Tamijuddin Textile financial analysis: finance cost takes 69% of operating profit, EPS down 30% in FY2026 (Oct 2026)

Investment considerations: a 21.5% gross margin, 69% of operating profit paid as interest, four qualified audits

Tamijuddin Textile Mills PLC was incorporated on 5 August 1970 and listed on the Dhaka Stock Exchange on 21 September 1991 [1 p.10]. The filings describe one business: a textile spinning mill at the BSCIC Industrial Estate, Konabari, Gazipur, that produces and sells assorted cotton yarn and polyester yarn in the local market and exports under back-to-back L/C to local knitwear and woven industries [1 p.10]. That places it in the yarn-spinning format (F10). There are no subsidiaries and no operating segments [1 p.17]. The head office is at Anabil Tower in Gulshan-2 [1 p.10].

The numbers that frame the company are these. Revenue was BDT 3,970m in FY2025 (year to 30 June 2025), almost the same as the BDT 3,938m of FY2024 and below the BDT 4,187m peak of FY2022 [1 p.7] [4 p.28]. Gross profit was BDT 854m, a 21.5% margin, and profit from operation BDT 799m [1 p.7]. Financial expenses were BDT 554m, so net profit after tax was BDT 202m, EPS BDT 6.71 [1 p.7]. The FY2026 audited accounts were considered by the board on 27 October 2026; the DSE announcement gives EPS of BDT 4.29 against BDT 6.10 restated for the 10% bonus issue [6]. The FY2026 annual report is not yet in our filings corpus, so this note's line-item analysis runs to FY2025 and the nine months to March 2026.

Over FY2022-FY2025 the company earned BDT 726m-799m a year of profit from operation, and paid BDT 462m-554m of it in financial expenses [3 p.7] [1 p.7]. What was left was mostly retained: the cash dividend took 11.7% of FY2023 profit, 12.2% of FY2024 and 6.9% of FY2025, because since FY2023 the cash dividend has gone to general shareholders only [13] [6]. Retained profit, in turn, has not reduced bank borrowings, which rose from BDT 3,527m at June 2023 to BDT 4,530m at June 2025 [2 p.6] [1 p.6] [13].

Business: one Gazipur spinning mill, 13.8m kg of capacity, yarn sold as deemed exports

How the mill makes money. Tamijuddin buys raw cotton and fibre abroad, spins it into yarn and sells the yarn to knit and woven garment factories in Bangladesh. The sales are booked as exports: the FY2025 FOB value of exports was USD 32.54m, equal to the BDT 3,969.6m of yarn sales, and raw material imports were USD 20.25m (BDT 2,912m) [1 p.29]. Advance income tax deducted from export proceeds was BDT 38.3m in FY2025 [1 p.19]. The company carries no foreign subsidiary and reports one segment [1 p.17].

Capacity and output. The FY2025 capacity note gives 13.8m kg of yarn a year; production was 11.67m kg in FY2025, 11.20m kg in FY2024 and 11.42m kg in FY2023 [1 p.29] [2 p.31]. The filings in our corpus do not give a spindle count. Employees numbered 164 office staff and 1,560 workers at June 2025 [1 p.30]. Capital spending has been small since FY2024: BDT 1.6m in FY2025 against BDT 334m in FY2024 [1 p.9], and the notes state there was no capital expenditure commitment at 30 June 2025 [1 p.31]. A sweep of 24 months of DSE announcements found no board approval of new capacity or capital spending [6].

Eight years in two parts. From FY2018 to FY2021 turnover grew slowly, from BDT 2,315m to BDT 2,729m, and net profit was BDT 15m-62m [4 p.28]. In FY2022 turnover rose 53.4% to BDT 4,187m and net profit to BDT 199m [4 p.28]. Since then turnover has eased to BDT 3.9bn-4.0bn while net profit stayed at about BDT 200m [2 p.7] [1 p.7]. The filings do not give a volume series before FY2023, so the FY2022 jump cannot be split between price and volume from them.

Production rose 4.1% in FY2025 but kilos sold fell 1.8%, to 10.31m kg; finished-goods stock rose from 2.14m kg to 3.50m kg [1 p.29] [13]. That is about 4.1 months of FY2025 sales, against 1.4 months at June 2023 [13]. Raw cotton purchases followed the opposite pattern: 18.06m kg were bought in FY2024, far more than the 12.31m kg consumed, and raw material stock ended FY2024 at 9.34m kg; in FY2025 purchases fell to 11.26m kg [1 p.29].

Line items: a BDT 144 a kg spread over cotton and a 21.5% gross margin, helped by BDT 367m of stock build

Revenue = kilos sold x realised price. The derived realised price was BDT 321 a kg in FY2023, BDT 375 in FY2024 and BDT 385 in FY2025 [13]. In dollars the price was USD 3.05, 3.22 and 3.16 a kg [13]. The implied exchange rate, yarn sales over FOB value, went from BDT 105 to BDT 122 per dollar [2 p.31] [1 p.29] [13]. The dollar price per kg in FY2025 was 2% below FY2024.

Product mix. Yarn sales are reported in three count bands. In FY2025, 20s/1 to 30s/1 yarn was 40.0% of yarn sales, above 30s/1 29.9% and below 20s/1 30.1% [1 p.25] [13]. The middle band grew from BDT 1,463m to BDT 1,588m while both other bands fell [1 p.25]. The FY2023 note prints the same figure, BDT 1,406.4m, for both the 20s-30s and below-20s bands [2 p.26]; the two still add to the printed total, but we treat the FY2023 split as unconfirmed.

Cost of goods sold. Raw material consumed was BDT 2,816m in FY2025, up from BDT 2,647m, and BDT 241 per kg produced against BDT 236 [1 p.25] [13]. Manufacturing overhead was flat at BDT 669m [1 p.26]. Cost of goods sold still fell, to BDT 3,116m from BDT 3,152m, because BDT 367m more finished goods went into stock than in the previous year: closing finished goods were BDT 1,261m against an opening BDT 893m [1 p.25]. With weighted-average costing, the price at which that stock is later sold sets part of the next year's gross margin [1 p.14].

Energy. Gas is the mill's main energy input: BDT 232m in FY2025, 34.6% of manufacturing overhead, against BDT 16m of grid electricity [1 p.26] [13]. The gas bill fell 5.0% while production rose 4.1%, to BDT 19.85 a kg from BDT 21.75, and electricity tripled from BDT 5.3m [1 p.26] [13]. The filings do not explain the shift. History sensitivity: each BDT 1 a kg of gas cost on FY2025 production was about BDT 11.7m, or 4.8% of FY2025 profit before tax [13].

Wages and depreciation. Factory wages, overtime and bonus were BDT 224m, BDT 19.16 a kg, down from BDT 20.35; within that, festival bonus rose to BDT 20.3m from BDT 13.5m [1 p.26] [13]. Depreciation is on the reducing-balance method (plant 7%, buildings 2.5%) and was BDT 144m in cost of production [1 p.13] [1 p.26]. About BDT 19m a year of it is depreciation on the 2011 revaluation, which is transferred from revaluation surplus to retained earnings [1 p.8].

Administrative and selling expenses were BDT 54m in FY2025, 1.4% of turnover, including BDT 5.28m of directors' remuneration and BDT 4.5m of right-of-use depreciation on the office lease [1 p.26]. Other income was BDT 7.6m of FDR and SND interest plus a BDT 0.4m foreign-exchange gain [1 p.27]. Tax is at 15% as a publicly traded company; the FY2025 current tax was BDT 43.1m and deferred tax a BDT 3.4m credit, an effective rate of 16.4% [1 p.16] [1 p.7] [13].

Finance cost: BDT 632m before an intercompany credit, cover 1.44x, and liabilities moved into long-term loans

In FY2025 financial expenses were BDT 553.8m as printed, 13.9% of turnover [1 p.7] [13]. That figure is after a credit of BDT 78.3m labelled 'Interest on Intercompany' [1 p.27]. Before the credit, gross financial expenses were BDT 632.1m, 27.3% more than FY2024 [13]. The note does not say which intercompany balance the interest was charged on.

Where the debt sits. At June 2025 the long-term loans, including current portion and accrued interest, were BDT 1,207m with Sonali Bank, BDT 994m with First Security Islami Bank, BDT 104m with EXIM Bank and BDT 80m with IPDC [1 p.22]. The note says the loan is repayable in 27 equal quarterly instalments at 9% from March 2021 and that 8.5 instalments had been paid [1 p.22]. Short-term loans were BDT 2,465m: a Sonali Bank cash credit of BDT 1,847m against a BDT 1,700m limit at 13%, a Sonali Covid-19 cash credit of BDT 534m and a Premier Bank overdraft of BDT 83m [1 p.23]. Accrued 'Interest of Long Term Loan' grew from BDT 127m at June 2023 to BDT 320m at June 2025 [2 p.6] [1 p.6].

The BDT 1,847m drawn on the Sonali cash credit at June 2025 is above the BDT 1,700m limit printed in the same note [1 p.23]; the note does not comment on this. The DSE company page shows short-term loans of BDT 3,103.85m and long-term loans of BDT 1,426.04m at June 2025, which matches short-term loans plus the current portion of long-term loans in the balance sheet [7] [1 p.6].

The other current liability. 'Deffered & Other Liability' inside other current liabilities rose from BDT 564m at June 2023 to BDT 1,009m at June 2024 and BDT 1,947m at June 2025 [2 p.25] [1 p.24]. The notes give no description of it. In the March 2026 statements other current liabilities fell to BDT 38m while long-term loans rose to BDT 4,342m, and the cash flow statement shows a BDT 2,076m long-term loan inflow [5 p.1] [5 p.2]. The company's DSE explanations say that most of the LC liabilities were converted into long-term liabilities and that a substantial portion of short-term loans was converted into long-term liabilities [6]. Bank borrowings plus other current liabilities were BDT 6,529m at June 2025 and BDT 7,006m at March 2026 (derived) [13].

Interest cover, profit from operation over financial expenses, was 1.53x in FY2022, 1.54x in FY2023, 1.47x in FY2024 and 1.44x in FY2025, the lowest of the four years [13]. In the nine months to March 2026 it was 1.39x [13]. History sensitivity: on FY2025 bank borrowings of BDT 4,530m, one percentage point of interest is about BDT 45m a year, about 19% of FY2025 profit before tax [13].

FY2026: EPS down 30% to BDT 4.29, a BDT 0.21 fourth quarter and BDT -2.1bn of nine-month operating cash flow

FY2026 so far. The DSE announcement of 28 October 2026 gives FY2026 EPS of BDT 4.29, NAV per share of BDT 99.21 and operating cash flow per share of BDT (4.97), against EPS of BDT 6.10, NAV of BDT 93.44 and operating cash flow of BDT 8.33, all restated, for FY2025 [6]. That is a 29.7% fall in EPS [13]. Nine-month EPS had been BDT 4.08 against BDT 4.07 restated, so the implied fourth quarter (April-June 2026) earned BDT 0.21 a share against BDT 2.03 restated a year earlier [6] [13]. The FY2026 annual report is not yet in our filings corpus, so the line items behind the fourth quarter cannot be read from a filing.

The nine months to March 2026. Turnover fell 9.2% to BDT 2,752m and the third quarter alone 19.4% [5 p.1] [13]. Gross margin rose to 22.6% from 21.4%, and 29.5% in the third quarter [13]. Administrative expenses fell 16%, financial expenses fell 2.7% to BDT 424m, and net profit after tax was BDT 135.0m against BDT 134.7m [5 p.1].

Cash flow in FY2026 went the other way. Operating cash flow for the nine months was BDT -2,146m, against BDT +304m a year earlier: payments for raw cotton and others were BDT 4,282m against collections of BDT 2,348m [5 p.2]. The company's DSE note attributes the change to short-term loans converted into long-term liabilities, which moved the related outflows into financing activities [6]. Inventories rose to BDT 4,153m and intercompany balances to BDT 1,555m by March 2026 [5 p.1].

Internal differences in the March 2026 statements. The statement of financial position shows share capital of BDT 330.7m and equity of BDT 3,259.7m, while the statement of changes in equity shows share capital of BDT 300.6m and equity of BDT 3,210.6m at the same date [5 p.1] [5 p.2]. The 10% bonus shares were credited by 5 February 2026 [6]. The FY2025 audited accounts have smaller inconsistencies too: note 2.3 says the statements were authorised for issue on 12 November 2024, while the auditor signed on 29 October 2025 [1 p.10] [1 p.5].

After the year end. The DSE published a company clarification on 19 July 2026: factory operations were suspended from 13 July 2026 because of labour unrest, under section 13(1) of the Bangladesh Labour Act, and resumed on 18 July 2026; the company said the financial impact was under assessment [6]. These dates fall in FY2027's first quarter (July-September 2026).

Related parties: BDT 1,128m advanced to five companies in FY2025, BDT 1,555m by March 2026

The intercompany balance. A new line, 'Intercompany Balance', appears in current assets in the FY2025 statements: BDT 1,127.6m at June 2025 against BDT 139.4m at June 2024 [1 p.6]. Note 6 lists five companies: Humaira Composit Textile Mills Ltd BDT 91.3m, Angan Properties Ltd BDT 156.0m, Angan Development Ltd BDT 40.1m, BSB Spinning Mills Ltd BDT 480.1m and Suraiya Spinning Mills Ltd BDT 360.0m [1 p.19]. By March 2026 the balance was BDT 1,554.6m [5 p.1].

The two schedules differ by BDT 115m, all of it in Angan Properties: BDT 156.0m in note 6 and BDT 271.0m in note 42, where the year's advance to Angan Properties is BDT 250.2m [1 p.19] [1 p.31]. Note 42's closing balances add to BDT 1,242.6m; the balance sheet carries note 6's BDT 1,127.6m [1 p.6] [13]. Note 42 does not state the relationship of these companies to Tamijuddin; it calls them related parties and the transactions 'Advance' [1 p.31]. The FY2025 cash flow statement shows 'Net Inter Company Loan' as nil for FY2025, against BDT -94.3m in FY2024 [1 p.9].

Other related parties. The managing director, Ms. Salma Chowdhury, is owed BDT 22.9m, shown as 'Intercompany' within trade and other payables and as a loan in note 42 [1 p.23] [1 p.31]. Directors' remuneration was BDT 5.28m in FY2025 against BDT 5.20m, and board meeting fees were BDT 50,000-100,000 per director [1 p.30]. Note 42 names the chairman, Chowdhury Mohammed Hanif Shoeb, the managing director and directors Sabiha Sultana, Md. Shohel Rana and Md. Amran Pervege [1 p.30].

Size against the company. At June 2025 the intercompany balance equalled 36.5% of printed equity and 139.7% of four years of FY2025-level net profit; by March 2026 it was 47.7% of equity [13]. The receivables schedule states that no receivables are due from companies under common management [1 p.19]; the intercompany balances are shown separately from receivables [1 p.6].

Audit: qualified opinions for FY2022-FY2025 from three firms; FY2025 cites the absent gratuity and provident fund

Four qualified opinions. The FY2022 accounts were audited by Islam Quazi Shafique & Co., 'who expressed a qualified audit opinion' [3 p.2]. The FY2023 auditor, Mahfel Huq & Co., gave a qualified opinion, writing: 'We were not able to verify the value of Inventories (disclosed to Note no. 04 to the financial statements) due tolack of sufficient and appropriate audit evidence' and that it 'could not verify the current condition and position ofthe property, plant & equipment' [3 p.2]. It also could not obtain sufficient appropriate evidence on advance for goods, trade and other payables and cost of goods sold of BDT 2,519,343,993 [3 p.2].

For FY2024, G. Kibria & Co. qualified on three matters: inventories, where 'the Company was unable to provide sufficient and appropriate audit evidence for “Raw Materials & Work in Process” worth BDT 2,179,222,779'; a 'Sundry Advance' of BDT 154,189,925 it was unable to verify; and 'The company has not yet recognized the Gratuity Fund and Provident Fund,which is a violation of Bangladesh Labour Act 2006' [2 p.2]. For FY2025 the same firm's basis for qualified opinion has one numbered item: 'The Company has not yet established or recognized any Gratuity Fund or Provident Fund for its employees, which is non-compliance with the requirements of the Bangladesh Labour Act, 2006' [1 p.2]. The auditor added that it was 'unable to determine the potential financial impact of this non-recognition on the Company’s liabilities, expenses, and equity' [1 p.2].

What the FY2025 notes say about the same subject. The accounting policy note states that the company 'has a separate recognize provident fund scheme' with 10% employee and matching company contributions [1 p.15]. The auditor's basis states that no gratuity or provident fund has been established or recognised [1 p.2]. The statements of compliance list IAS 19 as 'Complied' [1 p.17]. The FY2025 key audit matters are revenue, inventory (36% of total assets) and property, plant and equipment [1 p.3]. The DSE carried 'Qualified Opinion' notices on 5 December 2024 and 11 December 2025 [6].

Other points in the FY2025 notes. All receivables are stated as good and realisable with no provision; BDT 139.6m was more than 120 days old [1 p.19]. Cash at bank is 'certified by the concerned bank except some non-transacting bank accounts' [1 p.21]. The note reconciling profit to operating cash flow totals BDT 275.6m for FY2025, matching the cash flow statement, but its FY2024 column totals BDT 1,081.9m against BDT -534.0m in the statement [1 p.28] [1 p.9]. The tax note shows assessments incomplete for income years 2022-23 and 2023-24 [1 p.29]. The company reports no contingent liabilities [1 p.31].

Ratios: ROE 6.7% on printed equity, inventory at 448 days, cash conversion swinging from -2.7x to 1.4x

Margins. Gross margin was 18.1% at its lowest (FY2018) and 21.5% at its highest (FY2025) over FY2018-FY2025 [13]. Net margin ranged from 0.6% (FY2018) to 5.1% (FY2024); FY2025 was 5.1% [13]. The gap between the two is financial expenses, which absorbed 11-14% of turnover in FY2022-FY2025 [13].

Returns. ROE on average printed equity was 6.7% in FY2025; the highest of FY2019-FY2025 was 7.8% in FY2022 and the lowest 1.2% in FY2019 [13]. Excluding the revaluation surplus, which was 56% of equity at June 2025, ROE was 15.8% in FY2025 and 25.9% in FY2022 [13]. The surplus comes from a 2011 revaluation by Nirman Upadesta of BDT 2,741m, most of it land (BDT 1,703m) [1 p.12] [1 p.22].

Working capital. Inventory was 194 days of cost of goods sold at June 2023, 388 at June 2024 and 448 at June 2025, the highest in the eight years [13]. At March 2026, on 12-month cost of goods sold, it was 529 days [13]. Receivable days rose from 74 at June 2022 to 128 at June 2025 and 136 at March 2026 [13]. Trade payables were BDT 40m at June 2025 [1 p.23].

Cash conversion. Operating cash flow over net profit was 1.37x in FY2025, -2.65x in FY2024 and 0.76x in FY2023 [13]. Over FY2018-FY2025 operating cash flow totalled BDT 697m against net profit of BDT 942m, and free cash flow after investing BDT -623m [13]. Cash dividends paid over FY2021-FY2025 were BDT 212m (sum of the dividend-paid lines) [3 p.9] [2 p.9] [1 p.9].

Leverage. Bank borrowings were 1.47x printed equity at June 2025 and 3.30x equity excluding revaluation surplus [13]. At March 2026, after the reclassification into long-term loans, borrowings were 2.14x printed equity [13]. Total assets were 3.40x equity at June 2025, the highest of the eight years, against 2.45x in FY2019 [13].

Peers: highest gross margin of the three spinners, and the highest finance cost and lowest interest cover

Peers on the same basis. Matin Spinning Mills and Saiham Textile Mills are DSE-listed yarn spinners with a 30 June year end and standalone accounts [8 p.151] [9 p.65]. Before using their figures we read their FY2025 audit reports: A. Qasem & Co. gave Matin an unmodified opinion [8 p.146]; Khan Wahab Shafique Rahman & Co. gave Saiham Textile an unmodified opinion with an emphasis of matter on the gratuity fund trust deed, formalised on 1 February 2025, and on a share-count difference in Schedule X, stating 'Our opinion is not modified in respect of these matters' [9 p.59]. Tamijuddin's FY2025 opinion is qualified [1 p.2].

Among the three, Tamijuddin had the highest gross margin (21.5% against 15.0% and 9.8%) and the highest finance cost as a share of revenue (13.9% against 4.4% and 4.1%) [13]. Its interest cover of 1.44x was the lowest of the three; Matin's was 2.53x and Saiham Textile's 1.61x [13]. Net margins of Tamijuddin and Matin were within 0.2 percentage points of each other (5.1% and 5.2%); Saiham Textile's was 1.6% [13].

Balance sheets. Tamijuddin's bank loans were 1.47x equity at June 2025, against 0.84x at Matin and 0.42x at Saiham Textile [13]. All three carry revaluation surpluses; excluding them, the ratios were 3.30x, 1.35x and 0.76x [13]. Matin revalued land and buildings in FY2025, adding BDT 1,318.7m [8 p.146]. On 1 November 2026 the three traded at 1.10x, 1.31x and 1.07x the NAV bases in the table [12] [13].

Governance: sponsors hold 61.23% and have taken no cash dividend since FY2023; FY2026 is 13% cash to general shareholders

Ownership. Sponsors and directors held 18,410,596 shares, 61.24%, at June 2025; local institutions 1.04% and the general public 37.72%, across 2,774 holders [1 p.21]. The DSE page shows 61.23% for sponsors and directors at 30 September 2026, 1.58% institutions and 37.19% public [7]. After the 10% bonus there are 33,071,243 shares, of which sponsors and directors hold 20,251,652 [6]. The company is in DSE's A category [7].

How dividends have been declared. For FY2024 the board recommended '21.00% Cash dividend only for General Shareholders excluding Sponsors & Directors' [6]. For FY2025 it recommended 'Total 22% (12% Cash + 10% Stock) as Dividend: 12% Cash (Tk 1.20 per share of 10 Tk each) for all general shareholders (excluding Sponsors and Directors)', with the 10% stock dividend for all shareholders [6] [1 p.32]. For FY2026, announced on 28 October 2026, it recommended '13% Cash (Tk. 1.30 per share of 10 Tk. each) for all general shareholders (excluding Sponsors and Directors)', BDT 16.67m in total [6]. The FY2023 cash dividend paid in FY2024 was BDT 23.3m, which on the 11.65m general shares is BDT 2.00 a share; the DSE lists it as 20% [2 p.8] [7] [13].

Payout. Cash dividends were 97.3% of FY2021 profit and 45.4% of FY2022 profit, when they went to all shareholders, and 11.7%, 12.2% and 6.9% in FY2023-FY2025 [13]. For a general shareholder the FY2026 dividend of BDT 1.30 is 1.3% of the 1 November 2026 price [6] [12]. The FY2025 stock dividend was declared 'out of accumulated profit' and 'in view to utilize its retained amount as paid-up capital for improving the capital adequacy of the Company' [6].

Board and management. Note 42 lists the chairman, Chowdhury Mohammed Hanif Shoeb; the managing director, Ms. Salma Chowdhury; and directors Ms. Sabiha Sultana, Md. Shohel Rana and Md. Amran Pervege [1 p.30]. The chief financial officer signs as 'Current Charge' [1 p.6]. Gazi Mohammad Ali Hossain, ACS, was appointed company secretary from 12 November 2024 [6]. The board met on 27 October 2026 for the FY2026 accounts, against 29 October 2025 and 12 November 2024 in the previous two years [6].

Credit rating. WASO Credit Rating Company (BD) Ltd. assigned 'A+' long term and 'ST 2' short term with a stable outlook on the FY2024 accounts (announced 22 December 2024) and again on the FY2025 accounts (announced 18 December 2025) [6].

What's next: record date 25 Nov, AGM 30 Dec, the FY2026 annual report and a 2029 LDC date

Already announced, not in What's next. FY2026 EPS of BDT 4.29, NAV of BDT 99.21 and the dividend were announced on 28 October 2026 [6]. The factory suspension of 13-18 July 2026 was disclosed on 19 July 2026, with the financial impact under assessment [6].

LDC graduation. The UN General Assembly adopted Bangladesh's move from 24 November 2026 to 24 November 2029 on 29 October 2026 in New York, 30 October in Dhaka, as reported by The Daily Star and The Business Standard [10] [11]. Tamijuddin's customers are export knitwear and woven factories [1 p.10]; the company's filings in our corpus do not discuss graduation.

Lines that the known items move. The July 2026 suspension falls on FY2027 turnover and cost of goods sold. The reclassification of LC liabilities into long-term loans moves the maturity of debt and the split between operating and financing cash flow [6]; the FY2026 annual report's finance-cost note is not yet filed. The 10% bonus raised the share count to 33.07m, which lowers EPS and NAV per share without changing earnings [6].

Risks: finance cost, intercompany balances and the audit opinion move the most lines

The risk table ties each risk to the line it moves. Financial expenses took 69% of FY2025 profit from operation [13]. And the intercompany balance, BDT 1,555m at March 2026, was 48% of printed equity [5 p.1] [13].

Key questions: the fourth quarter, the intercompany balances and the audit opinion

In one line: the mill's gross margin rose to 21.5% in FY2025, financial expenses took most of it, and the FY2026 EPS of BDT 4.29 was 30% below FY2025 restated [1 p.7] [6] [13].

FAQ

What does Tamijuddin Textile Mills make?

Assorted cotton yarn and polyester yarn at one mill in Konabari, Gazipur, sold to local knitwear and woven factories, largely under back-to-back L/C [1 p.10].

When does Tamijuddin's financial year end?

On 30 June [1 p.11].

What was Tamijuddin's EPS for FY2026?

BDT 4.29, against BDT 6.10 restated for FY2025, as announced on the DSE on 28-Oct-2026 [6]. The FY2026 annual report is not yet in our corpus.

What dividend did Tamijuddin recommend for FY2026?

13% cash (Tk 1.30 per share) for all general shareholders, excluding sponsors and directors; record date 25-Nov-2026, AGM 30-Dec-2026 [6].

Is Tamijuddin's audit opinion qualified?

Yes, for FY2022, FY2023, FY2024 and FY2025. The FY2025 basis is that no gratuity or provident fund has been established or recognised [3 p.2] [2 p.2] [1 p.2].

How much does Tamijuddin borrow?

Bank borrowings were BDT 4,530m at June 2025 and BDT 6,968m at March 2026, after liabilities were moved into long-term loans [1 p.6] [5 p.1] [13].

Who owns Tamijuddin Textile Mills?

Sponsors and directors hold 61.23%, institutions 1.58% and the public 37.19% (30-Sep-2026) [7].

Does LDC graduation affect Tamijuddin?

Through its export garment customers. Graduation moved to 24-Nov-2029 on 29-Oct-2026 [10] [11].

Sources

1. Tamijuddin Textile Mills PLC Annual Report 2024-25: auditor's report and audited financial statements, year to 30-Jun-2025 · link · accessed 2026-11-01
2. Tamijuddin Textile Mills PLC Annual Report 2023-24: auditor's report and audited financial statements, year to 30-Jun-2024 · link · accessed 2026-11-01
3. Tamijuddin Textile Mills PLC Annual Report 2022-23: auditor's report and audited financial statements, year to 30-Jun-2023 · link · accessed 2026-11-01
4. Tamijuddin Textile Mills Limited Annual Report 2021-22 (Annexure III, key financial highlights FY2018-FY2022) · link · accessed 2026-11-01
5. Tamijuddin Textile Mills PLC unaudited third-quarter financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
6. Dhaka Stock Exchange news archive for TAMIJTEX, 1-Nov-2024 to 1-Nov-2026 (dividend declarations, quarterly results, board meetings, qualified-opinion notices, credit rating, factory suspension clarification) · link · accessed 2026-11-01
7. Dhaka Stock Exchange company page for TAMIJTEX (dividend history, shareholding, loan status, market data), accessed 1-Nov-2026 · link · accessed 2026-11-01
8. Matin Spinning Mills PLC Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
9. Saiham Textile Mills Ltd. Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. AnalystBro price data (TradingView feed): DSE:TAMIJTEX weekly bars to 1-Nov-2026 (adjusted for the 10% bonus), DSE:MATINSPINN and DSE:SAIHAMTEX closes 1-Nov-2026 · link · accessed 2026-11-01
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01