Square Textiles financial analysis: FY2026 EPS falls to BDT 4.50 on yarn prices and interest costs (Oct 2026)

Investment considerations: a full, growing mill with a thin spread and a lot of debt

Square Textiles PLC (STxL) spins cotton and blended yarn for Bangladesh's export garment makers. It was incorporated in 1994, began production in 1997 with 30,000 spindles, and was listed on the Dhaka and Chittagong exchanges in 2002 under the direct listing rules [1 p.3]. Installed capacity is now 173,950 spindles, 5,192 open-end rotor heads and 3,168 vortex heads, at Kashimpur (Gazipur) and Olipur (Habiganj) [1 p.3] [6]. All of its sales are booked as export sales: the yarn goes to export-oriented knit and woven factories in Bangladesh against back-to-back letters of credit, so revenue is earned in US dollars even though the buyer is local [1 p.24] [2 p.23]. A 99.88% subsidiary, Square Texcom Ltd, runs a 5,000-tonne yarn plant at Valuka, Mymensingh, and the board has proposed merging it into the parent [1 p.41].

The investment case turns on three facts in the filings. First, the mill is full and has grown: it sold 61.0m kg of yarn in FY2025 against 42.5m kg in FY2023, and ran at 94.3% of its count-adjusted planned output [3 p.24] [1 p.23] [1 p.116]. Second, the margin per kilo is thin and is set by the yarn price less the cotton price: the realised price was BDT 371 a kg in FY2025 and raw material BDT 241, a spread of BDT 130 [16]. Third, the growth was paid for with bank debt. Gross bank borrowings were BDT 14.7bn at June 2025 and finance cost rose 78% to BDT 1,347m in FY2025 [1 p.74] [1 p.75]. When yarn prices fell in FY2026, the debt turned a small revenue decline into a large profit decline: nine-month revenue was down 5.6% and nine-month profit down 69.8% [2 p.3] [16].

Business: a 174,000-spindle export yarn mill that has grown 4.5x in revenue in ten years

How the company makes money. STxL buys raw cotton (and some synthetic fibre) abroad, spins it into ring, open-end and vortex yarn, and sells the yarn to garment and fabric makers that export. The company describes the business as '100% export oriented', with realisation from debtors '100% confirmed back to back LC' [2 p.23]. These deemed-export sales are priced in dollars, and cotton is bought in dollars, so the business earns a dollar spread. In FY2025 the company reported total export receipts of BDT 21,891m against imports of raw materials of BDT 15,411m, spare parts of BDT 462m and BDT 769m of other items including machinery, for net foreign exchange earnings of BDT 5,249m [1 p.24].

Capacity and product mix. The company converts its three machine types into a common measure: planned output (the reports call it 'production target') and actual output in 30s-count ring, 14s-count open-end and 30s-count vortex equivalents [1 p.116]. On that basis FY2025 planned output was 54.7m kg and actual output 51.6m kg, 94.3% utilisation, up from 93.9% in FY2024 [1 p.22] [16]. Count-equivalent planned output rose 12.1% in FY2025 with no change in installed spindles, because the company changed the product mix towards higher-margin counts [1 p.116]. Physical output was 61.3m kg [1 p.22]. Utilisation was higher before: 97.3% in FY2022 and 98.1% in FY2021 [4 p.23].

The decade. Revenue grew from BDT 4,999m in FY2016 to BDT 22,650m in FY2025 on a standalone basis [5 p.12] [1 p.14], a 4.5-fold increase. Most of it came from three sources: more kilos (the Habiganj extension and BMRE projects), a higher taka price per kilo as the taka weakened, and higher cotton prices passed through. The filings attribute the FY2025 increase to 'increase of yarn production from extension project at Habiganj and some BMRE as well as increased of yarn price' [1 p.90]. Profit did not follow revenue in a straight line. Standalone net margin fell from 9.7% in FY2016 to 0.5% in FY2020, jumped to 11.6% in the FY2022 yarn boom, and has been 5.7%-5.6% since [16].

What changed in FY2016-FY2020. Gross margin fell from 15.7% in FY2016 to around 10.5% in FY2017-FY2019 and 7.2% in FY2020, while the balance sheet doubled: total assets went from BDT 6,695m to BDT 14,190m [5 p.12]. Operating cash flow was negative in FY2018, FY2019 and FY2020 [5 p.34]. The company paid stock dividends of 10%, 5% and 5% for FY2016-FY2018, which took the share count to 197.25m [5 p.34]. FY2020 EPS was BDT 0.26 [5 p.12]. The FY2021-FY2022 recovery took gross margin to 17.3% and standalone EPS to BDT 9.16 in FY2022 [1 p.14]; ROE on average equity was 22.5%, the highest in the ten years [16].

What changed in FY2023-FY2025. Volume fell 5.2% in FY2023 while fuel and power cost per kg rose 57.7% [3 p.24], so gross margin fell to 12.5%. The Habiganj extension then lifted kilos sold by 23.4% in FY2024 and 16.3% in FY2025 [16]. The company spent BDT 1,981m on capital expenditure in FY2024 and BDT 1,090m in FY2025, 'out of its internal generation of funds and bank borrowings' [1 p.23].

Line items: kilos up 44% in two years, the spread steady near BDT 130 a kg, and interest the swing cost

Revenue = kilos sold x price per kilo. Kilos sold were 43.5m in FY2021, 44.8m in FY2022, 42.5m in FY2023, 52.4m in FY2024 and 61.0m in FY2025 [4 p.23] [3 p.24] [1 p.23]. The realised price rose from BDT 274 a kg in FY2021 to BDT 349 in FY2022 and BDT 371 in FY2025 [16]. The company says the 2.86% rise in FY2025 came from the dollar's rise against the taka, while 'the yarn price in USD decreased in the domestic and international markets' [1 p.23]. In other words, the taka did the work in FY2025; the dollar yarn price did not.

Cotton and the yarn spread. Raw material is about two-thirds of revenue: 65.4% in FY2025 [16]. Raw material per kg of output rose from BDT 179 in FY2021 to BDT 222 in FY2022 (+24.3%) and BDT 241 in FY2025 [4 p.23] [1 p.23]. The spread between the realised price and raw material per kg is the best single measure of the mill's pricing power. It widened from BDT 95 in FY2021 to BDT 126 in FY2022 and then stayed in a BDT 126-130 band through FY2025 [16]. Inventory matters too. The group held 26.5m kg of raw cotton at June 2025, against 71.9m kg consumed in the year, about four and a half months of use [1 p.90]. A mill with that much stock gains when cotton rises and loses when it falls, because yarn reprices faster than the cotton it already owns.

FY2026 shows the other side. Consolidated nine-month revenue fell BDT 1,034m (5.6%), which the company attributes to the 'decrease of yarn price significantly', while raw materials consumed fell only BDT 187m (1.6%) [2 p.9] [16]. Raw materials rose from 65.3% to 68.1% of revenue, and nine-month gross margin fell from 13.5% to 10.0% [16]. Malek Spinning reported the same pattern in its nine months: sales price fell 'comparatively more than decrease of raw material price' [8 p.27].

Gas and power. Fuel and power cost BDT 851m in FY2021 and BDT 1,844m in FY2025 [4 p.23] [1 p.22]. Per kg of output it rose from BDT 21.0 in FY2022 to BDT 33.2 in FY2023 [16]. That jump coincided with the government's gas tariff increase for captive power from Tk 16 to Tk 30 per cubic metre and for large industry from Tk 11.98 to Tk 30, effective 1-Feb-2023, as reported by TBS [12]. Per-kg energy cost then eased to BDT 30.1 in FY2025 as volume rose [16]. In the nine months of FY2026 electricity, gas and water cost BDT 1,303m, flat on the year, but diesel and other fuel fell from BDT 266m to BDT 76m [2 p.9], which suggests fewer hours on diesel generators; the filing does not give the reason. Energy was 8.0% of nine-month revenue [16].

Wages and overheads. The group employs 4,757 people, of whom 4,332 are workers [1 p.14]. Factory wages, salary and allowances were BDT 1,121m in the nine months of FY2026, up 3.4%, and 6.5% of revenue [2 p.9] [16]. Factory depreciation was BDT 785m in the nine months [2 p.9]; administrative overhead was BDT 226m and selling costs BDT 33m [2 p.3]. These lines are small next to cotton, energy and interest.

Finance cost is now the line that decides profit. It was BDT 758m in FY2024 and BDT 1,347m in FY2025 (+78%) [1 p.75], 5.5% of revenue, and BDT 1,094m in the nine months of FY2026 (+10%) [2 p.3]. Within the nine months, interest on deferred LC (import) loans fell from BDT 502m to BDT 401m, but interest on short-term loans more than doubled from BDT 138m to BDT 303m and interest on long-term loans rose from BDT 353m to BDT 391m [2 p.10]. The company attributes the rise to 'additional Financing for the expansion project and some BMRE activities as well as increased of interest rate' [2 p.10]. Finance cost was about 9.4% of average gross bank debt in FY2025 [16].

Other income and tax. Non-operating income was BDT 29m in FY2025 (interest, forfeited provident fund, FX gains) and BDT 15m in the nine months [1 p.75] [2 p.10]. Cash incentive income was BDT 0.1m in the nine months of FY2026 and nil a year earlier [2 p.10], so the phase-out of export cash incentives does not move this company's profit. Current tax was BDT 197m on BDT 1,558m of pre-tax profit in FY2025 and the deferred tax liability was remeasured at 12% against 15% a year earlier, a BDT 68m credit [1 p.88]. The resulting effective rate on the face of the income statement was 8.3% in FY2025 and 18.6% in the nine months [16]: current tax fell 55% in the nine months while pre-tax profit fell 69% [2 p.3].

A history-based sensitivity. In FY2025 STxL sold 61.0m kg [1 p.23]. Each BDT 1 a kg change in the spread therefore moved gross profit by about BDT 61m, roughly 4% of FY2025 standalone pre-tax profit of BDT 1,389m [1 p.24] [16]. Each 1pp of interest rate on the June 2025 gross debt of BDT 14,705m was worth about BDT 147m a year [16].

FY2026: a Q3 loss, a strong implied Q4, and full-year EPS of BDT 4.50

FY2026 by quarter. EPS was BDT 1.69 in Q1, BDT 0.14 in Q2 and a loss of BDT 0.29 in Q3 [6] [2 p.3]. The Q3 loss came from a gross margin of 7.0% against 13.1% a year earlier: revenue fell 6.7% but cost of goods sold was flat [2 p.3] [16]. The board approved the FY2026 accounts on 25-Oct-2026 and announced full-year EPS of BDT 4.50 against BDT 7.24 in FY2025 [6]. That implies Q4 EPS of BDT 2.96, the best quarter of the year and above the BDT 2.14 of Q4 FY2025 [16].

We cannot yet explain the Q4 figure line by line. The FY2026 annual report is not in our corpus (MISSING FILING), so revenue, margin and finance cost for the June 2026 quarter are unknown; the Q4 number is a residual between the DSE-announced annual EPS and the nine-month statements, and the model will be updated when the annual report is filed. The split between operating and non-operating profit in Q4 is the first thing to check in that report.

Square group: a quarter of yarn sales go to sister companies, and BDT 9.4bn moved through Square Pharma

STxL is part of the Square group. Its board is chaired by Tapan Chowdhury, with Ratna Patra as vice chairman and Samuel S Chowdhury as managing director [2 p.2], and sponsors and directors hold 61.83% [6]. The related-party note lists three kinds of dealings [1 p.116] [1 p.117]. First, yarn sales to group garment and denim makers: BDT 3,274m to Square Denims, BDT 1,513m to Square Fashions and BDT 884m to Square Apparels in FY2025. Second, services bought from Aegis Services, Square Informatix and Square Hospitals, BDT 55m in total. Third, funds moved to and from Square Pharmaceuticals: BDT 9,426m paid and the same amount received during FY2025, with no balance at either year end.

The yarn sales matter most. Group buyers took BDT 5,671m, 25.0% of standalone sales, up from 23.4% in FY2024, and owed BDT 1,372m at June 2025 [1 p.117] [16]. Group receivables were 19.5% of consolidated trade receivables and equal to about 88 days of group sales, shorter than the 104 days for all receivables [16]. The note says the transactions are at arm's length [1 p.116]. A captive outlet for a quarter of output is a strength in a weak market; the cost is that pricing to group companies is not separately disclosed.

The Square Pharmaceuticals flows are large: BDT 9.4bn moved each way in FY2025, against STxL's equity of BDT 11.0bn [1 p.116] [1 p.74]. The note does not say whether the money was a loan, an advance or a payment arrangement, or whether interest was charged. Because the balance was nil at both year ends, the balance sheet does not show the peak exposure during the year. This is a question for the AGM and the FY2026 related-party note.

Square Texcom. The subsidiary was set up in 1997 at Kathali, Valuka (Mymensingh) with capacity of about 5,000 tonnes of yarn a year [1 p.41]. It earned BDT 155.8m on turnover of BDT 2,051m in FY2025, up from BDT 79.9m in FY2024, and is also 100% export based [1 p.121]. STxL owns 99.88%; four directors hold 1,250 shares each. The board proposed merging Texcom into STxL under sections 228-229 of the Companies Act, with the minority paid in cash at the June 2025 book value of BDT 285.23 a share, subject to High Court sanction [1 p.41]. The merger changes little economically because the group already consolidates Texcom; it removes a separate set of accounts.

Ratios: ROE between 1% and 23%, cash conversion weak in growth years

Growth and margins. Standalone revenue grew in eight of the nine years after FY2016; the exception was FY2023 (-4.2%) [16]. Gross margin ranged from 7.2% (FY2020) to 17.3% (FY2022); the ten-year median is 11.8% [16]. Consolidated operating margin was 12.0% in FY2025 and 8.5% in the nine months of FY2026 [16].

Returns. ROE on average equity averaged 9.3% over FY2017-FY2025, with a high of 22.5% in FY2022 and a low of 0.7% in FY2020 [16]. ROE in FY2025 was 12.8%. With nine-month profit of BDT 304m, FY2026 ROE will be well below that: annual EPS of BDT 4.50 on NAV of about BDT 54-56 is roughly 8% [6] [16]. Leverage has risen: standalone assets were 1.19x equity in FY2016 and 2.44x in FY2025 [16].

Working capital. Receivable days were 111 at June 2024, 104 at June 2025 and 114 at March 2026 on annualised revenue; inventory days on cost of goods sold fell from 130 to 110 [16]. Inventory and receivables together were BDT 14,138m at June 2025, 96% of gross bank debt [16]. Most of the debt, in other words, finances cotton and receivables rather than machines. Back-to-back LC receivables are bank confirmed [2 p.23], which makes them better quality than open-account trade credit.

Cash conversion. Standalone operating cash flow per share was negative in FY2018, FY2019, FY2020 and FY2024 and close to zero in FY2017 [5 p.12] [1 p.14]. The FY2024 outflow of BDT 2,484m (consolidated) came as raw-material stock rose from 14.2m kg to 23.9m kg (BDT 3,451m to BDT 5,596m) [1 p.77] [1 p.90]. Over FY2021-FY2025 cumulative standalone operating cash flow was about BDT 3.3bn against cumulative profit of BDT 5.9bn [1 p.32] [1 p.14]. In the nine months of FY2026 the trend reversed: standalone operating cash flow was BDT 1,150m against profit of BDT 283m, because inventories fell by BDT 646m [2 p.23].

Balance sheet: BDT 13.7bn of net debt, mostly financing cotton and receivables

Debt. Gross bank debt was BDT 13,913m at June 2024, BDT 14,705m at June 2025 and BDT 14,604m at March 2026; cash was BDT 904m, leaving net debt of BDT 13,701m [1 p.74] [2 p.2] [16]. At June 2025 BDT 7,896m was EDF and UPAS import finance, BDT 1,500m a revolving loan and BDT 5,309m term loans from Standard Chartered (BDT 2,851m), City Bank (BDT 1,725m), Dutch-Bangla Bank (BDT 616m) and IDCOL (BDT 118m) [1 p.88]. Short-term loans are secured on stock and trade receivables [1 p.88]. Between June 2025 and March 2026 long-term borrowings fell by BDT 1,516m and short-term loans rose by BDT 1,414m [2 p.2], a shift towards shorter, repriceable money.

Cash flow and funding. In FY2024 and FY2025 together, consolidated free cash flow (operating cash flow less capex) was about BDT -4.7bn negative and dividends took another BDT 1.2bn; net new borrowing of BDT 6.1bn filled the gap [1 p.77] [16]. Interest paid rose from BDT 703m to BDT 1,280m [1 p.77].

Audit and contingencies. K.M. Hasan & Co. gave an unqualified opinion on the FY2025 consolidated and separate statements; the key audit matters were property, plant and equipment (carrying value BDT 10,714m plus BDT 439m of work in progress) and the long- and short-term loans [1 p.66] [1 p.70]. Contingent liabilities under open import LCs were BDT 2,582m at June 2025, with Standard Chartered, HSBC, Prime Bank and City Bank [1 p.116]. Goodwill of BDT 56m sits on the consolidated balance sheet [1 p.74]. There is no revaluation reserve; consolidated equity is share capital of BDT 1,973m plus retained earnings [1 p.74].

Peers: the biggest spinner by revenue, with the most debt and the sharpest FY2026 profit fall

We compare STxL with two listed spinners from their own FY2025 filings: Malek Spinning (consolidated, which includes fabric and other subsidiaries) and Matin Spinning (standalone, no subsidiaries) [7 p.43] [9 p.152]. All three have 30 June year ends. STxL is the largest by revenue at BDT 24.7bn, with Malek at BDT 22.9bn and Matin at BDT 8.8bn. STxL's gross margin (13.3%) sat between Malek's (11.7%) and Matin's (15.0%) [16].

The difference is debt. STxL's bank debt was 1.33x equity at June 2025, against 0.83x for Malek and 0.84x for Matin, and finance cost took 5.5% of revenue against 3.5% and 4.4% [16]. Both peers' equity includes land and building revaluation reserves (BDT 3,233m and BDT 2,578m) [7 p.42] [9 p.151]; on equity ex-revaluation their leverage is higher than the headline. In the nine months of FY2026 all three saw lower profit, but STxL's fall (-69.8%) was the deepest, against -30.1% for Malek and -8.6% for Matin [2 p.3] [8 p.27] [10 p.3] [16].

Dividends and ownership: 32% cash kept for FY2026, a 71% payout

Dividend record. STxL says it 'has never missed a dividend payment' since listing in 2002 [1 p.3]. Cash dividends were 25% for FY2016, 20% for FY2017-FY2019, 10% for FY2020, 20% for FY2021, 35% for FY2022, 30% for FY2023 and 32% for FY2024, FY2025 and FY2026; stock dividends of 10%, 5% and 5% were paid for FY2016-FY2018 [6]. Shareholders approved the FY2025 dividend at the AGM in December 2025, the Financial Express reported [11]. For FY2026 the board kept 32% (BDT 3.20 a share, BDT 631m) on EPS of BDT 4.50, a payout of 71% against 44% in FY2025 [6] [16]. The record date is 16-Nov-2026 and the AGM is on 15-Dec-2026 [6].

What drives returns to shareholders. Over FY2021-FY2025 the company paid out 35-59% of consolidated EPS in cash [16] and retained the rest; NAV per share (standalone) rose from BDT 37.04 to BDT 51.87 [1 p.14]. Because operating cash flow lagged profit in the growth years, the dividend was in effect funded partly by bank debt in FY2024 and FY2025 [16]. The FY2026 dividend is better covered by cash: nine-month standalone operating cash flow was BDT 1,150m [2 p.23] against a BDT 631m dividend.

Ownership. Sponsors and directors held 61.83% at June 2025 and at September 2026; institutions 24.03%, foreign investors 2.75% and the general public 11.39% at September 2026 [6]. The company had 14,957 shareholders at June 2025 [1 p.14]. Free float is small, and the stock traded about 1.1m shares in October 2026 [15]. The DSE lists the company in category A [6].

Valuation facts. At BDT 49.8 the shares trade at 11.1x FY2026 EPS, 0.92x March 2026 NAV and a 6.4% cash yield [15] [6]. Year-end P/E on consolidated EPS ranged from 6.7x (FY2022 and FY2025) to 13.9x (FY2021) between FY2021 and FY2025, and P/B from 0.94x to 1.50x [16]. These are facts about the price, not a view on it.

What's next: the Q1 FY2027 results, the FY2026 annual report and a 2029 LDC date

LDC graduation. The UN General Assembly granted Bangladesh a three-year extension of its preparatory period on 30-Oct-2026, moving LDC graduation from 24-Nov-2026 to 24-Nov-2029, as both the Daily Star and TBS reported [13] [14]. TBS notes that about 73% of export revenue depends on LDC-linked preferences such as duty-free, quota-free access, and quotes the BGMEA president that the EU market in effect gives six years, including the standard three-year post-graduation grace period [14]. For a yarn spinner the effect is indirect: STxL's customers are export garment makers, so the extension removes a near-term risk to their orders and so to STxL's volume line. After graduation, any preference scheme that requires more local content would favour local yarn over imported yarn; neither article discusses rules of origin, so this is not yet a fact for the model.

The taka. Since FY2025 the company has said the rise in its taka selling price came from the exchange rate, not dollar yarn prices [1 p.23]. A stable taka removes that support. Because cotton is also bought in dollars, the taka affects the spread less than it affects the reported revenue line. EDF and UPAS import finance, which funds the cotton, was BDT 7.9bn at June 2025 [1 p.88].

Gas and power. The nine-month FY2026 accounts show energy at 8.0% of revenue and diesel spending down 71% [2 p.9] [16]. Any further increase in industrial gas or grid tariffs would raise the fuel and power per kg line, which went from BDT 21 to BDT 33 after the February 2023 increase [16] [12].

Risks: the spread, interest and the cotton stock matter most

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

Two risks deserve emphasis. The first is the combination of high inventory and high debt: with four to five months of cotton on hand and most debt short-term [1 p.88] [1 p.90], a fall in yarn prices hits margin and finance cost at the same time, which is what happened in Q3 FY2026. The second is disclosure: the Square Pharmaceuticals flows are large relative to the balance sheet and are disclosed only as totals [1 p.116].

Key questions: the Q4 jump, the spread and the debt decide returns

The shareholder-return question in one line: STxL kept a 32% dividend through a year in which nine-month profit fell by two-thirds [6] [2 p.3]. Whether that payout holds depends on the spread and the interest bill, the two lines that moved most in FY2026.

FAQ

When does Square Textiles' financial year end?

On 30 June. FY2025 ended 30-Jun-2025 and FY2026 on 30-Jun-2026 [1 p.74] [6].

What was Square Textiles' EPS for FY2026?

BDT 4.50 consolidated, as announced on the DSE, against BDT 7.24 in FY2025 [6] [1 p.75]. The FY2026 annual report is not yet in our corpus.

What dividend did Square Textiles declare for FY2026?

32% cash, BDT 3.20 a share; record date 16-Nov-2026, AGM 15-Dec-2026 [6].

How many spindles does Square Textiles have?

173,950 spindles, 5,192 rotor heads and 3,168 vortex heads, all operated in FY2025 [1 p.116].

How much debt does Square Textiles have?

Gross bank debt of BDT 14,604m and cash of BDT 904m at 31-Mar-2026 [2 p.2].

Who are Square Textiles' main related-party customers?

Square Denims, Square Fashions and Square Apparels, which bought BDT 5,671m of yarn in FY2025 [1 p.117].

Does LDC graduation affect Square Textiles?

Indirectly, through its garment customers. Graduation was moved to 24-Nov-2029 on 30-Oct-2026 [13] [14].

Sources

1. Square Textiles PLC Annual Report 2024-25 (year to 30-Jun-2025), consolidated and standalone · link · accessed 2026-10-31
2. Square Textiles PLC unaudited third-quarter financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
3. Square Textiles PLC Annual Report 2022-23 · link · accessed 2026-10-31
4. Square Textiles PLC Annual Report 2021-22 · link · accessed 2026-10-31
5. Square Textiles PLC Annual Report 2019-20 (five-year data FY2016-FY2020) · link · accessed 2026-10-31
6. Dhaka Stock Exchange, Square Textiles PLC company page and announcements (FY2026 EPS, 32% dividend declared 26-Oct-2026, record date, AGM, shareholding), accessed 31-Oct-2026 · link · accessed 2026-10-31
7. Malek Spinning Mills PLC annual report, year to 30-Jun-2025 (consolidated) · link · accessed 2026-10-31
8. Malek Spinning Mills PLC unaudited statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
9. Matin Spinning Mills PLC Annual Report 2024-25 · link · accessed 2026-10-31
10. Matin Spinning Mills PLC unaudited statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
11. The Financial Express, 'Square Textiles declares 32pc cash dividends' (16-Dec-2025) · link · accessed 2026-10-31
12. The Business Standard, gas tariff for captive power and industry raised from 1-Feb-2023 (18-Jan-2023) · link · accessed 2026-10-31
13. The Daily Star, 'Bangladesh secures three-year LDC graduation deferment' (30-Oct-2026) · link · accessed 2026-10-31
14. The Business Standard, '6 tasks Bangladesh must do during 3-year LDC lifeline' (31-Oct-2026) · link · accessed 2026-10-31
15. AnalystBro price data (TradingView feed): DSE:SQUARETEXT, DSE:MALEKSPIN, DSE:MATINSPINN bars to 29-Oct-2026 · link · accessed 2026-10-31
16. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31