Shasha Denims financial analysis: FY2026 EPS of BDT 1.03 on lower margins and associate profit (Oct 2026)

Investment considerations: flat revenue, a 10.9% gross margin and associates supplying 30% of pre-tax profit in FY2025

Shasha Denims PLC makes denim fabric in the Dhaka Export Processing Zone (DEPZ) at Savar and sells it to export-oriented garment factories, which cut and sew it for foreign brands. The annual report names H&M, O'STIN, Esprit, Debenhams, Marks & Spencer, LPP, Pull & Bear, s.Oliver, Zara, Bestseller and River Island among the brands it makes fabric for, and gives the EU and Australia among the final destinations [1 p.11]. It began in 1996, listed on the DSE in 2015 and states a production capacity of 28.8m yards a year, with fabric weights from 4oz to 15oz per square yard [1 p.11] [6]. The group consolidates EOS Textile Mills (98%), Shasha Textiles (99.90%, not in operation, holding land) and GA Garments (86.67%, a start-up), and equity-accounts Shasha Garments (42.19%), Energis Power Corporation (36.13%, operation suspended) and Fly Dhaka Airlines (26.25%) [1 p.67].

Four facts from the filings frame the company. First, revenue has been flat for two years at about BDT 11.3bn (FY2024: BDT 11,392m; FY2025: BDT 11,287m) and fell 5.6% in the nine months to March 2026 [1 p.47] [2 p.3] [13]. Second, gross margin ranged from 9.9% to 16.9% over FY2019-FY2025, and financial expenses took 6.6% of revenue in FY2025 [13]. Third, the share of associates in pre-tax profit rose from 8.7% in FY2024 to 29.7% in FY2025 and 48.3% in the nine months of FY2026, mainly from Shasha Garments [1 p.186] [2 p.3] [13]. Fourth, the balance sheet carries exposures outside denim: an impaired power associate with a BDT 1,148m corporate guarantee and BDT 210m of advances, and a 90% stake in a new inland container terminal project with an estimated cost of BDT 350 crore [1 p.236] [1 p.179] [7].

Business model: denim for brand-nominated garment makers, plus a group of unrelated holdings

How the company earns money. Revenue is recorded as export bills: in FY2025 the parent booked BDT 10,276m and EOS Textile Mills BDT 1,011m [1 p.183]. The fabric is delivered to export-oriented garment makers, and the annual report states that the company 'exports its products through export oriented RMG' [1 p.11]. The filings do not split revenue between deemed exports to local garment factories and direct exports, and they do not print yards sold or produced: note 42.2 gives only the 28.8m-yard yearly capacity [1 p.236]. Average selling price per yard and utilisation, two of the sector's standard measures, therefore cannot be calculated from the filings.

Group structure. EOS Textile Mills was bought in 2019. Before the acquisition it produced twill fabric for an Italian buyer; Shasha installed 66 new looms to make denim, giving EOS a capacity of 7m yards a year, and the annual report says Shasha produces its excess fabric requirement at EOS 'under fixed rate commission' [1 p.67]. EOS revenue was BDT 1,011m in FY2025 and its profit after tax BDT 19.45m, down from BDT 70.91m [1 p.67]. GA Garments received assets valued at BDT 250m on plots 94-101 of the DEPZ in exchange for an 86.67% stake [1 p.67] [1 p.177]. Shasha Textiles holds land in Trishal, Sripur and Savar, had total assets of BDT 1,858.66m at June 2025 and is not in operation [1 p.67].

What changed over the past seven years. Consolidated revenue rose from BDT 7,923m in FY2019 to BDT 11,392m in FY2024, a period that includes the EOS acquisition [1 p.47]. The company share of consolidated revenue rose from 67.2% in FY2019 to 91.0% in FY2025 [1 p.48] [13]. The FY2022 annual report described Energis Power as a subsidiary whose operation had been suspended since July 2019 and whose financial charges of BDT 242m were in the consolidated accounts [4 p.40] [4 p.44]; the FY2025 report lists it as a 36.13% associate [1 p.67]. In FY2022 the company recognised an impairment of BDT 1,054m on its investment in Energis Power (BDT 1,226m in the consolidated accounts), after a valuation of its fixed assets and inventory by Hoda Vasi Chowdhury & Co.; consolidated EPS that year was a loss of BDT 5.75 [4 p.40] [1 p.47]. The FY2022 annual report states that management decided to 'sell/transfer EPCL's 60 million shares to Shasha Garments Ltd. @ NAV price' [4 p.44].

Expansion in progress. The FY2025 annual report describes 'a new investment of 50% expansion project of our denim factory at plot no. 289-292, DEPZ', installing 105 looms, with an expected additional yearly turnover of US$12m [1 p.133]. The chairperson's letter in the same report gives the plot as 89-92 and about 150 new workers [1 p.40]. The Q3 FY2026 statements explain that capital work in progress rose 360.23% because of the 'import of 85 Loom machines from Belgium (Picanol) for SDL expansion project Plot no. 289-292' and LC payments for GA Garments of Tk 2.88 crore [2 p.8]. Capital work in progress was BDT 1,049m at 31-Mar-2026, against BDT 228m at June 2025 [2 p.2]. The two filings give different loom counts (105 and 85) and new headcounts (about 200 at p.133, about 150 in the chairperson's letter); neither gives a budget or a start date for the expansion. The DSE news archive for the 24 months to 28-Oct-2026 contains no board announcement of the loom project or its cost [7].

The Ghorashal container terminal. On 18-Dec-2025 the company disclosed that, under a joint venture agreement, it had been awarded the tender to develop the Ghorashal inland container depot as a design-build-finance-operate-maintain-transfer project with Bangladesh Railway. On 1-Feb-2026 it disclosed that a special purpose company, Ghorashal ICD and Port Limited, had been incorporated with Shasha Denims holding 90%, and that it had signed an agreement with the Container Company of Bangladesh for a project with an estimated cost of BDT 350 crore and a 30-year concession [7]. The disclosure adds that the structure 'may evolve in future due to the inclusion of strategic investors'. BDT 350 crore (BDT 3,500m) compares with owners' equity of BDT 5,885m at 31-Mar-2026 [2 p.2]. The disclosures do not state how the project will be funded.

History: revenue up 42% over six years, gross margin between 9.9% and 16.9%

Seven years of consolidated results. Revenue grew at a compound 6.1% a year from FY2019 to FY2025, but gross profit moved in a narrow band of BDT 986m to BDT 1,476m and the gross margin ranged between 9.9% (FY2024) and 16.9% (FY2023) [1 p.47] [13]. Operating margin followed the same path, from 7.8% in FY2024 to 13.8% in FY2023. Net margin was at or below 4.8% in every year, and negative in FY2022 because of the Energis impairment [13].

Returns. ROE, measured as EPS over the average of opening and closing NAV per share, was between 2.4% and 5.0% in every year from FY2020 to FY2025 apart from the FY2022 loss year (-14.0%) [13]. Total debts as printed fell from BDT 8,194m at June 2022 to BDT 3,889m at June 2023, and were BDT 4,558m at June 2025, 0.77x owners' equity [1 p.47] [13]. Asset turnover rose from 0.48x in FY2020 to 0.81x in FY2025 [13].

Line items: yarn sets the margin, discount and exchange losses set half the finance bill

Revenue. Two lines make up consolidated revenue: export bills of the parent (BDT 10,276m in FY2025, down 1.4%) and of EOS (BDT 1,011m, up 4.5%) [1 p.183] [13]. The company's DSE disclosures give the reasons it states for each period. For Q1 FY2026 it said export 'was slightly decreased due to decrease of selling price'; for Q2 it cited 'a sharp rise in the cost of goods sold and decline of selling price'; for Q3 it cited fewer operating days because of the Eid-ul-Fitr holidays and the national election, and an average selling price that 'saw a marked decline' [7]. Nine-month revenue was BDT 8,418m against BDT 8,914m, down 5.6%, and Q3 revenue was down 13.5% [2 p.3] [13].

Cost of goods sold. Yarn is the largest cost. Materials-yarn was BDT 7,270m in FY2025, 64.4% of revenue, against 67.9% in FY2024; chemicals were 8.6% and factory wages 6.4% [1 p.184] [13]. Energy, the sum of the Titas gas bill and the BEPZA electricity, gas and generator charges, was BDT 405m or 3.6% of revenue; a separate BEPZA utility line was BDT 217m [1 p.184] [13]. In FY2025 the yarn line fell by BDT 466m while revenue fell by BDT 105m, which is how gross margin rose from 9.9% to 10.9% [13]. For Q1 FY2026 the company stated that 'Cost of goods sold mainly increased due to increase of yarn cost and chemical cost' [7]. The nine-month gross margin was 9.5% [13].

Financial expenses. Financial expenses were BDT 750m in FY2025, up 19.7%, and 6.6% of revenue [1 p.161] [13]. Note 31 shows that the largest item is not loan interest: 'Discount/exchange loss/(gain) bill purchase & others' was BDT 377m, 50.3% of the total, against BDT 337m in FY2024 [1 p.186] [13]. Interest to The Premier Bank PLC on overdraft and term loans was BDT 165m, IPDC interest BDT 38m and EOS bank charges and interest BDT 68m [1 p.186]. For Q1 FY2025 the company stated that financial expenses 'increased significantly due to increase of interest rate on bank loans and exchange loss on payment of import liability, export bill negotiation & devaluation of taka against dollar' [7]. Financial expenses over average loans were 17.5% in FY2025 [13]; this ratio includes the discount and exchange line, so it is not an interest rate.

Associates. The share of profit of equity-accounted investees was BDT 94m in FY2025 against BDT 26m in FY2024 [1 p.161]. Shasha Garments contributed BDT 98m (FY2024: BDT 68m), Fly Dhaka Airlines a loss of BDT 4.5m, and Energis Power nothing in FY2025 after a BDT 32m loss share in FY2024 that took its carrying value to zero [1 p.177] [1 p.186]. In the nine months of FY2026 the associates' share was BDT 60m, of which Shasha Garments BDT 62m, and it equalled 48.3% of pre-tax profit [2 p.11] [2 p.3] [13]. In its Q2 FY2026 disclosure the company stated that 'consistent profit contributions from associate companies helped sustain the overall net profit' [7].

Tax. Current tax was BDT 117m in FY2025, and the company prints an effective tax rate of 52.83%, measured as current tax over profit before the share of associates [1 p.186]. Deferred tax was a credit of BDT 18m [1 p.161]. Current tax was BDT 85m in the nine months of FY2026, against pre-tax profit of BDT 124m [2 p.3].

Quarters: Q3 FY2026 was a loss of BDT 0.20 a share; Q4 added BDT 0.64

Quarterly path. Quarters are derived from the cumulative statements (Q1 = six months less Q2; Q4 = full year less nine months) and tie to the reported nine-month totals [13]. Revenue was between BDT 2.2bn and BDT 3.4bn a quarter. Gross margin was 12.4% in Q1 FY2025, 9.0% in Q4 FY2025 and 8.0% in Q2 FY2026, then 12.4% in Q3 FY2026 on the lowest revenue of the seven quarters [3 p.3] [2 p.3] [13]. Financial expenses rose to 9.5% of revenue in Q3 FY2026 [13].

FY2026 as announced. On 28-Oct-2026 the DSE published the board's recommendation of a 5% cash dividend and the audited FY2026 figures: consolidated EPS of BDT 1.03, NAV per share of BDT 42.36 and net operating cash flow per share of BDT 0.67, against BDT 1.57, BDT 41.84 and BDT 2.70 for FY2025 [7]. EPS fell 34.4%. Nine-month EPS was BDT 0.39, so the fourth quarter (April-June 2026) contributed BDT 0.64, against BDT 0.27 in Q4 FY2025 [7] [13]. Nine-month operating cash flow was BDT 12.36 a share and the full-year figure BDT 0.67 a share, which puts fourth-quarter operating cash flow at about minus BDT 11.69 a share, or about minus BDT 1.65bn [7] [13]. The FY2026 annual report, which will give the line items behind these figures, is not yet in the AnalystBro filings corpus.

Balance sheet: loans of BDT 3.85bn at March 2026, with payables up BDT 1.86bn

Loans. Consolidated loans (long-term, current portion and short-term) were BDT 4,558m at June 2025 and BDT 3,848m at 31-Mar-2026, 0.77x and 0.65x owners' equity [1 p.160] [2 p.2] [13]. The Premier Bank PLC is the main lender: BDT 2,527m of the BDT 3,148m of short-term loans at June 2025, including BDT 1,781m under 'FBN', plus all of the long-term loans [1 p.183] [1 p.182]. Short-term loans also include BDT 48.4m from Shasha Garments, the associate [1 p.183]. The Q3 FY2026 statements explain that long-term loans rose after a higher-cost IPDC Finance loan was settled with a new IFIC Bank loan, and that short-term loans fell on settlement of overdraft and short-term facilities [2 p.8]. The DSE page shows loan status at 30-Jun-2025 of BDT 3,777m short-term and BDT 781m long-term [6].

Working capital. Receivable days were 121 at June 2025 and inventory days 108, on full-year revenue and cost of goods sold [13]. At 31-Mar-2026, on nine-month figures annualised, receivable days were 120, inventory days 116 and payable days 158, against 92 at June 2025 [13]. Accounts payable rose to BDT 4,384m; the company states that this was due to 'increase of significant amount of Import liability including OBU financing with UCB and party bills outstanding' [2 p.8]. Loans plus accounts payable were BDT 8,233m at March 2026, against BDT 7,087m at June 2025 [13].

Schedules tie to the balance sheet. The inventory note sums to the balance-sheet figure at both June 2025 and March 2026, and the receivables note (BDT 2,634m from the parent and BDT 1,106m from EOS) sums to BDT 3,740m [1 p.177] [1 p.178] [2 p.11] [13]. Finished fabric rose from BDT 792m to BDT 1,107m between June 2025 and March 2026, from 26.5% to 34.3% of inventory [2 p.11] [13]. EOS accounted for 29.6% of receivables at June 2025, against 9.0% of revenue [13].

Cash flow. Operating cash flow was BDT 354m in FY2024 and BDT 380m in FY2025, and capex (fixed assets plus work in progress) BDT 241m and BDT 738m, so free cash flow was BDT 113m and BDT -358m before dividends of about BDT 141m a year [1 p.163] [13]. In the nine months of FY2026 operating cash flow was BDT 1,744m, capex BDT 883m (of which BDT 821m work in progress), and short-term loans were reduced by BDT 759m [2 p.5] [13]. The company's DSE disclosure for Q3 attributes the operating inflow to collection of receivables and to 'the strategic deferral of certain import liabilities under Offshore Banking Unit (OBU) facilities' [7]. Intercompany loans and advances, mainly to Energis Power and Fly Dhaka, absorbed BDT 46m in FY2025 and BDT 57m in the nine months [1 p.163] [2 p.5].

Audit. A. Qasem & Co. signed the FY2025 consolidated statements on 28-Oct-2025 [1 p.160]. The opinion reads: 'In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 30 June 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).' [1 p.155] The key audit matters were revenue recognition, valuation of inventory (BDT 2,986.30m, 21.46% of total assets) and measurement of deferred tax [1 p.155] [1 p.156] [1 p.157]. The FY2025 statements carry a revaluation reserve of BDT 1,535m within equity [1 p.160].

Group exposures: a profitable garment associate and a suspended power associate with a BDT 1.15bn guarantee

Shasha Garments. Shasha Garments is a 42.19% associate. Its carrying value rose from BDT 367m to BDT 466m in FY2025 and to BDT 528m at March 2026, in each case by the share of profit [1 p.177] [2 p.11]. Its share of profit was 23.0% of consolidated pre-tax profit in FY2024 and 31.2% in FY2025 [13]. Note 41(c), which is on the company basis, prints 'Trade with Sister Concern' of BDT 1,438m with Shasha Garments and BDT 406m with EOS Textile Mills [1 p.236]. The note also shows a receivable from Shasha Garments of BDT 302m at June 2025 (BDT 166m a year earlier) and a payable of BDT 48m [1 p.235].

Energis Power. Energis Power Corporation's operation has been suspended since July 2019, and the FY2022 annual report states that 'We have already left hope to go to operation of EPCL again. But the Company is still carrying a significant amount of bank loan.' [4 p.40] Shasha's investment is carried at zero in the consolidated accounts after the FY2022 impairment and the FY2024 loss share [1 p.177]. Exposure remains in two forms: advances of BDT 209.7m at June 2025 (BDT 173.3m a year earlier), shown as intercompany loans and advances, and a corporate guarantee of BDT 1,148.1m to Agrani Bank for Energis Power's loan facilities, which are also secured on 13.7350 acres of land at Sreepur (Gazipur) and Ishwardi (Pabna) [1 p.179] [1 p.236]. The guarantee equals 19.5% of owners' equity at June 2025 [13].

Fly Dhaka Airlines and the guarantee to EOS. Fly Dhaka Airlines, a 26.25% associate described as a new company, contributed losses of BDT 10.1m and BDT 4.5m in FY2024 and FY2025, and received advances of BDT 45.3m by June 2025 [1 p.186] [1 p.179] [1 p.67]. Shasha also guarantees BDT 1,100m of Premier Bank facilities used by EOS, a consolidated subsidiary [1 p.236].

Peers: the lowest gross-profit cover of finance cost among three listed denim makers

We compare Shasha with two listed denim makers, Envoy Textiles and Argon Denims, from their own statements [8 p.142] [8 p.143] [9 p.77] [9 p.78]. All three have 30 June year ends. Shasha's figures are consolidated; Envoy and Argon report as single companies. Each company labels its finance line 'Financial Expenses', and all three are shown gross, as printed. Two differences are footnoted: Envoy and Argon charge WPPF in the profit and loss account (BDT 80m and BDT 15m) and Shasha's consolidated account carries no WPPF line, and Argon prints 'Add: Export Incentive' of BDT 112m above operating profit [8 p.143] [9 p.78] [1 p.161]. Shasha's pre-tax profit includes BDT 94m from associates; the margin row below excludes it.

Among the three, Shasha's gross margin (10.9%) sat between Argon's (9.1%) and Envoy's (18.9%). Its financial expenses were 6.6% of revenue, against 7.4% for Envoy and 1.9% for Argon, and gross profit covered them 1.64x, the lowest of the three [13]. Pre-tax profit before associates was 2.0% of revenue, against 8.6% and 5.3% [13]. Loans were 0.77x equity for Shasha, 1.18x for Envoy (including bonds and preference shares) and 0.86x for Argon; excluding revaluation reserves the figures were 1.04x, 1.84x and 0.89x [13].

Dividends and ownership: 5% cash for FY2026 and a 44.4% sponsor stake

Dividends. The five-year highlights print cash dividends of 15% for FY2019 (with a 7% stock dividend), 5% for FY2020 and FY2021 (each with 5% stock), 10% for FY2022, FY2023 and FY2024, and 5% for FY2025 [1 p.47]. For FY2026 the board recommended 5% cash (BDT 0.50 a share, about BDT 71m), a payout of 48.5% of EPS [7] [13]. After shareholders approved the 5% FY2025 dividend, the DSE moved the shares from category A to category B with effect from 24-Dec-2025 [7]. Cash payout over FY2019-FY2025, excluding the FY2022 loss year, was between 22.4% and 71.4% [13].

Ownership and board. Sponsors and directors held 44.40% at 30-Jun-2025, 31-Aug-2026 and 30-Sep-2026; institutions held 25.76%, foreign investors 0.21% and the general public 29.63% at 30-Sep-2026 [6]. The company had 7,228 shareholders at 31-Mar-2026, and holders of more than 1m shares held 61.90% of the shares [2 p.15]. On 17-Nov-2024 the company disclosed that the board had elected Parveen Mahmud FCA as chairman, and Mohammad Jamal Abdun Naser was promoted to Group CEO by the board on 28-Apr-2025 [7]. Shams Mahmud is managing director [1 p.160]. The company's name changed from Shasha Denims Ltd. to Shasha Denims PLC. with effect from 28-Apr-2025 [7]. Key management compensation was BDT 30.7m in FY2025 [1 p.235].

Capital actions. In October 2023 the board decided to issue redeemable, cumulative, non-convertible preference shares of up to BDT 1,000m to refinance existing loans, subject to shareholder and BSEC approval, and to raise authorised capital to BDT 3,000m [5 p.60]. At 31-Mar-2026 authorised capital included 100m redeemable preference shares of BDT 10 each, while issued and paid-up capital consisted only of ordinary shares of BDT 1,410m [2 p.15]. The 24-month DSE news archive contains no announcement of a preference-share issue [7].

Valuation facts. At BDT 26.40 on 29-Oct-2026 the shares traded at 25.6x FY2026 EPS, 0.62x June 2026 NAV per share and a 1.9% cash yield [12] [7] [13]. Year-end P/E over FY2019-FY2025, excluding FY2022, ranged from 9.7x to 25.1x, and year-end P/B from 0.42x to 1.00x [1 p.47] [13]. On FY2025 figures, Envoy traded at 8.4x EPS and 1.21x book and Argon at 11.6x and 0.79x [13]. These are statements of the multiples only.

What's next: the 19-Nov-2026 record date, the 27-Dec-2026 AGM and the FY2026 annual report

Already announced. The audited FY2026 results (EPS BDT 1.03, NAV per share BDT 42.36, 5% cash dividend) were approved at the board meeting of 27-Oct-2026 and published by the DSE on 28-Oct-2026; they are covered in the quarters section above [7]. The FY2026 audited accounts are on the same timetable as FY2025, when the board met on 28-Oct-2025, so they are not late against precedent [7]. Two events dated in the FY2025 annual report have passed: the EOS washing plant's commercial operation was 'going to be started by Dec, 2025', and denim orders were 'booked up to first quarter of 2026' [1 p.133]. Both dates have passed and the outcome is not reported in the filings in our corpus; the Q3 FY2026 statements mention insurance premium paid for the EOS washing unit's new machinery [2 p.8].

LDC graduation. The UN General Assembly adopted a three-year extension on 29-Oct-2026 in New York (30-Oct-2026 in Dhaka), moving Bangladesh's graduation from 24-Nov-2026 to 24-Nov-2029, as both the Daily Star and the Business Standard reported [10] [11]. The annual report names the EU and Australia among the final destinations of the company's fabric [1 p.11]. The filings do not quantify how much of the company's revenue depends on trade preferences linked to LDC status.

Interest and exchange. In FY2025 each 1 percentage point on average loans of BDT 4.28bn was about BDT 43m of interest, against pre-tax profit of BDT 315m [13]. The discount and exchange line in financial expenses (BDT 377m in FY2025) moves with the taka and with export bill discounting [1 p.186]. The company's own foreign-exchange sensitivity note shows an effect of BDT 81,321 for each 10 basis points on USD-denominated expenditures [1 p.234].

Risks: the margin, finance cost, a power-company guarantee and a payables-funded cash flow

Each risk below is tied to the line it moves, using FY2025 or nine-month FY2026 figures for scale.

Two exposures compare with equity as follows. The Energis Power guarantee is BDT 1,148m against owners' equity of BDT 5,900m at June 2025 [1 p.236] [1 p.160], and the Ghorashal project's estimated cost of BDT 350 crore is BDT 3,500m [7]. On cash, the nine-month operating inflow came with BDT 1,855m more accounts payable, and the full-year NOCFPS of BDT 0.67 against BDT 12.36 for nine months shows the fourth-quarter outflow [2 p.2] [7] [13].

Key questions: the fourth quarter, volumes, the looms and the guarantees

The shareholder-return question in one line: FY2026 EPS of BDT 1.03 came with nine-month pre-tax profit in which associates supplied 48.3%, and the board paid out 48.5% of EPS in cash [7] [13].

FAQ

When does Shasha Denims' financial year end?

On 30 June. FY2025 ended on 30-Jun-2025 and FY2026 on 30-Jun-2026 [1 p.160] [7].

What was Shasha Denims' EPS for FY2026?

BDT 1.03 consolidated, as published on the DSE on 28-Oct-2026, against BDT 1.57 for FY2025 [7]. The FY2026 annual report is not yet in our corpus.

What dividend did Shasha Denims declare for FY2026?

A 5% cash dividend (BDT 0.50 a share); record date 19-Nov-2026, AGM 27-Dec-2026 [7].

What is Shasha Denims' production capacity?

28.8m yards of denim a year at the parent, plus 7m yards at the subsidiary EOS Textile Mills [1 p.11] [1 p.67].

How much does Shasha Denims borrow?

Loans of BDT 3,848m and cash of BDT 244m at 31-Mar-2026, consolidated [2 p.2].

What is Shasha Garments to Shasha Denims?

A 42.19% associate whose share of profit was BDT 98m in FY2025, 31.2% of consolidated pre-tax profit [1 p.186] [13].

What is the Energis Power exposure?

A BDT 1,148.1m corporate guarantee to Agrani Bank and BDT 209.7m of advances at June 2025; Energis's operation has been suspended since July 2019 [1 p.236] [1 p.179] [4 p.40].

What is the Ghorashal ICD project?

An inland container terminal under a 30-year DBFOMT concession with an estimated cost of BDT 350 crore, through a special purpose company in which Shasha holds 90% [7].

Sources

1. Shasha Denims PLC Annual Report 2025 (year to 30-Jun-2025), consolidated and company statements · link · accessed 2026-10-31
2. Shasha Denims PLC un-audited consolidated statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-10-31
3. Shasha Denims PLC un-audited consolidated statements, six months to 31-Dec-2025 (Q2 FY2026) · link · accessed 2026-10-31
4. Shasha Denims Ltd. Annual Report 2022 (year to 30-Jun-2022) · link · accessed 2026-10-31
5. Shasha Denims Ltd. Annual Report 2023 (year to 30-Jun-2023) · link · accessed 2026-10-31
6. Dhaka Stock Exchange, Shasha Denims PLC company page (shareholding at 30-Sep-2026, loan status, market data), accessed 31-Oct-2026 · link · accessed 2026-10-31
7. Dhaka Stock Exchange news archive for SHASHADNIM (company disclosures 7-Nov-2024 to 28-Oct-2026: results, dividends, board meetings, Ghorashal ICD, credit rating, category), accessed 31-Oct-2026 · link · accessed 2026-10-31
8. Envoy Textiles Limited Annual Report 2025 (year to 30-Jun-2025, company) · link · accessed 2026-10-31
9. Argon Denims Limited Annual Report 2024-25 (year to 30-Jun-2025, company) · link · accessed 2026-10-31
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
11. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
12. AnalystBro price data (TradingView feed): DSE:SHASHADNIM, DSE:ENVOYTEX, DSE:ARGONDENIM bars to 29-Oct-2026 · link · accessed 2026-10-31
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31