and interest cover of three listed cotton spinners

We compare Sharp with two listed cotton spinners from their own FY2025 filings: Square Textiles (consolidated) and Matin Spinning (company). Labels differ: Sharp prints 'Financial Expenses' (bank charge and interest on loan), Square 'Finance Cost' and Matin 'Finance cost' (both interest only); all three are gross, with interest income reported elsewhere, in Sharp's 'Other income', Square's 'Non-Operating Income' and Matin's 'Non-operating income' [1 p.97] [9 p.92] [10 p.189] [10 p.152]. For operating profit we use Sharp's 'Net Operating Income', Square's 'Profit from Operations', and Matin's gross profit less administrative and distribution expenses, because Matin's printed 'Net profit before finance cost' includes BDT 14.6m of non-operating income [10 p.152].

Of the three, Sharp had the lowest gross margin (9.8% against 13.3% and 15.0%), the highest finance cost relative to revenue (6.8% against 5.5% and 4.4%) and the lowest interest cover (1.23x against 2.19x and 2.53x) [15]. Its borrowings were 1.14x equity, between Square's 1.33x and Matin's 0.84x; Matin's equity includes a BDT 2,578m revaluation reserve, while Sharp and Square carry none [10 p.151] [9 p.74] [1 p.74] [15]. Sharp is the smallest of the three by revenue.

Governance: Z category from 25-Oct-2026, no dividend for two years, a negative rating outlook

Ownership. DSE shows sponsors and directors at 36.63% at June 2025, August 2026 and September 2026; institutions held 23.51% at June 2025, 33.59% at August 2026 and 31.97% at September 2026, and the general public 39.85%, 29.78% and 31.40% [8]. The FY2025 annual report's own register lists named holders with 28.92% between them: Abdul Kader Faruk 8.58%, Mrs. Shirin Faruk 6.70%, Fatin Kader Fardin 6.05%, Rezaur Rahman Rajon 5.33%, M.L. Dyeing Ltd 2.04% and Md. Abdul Quyum Mamun 0.22%, with 71.09% under 'General Shareholders' [1 p.91]. The two sources use different groupings and we do not reconcile them.

Board pay and related parties. The managing director's remuneration was BDT 0.6m in FY2025 and directors' meeting fees BDT 0.1m [1 p.101]. The related-party note lists the BDT 145.9m short-term loan from Rahman & Nesa Hospital and Research Center (common ownership) and M.L. Dyeing's shareholding, and states no other transactions involving directors' interests [1 p.101].

Market status. DSE moved the shares from B to Z on 25-Oct-2026 because the company 'failed to declare any dividend for a period of 2 (two) consecutive years', and brokers and merchant banks may not lend against the shares from the same date [7]. In July and August 2026 DSE queried the company about unusual price rises and trading volume; on both occasions the company replied that it had no undisclosed price-sensitive information [7]. Emerging Credit Rating assigned BBB long term and ST-3 short term with a stable outlook on 3-Jun-2025 and kept the ratings with a negative outlook on 16-Jun-2026 [7].

Market facts. At the 29-Oct-2026 close of BDT 10.9, market capitalisation was BDT 3,308m and the price was 1.42x the DSE-announced June 2026 NAV per share [14] [7] [15]. With a loss for FY2026 there is no price-earnings multiple. The monthly closes in Exhibit 1 ranged from BDT 10.9 (October 2026) to BDT 35.1 (July 2026) over the 25 months shown, and the intramonth high was BDT 45.5 in August 2026 [14].

What's next: the record date, Q1 FY2027 results and the 24-Dec-2026 AGM

Two dates are fixed by the board meeting of 18-Oct-2026 (announced 19-Oct-2026): the record date of 19-Nov-2026 and the AGM on 24-Dec-2026, held in hybrid form at Greentech Resort and Convention Center, Gazipur and online [7]. The FY2026 annual report is not yet in our corpus; it is the document in which the cost-of-goods-sold, inventory and quantity notes for FY2026 are published. The first-quarter results date is inferred from precedent: the board met on 14-Nov-2024 and 13-Nov-2025 for Q1, and the latest precedent points to around 13-Nov-2026 (inferred) [7].

LDC graduation. The UN General Assembly adopted Bangladesh's three-year deferral on 29-Oct-2026 in New York (30-Oct in Dhaka), moving graduation from 24-Nov-2026 to 24-Nov-2029 [11] [12]. Sharp sells to export-oriented factories [1 p.78], so any effect on it would come through its customers' export orders, which the filings do not quantify.

Risks: the price-cost gap, short-term funding and the burnt assets

Each risk below is tied to the line it moves, using FY2025 or FY2026 history for scale.

Two risks stand out in the numbers. The first is the gap between price and cost: in FY2025 the mill earned BDT 101 a kg over raw material and spent about BDT 68 a kg on conversion and depreciation [15], so a small change in either side moves the result from profit to loss, as Q4 FY2025 and Q2-Q4 FY2026 show [15]. The second is the funding structure: 84% of borrowings at March 2026 were short-term loans [2 p.15] [15].

Key questions: the cause of the gross losses, the debt path and the insurance claim

What drives shareholder returns here. The company has no dividend for FY2025 or FY2026 [7], so returns depend on the mill earning a positive gross margin again and on cash released from working capital reducing interest-bearing debt. The nine-month FY2026 figures show both sides: operating cash flow of BDT 569m and a BDT 654m loss [2 p.2] [2 p.4].

FAQ

What does Sharp Industries make?

Yarn for export-oriented dyeing and textile factories, from a 121,000-spindle mill at Bhabanipur, Gazipur. The FY2025 report says 100% cotton yarn; the March 2026 quarterly says synthetic and cotton yarn [1 p.20] [1 p.78] [2 p.5].

Why did R.N. Spinning become Sharp Industries?

Its Cumilla EPZ factory burned on 8 April 2019. It absorbed Samin Food & Beverage Inds. and Textile Mills on 31 October 2023 and changed its name on 14 January 2024 [1 p.78].

What was Sharp Industries' FY2026 EPS?

BDT -2.39, with NAV per share of BDT 7.68, announced on 19-Oct-2026; FY2025 EPS was BDT 0.11 [7].

Did Sharp Industries declare a dividend for FY2026?

No. The board recommended no dividend for FY2026, as for FY2025. The record date is 19-Nov-2026 and the AGM 24-Dec-2026 [7].

Why is SHARPIND in the Z category?

DSE moved it from B to Z from 25-Oct-2026 because it failed to declare a dividend for two consecutive years [7].

How much debt does Sharp Industries have?

Interest-bearing borrowings of BDT 2,971m at 31-Mar-2026, against BDT 3,476m at 30-Jun-2025 [2 p.15] [1 p.93] [15].

What happened to the 2019 fire insurance claim?

Union Insurance settled at BDT 305m against BDT 1,324.6m of cover; BDT 19m had been received by June 2025 [1 p.67].

Does LDC graduation affect Sharp Industries?

Indirectly, through its export customers. Graduation was moved to 24-Nov-2029 by the UN General Assembly on 29-Oct-2026 [11] [12].

Sources

1. Sharp Industries PLC Annual Report 2024-25 (year to 30-Jun-2025), company basis (no subsidiaries) · link · accessed 2026-10-31
2. Sharp Industries PLC unaudited third-quarter financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
3. Sharp Industries PLC unaudited half-year financial statements, six months to 31-Dec-2025 · link · accessed 2026-10-31
4. Sharp Industries PLC unaudited first-quarter financial statements, three months to 30-Sep-2025 · link · accessed 2026-10-31
5. Sharp Industries PLC Annual Report 2023-24 (first year after the merger; FY2023 restated on a combined basis) · link · accessed 2026-10-31
6. R.N. Spinning Mills Ltd Annual Report 2022-23 (pre-merger company) · link · accessed 2026-10-31
7. Dhaka Stock Exchange, SHARPIND news archive Nov-2024 to Oct-2026 (FY2026 results and no dividend 19-Oct-2026, Z category, margin-loan bar, credit ratings, quarterly results, query responses), accessed 31-Oct-2026 · link · accessed 2026-10-31
8. Dhaka Stock Exchange, Sharp Industries PLC company page (shareholding, dividend and listing history, FY2021 result), accessed 31-Oct-2026 · link · accessed 2026-10-31
9. Square Textiles PLC Annual Report 2024-25, consolidated statements · link · accessed 2026-10-31
10. Matin Spinning Mills PLC Annual Report 2024-25, company statements · link · accessed 2026-10-31
11. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
12. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
13. The Business Standard, 'Gas prices hiked up to 179% for industries, effective from 1 February' (18-Jan-2023) · link · accessed 2026-10-31
14. AnalystBro price data (TradingView feed): DSE:SHARPIND monthly and daily bars to 29-Oct-2026 · link · accessed 2026-10-31
15. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31