Shepherd Industries financial analysis: qualified audit, 37% capacity use and an FY2026 loss (Oct 2026)

Investment considerations: a qualified audit, 37.1% capacity use and a nine-month FY2026 loss of BDT 186.9m

Shepherd Industries PLC dyes yarn for the sweater industry. The company describes itself as "a 100% export-oriented company engaged in: 1. Dyeing of yarn – cotton, acrylic, viscose and nylon 2. Washing of garments and fabrics" and states that "The products are primarily marketed to direct exporters" [1 p.14]. The factory is at Bagrapara, Kathali, Bhaluka, Mymensingh, and commercial production began on 18-Oct-2001 [1 p.13]. The company has no subsidiary or associate [1 p.45], and all figures in this note are its own statements. It has 154,046,473 shares of BDT 10 and listed on the Dhaka and Chittagong stock exchanges in 2017 [1 p.115]. It sits in the DSE's B category [23].

Six facts from the filings. First, revenue was BDT 2,286.5m in FY2025 and ranged from BDT 2,106.1m (FY2024) to BDT 3,824.6m (FY2022) over FY2020-FY2025 [1 p.102] [4 p.85] [31]. Second, the yarn-dyeing unit produced 29,719 lbs a day in FY2025 on an installed 80,000 lbs a day, 37.15% [1 p.125]. Third, financial expenses of BDT 245.1m took 10.7% of FY2025 revenue [1 p.102] [31]. Fourth, the company reported a loss after tax in 3 of the six years FY2020-FY2025 [31]. Fifth, nine-month FY2026 revenue was BDT 791.1m and the nine-month loss after tax was BDT 186.9m [6 p.3]. Sixth, the auditor qualified the FY2025 opinion on a dividend-payment breach and an unpaid WPPF allocation [1 p.95].

The board reported FY2026 EPS of BDT (1.60), NAV per share of BDT 11.76 and NOCFPS of BDT (0.25), and recommended no dividend for FY2026; the record date is 19-Nov-2026 and the AGM is on 30-Dec-2026 [22]. The audited FY2026 statements were approved by the board on 28-Oct-2026 and are not in the corpus at 1-Nov-2026. The annual analysis below covers FY2020-FY2025, and the latest statements used are the nine months to March 2026 [22].

Business model: a single-segment sweater-yarn dyer selling to export garment makers, sister companies among the largest debtors

The company was incorporated on 21-Aug-2000 as a private company, became a public company on 8-Jun-2015 and merged with Shepherd Yarn Limited under a High Court order with effect from 1-Apr-2015 [1 p.13]. It changed its name to Shepherd Industries PLC on 23-Mar-2023 [1 p.13]. The directors' report places it in the Shepherd Group with three sister concerns, Shepherd Textile (BD.) Ltd., Shepherd Jeans Ltd. and Taiwan Food Processing and Industries Ltd. [1 p.30]. It lists a product portfolio of knit fabrics, cotton yarn, acrylic and acrylic blends, 100% nylon yarn, piece-dyed fabrics and garment-washed fabrics [1 p.31]. The company states that it "operates in single segments, so segment reporting is not applicable" [1 p.31].

Customers are sweater and knitwear exporters. The directors' report states that the company "is a 100% export oriented backward linkage industry which is involved in business to collect different type of sweater yarn as per market's demand and dye for supplying to those sweater manufacturing industries which are directly exporting their products outside of Bangladesh" [1 p.31]. The revenue note shows one line, "Export Sales", of BDT 2,286,512,514 in FY2025 [1 p.119]. Export sales on an FOB basis were USD 18.97m in FY2025 and USD 19.23m in FY2024 [1 p.125]. The receivables schedule names more than 50 sweater and knit companies; the largest balances at 30-Jun-2025 were Shepherd Jeans Ltd (BDT 215.0m), Shepherd Textile (BD) Ltd (BDT 178.7m) and South East Textile Ltd. (BDT 110.7m) [1 p.130].

Inputs are imported. In FY2025 the company imported raw yarn of BDT 1,227.7m and dyes and chemicals of BDT 67.5m on a CIF basis, and paid USD 9.97m for raw yarn and USD 0.80m for dyes and chemicals in foreign currency [1 p.125]. Raw materials were 86.78% of materials consumed and dyes and chemicals 12.14% [1 p.125]. The workforce at 30-Jun-2025 was 272 permanent staff and 432 permanent workers [1 p.125]. The notes explain that installed capacity "in terms of multiple and frequently changeable product mix is not constant factor" and report capacity in lbs a day of yarn dyed [1 p.125].

Two pending corporate actions sit outside the statements. The board decided on 7-Mar-2023 to amalgamate Shepherd Textile (BD) Limited into the company; the note says the scheme "is subject to regulatory and shareholder approvals and is pending for final hearing in the Honorable High Court Division" and that the statements "do not reflect the effects of the Amalgamation" [1 p.107]. The directors' report states that "Civil construction of building for washing plant is going on and LC's for machineries already have been opened" [1 p.31]; capital work-in-progress was nil at 30-Jun-2025 and PPE additions in FY2025 were BDT 111,845 [1 p.113]. The filings give no budget or completion date for the washing plant.

History: revenue from BDT 2,106.1m to BDT 3,824.6m and losses in 3 of 6 years

Revenue moved between BDT 2,106.1m and BDT 3,824.6m over FY2020-FY2025 [31]. It rose 62.9% in FY2022 to BDT 3,824.6m, fell 7.4% in FY2023 and 40.5% in FY2024, and rose 8.6% in FY2025 [4 p.85] [2 p.90] [1 p.102] [31]. Utilisation was 86.75% in FY2022 and 34.61% in FY2024 [3 p.110] [1 p.125]. The FY2025 directors' report attributes the FY2025 EPS change to the fact that "sales revenue increased and Foreign Currency Gain" [1 p.33].

Profit after tax moved between a loss and a profit across the six years. FY2022 had the highest profit after tax of FY2020-FY2025, BDT 181.5m and EPS of BDT 1.18 [4 p.85]. FY2024 had the lowest, a loss after tax of BDT 233.0m, EPS of BDT (1.51), a foreign currency loss of BDT 36.9m and financial expenses of BDT 246.0m [2 p.90]. FY2025 returned to a profit after tax of BDT 6.6m, EPS of BDT 0.04 [1 p.102]. Losses were reported in FY2020, FY2021 and FY2024 [31].

Two printings differ in the FY2025 report. The directors' report table on cost of goods sold prints FY2024 net profit after tax as "(233,108,698)" [1 p.34]; the statement of profit or loss prints (233,018,698) [1 p.102]. The key-ratio table prints the same values in the FY2022 and FY2023 columns (for example EPS 0.39 and return on equity 2.57% in both) [1 p.38]; the five-year summary prints FY2022 EPS of 1.18 and return on equity of 7.73% [1 p.9]. This note uses the statements.

Line items: raw yarn, gas and wages in cost of sales, and interest of BDT 235.9m

Cost of sales was BDT 1,970.9m in FY2025, 86.2% of revenue [1 p.102] [31]. Note 23 builds it from raw material consumed of BDT 1,469.5m, factory overhead of BDT 521.4m and changes in work in process and finished goods [1 p.119]. Raw material consumed was 64.3% of revenue in FY2025 and 72.0% in FY2022 [31]. Purchases of raw materials were BDT 1,243.7m in FY2025 and BDT 1,048.6m in FY2024; purchases of dyes and chemicals were BDT 151.5m and BDT 310.1m [1 p.119].

Factory overhead was BDT 521.4m in FY2025 and BDT 557.4m in FY2024 [1 p.119] [1 p.120]. Its three largest lines were the gas bill (BDT 220.9m), wages, salaries and allowances (BDT 172.1m) and depreciation (BDT 62.6m) [1 p.119] [1 p.120]. The gas bill was BDT 125.4m in FY2022 and BDT 212.3m in FY2023 [3 p.104], and 9.7% of revenue in FY2025 [31]. The electricity bill was BDT 40.0m in FY2023, BDT 29.5m in FY2024 and BDT 14.6m in FY2025 [2 p.108] [1 p.119]. Factory wages were BDT 204.4m in FY2023 and BDT 172.1m in FY2025 [3 p.105] [1 p.120]. The directors' report describes water and effluent as a cost: "day by day underground water level is going deeper and cost of water is also increasing" [1 p.33].

Administrative expenses were BDT 64.0m and selling and distribution expenses BDT 13.7m in FY2025 [1 p.102]. Administrative expenses included director's remuneration of BDT 4,392,000 and salaries of BDT 28.5m [1 p.121]. Administrative and selling expenses together were 3.4% of revenue [31].

Foreign currency results were a gain in FY2025 and a loss in FY2024. The FY2025 note shows a realized foreign exchange gain of BDT 14.0m and an unrealized gain of BDT 1.0m, a total of BDT 15.0m; FY2024 shows a realized loss of BDT 61.6m and an unrealized gain of BDT 24.7m [1 p.120]. Other income of BDT 19.0m was mostly land and house rent of BDT 15.4m [1 p.120]. The risk section states that "volatility of exchange rate will have no impact on profitability of the Company" [1 p.32].

Financial expenses were BDT 245.1m in FY2025: interest on short term loan of BDT 235.9m, bank charges and commission of BDT 4.0m and bank charges on proceeds realization of BDT 5.2m [1 p.121]. Interest on short term loan was BDT 126.8m in FY2022 and BDT 235.7m in FY2024 [4 p.104] [1 p.121]. Note 19 prints interest rates of 6.00%~11.00% at IFIC Bank and 6.00%~9.00% at Eastern Bank and Southeast Bank [1 p.117]. The risk section states that "The Company maintains low debt/ equity ratio and accordingly, adverse impact of interest rate fluctuation is insignificant" [1 p.32]. Bank loans were 0.74 times equity at June 2025 [31].

The tax note includes a minimum-tax computation. The FY2025 current tax of BDT 24.3m is the higher of the computed tax and tax deducted at source on export (BDT 20.9m), plus tax on other income of BDT 3.3m; the business-income rate printed is 15% [1 p.121]. Current tax was charged in FY2024 on a pre-tax loss of BDT 210.9m [1 p.102] [1 p.121].

Ratios: coverage of 0.97x in FY2025 and bank loans at 0.74x equity

Margins: gross margin was 13.8% in FY2025, 6.3% in FY2024 and between 3.1% and 13.8% over FY2020-FY2025 [31]. Operating margin was 10.4% in FY2025 [31]. Net margin was 0.3% in FY2025 and 4.7% in FY2022 [31].

Coverage and leverage: profit from operation divided by financial expenses was 0.97x in FY2025, 0.21x in FY2024 and 2.14x in FY2022 [31]. Bank loans divided by equity were 1.07x at June 2022, 0.74x at June 2025 and 0.75x at March 2026 [31]. The company's own key-ratio table prints a time-interest-earned ratio of 1.11 for FY2025 and a debt-equity ratio of 0.75 [1 p.38].

Working capital: inventories were BDT 1,845.2m at June 2025, 342 days of FY2025 cost of sales (derived), and receivables were BDT 1,040.9m, 166 days of revenue (derived) [1 p.101] [31]. Raw materials made up BDT 1,459.8m of inventories [1 p.113]. Trade and other payables were BDT 494.4m [1 p.101]. At March 2026 receivables were BDT 650.5m and inventories BDT 1,866.9m [6 p.2].

Cash conversion: operating cash flow was negative in FY2020, FY2021 and FY2022 and positive in FY2023, FY2024 and FY2025 [31]. In FY2025 operating cash flow was BDT 379.8m on a profit after tax of BDT 6.6m [1 p.104]. The cash-flow statement records receipts of BDT 2,465.2m and payments of BDT 1,814.3m [1 p.104]. Nine-month FY2026 operating cash flow was BDT 81.6m [6 p.5].

Balance sheet and audit: Southeast Bank loans, BDT 398.7m due from common-management companies and a qualified opinion

Total assets were BDT 4,548.9m at 30-Jun-2025 and BDT 4,130.4m at 31-Mar-2026 [1 p.101] [6 p.2]. Property, plant and equipment of BDT 1,491.9m at June 2025 included a revaluation reserve of BDT 506.0m in equity [1 p.101]. Equity was BDT 2,065.1m at June 2025, NAV per share BDT 13.41; excluding the revaluation reserve, NAV per share was BDT 10.12 (derived) [1 p.101] [31]. At March 2026 equity was BDT 1,871.1m, NAV per share BDT 12.15 and retained earnings (BDT 173.0m) [6 p.2].

Bank loans are mostly with Southeast Bank. At 30-Jun-2025 they comprised Southeast Bank term loan BDT 699.9m, force loan BDT 348.7m, LDBP BDT 88.7m and SOD BDT 83.1m; IFIC Bank force loan BDT 20.2m, LDBP BDT 118.8m and SOD BDT 51.7m; and Eastern Bank LDBP BDT 106.8m [1 p.117]. Note 19 describes all of them as one-year working-capital loans repaid "From Export Proceed", secured on land at Bhaluka, machinery and stock, with "personal guarantee of all directors" at IFIC and Southeast Bank [1 p.117]. At 31-Mar-2026 Southeast Bank's term loan of BDT 1,044,440,135 was shown as a long term loan, BDT 52,461,784 of it current, and short term bank loans were BDT 365,941,578 [6 p.19] [6 p.20]. The interim notes do not print the tenor or rate of the long term loan.

Receivables: trade and other receivables were BDT 1,040.9m at June 2025; BDT 278.0m was within three months, BDT 504.1m three to six months and BDT 258.9m more than six months [1 p.114]. The Schedule XI classification shows BDT 398,689,487 "due by Common management" at June 2025 and BDT 70,300,869 at June 2024, and nothing "considered doubtful or bad" [1 p.113]. No provision for doubtful debts is made [1 p.130]. The related-party note records "Trading" of BDT 149,062,108 with Shepherd Jeans Ltd. and BDT 178,736,351 with Shepherd Textile (BD.) Limited in FY2025, closing debit balances of BDT 215,037,750 and BDT 178,736,351 [1 p.124]. The company states that "terms of related transaction do not significantly differ from those that could have been obtained from third parties" [1 p.124].

Other balance-sheet items: a loan from shareholders of BDT 23,144,861 represents "share money deposit received from shareholders against which no allotment has been made" under a 2015 BSEC letter [1 p.116]. Gas, electric and internet bills payable were BDT 86.9m at June 2025 and BDT 41.4m at June 2024; the gratuity provision was BDT 84.3m [1 p.118]. The contingent liability is a bank guarantee of BDT 39,193,411 for the Titas Gas security deposit [1 p.111]. WPPF payable was BDT 5,903,588 at June 2025 and at March 2026, with no payment in either period [1 p.117] [6 p.19].

Audit: S. F. Ahmed & Co., engagement partner Md. Enamul Haque Choudhury, FCA, signed the FY2025 report on 28-Oct-2025 [1 p.100]. The opinion reads: "In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 30 June 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs)." [1 p.95]. The report has two basis paragraphs and five key audit matters, quoted in full below, and no emphasis-of-matter or other-matter paragraph [1 p.95] [1 p.96] [1 p.97] [1 p.98] [1 p.99] [1 p.100]. The DSE posted the qualified opinions for FY2024 on 27-Nov-2024 and for FY2025 on 21-Dec-2025 [22].

The company's explanation, printed in the directors' report, says of the dividend that "This delay occurred due to certain unforeseen administrative and procedural circumstances beyond the Company's immediate control" and that the remaining BDT 1,280,938 of tax deducted at source "was duly paid after the reporting period" [1 p.41] [1 p.42]. Of the WPPF it says that "The delay in remittance of the allocated amount to the WPPF account occurred primarily due to temporary financial constraints and procedural delays" and that "this outstanding amount will be paid to the WPPF at the earliest possible opportunity" [1 p.42]. The going-concern note states that "The company has adequate resources to continue in operation for the foreseeable future" [1 p.106]. The DSE moved the company to the Z category on 11-Feb-2025 for "non-disbursement of the approved dividend within the stipulated time frame" and back to B with effect from 12-Feb-2025 after it reported disbursement of the FY2024 dividend [22].

Latest results: nine-month revenue of BDT 791.1m and FY2026 EPS of BDT (1.60)

Revenue in the nine months to 31-Mar-2026 was BDT 791.1m; it was BDT 2,000.6m in the nine months to 31-Mar-2025 [6 p.3]. Gross profit was BDT 14.0m, a gross margin of 1.8%; the nine-month gross margin a year earlier was 15.1% [31]. Financial expenses were BDT 167.8m, 21.2% of revenue [6 p.3] [31]. Other income was BDT 32.0m [6 p.3]. The nine-month loss after tax was BDT 186.9m, EPS BDT (1.21) [6 p.3]. Third-quarter revenue was BDT 229.0m and the third-quarter loss after tax BDT 56.3m [6 p.3].

The DSE disclosures give the company's explanations. For the second quarter it reported "a decrease in revenue by Tk. 80.92 crore compared to the previous period. In addition, the higher cost of sales and continued high finance costs, adversely affected the company's profitability" [22]. For the third quarter it reported "EPS decreased due to higher cost of sales and continued high finance costs" [22]. For the first quarter it cited "higher cost of sales and foreign currency loss" [22].

Two DSE items in 2026 relate to assets and owners. On 6-Jul-2026 the DSE posted that the company had "submitted information regarding Accumulated Obsolete, Unusable and Non-Operational Machinery of Various Models of the company" [22]. On 30-Apr-2026 the DSE posted that Ever Priority Limited, a corporate director, had completed the sale of 10,000,000 shares out of its 53,374,964 [22]. The FY2026 notes on these items are not in the corpus at 1-Nov-2026.

Peers: financial expenses at 10.7% of revenue at SHEPHERD in FY2025

The peer set is four DSE textile companies with published AnalystBro notes, each read from its own FY2025 annual report on the company basis [24 p.94] [25 p.58] [26 p.101] [27 p.85]. Their businesses differ and are stated as printed. Queen South Textile Mills prints its nature of business as "Dyeing of Yarn for sweater industry (100% export oriented)" [24 p.10]. Mozaffar Hossain Spinning Mills states that it "is a manufacturer of 100% export oriented woven fabrics cotton yarns" [25 p.22]. Simtex Industries states its business is "to carry on a Dyeing and conning/Winding of sewing thread" [26 p.104]. Hwa Well Textiles describes itself as "a 100% export-oriented, backward-linkage textile manufacturer specializing in a wide range of knitted fabrics" [27 p.24]. The table states figures for each company separately and does not rank them.

Read across: SHEPHERD's financial expenses were 10.7% of revenue in FY2025; the four peers printed 4.5% (QUEENSOUTH), 14.5% (MHSML), 3.8% (SIMTEX) and 0.3% (HWAWELLTEX) [31]. SHEPHERD's gross margin was 13.8%; QUEENSOUTH, the peer that prints yarn dyeing for the sweater industry as its business, printed 10.5% [31]. The peer figures are FY2025 audited statements; none of the peers' FY2026 annual reports is used here.

Governance and dividends: one independent director of five, a 10m-share sponsor sale and no FY2026 dividend

Ownership: at 30-Jun-2025 sponsors and directors held 51.48%, institutions 25.37%, foreign holders 6.43% and the general public 16.72% [1 p.115]. The largest holder was Ever Priority Limited with 53,374,964 shares (34.65%); Eternal Flame Int'l Co. Inc. held 13,502,080 (8.76%), the managing director 4,610,688 (2.99%) and the chairman 4,044,968 (2.63%) [1 p.45]. After Ever Priority's sale of 10,000,000 shares, the DSE shows sponsors and directors at 44.99% at 30-Sep-2026 [22] [23].

Board composition: the board has five members including one independent director [1 p.43]. The managing director's term was due to expire on 13-Feb-2026, and the board approved on 28-Oct-2025 his re-appointment for five years from 14-Feb-2026, subject to shareholders at the 24th AGM [1 p.47]. The 24th AGM was held on 30-Dec-2025 [23]; the voting outcome on the re-appointment is not in the corpus (passed, outcome unknown). The board also chose Anil Salam Idris & Co. as statutory auditor for FY2026, subject to the AGM, after S. F. Ahmed & Co. completed three consecutive years [1 p.48]. The independent director's profile states he retired as a Commissioner of Taxes in 2006 [1 p.23].

The corporate-governance checklist in the FY2025 report, read page by page from the images, marks one condition "Not Complied" and leaves a set of conditions unticked with remarks [1 p.82] [1 p.83] [1 p.84] [1 p.85] [1 p.86] [1 p.87] [1 p.88] [1 p.89] [1 p.90] [1 p.91] [1 p.92] [1 p.93] [1 p.94]. Every page of the checklist carries the header "Annual Report 2023-2024" [1 p.82]. Several printed statements in the same report sit next to entries in the checklist and are listed in the second table below.

Dividends: the FY2025 history in the directors' report lists 1% cash for FY2024, 5% cash for FY2023 and 10% cash for FY2022, each "Excluding Sponsors & Directors", 2.5% stock and 2.5% cash for FY2021, 1% cash for FY2020 and 10% stock for FY2019 [1 p.39]. For FY2025 the board recommended 1% cash for general shareholders excluding sponsors and directors, BDT 7,474,257.10 in total [22]. For FY2026 it recommended no dividend [22]. The company deposited BDT 799,821 of unclaimed dividends and IPO subscription money with the Capital Market Stabilization Fund [1 p.39].

The 24-month sweep of DSE company news found no board approval of capital expenditure, expansion or a share issue [22]. The board decisions posted in that period were the quarterly and annual accounts, the dividends, and the Purbachal land sale [22].

What's next: the 19-Nov-2026 record date, the 30-Dec-2026 AGM and Q1 FY2027 accounts

Dated items after 31-Oct-2026. The record date and AGM are announced. The other dates are inferred from every board date found in the PSIs and the DSE archive, labelled "inferred", and no board date for the Q1 FY2027 accounts had been notified on the DSE by 2-Nov-2026 [22]. Q1 board dates (the Sep-2023 quarterly statements, SHEPHERD_QUARTERLY_Q1_2023, print no signing or board date): 13-Nov-2023, 14-Nov-2024 and 13-Nov-2025 [12 p.1] [16 p.1] [20 p.1]. Q2 board dates: 29-Jan-2024, 30-Jan-2025 and 29-Jan-2026 [13 p.1] [17 p.1] [21 p.1]. Q3 board dates: 29-Apr-2018, 27-Jun-2020, 10-May-2023, 29-Apr-2024, 29-Apr-2025 and 29-Apr-2026 [7 p.1] [8 p.1] [10 p.1] [14 p.1] [18 p.1] [22]. Annual-accounts board dates: 28-Oct-2022, 28-Oct-2023, 28-Oct-2024, 28-Oct-2025 and 28-Oct-2026 [9 p.1] [11 p.1] [15 p.1] [19 p.1] [22]. No precedent date for the rows below had passed by 2-Nov-2026.

Items without a date in the filings: the High Court hearing on the amalgamation with Shepherd Textile (BD) Limited [1 p.107]; completion of the Purbachal land sale, which the DSE notice makes "subject to obtaining necessary approvals from RAJUK and the No Objection Certificate (NOC) from Southeast Bank PLC" [22]; the washing-plant building and machinery LCs [1 p.31]; and payment of the BDT 4,623,347 FY2023 WPPF allocation [1 p.42]. The FY2026 annual report, with the FY2026 audit opinion of the new auditor, is not in the corpus at 1-Nov-2026. The filings do not link the LDC graduation date to any line item.

Risks: losses, finance costs, capacity use and sister-company receivables

Each risk below gives the scale in the filings and the next signpost. "Line it moves" is "None disclosed" unless a filing quote links the risk to a line.

Scale relative to equity: bank loans of BDT 1,410.4m at March 2026 were 0.75 times equity [6 p.2] [31]. The revaluation reserve of BDT 503.7m was part of March 2026 equity of BDT 1,871.1m [6 p.2]. FY2026 NAV per share was BDT 11.76 [22].

Key questions: the FY2026 opinion, the long term loan and sister-company receivables

The shareholder-return position in one line: FY2026 EPS of BDT (1.60) and no FY2026 dividend, after a FY2025 cash dividend of 1% paid to general shareholders excluding sponsors and directors, and an FY2025 EPS of BDT 0.04 [22] [1 p.102].

FAQ

What does Shepherd Industries do?

It dyes cotton, acrylic, viscose and nylon yarn and washes garments and fabrics for export-oriented sweater makers, at a factory in Bhaluka, Mymensingh [1 p.14] [1 p.13].

When does Shepherd Industries' financial year end?

On 30 June [1 p.102].

What was Shepherd Industries' FY2026 EPS?

BDT (1.60), as posted on the DSE on 29-Oct-2026; FY2025 EPS was BDT 0.04 [22].

Did Shepherd Industries declare a dividend for FY2026?

No; the board recommended no dividend. The record date is 19-Nov-2026 and the AGM is on 30-Dec-2026 [22].

Was the FY2025 audit opinion qualified?

Yes. S. F. Ahmed & Co. qualified it on the late deposit and payment of the FY2024 cash dividend and on unpaid WPPF [1 p.95].

How much does Shepherd Industries owe its banks?

BDT 1,517.9m at 30-Jun-2025 and BDT 1,410.4m at 31-Mar-2026 (un-audited) [1 p.101] [6 p.2].

How much of its capacity does Shepherd Industries use?

29,719 lbs a day of yarn dyeing in FY2025 on an installed 80,000, 37.15% [1 p.125].

Which DSE category is Shepherd Industries in?

B [23].

Sources

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3. Shepherd Industries PLC Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-11-02
4. Shepherd Industries Limited Annual Report 2021-2022 (year to 30-Jun-2022) · link · accessed 2026-11-02
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