Simtex Industries financial analysis: 17.7% gross margin and FY2026 EPS of BDT 1.25 (Oct 2026)

Investment considerations: BDT 2.0bn of thread sales, a 17.70% gross margin, 81.4% of borrowings short-term, FY2026 EPS BDT 1.25

Simtex Industries PLC dyes and winds sewing thread at a single factory at Khagan, Birulia, Savar, and sells it to export-oriented garment makers in Bangladesh. The notes describe the business as "Dyeing and conning/Winding of sewing thread" and the company as "a 100% export oriented Company" [1 p.104]. The directors' report calls it "a 100% deemed exporter" and reports a single segment [1 p.24] [1 p.25]. Stated capacity is 43.20 million cones a year and commercial operation began on 1-Jul-2009 [1 p.8]. The company listed on the DSE on 3-Nov-2015 and has 79,595,381 shares [1 p.8] [19]. This note uses the trims section of the knit, dyeing, garment and trims sector format (F12).

Five facts from the filings. First, revenue is kilograms sold times a taka price per kilogram. The sales note prints 3,687,041 kg and BDT 1,997.9m for FY2025 and 3,193,823 kg and BDT 1,665.5m for FY2024, which is BDT 541.9 and BDT 521.5 a kilogram (derived) [1 p.119] [23]. Second, margins are lower than in FY2018-FY2019: the gross margin was 21.69% in FY2018 and 17.70% in FY2025, and the net margin 10.43% and 4.12% [5 p.58] [1 p.101] [23]. Third, year-end receivables were 164 days of FY2025 turnover and short term loan was BDT 544.9m at 30-Jun-2025 [1 p.100] [23]. Fourth, the company has paid cash dividends every year from FY2018 to FY2025 under the DSE record [19]. Fifth, FY2026 EPS was BDT 1.25 and NAV per share BDT 22.72, posted on 11-Oct-2026 [18].

The audited FY2026 annual report was not in the AnalystBro filings corpus on 1-Nov-2026. The latest annual report read here is the one for the year to 30-Jun-2025; its statement of financial position is headed "As at June 30, 2025" and the profit and loss statement "For the year ended June 30, 2025" [1 p.100] [1 p.101]. FY2026 figures in this note are the nine-month statements to 31-Mar-2026 and the EPS, NAV and NOCFPS that the company posted on the DSE on 11-Oct-2026, labelled as such [6 p.3] [18].

Business: turnover rose from BDT 1.40bn in FY2018 to BDT 2.00bn in FY2025; profit after tax fell from BDT 146m to BDT 82m

How the company makes money. Simtex buys raw yarn, dyes and chemicals and packing materials, dyes and winds the yarn into sewing-thread cones, and sells the cones to garment exporters. The auditor's revenue key audit matter states that "Its products primarily comprise the sale of sewing thread" and that "Revenue is recognized at the point of delivery from the Factory" [1 p.96]. The receivables note states that sales are made "on 100% confirmed L/C basis with fixed maturity dates" [1 p.113]. In FY2025 raw materials consumption was BDT 1,020.2m, dyes and chemicals BDT 170.6m, packing materials BDT 119.8m and factory overhead BDT 311.1m [1 p.119]. The company was incorporated on 29-May-2007, converted to a public limited company on 15-Nov-2012 and floated its IPO in July 2015 [1 p.24]. It has no subsidiary [1 p.28].

The eight-year record. Turnover was BDT 1,402.8m in FY2018 and BDT 1,448.6m in FY2019, fell to BDT 1,190.9m in FY2020, and rose in each year after that to BDT 1,997.9m in FY2025 [5 p.58] [4 p.64] [3 p.66] [1 p.101]. Net profit after tax moved differently: BDT 146.3m in FY2018, BDT 152.1m in FY2019, BDT 44.5m in FY2020, and between BDT 65.3m and BDT 82.3m in FY2021-FY2025 [5 p.58] [4 p.64] [3 p.66] [1 p.101]. Share capital rose from BDT 659.2m at 30-Jun-2018 to BDT 758.1m at 30-Jun-2019 and BDT 796.0m from 30-Jun-2020, which the DSE record lists as 15% and 5% bonus issues for 2018 and 2019 [5 p.57] [4 p.63] [19]. There has been no bonus or rights issue since then in the DSE record [19].

What the record shows. FY2018-FY2019 had gross margins of 21.69% and 21.67%; in FY2020-FY2025 the gross margin was between 16.69% (FY2021) and 17.94% (FY2022) [23]. Interest cover, measured as profit from operation over financial expenses, was 4.10x in FY2018 and 2.41x in FY2025; the lowest of the eight years was 1.92x in FY2020 [23]. The FY2020 statements show turnover down 17.8% and financial expenses up 21.6% from FY2019 [4 p.64] [5 p.58] [23]. The filings read do not explain the FY2020 turnover fall.

Volumes: 3.69m kg sold in FY2025, 15.4% more than FY2024, at BDT 542 a kilogram (derived)

Revenue = kilograms sold x taka per kilogram. Note 23.01 prints quantity and value for three products. In FY2025 Sewing Thread was 3,394,744 kg and BDT 1,794.2m, Poly Poly Core Spun 105,000 kg and BDT 81.1m, and Filament Thread 187,297 kg and BDT 122.6m. In FY2024 the same lines were 3,012,498 kg and BDT 1,554.4m, 16,176 kg and BDT 17.3m, and 165,149 kg and BDT 93.8m [1 p.119]. These figures were read from the page image; the text layer of that page places the FY2025 quantities under the FY2024 heading.

On the printed figures, total kilograms rose 15.4% and turnover per kilogram rose from BDT 521.5 to BDT 541.9 (derived) [23]. Sewing Thread alone went from BDT 516.0 to BDT 528.5 a kilogram (derived) [23]. Sewing Thread was 89.8% of FY2025 turnover, against 93.3% in FY2024 [23]. Poly Poly Core Spun rose from 16,176 kg to 105,000 kg [1 p.119]. Note 2.18.1 prints capacity use in cones against 43,200,000 cones a year: 25,300,966 cones (54.19%) in FY2022, 20,607,451 (47.70%) in FY2023, 25,963,723 (60.10%) in FY2024 and 30,345,366 (70.24%) in FY2025 [3 p.75] [1 p.110]. The same FY2025 note states: "There was no capital expenditure commitment during the year." [1 p.110].

Currency. The revenue key audit matter states "As all sales are translated from USD currency to BDT, there is a risk that foreign exchange gain/loss might not be correctly recognized in the Financial Statements" [1 p.96]. The notes read do not print US dollar sales, so a dollar price per kilogram is not available. Foreign exchange gain was BDT 1.16m in FY2025 and BDT 0.96m in FY2024 [1 p.101].

Line items: raw materials 51.1% of FY2025 turnover, gas 4.2%, financial expenses 3.8%

Cost of goods sold. Raw materials consumption was 51.06% of FY2025 turnover, against 52.49% in FY2024; dyes and chemicals were 8.54% against 7.90%; packing materials 6.00% against 5.36%; and factory overhead 15.57% against 17.13% [1 p.119] [23]. Raw material purchases were BDT 1,009.8m in FY2025 and BDT 740.2m in FY2024 [1 p.119]. Gross margin was 17.70% in FY2025 and 17.42% in FY2024 [23].

Factory overhead. The three largest printed items in FY2025 were wages and allowances of BDT 113.2m, the gas bill of BDT 84.2m and depreciation of BDT 78.3m [1 p.120]. The gas bill was 4.21% of turnover in FY2025 and 4.70% in FY2024 [23]. Wages and allowances in factory overhead plus salary and allowance in administrative expenses were 8.30% of turnover in FY2025 and 8.67% in FY2024 [23]. Depreciation on property, plant and equipment was BDT 86.2m in FY2025, BDT 78.3m charged to the factory and BDT 7.9m to administration [1 p.126].

Operating expenses. Administrative expenses were BDT 116.9m in FY2025, 5.85% of turnover, against 4.28% in FY2018 [1 p.101] [5 p.58] [23]. Salary and allowance was the largest administrative item at BDT 52.8m [1 p.121]. Selling and distribution expenses were BDT 53.1m in FY2025 and BDT 35.6m in FY2024; the largest item was the export realization charge of BDT 29.5m [1 p.122]. The FY2025 report reclassified BDT 15.7m of FY2024 bank charges, commission and brokerage fees out of financial expenses: BDT 3.97m to administrative expenses and BDT 11.76m to the export realization charge, which it says took that FY2024 line "from Tk 5,684,900 to Tk 17,447,423" [1 p.122]. Selling and distribution expenses for FY2018-FY2023 in the model are as originally printed and do not carry that reclassification.

Financial expenses. Note 27 prints a single line, "Interest expenses", of BDT 76.3m in FY2025 and BDT 68.4m in FY2024 [1 p.122]. The note adds that "The finance cost includes no interest on any sort of borrowing from directors including managing director and managers." [1 p.122]. The term loans from Trust Bank are described as "five BDT HPSM Loan bearing @11.89% to 13.55% interest and an USD Off-shore Loan bearing interest @8%" [1 p.117]. Financial expenses were 3.82% of turnover in FY2025; the FY2018-FY2023 figures include bank charges and the FY2024-FY2025 figures do not, so the series is not on one basis.

Other income and tax. Other income was BDT 7.96m in FY2025, of which interest income BDT 7.81m [1 p.122]. The statement labels the tax line "Provision for Tax": BDT 28.6m in FY2025, of which current tax BDT 26.0m and deferred tax BDT 2.6m [1 p.101]. Current tax includes BDT 4.32m of under-provision for assessment years 2021-2022 to 2023-2024 [1 p.123]. The note states that "Provision for current income tax has been made at the rate of 15% on business income as per SRO 159/2022" and prints an effective tax rate of 25.77% for FY2025 and 19.70% for FY2024 [1 p.123]. Minimum tax on gross receipts was BDT 20.07m in FY2025 [1 p.123].

Ratios: ROE 4.61% in FY2025, receivables 164 days of turnover at 30-Jun-2025

Returns. ROE on average equity was 9.41% in FY2019, 2.66% in FY2020 and 4.61% in FY2025 [23]. The annual report prints its own ROE of 4.61% for FY2025 and 3.82% for FY2024 [1 p.38]. Pre-tax return on average capital employed, defined here as profit from operation over average equity plus borrowings, was 7.58% in FY2025 [23]. Asset turnover was 0.76x in FY2025, against 0.45x in FY2020 [23].

Working capital. Year-end receivables were 164 days of turnover at 30-Jun-2025, 216 days at 30-Jun-2022 and 117 days at 30-Jun-2018 [23]. Inventories plus goods in transit were 64 days of cost of goods sold at 30-Jun-2025 and 178 days at 30-Jun-2022 [23]. Accounts payable were BDT 7.6m at 30-Jun-2025, and short term loan of BDT 544.9m consisted of deferred L/C of BDT 544.2m and cash credit of BDT 0.7m [1 p.117] [1 p.118].

Cash: operating cash flow BDT 155.7m in FY2025; cash dividends paid every year FY2018-FY2025

Cash conversion. Net cash flow from operating activities was BDT 155.7m in FY2025, against net profit after tax of BDT 82.3m, a ratio of 1.89x [1 p.103] [23]. It was negative in FY2020 at BDT (78.1)m and in FY2022 at BDT (21.1)m [4 p.66] [3 p.68]. In FY2025 the cash flow statement shows cash collection from turnover and others of BDT 1,917.9m and cash paid to suppliers, employees and others of BDT 1,737.3m [1 p.103]. The company states in note 39 that "higher supplier and tax payments led to a decline in Net Operating Cash Flows Per Share (NOCFPS) compared to financial year 2023-2024" [1 p.125]. Interest paid is classified under financing activities; it equals the financial expenses line in every year FY2018-FY2025 except FY2022, when BDT 75.6m was paid against BDT 71.8m expensed [1 p.103] [3 p.66] [3 p.68] [4 p.66] [5 p.60].

Capital spending. Payments for property, plant and equipment and capital work in progress were BDT 246.9m in FY2018 and BDT 202.4m in FY2019, then between BDT 18.6m and BDT 122.4m a year in FY2020-FY2025 [5 p.60] [4 p.66] [3 p.68] [1 p.103] [23]. Capital work in progress was BDT 26.7m at 30-Jun-2025, of which an L/C of BDT 20.6m [1 p.128]. On investment planning the directors' report states: "The Company continues to pursue a prudent investment plan focused on expanding capacity, enhancing productivity, and ensuring sustainable operations." [1 p.26]. The 24-month DSE news sweep from 5-Nov-2024 to 28-Oct-2026 contains no board approval of a capacity expansion or capital project [18].

Dividends. The DSE record lists cash dividends of 5% for 2018, 9% for 2019, 5% for 2020, 4% for 2021, 8% for 2022 and 10% for each of 2023, 2024 and 2025 [19]. The statement of changes in equity charges BDT 69.5m in FY2024 and BDT 79.6m in FY2025 for cash dividends [1 p.102]. BDT 69.5m is 8.73% of paid-up capital (derived), and the DSE record lists the FY2023 dividend as 10% [19] [1 p.102]. The FY2023 annual report states that the board recommended "10% cash dividend for General shareholders and 6% cash dividend for Sponsors and Directors" [3 p.75]; 10% on the 54,402,286 non-sponsor shares plus 6% on the 25,193,095 sponsor and director shares is BDT 69,518,143 (derived), equal to the amount charged to equity. For FY2026 the board recommended 11% cash for general shareholders and 7% cash for sponsors and directors, with a record date of 5-Nov-2026 [18]. The dividend policy states that "No dividend shall be paid from any source outside of the Company's Retained Earnings for the year, or any other unrealized profits" [1 p.30]. Dividends charged to equity were 106.5% of FY2023 profit, 116.9% of FY2024 profit and 96.7% of FY2025 profit (derived, dividend for the year over that year's profit) [1 p.102] [6 p.4] [23].

Balance sheet: BDT 669m of borrowings at 30-Jun-2025, BDT 77.4m of receivables over 365 days

Borrowings. At 30-Jun-2025 the statement of financial position shows long term loan net off current portion of BDT 53.4m, current portion of long term loan of BDT 71.1m and short term loan of BDT 544.9m, a total of BDT 669.4m [1 p.100] [23]. Short term loan consists of deferred L/C of BDT 544.2m and cash credit of BDT 0.7m [1 p.118]. The term loans "are secured by registered mortgage of 783.19 Decimal land and a Flat 1637.58 sft. located at Khagan, Gouripur, Bashaid, Aukpara , Ashulia and Uttra Dhaka, Capital Machineries and personal guarantee of all Directors of the Company" [1 p.117]. Borrowings at 31-Mar-2026 were BDT 616.8m (long term BDT 31.1m, current portion BDT 49.3m, short term BDT 536.4m) [6 p.2].

Receivables. Gross accounts receivable were BDT 955.8m at 30-Jun-2025, and BDT 56.4m of inland bill purchase from Trust Bank was deducted to give BDT 899.4m net [1 p.113] [1 p.114]. The ageing table prints BDT 512.5m within 0-90 days, BDT 307.3m within 91-180 days, BDT 58.5m within 181-365 days and BDT 77.4m more than 365 days at 30-Jun-2025; at 30-Jun-2024 the more-than-365-day band was BDT 92.7m [1 p.114]. The note states: "The company does not make any provision for doubtful debts as on 30 June 2025, because of the fact that sales/export are being made on 100% confirmed L/C basis with fixed maturity dates." [1 p.113]. Net receivables were BDT 912.2m at 31-Mar-2026 [6 p.2].

Other balance sheet items. Investment in FDR was BDT 114.1m and cash and cash equivalents BDT 12.9m at 30-Jun-2025 [1 p.100]. Advances include an item labelled "Advance to Mr. Lt. Col. (Retd.) Md. Anisur Rahman" of BDT 6.09m at both 30-Jun-2024 and 30-Jun-2025 [1 p.114]; the filings read do not describe the purpose of this advance. The revaluation reserve of BDT 103.7m relates to land [1 p.126]. Deferred tax liability was BDT 59.5m at 30-Jun-2025, arising, the note states, "only from difference between accounting basis depreciation and tax basis depreciation on fixed assets" [1 p.117].

NAV and EPS sequences. NAV per share as printed was BDT 23.60 at 30-Jun-2018, 22.09 at 30-Jun-2019, 21.00 at 30-Jun-2020, 21.82 at 30-Jun-2021, 22.39 at 30-Jun-2022, 22.41 at 30-Jun-2023, 22.39 at 30-Jun-2024 and 22.43 at 30-Jun-2025; the DSE post of 11-Oct-2026 gives BDT 22.72 at 30-Jun-2026 [5 p.57] [4 p.63] [3 p.65] [1 p.100] [18]. EPS as printed was BDT 1.93 for FY2018, 2.01 for FY2019, 0.56 for FY2020, 0.92 for FY2021, 0.97 for FY2022, 0.82 for FY2023, 0.86 for FY2024 and 1.03 for FY2025, and BDT 1.25 for FY2026 per the DSE post [5 p.58] [4 p.64] [3 p.66] [1 p.101] [18]. The FY2018 figure is on 75.8m shares; on the 65.9m shares at 30-Jun-2018 it recalculates to BDT 2.22 [23].

Audit: unmodified FY2025 opinion, six key audit matters, no emphasis of matter

Habib Sarwar Bhuiyan & Co., Chartered Accountants, signed by Md. Habibullah FCA, Managing Partner, audited the FY2025 statements; the report is dated October 28, 2025 [1 p.99]. The opinion paragraph reads, as printed: "In our opinion, the accompanying financial statements give true and fair view of the financial position of the Company as at 30 June 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs)." [1 p.95]

The Basis for Opinion paragraph reads, as printed: "We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion." [1 p.95]. The report has no emphasis-of-matter paragraph and no other-matter paragraph; after the key audit matters it continues with "Other Information", the responsibility sections and the report on other legal and regulatory requirements [1 p.98] [1 p.99].

The auditor's responsibilities section contains this sentence, as printed: "We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. However, the documentation process needs to be strengthened further." [1 p.99]. The report does not say more about the documentation process.

There are six key audit matters, quoted in full in the next two exhibits from the page images, with the original wording. Every figure the auditor prints in them equals the statements: property, plant and equipment of Tk. 1,167,077,409, sales revenue of Tk. 1,997,875,808, receivables of Tk. 955,796,640 gross and Tk. 899,442,360 net, inventory of Tk. 209,897,778, net deferred tax liability of Tk. 59,497,418, and loans of Tk. 53,390,570, Tk. 71,128,331 and Tk. 544,859,668 [1 p.95] [1 p.96] [1 p.97] [1 p.100] [1 p.101]. The receivables matter describes the receivables as "regarding the sale of yarns", while the revenue matter and note 1.03 describe the product as sewing thread [1 p.96] [1 p.104]. The directors' report prints other income of 7,960,980 and net profit before tax of 110,857,695, one taka below the statements' 7,960,981 and 110,857,696 [1 p.24] [1 p.101].

Auditor history in the filings read: Ahmed Zaker & Co. signed the FY2019 statements, Pinaki & Company the FY2021 and FY2023 statements, and Habib Sarwar Bhuiyan & Co. the FY2025 statements [5 p.57] [4 p.63] [3 p.65] [1 p.99]. Pinaki & Associates is named as the company's tax consultant in the FY2025 report [1 p.8]. The FY2026 auditor's report is not in the corpus at 1-Nov-2026.

Governance: seven directors as printed, three independent; sponsors and directors 31.65%

Board. The FY2025 annual report lists seven directors, as printed: Mr. Md. Hafizur Rahman, "Acting Chairman and Nominated Director, representing M/S Excel FARMGANIC Limited."; Mr. Neaz Rahman Shaqib, Managing Director; Mr. Md. Ayub Ali, "Nominated Director, representing M/S Excel FARMGANIC Limited."; Mr. Md. Hafizur Rahman, "Nominated Director, representing M/S Arcturus Limited."; Mr. Md. Abdul Haque Sarder FCS, FCA, Independent Director; Mr. A. T. M. Sarrowar Kamal Chowdhury, Independent Director; and Mr. Professor Mohammed Enamul Hye FCS, Independent Director [1 p.11]. The name Mr. Md. Hafizur Rahman is printed twice, once for each nominating company, and also twice in the attendance table and the related party table [1 p.29] [1 p.125]. On 29-Jan-2026 the company informed the DSE that the board "has elected Mr. Md. Hafizur Rahman as the Chairman of the Board of Directors of the Company with immediate effect" [18].

Committees and key management. The audit committee is Mr. Md. Abdul Haque Sarder FCS, FCA (Chairman, Independent Director), Mr. A. T. M. Sarrowar Kamal Chowdhury (Member, Independent Director), Mr. Md. Ayub Ali (Member, Nominated Director) and Mr. Saikh Bin Abedin (Member Secretary, Company Secretary), with Mr. Ashis Kumar Saha, Head of Internal Audit, listed beneath [1 p.12]. The nomination and remuneration committee is Mr. A. T. M. Sarrowar Kamal Chowdhury (Chairman), Mr. Md. Abdul Haque Sarder FCS, FCA (Member), Mr. Md. Ayub Ali (Member) and Mr. Saikh Bin Abedin (Member Secretary) [1 p.13]. Key officers as printed: Company Secretary Mr. Saikh Bin Abedin, Head of Internal Audit Mr. Ashis Kumar Saha, and Chief Financial Officer (CC) Mr. Md. Hazrat Ali [1 p.13].

Board changes. The FY2025 report states that the Bangladesh Securities and Exchange Commission "has declined to provide consent in respect of appointment of Major General (retd) Dr. Md Sarwar Hossain and Mr. Shah Md. Asad Ullah as Independent Director" by letter dated September 24, 2024, and that consent for Mr. Sarder and Mr. Chowdhury was given on October 28, 2024 and for Professor Hye on November 24, 2024 [1 p.29]. The related party note says the two earlier directors "have been dropped with effect from September 24, 2024, from the board as per BSEC's Directive" [1 p.125]. Nine board meetings and four audit committee meetings were held in FY2025 [1 p.121]. On 5-Nov-2024 the company informed the DSE that the board nominated Mr. Hafizur Rahman "to act as Chairman of the Board as an interim arrangement" [18].

Ownership. At 30-Jun-2025 the share-capital note prints Sponsors & Directors at 25,193,095 shares (31.65%), General Public 45,543,370 (57.22%) and Financial and Other 8,858,916 (11.13%) [1 p.116]. The directors' report lists director holdings of 5,420,955 shares (6.81%) for Mr. Neaz Rahman Shaqib, 3,184,000 (4.00%) for Excel Farmganic Limited and 1,601,000 (2.01%) for Arcturus Limited, and a holding of 14,778,996 shares (18.57%) for Mr. Md. Siddiqur Rahman under "Shareholders holding 10% or more voting interest" [1 p.28]. Those four holdings sum to 24,984,951 shares, 208,144 fewer than the 25,193,095 in the Sponsors & Directors line (derived); the filings read do not reconcile the two [1 p.28] [1 p.116]. The DSE page shows sponsors and directors at 31.65%, institutions at 3.62% and the public at 64.73% at 30-Sep-2026, and notes that the company "provided a REVISED shareholding report for the month of August 2025" [19].

DSE news, 5-Nov-2024 to 28-Oct-2026. The sweep of DSE posts (old_news.php, criteria=3) shows: the 5th EGM on 26-Dec-2024 to change the name to Simtex Industries PLC and amend articles 114, 135 and 169 (posted 20-Nov-2024); the name change effective 24-Mar-2025 (posted 23-Mar-2025); CRISL ratings of A / ST-3 with a stable outlook (posted 24-Mar-2025 and 12-Mar-2026); a DSE query on 13-Oct-2025 about "recent unusual price hike and increase in volume of shares", to which the company replied that there was no undisclosed price sensitive information; the chairman election (29-Jan-2026); and quarterly and annual results and dividend notices [18]. The sweep contains no post titled as a correction, and no board approval of capital expenditure, expansion, rights issue or borrowing [18].

FY2026: nine-month EPS BDT 0.96, full-year EPS BDT 1.25 (DSE), NOCFPS comparatives restated

Nine months to 31-Mar-2026. Turnover was BDT 1,660.0m, up 14.0% on BDT 1,456.0m; gross profit was BDT 266.4m against BDT 264.8m; financial expenses were BDT 40.5m against BDT 46.2m; and net profit after tax was BDT 76.5m against BDT 69.5m, EPS BDT 0.96 against BDT 0.87 [6 p.3]. Gross margin was 16.05% against 18.19% [23]. The P&L page of the nine-month statements was read from the page image; its text layer is garbled [6 p.3].

The first-quarter statements of FY2026 show the comparative quarter to 30-Sep-2024 with gross profit of BDT 75.8m and financial expenses of BDT 13.4m [7 p.3], against BDT 76.7m and BDT 17.4m printed in the original statements for that quarter [8 p.3]; turnover and net profit after tax are the same in both [8 p.3] [7 p.3]. The half-year statements to 31-Dec-2025 are not in the corpus; the DSE post gives half-year EPS of BDT 0.67 [18].

Full year FY2026, from the DSE post of 11-Oct-2026: EPS BDT 1.25 against BDT 1.03, NAV per share BDT 22.72 against BDT 22.43, and NOCFPS BDT 2.90 against BDT 3.31 [18]. On those figures the fourth quarter implies EPS of BDT 0.29 and full-year net profit of about BDT 99.5m (both derived) [23]. The FY2025 NOCFPS in that post, BDT 3.31, differs from the BDT 1.96 printed in the audited FY2025 statements and in the DSE post of 28-Oct-2025 [18] [1 p.103]; the restated FY2025 cash flow statement is not in the corpus.

Counting the DSE posts: the comparative NOCFPS differs from the first-posted figure in four of the posts in the sweep (Q1, H1, 9M and full-year FY2025), and the FY2024 figure is 4.46 in the FY2024 report and 4.27 in the FY2025 report; the "from Tk. 4.94" in FY2025 note 39 equals the FY2023 NOCFPS of 4.94 printed in the FY2024 report [18] [2 p.34] [1 p.125]. EPS and NAV comparatives in the same posts equal the first-posted figures [18].

Peers: no like-for-like listed sewing-thread peer with a published note; two textile-chain companies shown for scale

There is no like-for-like listed peer with a published AnalystBro note. The sector format names VFSTDL as a sewing-thread dyeing company, but there is no published note for it, so it is not used. The two textile-chain companies with published notes and the same June year end are shown for scale only, with each company's business stated from its own filing; their margins are not ranked against Simtex.

KDS Accessories Limited sells trims to garment makers; its revenue note lists all revenue as export sales, with cartons at 82.05% of FY2025 revenue, followed by buttons, elastics and narrow fabrics, offset printing, labels, gum tape and heat transfer printing [16 p.111]. Its auditor, Hussain Farhad & Co., gave an unmodified opinion on the FY2025 statements, reading "In our opinion, 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 cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and comply with the Companies Act, 1994, the Securities and Exchange Rules, 2020 and other applicable laws and regulations." [16 p.84].

M. L. Dyeing & Textile Ind. PLC states its principal activities as "dyeing and finishing yarn for 100% export oriented sweater industries and Cotton yarn for export-oriented textile industry"; its dyeing unit produced 1,635 lbs in FY2025 against a capacity of 19,840,000 lbs, and its spinning unit 3,579,768 kg [17 p.20]. Its auditor gave an opinion reading "In our opinion, the accompanying financial statements of the Company give a true and fair view of the financial position of the Company as at 30 June 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and other applicable laws and regulations.", followed by an emphasis-of-matter section headed "Emphasis of Matter." with two items, on an associate investment shown at nil and on unclaimed dividend of "Tk. 2,203,014.25/-" not transferred to the Capital Market Stabilization Fund [17 p.54].

Multiples: 19.4x FY2026 EPS and 1.07x NAV at the 1-Nov-2026 close

Multiples, stated as facts. At the DSE close of BDT 24.2 on 1-Nov-2026, the price was 19.4x FY2026 EPS of BDT 1.25 and 1.07x NAV per share of BDT 22.72 at 30-Jun-2026 (both derived) [22] [18]. The FY2026 cash dividend of 11% is BDT 1.10 a share for general shareholders, 4.5% of the 1-Nov-2026 close (derived); the 7% rate for sponsors and directors is BDT 0.70 a share [18]. The DSE company page lists year-end P/E ratios of 19.83 for 2021, 18.65 for 2022, 28.90 for 2023, 25.83 for 2024 and 14.99 for 2025 [19].

Price record. Over 2-Nov-2025 to 1-Nov-2026 the DSE trading-day closes ranged from BDT 20.2, on 11-Jan-2026 and 15-Jan-2026, to BDT 34.1 on 25-Nov-2025 [22]. The DSE company page shows a "52 Weeks' Moving Range" of BDT 19.90-34.50 [19]; that range matches the lowest daily low (19.9 on 12-Jan-2026) and highest daily high (34.5 on 13-Nov-2025 and 30-Nov-2025) in the bar series, not the closes [22].

What's next: record date 5-Nov-2026, Q1 FY2027 board 12-14 Nov 2026 (inferred), AGM 17-Dec-2026

Dates notified by the company: the record date of 5-Nov-2026 for the FY2026 dividend, the deadline of 18-Nov-2026 for brokers' lists of margin account holders, and the AGM on 17-Dec-2026 [18]. The FY2026 accounts were approved at the board meeting of 10-Oct-2026 and posted on 11-Oct-2026, so the latest accounts are not overdue [18]. No board date for the first quarter of FY2027 had been notified by 28-Oct-2026, the last post in the sweep [18]. Inferred rows use the board-approval dates printed on earlier quarterly statements and are labelled.

Already announced, and therefore not in the table: FY2026 EPS of BDT 1.25, NAV per share of BDT 22.72, NOCFPS of BDT 2.90 and the dividend recommendation, all posted on 11-Oct-2026 [18]. Past items whose outcome the filings read do not report: the AGM of 24-Dec-2025 on the FY2025 accounts (passed), outcome unknown; the FY2025 dividend was reported as disbursed on 19-Jan-2026 [18]. The FY2025 report states that Mr. Md. Ayub Ali retires at the next AGM and is eligible for re-appointment [1 p.28].

Not in the corpus on 1-Nov-2026: the FY2026 sales quantities by product, the cost notes, the receivables ageing at 30-Jun-2026, the loan notes, the FY2026 auditor's opinion and key audit matters, the related party note and the restated FY2025 cash flow behind the BDT 3.31 NOCFPS comparative [18].

Risks: raw material cost at 51.1% of turnover, BDT 669m of borrowings, BDT 77.4m of old receivables

The directors' report lists its own risks: raw material scarcity or price changes, foreign exchange rates, inflation and the political and economic environment, and "geopolitical tensions and recessionary trends in major export markets, especially in the Western economies" for the garment sector [1 p.25]. LDC graduation date: 24-Nov-2029 [20] [21].

Key questions: FY2026 volumes, margin, old receivables, the cash-flow restatement

In one line: the filings describe a single-factory sewing-thread dyer selling on letters of credit to garment exporters, with turnover of BDT 1,997.9m and a 4.12% net margin in FY2025, borrowings of BDT 669.4m at 30-Jun-2025, and FY2026 EPS of BDT 1.25 [1 p.101] [1 p.100] [18].

FAQ

What does Simtex Industries make?

Dyed sewing thread, plus Poly Poly Core Spun and Filament Thread, sold to export-oriented garment makers [1 p.104] [1 p.119].

When does Simtex's financial year end?

On 30 June. FY2025 ended on 30-Jun-2025 [1 p.100].

What was Simtex's EPS for FY2026?

BDT 1.25, posted on the DSE on 11-Oct-2026, against BDT 1.03 for FY2025 [18].

What dividend did Simtex declare for FY2026?

11% cash for general shareholders and 7% cash for sponsors and directors; record date 5-Nov-2026, AGM 17-Dec-2026 [18].

How much does Simtex borrow?

BDT 669.4m at 30-Jun-2025, of which short term loan BDT 544.9m, all from Trust Bank per the notes; BDT 616.8m at 31-Mar-2026 [1 p.100] [1 p.117] [6 p.2].

Who audits Simtex?

Habib Sarwar Bhuiyan & Co. audited FY2025 and gave an unmodified opinion with no emphasis of matter [1 p.95] [1 p.99].

Who owns Simtex?

Sponsors and directors held 31.65%, institutions 3.62% and the public 64.73% at 30-Sep-2026 [19].

What is Simtex's production capacity?

43.20 million cones per year, at one factory at Khagan, Birulia, Savar [1 p.8].

Sources

1. Simtex Industries PLC Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. Simtex Industries PLC Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-01
3. Simtex Industries Limited Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-11-01
4. Simtex Industries Limited Annual Report 2020-2021 (year to 30-Jun-2021) · link · accessed 2026-11-01
5. Simtex Industries Limited Annual Report 2018-2019 (year to 30-Jun-2019) · link · accessed 2026-11-01
6. Simtex Industries PLC un-audited statements for the nine months to 31-Mar-2026 · link · accessed 2026-11-01
7. Simtex Industries PLC un-audited statements for the quarter to 30-Sep-2025 · link · accessed 2026-11-01
8. Simtex Industries PLC un-audited statements for the quarter to 30-Sep-2024 (corpus key dated 2025) · link · accessed 2026-11-01
9. Simtex Industries Limited un-audited statements for the quarter to 30-Sep-2023 (corpus key dated 2024) · link · accessed 2026-11-01
10. Simtex Industries Limited un-audited statements for the quarter to 30-Sep-2022 (corpus key dated 2023) · link · accessed 2026-11-01
11. Simtex Industries Limited un-audited statements for the quarter to 30-Sep-2021 (corpus key dated 2022) · link · accessed 2026-11-01
12. Simtex Industries PLC un-audited statements for the half-year to 31-Dec-2024 (corpus key dated 2025) · link · accessed 2026-11-01
13. Simtex Industries Limited un-audited statements for the half-year to 31-Dec-2023 (corpus key dated 2024) · link · accessed 2026-11-01
14. Simtex Industries Limited un-audited statements for the half-year to 31-Dec-2022 (corpus key dated 2023) · link · accessed 2026-11-01
15. Simtex Industries Limited un-audited statements for the nine months to 31-Mar-2024 · link · accessed 2026-11-01
16. KDS Accessories Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
17. M. L. Dyeing & Textile Ind. PLC Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
18. Dhaka Stock Exchange news archive for SIMTEX, 31-Oct-2024 to 1-Nov-2026 (posts dated 5-Nov-2024 to 28-Oct-2026) · link · accessed 2026-11-01
19. Dhaka Stock Exchange company page for SIMTEX (shareholding to 30-Sep-2026, dividend history, 52-week range), accessed 1-Nov-2026 · link · accessed 2026-11-01
20. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
21. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
22. AnalystBro price data (TradingView feed): DSE:SIMTEX daily bars, 3-Aug-2025 to 1-Nov-2026 · link · accessed 2026-11-01
23. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01