Shahjibazar Power valuation report: fair value BDT 18.5–51.2 (Oct 2026)

Thesis: finite power contracts put Shahjibazar Power's fair value at BDT 18.5-51.2, base 38.3

Shahjibazar Power Co. Ltd. (DSE: SPCL) is a Bangladeshi independent power producer (IPP) with three earnings streams: its own 86 MW gas-fired plant at Fatepur, Habiganj that sells to the Bangladesh Power Development Board (BPDB); a 49% stake in Midland Power Co. (a 51 MW gas plant and, through it, 88.24% of the 150 MW HFO-fired Midland East Power at Ashuganj); and 90% of Petromax Refinery Ltd., a condensate refinery in Mongla that sells all its output to Bangladesh Petroleum Corporation (BPC) [s1 p.15; s2 p.4].

FY2026 was the best year in the company's recent history. The board disclosed consolidated EPS of BDT 6.04 (FY2025: 2.53), NAV per share of BDT 43.29 and a 40% cash dividend on 27-Oct-2026 [4]. The full FY2026 statements are not yet public, so this report uses the audited FY2025 accounts and the 9M FY2026 interim (to 31-Mar-2026) as the latest filed statements, and the DSE disclosure for the FY2026 totals.

Our view is that FY2026 is close to a peak. SPCL's own plant now earns no capacity payment: it was renewed in July 2024 on 'no electricity, no payment' (NENP) terms for five years, so profit depends on how much gas it gets and how often BPDB dispatches it. That contract ends on 9-Jul-2029. Midland Power's 51 MW PPA runs, on our reading of its 15-year term, to about December 2028, and Midland East's to about November 2033. We model each contract to its end and value the parts separately. The base case (BDT 38.3) assumes a second NENP renewal for SPCL's plant at a 50% plant factor; the bear case (BDT 18.5) shuts it in 2029 with lower dispatch, a contract-review haircut and slower BPDB payment; the bull case (BDT 51.2) renews at 65% with a strong HFO year at Midland East.

SPCL owns 86 MW outright and 49% of 201 MW at Midland; the associate was 51% of 9M FY26 profit

Shahjibazar Power was incorporated in 2007, won a BPDB tender in February 2008 and began commercial operation of its 86 MW gas-engine plant on 10-Feb-2009; it listed on the DSE and CSE in July 2014 [s1 p.15; s2 p.4]. Jalalabad Gas Transmission and Distribution supplies the gas under a gas sales agreement renewed in July 2024 [2 p.32].

The group has three other legs. Petromax Refinery (PRL), 90% owned and consolidated, fractionates natural gas condensate into diesel, kerosene, petrol and octane for BPC; it produced 113.3 mn litres in FY2025 and made up 71% of group revenue [s1 p.2; s2 p.35]. Midland Power Co. (MPCL), 49% owned and equity-accounted, runs a 51 MW gas plant at Ashuganj (COD 7-Dec-2013) and owns 88.24% of Midland East Power (MEPL), a 150 MW HFO plant on the same site (COD 26-Nov-2018); SPCL holds the other 11.66% of MEPL directly [s1 p.15, p.34; s2 p.4]. MPCL and MEPL are significant for this report: the associate was about half of 9M FY2026 attributable profit, so both are analysed with their own figures (from SPCL's associate note) below.

Revenue is dominated by the refinery, but profit is not. In FY2025 PRL booked BDT 8,749 mn of revenue and a net loss of BDT 15 mn, while the power plant's BDT 3,581 mn of revenue produced most of the operating profit [s1 p.33; s2 p.117]. Non-controlling interests take only 10% of PRL, so almost all consolidated profit belongs to SPCL shareholders (NCI was BDT 8.3 mn of BDT 823.6 mn in 9M FY26) [3 p.3].

Plant registry: SPCL's own NENP term ends on 9-Jul-2029; the Midland dates are our reading

The table below is the core of the valuation. SPCL's own plant is already past its original 15-year PPA (which expired on 9-Feb-2024); the plant was shut from 11-Feb-2024 and restarted on 1-Aug-2024 under the NENP amendment [s4, 14-Nov-2024; s13; s14]. Midland Power's PPA with BPDB was signed on 11-Apr-2012 for 15 years with a provision for renewal [1 p.15]; counting from COD this ends around December 2028. Midland East was built as a 15-year build-own-operate plant from its November 2018 COD, as reported by The Financial Express [9], which puts its end around November 2033. The exact MPCL and MEPL contract dates are not in SPCL's filings: they are our reading and a labelled gap.

SPCL's plant factor rose to 77% in 9M FY26 from 55% as BPDB bought cheap gas power

Plant factor (electricity sold divided by 86 MW running all year) is the main driver of SPCL's own revenue. It averaged 59-83% between FY2019 and FY2023 under the original PPA, fell to 37% in FY2024 when the plant was idle for almost six months between contracts, recovered to 62.5% in FY2025 and reached 77% in 9M FY2026 (90% in Q1 FY2026) [s2 p.34; s1 p.35; s3 p.15; s4]. Under NENP terms BPDB calls on plants in merit order, and a gas engine selling at about BDT 7.6 per kWh is cheaper than the HFO and diesel plants it competes with, so SPCL is dispatched whenever Jalalabad Gas can supply it.

That makes gas the binding constraint. Bangladesh's domestic gas output is falling and LNG imports are costly; in winter gas is diverted to fertiliser and households. We assume 75% in FY2027F, 72% in FY2028F and 70% in FY2029F, below FY2026's 79% estimate (9M at 77% plus an assumed 85% summer quarter). Each 5 points of plant factor is about BDT 0.34 of FY2027F EPS (sensitivity grid in the valuation section).

The plant itself is a bank of gas engines built with GE International under the 2008 BPDB tender, run by 80 plant staff and 40 head-office staff [s2 p.34; s1 p.36]. Its licence capacity is 753.4 mn kWh a year (86 MW x 8,760 hours). Output was 474.1 mn kWh in FY2019, 440.5 mn in FY2020, 605.5 mn in FY2021, 619.9 mn in FY2022 and 477.1 mn in FY2023 under the original PPA, then 279.8 mn in FY2024 and 470.8 mn in FY2025 [s2 p.34; s1 p.35]. Maintenance is lumpy: spare-parts purchases were BDT 0.7 mn in FY2024, BDT 176.8 mn in FY2025 and BDT 299.5 mn in 9M FY2026 as engines were overhauled for high dispatch [s1 p.33; s3 p.16]. We hold other plant cost at BDT 480-520 mn a year while it runs.

Gas supply outlook. SPCL buys gas from Jalalabad Gas under a gas sales agreement renewed for the NENP term in July 2024, backed by bank guarantees of about BDT 830 mn in favour of the gas company [s2 p.32; s1 p.36]. Its gas cost per kWh has been stable (BDT 4.54 in FY2025, 4.52 in 9M FY2026) because the regulated tariff did not change in the period and is passed through in the fuel part [s1 p.33; s3 p.16]. The risk is volume, not price: Bangladesh's domestic gas fields are declining, LNG imports compete for foreign exchange, and the government decides who gets the gas. That is why we take plant factor down from 79% (FY26E) to 70% by FY2029F and to 50% under any renewal, rather than assume FY2026's summer peak repeats.

Revenue per kWh has two parts. The fuel part reimburses gas at the regulated price (BDT 2,740 mn in FY2025) and the non-fuel part pays for operation and the plant (BDT 841 mn) [1 p.33]. In 9M FY2026 SPCL earned BDT 7.63 per kWh and paid BDT 4.52 for gas, leaving BDT 3.11 to cover maintenance, wages, depreciation and profit [3 p.16]. The government's purchase committee approved the renewal at BDT 7.04 per kWh, as reported by The Business Standard [8]; the realised figure is higher because the fuel part moves with the gas tariff. Because gas is passed through, a gas-price rise moves revenue and cost together and leaves the spread unchanged; a gas volume cut is what hurts.

Contracts: SPCL's plant earns energy payments only, and its NENP term ends on 9-Jul-2029

Bangladesh's IPP contracts traditionally paid a capacity charge (per kW available, whether used or not) plus an energy charge. After the initial term the government has renewed old plants, if at all, on 'no electricity, no payment' terms, which pay only for energy delivered. SPCL went through this in 2024: its 15-year PPA ended in February 2024, the plant shut, and the Power Division approved a five-year NENP extension effective 9-Jul-2024, formalised by BPDB through a first amendment [s1 p.2-3; s7; s13]. The FY2024 revenue per kWh of BDT 8.35 included capacity payments for part of the year; FY2025's BDT 7.61 did not [s1 p.33, p.35].

Policy is moving against capacity payments. The interim government's national committee reviewing power contracts submitted its final report in January 2026, recommending renegotiation of high-cost agreements and cancellation where corruption is proven, as reported by The Business Standard and The Daily Star [s11; s12]. The Financial Express reported in May 2026 that most listed IPPs saw revenue fall as the government declined to renew contracts on expiry; SPCL was one of two exceptions [10]. For SPCL the direct exposure is small (its plant has no capacity payment left to cut), but Midland Power and Midland East still earn under original PPAs. A 25% cut to their contracted profit lowers our base fair value to BDT 35.7 and FY2027F EPS to BDT 5.08.

What happens in 2029 matters less than it seems. If the plant shuts on 9-Jul-2029, the BDT 1,434 mn BPDB receivable and BDT 1,175 mn gas payable we forecast for June 2029 unwind, and the plant is fully depreciated by then (net book value BDT 1,013 mn in March 2026, depreciation BDT 361 mn a year) [s3 p.2; s1 p.25]. The shutdown case gives BDT 36.5 against the base BDT 38.3: cash flows after the NENP end are 11% of our SOTP, below the 25% level at which the sector spec treats a valuation as leaning on renewal.

Receivables: BPDB owed BDT 3.1bn in March 2026 (257 days), and SPCL passes the delay on to its gas supplier

BPDB's payment delays are the main working-capital swing. SPCL's receivable from BPDB rose from BDT 94 mn in June 2024 to BDT 1,798 mn in June 2025 (183 days of revenue) and BDT 3,134 mn in March 2026, about 257 days of annualised 9M revenue; the FY2025 balance was all under six months old [s1 p.27; s3 p.2]. SPCL has managed this by paying Jalalabad Gas late too: the gas payable rose from BDT 22 mn to BDT 1,029 mn and then BDT 2,303 mn over the same dates [s1 p.32; s3 p.2]. The cost is a delay-payment charge, BDT 124.8 mn in FY2025 and BDT 40.0 mn in 9M FY2026, which is SPCL's main finance cost [s1 p.34; s3 p.17].

The FY2026 DSE disclosure shows operating cash flow of BDT 7.33 per share (FY2025: 3.49), so BPDB paid more in the fourth quarter [4]. We set June-2026 receivable days at 150, which makes the model's FY2026E operating cash flow BDT 6.80 per share, close to the disclosed figure, and let them fall to 120 days by FY2030F. A further 60-day delay changes FY2027F EPS little (it is a cash, not a profit, item) but lowers fair value to BDT 36.4.

BPDB payment history, quarter by quarter, comes from the company's own explanations to the DSE. In Q1 FY2025 operating cash flow was negative (BDT -0.15 a share) because 'outstanding sales proceeds of SPCL [were] not collected from BPDB'; by H1 FY2025 it was BDT -1.10; FY2025 ended at BDT 3.49 against 7.28 a year earlier, again blamed on BPDB [s4; s1 p.11]. The tide turned in FY2026: Q1 was still negative (BDT -1.14, this time Petromax's BPC receivable), H1 reached BDT 3.45 'due to more cash receipts from BPDB', 9M BDT 4.50 and the full year BDT 7.33 [s4; s3 p.5]. BPDB also deducts tax at source from its payments (BDT 112.7 mn in FY2025), which is why SPCL's cash tax runs ahead of its accounts [1 p.31].

Group debt sits in the refinery. Consolidated short-term loans and LC liabilities were BDT 3,779 mn in June 2025 and BDT 5,438 mn in March 2026, almost all at PRL; SPCL itself has no bank loans after repaying its term loan in FY2024 [s1 p.7, p.12; s3 p.1-2]. Foreign-exchange exposure is indirect: SPCL's tariff is in taka and its realised FX loss was BDT 7.1 mn in FY2025 [1 p.33]; PRL buys imported condensate in dollars but BPC adjusts product prices monthly [2 p.117]; Midland East's tariff currency is not disclosed in our sources (gap). We treat FX through the MEPL profit and PRL margin ranges in the scenarios rather than as a separate driver.

Industry: the government is moving away from capacity payments and HFO plants

BPDB is the single buyer of grid power in Bangladesh. Much of the installed capacity built under the 2010 Speedy Supply Act was contracted with capacity payments, which left BPDB paying for idle plants and running up arrears to private producers. The national review committee estimated 7,700-9,500 MW of idle capacity and USD 0.9-1.5bn a year of capacity payments on it, as reported by The Business Standard and The Daily Star [s11; s12]. The policy direction since 2024 is NENP renewals or no renewal at all for old plants, and a shift away from costly HFO and rental plants toward LNG, coal and renewables [10].

Within that market SPCL's own plant is on the right side: an efficient gas plant with no capacity charge, dispatched for its cost. Its risks are gas supply and the 2029 renewal decision. Midland East is on the wrong side: an HFO plant whose dispatch depends on BPDB's cash and the gas shortfall, and the kind of contract the review committee targets. Midland East's profit swung from a BDT 282 mn loss in FY2024 to BDT 461 mn in 9M FY2026 [s1 p.34; s3 p.9], which is why our MEPL range is wide (BDT 250-600 mn a year).

Midland Power and Petromax: the associate adds BDT 14.4 a share, the refinery 4.8

Midland Power (MPCL). On its own consolidated figures (summarised in SPCL's associate note) MPCL earned BDT 530.8 mn in FY2025 on revenue of BDT 10,680 mn and BDT 899.3 mn in 9M FY2026 on BDT 7,568 mn; its net assets were BDT 6,734 mn in March 2026, with BDT 10.3bn of current assets (mostly BPDB receivables) financed by BDT 10.0bn of current financial liabilities [s1 p.25-26; s3 p.9]. Split by plant, the 51 MW gas plant made BDT 437.3 mn in 9M FY2026 and Midland East BDT 461.2 mn [s3 p.9-10]. SPCL books 49% of MPCL's profit after MEPL's minorities: BDT 257.2 mn in FY2025 and BDT 413.7 mn in 9M FY2026 [s1 p.34; s3 p.3].

We forecast MPCL's own plant at BDT 540 mn in FY2027F, falling to half after its PPA ends around December 2028 (an NENP renewal like SPCL's own), and Midland East at BDT 450 mn a year to November 2033. We value the stake on look-through cash: the profit share plus the run-off of its BDT 2,507 mn FY2026E book value as plants depreciate and receivables are collected, with a 20% holding discount because MPCL has not paid SPCL a dividend in the period we reviewed. That gives BDT 2,686 mn, or BDT 14.4 per share. The direct 11.66% of Midland East adds BDT 1.0.

Petromax Refinery (PRL). Revenue was BDT 8,749 mn in FY2025 and BDT 7,213 mn in 9M FY2026; gross margin fell from 8.0% in FY2024 to 5.6% in FY2025 as allocations of local condensate (fixed price, better yield) were replaced by imported cargoes, and recovered to 6.8% in 9M FY2026 [s1 p.33; s2 p.117; s3 p.16]. Finance cost (BDT 456 mn in FY2025) takes most of the gross profit [1 p.34]. We forecast a 6.5% margin, 3% revenue growth and PRL profit of BDT 160 mn in FY2027F. On a 5.4% ROE against a 17.2% cost of equity, we value the refinery at 0.32x its BDT 3,156 mn book, BDT 4.8 per SPCL share.

The refinery story. Petromax fractionates natural gas condensate into diesel, kerosene and naphtha, then hydrotreats and reforms the naphtha into petrol and octane; BPC buys everything [2 p.127]. Its market is large relative to its size: BPC put national petroleum demand for FY2025 at about 7.4 mn tonnes, 63% of it diesel, while PRL sold 113.3 mn litres [s2 p.35, p.117]. Feedstock is the issue. Local condensate allocated through Rupantarita Prakritik Gas (RPGCL) came at a fixed price with good yields; as allocations fell PRL turned to imported cargoes priced off world markets, while BPC sets product prices monthly, so margins squeezed [2 p.117]. PRL lost BDT 15.3 mn in FY2025 and declared no dividend, after paying SPCL BDT 90 mn for FY2024 [s2 p.118; s1 p.34]. Its working capital is large: BPC owed it BDT 1,833 mn and it held BDT 2,151 mn of stock in March 2026, funded by LCs and short-term loans of BDT 5.4bn [s3 p.1-2]. The value is sensitive to our 6.5% margin: 1.5 points lower takes fair value to BDT 34.1 and FY2027F EPS to BDT 5.02; the bull's 7.5% is part of its BDT 51.2.

Forecast: EPS eases from BDT 6.04 in FY26 to 5.69 in FY27F and 4.09 in FY30F as contracts roll off

Each line is built from its own driver. SPCL revenue = 86 MW x 8,760 hours x plant factor x revenue per kWh; gas cost = kWh x BDT 4.52; other plant cost (spares, lubricants, wages, maintenance) at BDT 480-520 mn a year while running; depreciation of BDT 361 mn a year until the plant is fully written down in FY2029. The finance cost is the gas-bill delay charge, at 3.5% of the average gas payable. Tax is 42.5% of plant profit after WPPF, the 9M FY2026 rate including deferred and minimum tax [3 p.4]. The associate line is 49% x (MPCL own-plant profit + 88.24% x Midland East profit). For FY2026E it is a plug: we solve it so attributable profit equals the disclosed EPS of BDT 6.04, which gives BDT 572.5 mn, implying BDT 158.8 mn in the fourth quarter against BDT 413.7 mn in the first nine months. PRL revenue grows 3% a year at a 6.5% gross margin, with interest at 11% on BDT 3.8bn of working-capital debt and tax at the higher of 0.6% of receipts and 27.5% of profit.

The result: attributable profit of BDT 1,062 mn in FY2027F (EPS 5.69), BDT 1,013 mn in FY2028F and BDT 1,009 mn in FY2029F, then BDT 764 mn in FY2030F when SPCL's plant moves to a lower-dispatch renewal and Midland Power's own plant to NENP. FY2026's BDT 6.04 combined high dispatch at both gas plants with an unusually strong HFO year at Midland East; our FY2027F is 6% lower. Against the 4-quarter run-rate (BDT 6.04, all of it reported) our FY2027F EPS is lower for the same reason. Dividends follow at a 60% payout: BDT 3.42 for FY2027F against BDT 4.00 for FY2026.

Valuation: plant SOTP and P/E give BDT 18.5-51.2; base 38.3 = 6.7x FY27F EPS

Fair value range BDT 18.5-51.2 per share, base BDT 38.3, probability-weighted BDT 34.9 (30% bear, 50% base, 20% bull). The base implies 6.7x FY2027F EPS, 0.88x FY2026 NAV of BDT 43.29 and a 8.9% yield on our FY2027F dividend. Cash flows after SPCL's NENP end are 11% of the SOTP. Uncertainty: High.

Method. A sum of the parts is used because the parts have different lives and economics: a plant to July 2029 (plus a possible renewal), two associate plants to about 2028 and 2033 (our reading of their terms, see the registry), and a refinery with no contract end. Each contracted part is valued as cash flow to equity to its contract end at a 17.2% cost of equity (cost of equity table below): SPCL's plant as profit plus depreciation plus the working capital released when it stops; Midland as its profit share plus the run-off of its book value, less a 20% holding discount; the refinery on its book value times ROE over cost of equity. The SOTP gives BDT 37.7. We blend it 70/30 with a 7x P/E on FY2027F EPS (BDT 39.8), the top of the 5.6-7.0x range of operating DSE IPPs [5]. A dividend discount model gives only BDT 13.7, because it ignores the book value left in 2034; we show it but do not weight it.

Two departures from the F23 sector method, stated so they can be judged. First, our base assumes a second NENP renewal for SPCL's plant in 2029 (F23's default is one NENP year, then shutdown); we depart because SPCL is already on NENP terms and is dispatched at 77% as cheap gas power. The F23 default is close to our shutdown shock, BDT 36.5. Second, we weight SOTP 70% and P/E 30% instead of F23's SOTP 50% / DDM 30% / P/E 20%; on F23 weights the base would be BDT 30.9, because the DDM omits the book value still on the balance sheet in 2034. The direct 11.66% Midland East stake is valued on its profit share only, with no book run-off, because Midland East's own book equity is not disclosed in our sources.

Reverse check. The market price of BDT 55.9 on 29-Oct-2026 is above our bull case: at 9.3x FY2026 EPS and 1.29x NAV it prices FY2026 earnings as if they were durable beyond the contract ends. Getting to that price on our model needs roughly bull-case dispatch and Midland East profit plus a lower cost of equity; the grid shows that even a 15.2% cost of equity with a 65% post-2029 plant factor gives BDT 41.0 on base drivers.

Risks: a 1.5pp refinery margin cut is the biggest single hit (-BDT 4.2 a share)

Each risk below is a change to one model input, with everything else at base; the bear case combines several of them. Gas supply moves SPCL's kWh; the contract review moves the associate's profit; BPDB payment timing moves receivables and the gas-bill delay charge; condensate prices move PRL's gross margin; the 2029 decision moves SPCL's revenue after FY2029.

Other risks not in the numbers: tax disputes for AY2021-24 (BDT 217.5 mn demanded, under appeal; we deduct half) [1 p.36]; bank guarantees of BDT 925.8 mn in favour of BPDB, customs and Jalalabad Gas, which become liabilities only on default [s1 p.35-36]; the 2024 auditor change (ACNABIN to G. Kibria & Co.) and an unqualified FY2025 opinion with an 'other matter' paragraph [s1 p.4; s4]; and concentration: BPDB and BPC are effectively the only customers. Positive risks: a second renewal on better terms, or Midland paying dividends that close the holding discount.

What to watch: the FY26 annual report, winter dispatch and the 9-Jul-2029 NENP end

• Plant factor each quarter (DSE results notes give it): below 65% in a summer quarter would point to the bear case.
• BPDB receivable in the June-2026 and December-2026 balance sheets: above BDT 3bn again means cash is not following profit.
• Associate profit split between MPCL's own plant and Midland East; any MPCL dividend to SPCL.
• Any Power Division statement on renewing 2008-2013 gas IPPs after their NENP terms.
• PRL gross margin and the share of local versus imported condensate.

FAQ

What is Shahjibazar Power's fair value range?

Our fair value range is BDT 18.5-51.2 per share, base BDT 38.3 (probability-weighted 34.9), from a plant-by-plant sum of the parts to each contract end (70%) and a 7x P/E on FY2027F EPS (30%), at a 17.2% cost of equity.

When does Shahjibazar Power's PPA expire?

The original 15-year PPA with BPDB expired on 9-Feb-2024. The government renewed it for five years on a 'no electricity, no payment' basis effective 9-Jul-2024, so the contract now runs to 9-Jul-2029 [s1 p.3; s2 p.4].

Does SPCL still receive capacity payments?

No. Under the NENP renewal BPDB pays only for electricity delivered (a fuel part and a non-fuel part per kWh). SPCL earned BDT 7.63 per kWh in 9M FY2026, of which BDT 4.52 went on gas [3 p.16].

How much of SPCL's profit comes from Midland Power?

The 49% associate Midland Power (51 MW gas plus 88.24% of the 150 MW HFO Midland East plant) contributed BDT 413.7 mn in 9M FY2026, about half of attributable profit [3 p.3]. We expect 43% in FY2027F.

Why did EPS jump to BDT 6.04 in FY2026?

The plant ran at 77% in 9M FY2026 versus 55% a year earlier under the NENP terms, Midland East's HFO plant was dispatched more, and the refinery returned to profit [s3 p.15; s4].

What does SPCL's fair value assume after 2029?

Base: a second five-year NENP renewal at a 50% plant factor and 15% lower margin. If the plant shuts instead, fair value falls to BDT 36.5. Cash flows after the NENP end are 11% of the SOTP.

Sources

1. Shahjibazar Power Co. Ltd. audited financial statements, year to 30-Jun-2025 (consolidated and separate) · link · accessed 2026-10-30
2. Shahjibazar Power Co. Ltd. Annual Report FY2025 (directors' report, operating tables, Petromax Refinery report) · link · accessed 2026-10-30
3. Shahjibazar Power Co. Ltd. un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-30
4. DSE news archive for SPCL (FY2026 results and dividend 27-Oct-2026; quarterly EPS/NAV disclosures 2024-2026) · link · accessed 2026-10-30
5. AnalystBro market data: DSE prices (SPCL, DSEX weekly and daily) and IPP screener, 29-Oct-2026 · link · accessed 2026-10-30
6. Bangladesh Bank treasury auction page: 10-year bond cut-off 9.268% on 25-Oct-2026 · link · accessed 2026-10-30
7. The Business Standard, 'Shahjibazar Power secures 5-yr extension for electricity supply to national grid' · link · accessed 2026-10-30
8. The Business Standard, 'Govt's purchase committee approves 17 proposals' (Shahjibazar NENP tariff Tk 7.04/kWh) · link · accessed 2026-10-30
9. The Financial Express, 'Midland East Power Plant commences commercial operations', 27-Nov-2018 · link · accessed 2026-10-30
10. The Financial Express, 'Listed private power producers face earnings pressure amid policy shift', 6-May-2026 · link · accessed 2026-10-30
11. The Business Standard, 'Evidence of corruption could open way to renegotiate Adani power deal: Experts' (power-contract review committee) · link · accessed 2026-10-30
12. The Daily Star, 'Capacity payment terms must be renegotiated' · link · accessed 2026-10-30
13. The Business Standard, '86MW Shahjibazar power plant shuts operations as contract expires' · link · accessed 2026-10-30
14. The Daily Star, 'Shahjibazar Power to stop plant operations as deal with govt to expire' · link · accessed 2026-10-30
15. AnalystBro model for this report (model.xlsx: Assumptions, statements, Valuation, Sensitivity) · accessed 2026-10-30