AnalystBro Team

A Munshiganj maker of jumbo bags (FIBC) and woven polypropylene bags; exports were 95% of FY2025 gross sales. Turnover rose 22.6% in FY2025, nine-month turnover to March 2026 fell 2.1%, and the board announced FY2026 EPS of BDT 1.34 and an 11% cash dividend on 29-Oct-2026.

FY2026 consolidated EPS rose 1.4% to BDT 7.96 on a 20% dividend, but operating cash flow was negative for the year; inter-company receivables reached BDT 2.38bn in September 2025 while bank debt rose to BDT 4.36bn.

FY2026 EPS fell to BDT 4.29 from BDT 6.10 (restated); intercompany advances rose to BDT 1,555m by March 2026, and cash dividends since FY2023 have gone to general shareholders only.

Revenue reached BDT 401.4m in FY2025 and the DSE-announced FY2026 EPS rose to BDT 1.12 from 0.62; net margin has stayed between 0.2% and 4.8% since FY2022, the auditor qualified the FY2025 accounts on WPPF and gratuity, and the stock trades at 74x FY2026 EPS and 1.71x NAV.

A Dhaka general insurer with Tk 935m of equity and Tk 1.06bn in FDRs. 2025 net premium fell 29.6% to Tk 273.8m, fire lost Tk 144.2m and EPS was Tk 1.65; the auditor added four emphasis-of-matter bullets.

FY2025 sales were BDT 2,320.1m and net profit BDT 21.0m; DSE-announced FY2026 EPS is BDT 0.37. Inter-company advances printed at BDT 704.2m on 31-Mar-2026 against BDT 161.7m on 30-Jun-2025, and the auditor's FY2025 report carries four emphasis-of-matter paragraphs.

Classified loans rose from 5.9% of loans in 2023 to 19.9% at Dec-2025; the bank kept BDT 3.3bn of a BDT 13.6bn required provision under a BB deferral, the auditor qualified its opinion, profit fell to BDT 7m and the shares moved to DSE's Z category in April 2026.

Revenue fell from BDT 1,683m (FY2021) to BDT 482m (FY2025) and another 22% in the nine months to March 2026; the company sells below cost, collects slowly, has not paid its lessor or bank, and its IPO cash sits frozen at Southeast Bank.

A Gazipur knit composite that sold 32.3m garments in FY2026; gross margin was 7.8%, the lowest in ten years, cash incentive income fell from BDT 178m to BDT 22m, finance cost nearly doubled and operating cash flow was BDT -744m, while the board recommended a 6% cash dividend.

Bangladesh Bank let the bank close 2025 without booking BDT 59.0bn of required provisions, three times its BDT 18.9bn equity. Net investment income fell to almost zero in 2025, turned negative in H1 2026, and the bank reported a loss per share of BDT 1.43 for Q3 2026.

A Chattogram and Gazipur maker of cartons, labels, buttons and elastics for garment exporters. Cartons were 82% of FY2025 sales. Revenue grew 14% in FY2025 and fell 12% in the nine months to March 2026, while BDT 995m lent to KDS Thread and KDS Poly at 9.5% earned BDT 91.5m of interest.

Fair value range BDT 9–25 (base 16) against a price of 17.3, from residual income on adjusted book. Deposit share gains, the Q4 provisioning habit and the Tk2,000 crore dividend rule decide value.

Sales fell 83% from FY2017 to FY2025 and the factory ran at 10% of capacity; other income, mostly dividends and rent, covers 73% of the operating loss. NAV is Tk 140.38 a share, 71% of it revaluation and fair-value reserves.

Trust Bank's reported classified-loan ratio fell from 6.36% to 4.39% in 2025, but the bank wrote off BDT 10.9bn, special-mention loans rose from BDT 7.2bn to BDT 27.5bn, and the auditor says a significant proportion of classified borrowers were reported as unclassified after special rescheduling. Interest paid took 89% of interest income in 2025 and 98% in H1 2026; government securities and their income now carry the bank. Consolidated CRAR is 12.76% against 12.5% required.

A 100% export shoe maker that nearly stopped selling in FY2023 (revenue BDT 1.76m) raised its share capital to BDT 430.8m, settled its Rupali Bank loan and is rebuilding volume: FY2025 revenue rose to BDT 55.8m and 9M FY2026 revenue more than doubled, while the BDT 7.1m of FDR interest was larger than the BDT 3.8m profit before tax.

The ALUCOTIGER maker earned Tk 48.2m in FY2026 after a Tk 490.5m loss, with gross margin back to 30.1%. Receivables reached 260 days and the auditor could not verify Tk 116.8m of advances.

Revenue fell from BDT 904m (FY2022) to BDT 303m (FY2024) after the gas line was disconnected, and exports went to zero. FY2025 gross margin recovered to 24.0%, the highest in ten years, but finance cost reached BDT 146.6m against operating profit of BDT 58.1m. The FY2025 audit opinion is qualified, BDT 395m sits in receivables from five group companies, and the board recommended no dividend for FY2026.

An 18.38m-yard denim mill at Sreepur, Gazipur: nine-month FY2026 turnover fell 8.7%; operating cash flow of BDT 575m came with receivables down BDT 284m; yarn from a common-directorship sister company was BDT 2.47bn in FY2025.

A Z-category finance company whose solo equity has been negative since 2024, whose net interest income was minus BDT 1,058.5m in 2025, and whose BDT 143.1m profit came from BDT 1,775.0m of general-provision reversals. The auditor added an emphasis of matter on going concern; the opinion is unmodified.

Revenue fell from BDT 1,870m to 1,671m in FY2025 and 9M FY2026 sales were 6.1% lower again; the Apollo-licensed hospital opened in August 2025 and lost about BDT 81m in nine months. Interest charged to group companies was 30% of FY2025 pre-tax profit.

Fair value BDT 194–249 (base 221) against a BDT 197.5 price: interest on BDT 56bn of deposits, not the Tk0.80/litre margin, drives profit; jet fuel is now the richest product.

A lease and term lender with BDT 20.7bn of loans, an 18.45% capital ratio and an unmodified audit opinion. Classified loans and the cost of fund were the highest of the 2021-2025 series in 2025; H1 2026 profit rose to BDT 50.3m from BDT 32.4m.

The yarn-dyed and denim fabric maker earned EPS of BDT 0.29 in FY2025, when a BDT 117.7m foreign exchange gain exceeded profit before tax, and announced BDT 0.31 for FY2026. Net debt was BDT 2.85bn at March 2026 against equity of BDT 2.35bn.

Fair value range BDT 20–40 (base 29); the price of 23.7 sits in the lower half. Its investment income now exceeds net interest income (gross loan interest is still larger); funding cost, asset quality and a dividend year without cash decide value.

A plant-by-plant SOTP to each PPA end, at Summit's own share, gives BDT 7.6-18.5 (base 13.6). Kodda's 2033 expiry, BPDB arrears of BDT 18.6bn and a disputed BDT 7bn BREB claim set the range.

Bangladesh's largest dedicated IV-fluid maker has not grown in ten years: revenue was BDT 730m in FY2016 and BDT 665m in FY2025. ROE has stayed at 11-16%, a BDT 306m bank line costs 12.9%, and capacity use fell to 75%. A BDT 205m line expansion, to be funded internally, is due to finish in December 2026.

Fabric revenue grew from BDT 3.4bn (FY2017) to BDT 11.0bn (FY2025) and the margin held near 15%, but finance cost now takes 58% of operating profit and solar associates supply most of the growth in earnings; the stock is at 11.9x trailing EPS after rising 87% since June 2025.

Fair value BDT 72–87 (base 79) against a BDT 90.8 price: lubricant margins near 32% and new tankers face BDT 32bn of debt and a loss-making LPG arm.

A lower NPL and higher capital ratio than IDLC, NHFIL and LankaBangla earns a declining return: ROE fell from 22% (2018) to 9.8% (2025) as equity piled up and deposit costs rose, treasury income carried 2025 profit, and in 2026 DBH shrank its balance sheet by 9% to cut funding costs.

Fair value range BDT 6.1–19.4 (base 12.8) against a price of 29.7. ARPU growth and the 10-Nov-2026 spectrum renewal decide where in the range value lies; the cost of equity explains most of the gap to the price.

The jute-yarn exporter's sales rose 119% in FY2025 and EPS was BDT 8.79; the subsidy line equalled 69% of profit before tax, the FY2025 auditor's basis for qualified opinion lists ten items, and FY2026 EPS of BDT 8.87 was announced on 01-Nov-2026.

Exports fell 32.5% in FY2024 and came back in FY2026 (Q3 export sales +40.3%), domestic retail kept growing, and FY2026 profit rose 15% to BDT 155m; the auditor qualified the FY2025 accounts over BDT 827m of capitalised borrowing costs.

Fair value BDT 49–70 (base 60) against a BDT 103.5 price: charter rates, deposit yields and the taka decide the end, and a 15% payout keeps value below book.

Fair value BDT 18–73 (base 42) against a price of 67.5. How far ROE falls once bond yields normalise, from 18% in FY2026F toward our 14% sustainable level, decides where in the range value lies.

Bangladesh's listed maker of neutral glass ampoules for drug companies: seven years of filings, a 30.3% gross margin, BDT 27.3m of borrowings at June 2025, an auditor's opinion worded 'except for', and FY2026 results due to the board on 3-Nov-2026.

Revenue rose 63% in FY2025 and 8.6% in the nine months to March 2026, yet operating cash flow was negative in two of the last three years, BDT 1,126m of unpaid interest sits inside the loans and BDT 3.0bn of the merged mill is still capital work-in-progress.

Nine-month revenue to March 2026 was BDT 213.6m and profit BDT 55.9m after four years of toll work for a sister company; old inventory, export bills from 2021 and a People's Leasing deposit total BDT 690m. The share trades at 47.1x trailing EPS and 2.67x book.

FY2025 revenue fell 22.8% to BDT 5.61bn and profit to BDT 5.0m; the board's FY2026 figures show EPS of BDT 0.42 and a 3% cash dividend for general shareholders. The share closed at BDT 27.0 on 29-Oct-2026, 64.3x FY2026 EPS and 0.91x NAV.

Revenue reached BDT 388m in FY2025 and EPS BDT 9.49, against BDT 0.67 a year earlier; the company has announced FY2026 EPS of BDT 11.25 and operating cash flow of BDT 0.52 a share. The refuelling unit's printed operating result was a BDT 7.1m loss, and BDT 77.9m of rent from its tenant was uncollected at June 2025.

Fair value BDT 7–39 (base 25) against a price of 29.4. Bond yields decide which end; a new rule bars cash dividends until paid-up capital reaches Tk2,000 crore.

The internet (ISP) unit was 78.5% of FY2025 revenue. Nine-month FY2026 operating expenses rose 44.5% while revenue rose 7.1%; the company reports FY2026 EPS of BDT 0.96 and a 2.5% cash dividend.

Loans tied to the old sponsor era turned bad in 2024. Interest on those loans has since moved to suspense, so net interest income fell to BDT -22.1bn in 2025 and to BDT -15.4bn in H1 2026. Book equity of BDT 5.7bn at Dec-2025 sits against a provision gap of BDT 215.9bn (our sum of four notes) that BB has allowed the bank to defer.

A 100% deemed exporter of dyed sewing thread to Bangladesh garment makers. Turnover rose 20.0% in FY2025 on 15.4% more kilograms; short-term loans were 81.4% of borrowings at 30-Jun-2025; the FY2026 audited results posted on 11-Oct-2026 show EPS of BDT 1.25 and NAV of BDT 22.72.

The BSEC-controlled motorcycle assembler lost BDT 40.9m in FY2025 on sales of BDT 180.3m; the auditor qualified the accounts and drew attention to a material uncertainty on going concern. Nine-month FY2026 sales rose 46% and gross profit was BDT 2.6m.

Revenue rose from BDT 474m (FY2017) to BDT 1,714m (FY2025) and the FY2025 gross margin was 24.8%, but finance cost equalled 96.8% of operating profit. Note 13.01 adds BDT 367.2m of interest to the long-term loan balances. FY2026 EPS was BDT 0.02 (announced 27-Oct-2026) and the cash dividend 0.10%, to public shareholders other than sponsors and directors.

Fair value BDT 42–104 (base 68) vs a price of 142.5. FY2026 EPS rose 38% on a policy push to submarine cable; SMW-6 triples capacity in 2027 as private cables arrive.

Fair value range BDT 9–29 (base 17); the price of 23.5 sits in the upper half. Jamuna now holds more government securities than loans and earns its profit on the gap between a 6–7% deposit cost and 9–10% bond yields, with equity of 6% of assets. Our sustainable ROE after the perpetual-bond coupon, 11.7%, is close to its FY2022–25 median on the same basis (10.6%) and well below a 16% cost of equity.

Dhaka Bank cut classified loans from 5.33% to 3.77% of loans in 2025 and fully provided the BDT 5.0bn shortfall BB had let it defer, but special mention loans more than doubled to 6.6% of the book, cost of fund reached 9.65%, net interest income fell to BDT 1.2bn in H1 2026, and its Tk1,057 crore paid-up capital is 47.2% below the Tk2,000 crore line for cash dividends.

Profit from operation rose from BDT 141m (FY2023) to BDT 386m (FY2025) on 87% utilisation of a 43,500-tonne mill; the DSE-announced FY2026 EPS is BDT 7.34, while operating cash flow per share fell to BDT 2.21 and borrowings reached BDT 1,612m by March 2026.

The Magura Group paper maker, printer and converter (formerly Paper Processing & Packaging) reported FY2025 profit after tax of BDT 106.6m, including a BDT 37.2m tax write-back; bank loans were BDT 2,462.8m at 30-Jun-2025. Nine-month FY2026 revenue was BDT 948.4m and profit after tax BDT 60.3m.

A contract-by-contract DCF with no value after 2039 gives BDT 79.7-117.8 (base 94.3); BPDB arrears of BDT 20.7bn, a net BDT 7.6bn owed by the sponsor and the end of one-off tariff bills set the range.

The sulphuric acid and alum maker earned an operating profit of BDT 202.4m in FY2025 and paid finance expenses of BDT 187.9m, leaving profit after tax of BDT 11.0m. The auditor qualified the FY2025 accounts on five bases. The company announced FY2026 EPS of BDT 2.08 and a 15% cash dividend on 29-Oct-2026; the FY2026 audited report is not in the corpus at 1-Nov-2026.

The Barishal-based tablet and capsule maker reported net losses of BDT 41.0m in FY2024 and BDT 36.8m in FY2025. Its auditor qualified the FY2025 accounts on four bases and reported a material uncertainty on going concern. Nine-month FY2026 revenue was BDT 134.8m, against BDT 76.9m a year earlier.

Fair value BDT 92–341 (base 213) vs a price of 237.3. Revenue has been flat for three years; ARPU growth and the 10-Nov-2026 spectrum renewal price decide where in the range value lies.

Revenue dropped to BDT 684m in FY2025 as the water park, cruise ship and non-AC food lines shrank by BDT 984m; occupancy fell to 26.1%. Net finance cost of BDT 564m was 0.26x covered, and the 9M FY2026 loss was BDT 196m.

The Hobiganj copper-products maker reported profit in each year FY2019-FY2025. Financial expenses rose to BDT 112.2m in FY2025 and short-term borrowings to BDT 664.2m. The FY2026 figures posted on DSE on 27-Oct-2026 show EPS of BDT 1.00.

The BNO Lubricants maker reported FY2025 revenue of BDT 646.1m, financial expenses on loan of BDT 444.9m and a net loss of BDT 662.7m. Its auditor qualified the accounts on seven bases, including assets of an estimated Tk. 114.92 Crore that could not be traced and an unspent IPO balance.

Fair value range BDT 17–39 (base 30); the price of 42.9 is above the range. Deposits grew 21% in nine months and went into government bonds; yields on those bonds, rescheduled loans and the Tk2,000 crore cash-dividend rule decide value.

Army-welfare-owned general insurer. 2025 premium rose 47.5% and profit 20.3%, helped by a Tk 60m claims-reserve release; in H1 2026 claims doubled and agency commission disappeared, and nine-month EPS rose 18.5%.

Turnover was flat at BDT 1,080m in FY2025 and gross margin rose to 26.2%, and profit after tax fell to BDT 14.3m. Borrowings reached BDT 7.60bn at March 2026, 4.6x equity. Nine-month EPS to March 2026 was BDT 0.01, the FY2025 audit opinion is qualified, and the FY2026 annual results are not yet announced.

A 28.8m-yard denim mill in the Dhaka EPZ: nine-month FY2026 revenue fell 5.6% and EPS to BDT 0.39; operating cash flow of BDT 1.74bn came with accounts payable up BDT 1.86bn, and work in progress rose to BDT 1.05bn on 85 imported looms.

Fair value BDT 130–199 (base 164) against a BDT 178.2 price: interest on BDT 74bn of cash, not the Tk0.80/litre margin, drives profit, and the MJL stake adds BDT 43 a share.

Fair value range BDT 11–105 (base 53) against a price of 46.6. Current, savings and bills-payable balances are 79.5% of deposits; the gross NPL ratio of 9.2%, funding cost and the dividend rule decide value.

The 2024 accounts arrived ten months late with four emphasis-of-matter paragraphs, no dividend for the first time since listing, and a BB-approved deferral of BDT 4,265m of loan provisions. The FY2025 annual and every 2026 interim are still unfiled; the last filing is September 2025.

Revenue has been Tk 0.8bn-0.9bn a year since FY2021, financial expenses exceeded operating profit in each of those years, and the auditor qualified the FY2025 accounts on Tk 3.6bn of advances and four other matters.

Fair value BDT 7–39 (base 18) against a price of 29.8. Net of funding cost, treasury earned 46% of FY2025 operating income; our sustainable ROE is 13% against the 19% the price implies.

Fair value BDT 1.3–18.5 (base 3.6) vs a price of 16.6. The price needs the loss brought near 5% or a higher BERC margin; value otherwise rests on collecting state receivables.

The contraceptive supplier to the government reported FY2026 EPS of BDT 1.51 against 1.76, finance expenses at 11.2% of nine-month revenue, and told DSE in October 2026 that BDT 12.98 crore of loan interest was overdue; the board kept a 10% cash dividend for non-sponsor holders.

Fair value range BDT 6–19 (base 11) against a price of 17.0. The bond book now carries profit, net interest income is negative, and paid-up capital of Tk1,392 crore bars cash dividends until it reaches Tk2,000 crore.

Own revenue halved to Tk 1.34bn in FY2025 while 89% of profit came from joint ventures funded by MAHL's borrowing. FY2026 EPS was -Tk 6.58 and no dividend was declared.

FY2025 revenue was BDT 6.04bn against BDT 13.16bn, the loss was BDT 3.30bn, and the DSE-announced FY2026 loss per share is BDT 42.74; borrowings were BDT 29.9bn at March 2026.

A specialist home-loan company whose loan book has shrunk for three years, whose derived spread fell to 0.88pp in 2025, and whose 2025 profit of BDT 95m rested on a BDT 125m drop in provisions and a BDT 49.5m bond gain. Capital adequacy is 18.74%; BDT 222.5m sits with three NBFIs on Bangladesh Bank's wind-up list.

Fair value range BDT 13–34 (base 22) against a price of 21.3. Deposits grew 41% in a year at rising cost, and paid-up capital of Tk1,213 crore bars cash dividends under the new Tk2,000 crore rule.

Tonnes sold fell 21% from FY2023 to FY2025, finance costs and credit-loss charges took most of a BDT 631m operating profit, and FY2026 EPS was BDT 0.24; the shares trade at 121x that EPS and 1.05x NAV.

Revenue fell 14.7% in the nine months to March 2026, gross margin dropped from 15.0% to 8.7%, and BDT 75.4m of flood-damaged inventory not covered by insurance was written off. Nipro Corporation of Japan owns 50.23%; the balance sheet carries almost no debt.

MTB's net interest income fell from BDT 7,867m in 2024 to 2,654m in 2025 and to BDT 677m in H1 2026 as interest expense reached 95% of interest income. Investment income is now 72% of operating income, gross NPL is 5.77% after an BDT 8.0bn write-off, CRAR is 13.55%, and paid-up capital of Tk1,211 crore after the 12% bonus bars cash dividends under SPCD Circular 06.

FY2025 gross margin -8.6% and a Tk 372m net loss; FY2026 EPS Tk 8.26 came from a Tk 495m listed-share book funded by margin and group loans.

Gross premium rose 8.3% to BDT 8.66bn in 2025 and the life fund grew 11.3% to BDT 8.96bn, but maturity claims reached BDT 2.86bn and the fund fell by BDT 40.0m in Q3 2026. BDT 5.31bn sits in one product with five banks, BDT 3.89bn of it at one bank. A BDT 1,098.4m receivable from before 2023 is unreconciled and under legal recovery.

The 2023 merger with Samin Food & Beverage put 121,000 spindles back to work after the 2019 fire, but the mill ran at 58% of capacity, earned a thin spread, sold below cost in Q2 and Q3 FY2026, and moved to DSE's Z category on 25-Oct-2026 after a second year without a dividend.

Batteries are 74.2% of gross sales and gross margin rose to 24.5%, but FY2025 profit before tax of Tk 94.9m included Tk 48.0m from Sunstone LLC, financial expenses took Tk 131.9m and quartz exports fell 56.5%.

Consolidated revenue reached BDT 1,579m in nine months to March 2026 (+18.9%), led by IT support and project sales, while infrastructure and network expenses more than doubled; the board has now proposed up to BDT 1bn of preference shares.

Turnover reached BDT 6.0bn in FY2025 on 82% utilisation; finance cost took 4.9% of sales and interest cover was 1.72x; group companies accounted for BDT 3,299m of related-party additions; the DSE-announced FY2026 figures show EPS of BDT 1.03, NOCFPS of BDT 11.16 and a 7.5% cash dividend.

The gas plants are gone; profit now comes from 225 MW of HFO plants running at about a third of capacity. Finance cost fell, but the current account with group companies rose to 61% of equity while BDT 13.0bn of bank borrowings stayed on the books.

Gross premium fell to BDT 5.01bn in 2025, back to its 2017 level, while maturity claims of BDT 4.20bn took claims to 90.3% of premium. The life fund fell in 6 of the last 8 years and the Q3 2026 deficit of BDT 1,320.6m took it to BDT 13.82bn. EPS fell to BDT 1.47; the board kept a 20% cash dividend. The auditor qualified the 2025 accounts over cash commission payments and outstanding premium.

A knit-garment exporter whose taka revenue rose 34% from FY2021 to FY2025 while pieces fell 6% and the dollar price per piece was almost unchanged; wages took 38% of FY2025 revenue, tax took 66% of pre-tax profit, and FY2026 EPS was BDT 3.38 against a 29-Oct-2026 price of BDT 414.9.

Turnover has been BDT 109-455m a year since FY2021 against BDT 631-856m before; gross margin was -3.3% in FY2025; the company repaid BDT 120.7m to BDBL in the nine months to March 2026; the share price went from BDT 45.0 at end-May 2026 to BDT 117.4 on 29 October 2026.

The BPC-controlled blender earns most of its gross profit from importing base oil for the state fuel marketers and most of the rest of its profit from bank deposits; the lube-blending plant ran at about 5% of capacity in FY2025 and the FY2025 audit opinion was qualified on VAT reporting.

Feed is about three quarters of revenue; short-term bank loans of BDT 2.2-2.6bn since June 2023 sit beside an inventory that sat at 290 days of cost of sales in FY2025; the FY2025 audit was qualified on a tax balance that the company has since restated; the board recommended a 12.5% cash dividend for FY2026.

KPCL has had no revenue since August 2024. Its share of United Payra Power's profit was BDT 250m of BDT 291m nine-month profit to March 2026, while BDT 1.49bn owed by BPDB has not moved and the two plants held for sale carry BDT 4.39bn against contracts of USD 21.25m.

A Meghna Group general insurer whose pre-tax profit has risen every year since 2016. In 2025 investments supplied 85% of it while underwriting profit fell; nine-month 2026 underwriting profit doubled after agency commission ended.

A marine-led Dhaka insurer with no debt and Tk 1.6bn in deposits. 2025 profit rose 47.8%, with Tk 112m of fire-claim provisions released after claims were repudiated; H1 2026 profit nearly doubled with no agency commission while premium fell 29.3%.

FY2025 revenue was BDT 858m and profit from operations BDT 191m, but finance expenses of BDT 224m and a BDT 157m share of associate losses left a loss of BDT 0.24 a share; the FY2026 loss announced on 28-Oct-2026 is BDT 0.57 a share. Borrowings reached 0.96x equity and the audit opinion is qualified.

Sales fell 21.0% and gross margin was -12.4% in the nine months to March 2026; the company announced FY2026 EPS of BDT -3.33 on 29-Oct-2026. The chemical plant stopped during its 2020-21 move and was 'not yet started' at June 2024; the business reported is spinning.

Gross premium grew 1.1% to BDT 2,468m in 2025 while first-year premium fell for a third year; claims dropped to 73.7% of premium, the yield on the fund was 7.01%, the lowest in ten years, and EPS was BDT 1.20, equal to the cash dividend. The stock trades at 18.5x EPS and 1.23x NAV.

Cotton yarn made all of FY2025's BDT 851.4m of exports; profit after tax fell 87.8% to BDT 3.9m, the nine months to March 2026 showed a gross loss of BDT 170.5m, and the board reported FY2026 EPS of BDT (0.97) with a 0.10% cash dividend.

A small general insurer, 39% fire and 33% marine by premium. 2025 profit rose 3.2% to Tk 81.5m; the auditor's emphasis paragraphs cover SBC balances, deposits in merged banks and an unfunded gratuity.

FY2025 revenue was BDT 1,355.4m and profit after tax BDT 85.3m; revenue fell 15.1% in the nine months to March 2026 and profit after tax was BDT 14.6m against BDT 107.5m a year earlier; the FY2026 board meeting set for 28 October 2026 was postponed with no new date notified.

A Dhaka general insurer that writes mostly fire and marine cargo. 2024 profit fell 10.4% to Tk 79m with a 91.4% combined ratio and Tk 424.6m due from the state reinsurer; 2025 EPS was Tk 1.73 and H1 2026 profit rose 43%.

A fire-led Dhaka general insurer with no debt and Tk 877m of cash and deposits. In 2025 it ceded more premium, net premium fell 7.0% and EPS was Tk 2.13; nine-month 2026 EPS was Tk 2.20 against Tk 1.72.

Gross premium fell 6.1% in 2025 and first year premium was BDT 720.2m. The life fund closed 2025 at BDT 5,008.9m and was BDT 4,789.9m at Sep-2026 after deficits in each of the first three quarters. The auditor qualified the opinion on cash at bank (BDT 419.0m of unreconciled items) and an agent balance of BDT 249.0m with no provision.

A Shariah-based general insurer, 48% marine and 39% fire by premium. 2025 profit fell 10.9% to Tk 125.1m; the auditor's emphasis paragraphs cover land depreciation, the management-expense limit, the gratuity fund and a VAT gap.

A fire-led Dhaka general insurer with Tk 904m of fixed deposits and a Tk 297m overdraft. 2025 EPS was Tk 1.51 under a qualified audit opinion on management expenses and unconfirmed co-insurance balances; nine-month 2026 EPS was Tk 1.74 against Tk 1.73.

A knit-garment exporter whose company-only revenue reached BDT 10.1bn in FY2025 while financial expenses took 6.4% of it; BDT 2.77bn sat in capital work-in-progress for the Valuka building until 2025-26, and the consolidated FY2026 result announced on 29-Oct-2026 was a loss of BDT 2.68 a share.

A Dhaka general insurer with Tk 697m of cash and deposits and Tk 1.5bn of property revaluation in equity. Its auditor gave an adverse opinion on 2025; EPS was Tk 1.87, and nine-month 2026 EPS was Tk 1.79 against Tk 1.45.

A fire- and marine-led Dhaka general insurer that cedes 58% of its premium. 2025 EPS was Tk 1.10 under an unmodified audit with emphasis on unconfirmed bank, FDR and co-insurance balances; nine-month 2026 EPS was Tk 1.11 against Tk 0.69.

A Dhaka general insurer that earns most of its profit from deposits. 2025 EPS was Tk 2.87 and nine-month 2026 EPS Tk 2.86; the auditor qualified the 2025 accounts and names Tk 264m of FDRs in five banks.

FY2025 revenue was BDT 3,085.4m and gross profit BDT 1,133.1m; net finance costs BDT 1,463.3m and the loss after tax BDT 1,046.7m (EPS BDT -5.50). In the nine months to March 2026 revenue was BDT 1,772.1m (-25.6% year on year) and the loss after tax BDT 1,449.0m (EPS BDT -7.62). The board meets on 8 November 2026 on the FY2026 audited accounts.

A 100% export knit-fabric maker whose FY2025 revenue was BDT 1,507.4m (down 2.9%) and profit after tax rose 14.0% to BDT 203.6m; foreign-exchange gains and others income were 47.6% of FY2025 pre-tax profit, and the FY2026 EPS posted on the DSE on 27-Oct-2026 was BDT 3.71.

A Dhaka general insurer with Tk 926m of equity and no bank borrowings. 2025 gross premium was Tk 615.4m and EPS Tk 1.10; the auditor qualified the 2025 opinion over an agent balance of Tk 117.1m; nine-month 2026 EPS was Tk 1.16 against Tk 0.85 (DSE).

A Dhaka general insurer with fire and marine cargo at 81.2% of 2025 gross premium. 2025 EPS was Tk 3.34 and nine-month 2026 EPS Tk 3.05; Tk 87.2m of FDRs sit with five named banks.

The state-controlled cable maker sold 304.55 tonnes in FY2025 against 4,500 tonnes of printed capacity, lost BDT 116.8m (EPS BDT (4.43)), and reported a nine-month loss of BDT 97.7m (EPS BDT (3.70)) to 31-Mar-2026; the FY2026 annual accounts are not in the corpus at 1-Nov-2026.

Revenue BDT 603.3m in the nine months to March 2026 (+2.3%); administrative and marketing expenses BDT 256.2m (+11.5%); non-operating income BDT 35.9m, 62.3% of profit before tax; FDR, bond and cash holdings BDT 497.3m against bank loans BDT 100.7m at 31-Mar-2026.

A Dhaka non-life insurer. 2025 net premium Tk 455.52m and EPS Tk 2.09; nine-month 2026 EPS Tk 1.76 (DSE). Unmodified 2025 audit opinion with one emphasis-of-matter paragraph on a cover-note restatement.

A Dhaka general insurer with fire and marine cargo at 77.9% of 2025 gross premium. 2025 EPS was Tk 1.02 and nine-month 2026 EPS Tk 1.02 (DSE); the 2025 audit opinion carries no emphasis paragraph.

Revenue fell from BDT 1,214.1m in FY2024 to BDT 921.5m in FY2025 and BDT 558.5m in the nine months to March 2026 (-22.1%); Z category since 12-Feb-2025; advances to suppliers and others BDT 728.7m at 31-Mar-2026; 0.20% cash dividend for general shareholders for FY2026.

Gross premium fell 21.5% in 2025 after a 69.5% fall in 2024. The life fund was BDT 533.7m at Dec-2025 and BDT 469.4m at Sep-2026 (DSE-announced). The auditor's report carries three emphasis of matter paragraphs and states the opinion is not modified; the board recommended no dividend for 2025.

A general insurer: in 2025 marine cargo made Tk 115.9m of underwriting profit and total underwriting profit was Tk 105.9m. The auditor qualified the 2025 accounts over gratuity, expected credit loss and unconfirmed SBC balances. EPS was Tk 1.88; nine-month 2026 EPS was Tk 1.45 against Tk 1.47.

A Dhaka non-life insurer. 2025 net premium Tk 619.29m and EPS Tk 1.29; H1 2026 EPS Tk 1.48 (DSE). Unmodified 2025 audit opinion with one emphasis paragraph on WPPF; the company told DSE that IDRA fined it for excess management expenses in 2020-2024.

Revenue rose from BDT 611m (FY2020) to BDT 1244m (FY2025) and financial expenses from BDT 14.6m to BDT 71.9m; EPS fell from BDT 1.38 (FY2023) to BDT 0.61 (FY2025) and BDT 0.54 (FY2026, DSE-announced). The FY2025 audit opinion is qualified. The shares closed at BDT 20.8 on 29-Oct-2026, 38.5x FY2026 EPS and 1.20x June 2026 NAV.

A Dhaka general insurer with marine cargo at 53.4% of 2025 gross premium. 2025 EPS was Tk 1.13 and nine-month 2026 EPS Tk 1.38 (DSE); the unmodified 2025 audit opinion carries seven emphasis-of-matter paragraphs.

A Dhaka general insurer with fire and marine cargo at 87.5% of 2025 gross premium and two capital-market subsidiaries. 2025 consolidated EPS was Tk 0.69 and nine-month 2026 EPS Tk 1.07 (DSE); the 2025 audit opinion is qualified.

A Dhaka general insurer with no bank debt and City Bank shares with a market value of Tk 217.9m. In 2025 fire made a Tk 48.1m underwriting loss, share-sale gains were Tk 26.7m and EPS was Tk 2.02; nine-month 2026 EPS was Tk 2.05 against Tk 1.61.

A Dhaka non-life insurer. 2025 gross premium Tk 820.7m and EPS Tk 2.51; nine-month 2026 EPS Tk 2.55 (DSE). The 2025 audit opinion is qualified, with six emphasis-of-matter paragraphs.

Fair value range Tk 45-140 by sum of the parts; price Tk 95.4 is inside it. FY27F EPS falls to Tk 19.06 from Tk 23.54 as power, the taka and a weaker BSRM Steels bite; the US$ trade loans are the swing factor.

Fair value BDT 65–137 (base 105) vs price 77.9; domestic sales grow ~11% and own API helps margins; a weaker taka on imported APIs and interest on BDT 23bn of debt are the risks.

Fair value BDT 236-401 (base 313) vs price 211.5: BDT 222 from the fuel franchise and float, BDT 188 from own cash after a 30% haircut on stressed FDRs and a trapped-cash discount.

A grinder with 3,510 kt of capacity running at 52.5%, buying 87.5% of its clinker from the group and paying parent fees of 1.8 times its 2025 profit. H1 2026 loss Tk 111m.

Profit after tax reached BDT 4,861m in 2025 and CRAR 15.54%, but net interest income fell 23% in H1 2026 as deposit costs rose, investment income is now 57% of operating income, and paid-up capital of Tk1,155 crore bars cash dividends from FY2026.

Classified investments reached 17.5% of the book in 2025 and Bangladesh Bank let the bank defer a BDT 53.9bn provision shortfall; booked equity is BDT 24.2bn, CRAR 10.72% against 12.5%, and no dividend is allowed for 2025.

Deposits grew 2.5 times in eight years and the classified-loan ratio stayed near 3%, but interest paid exceeded interest income in 2025, government-securities income was 104% of operating income, and paid-up capital of Tk679 crore bars cash dividends from FY2026 under Bangladesh Bank's new rule.

National Bank lost BDT 24.3bn in 2025 and BDT 22.9bn more in H1 2026. Equity is negative, interest paid is 5x interest earned, deposits are 28% below their 2021 level, and the bank runs on Bangladesh Bank-backed liquidity. This note sets out the filings.

A fire-led corporate insurer that cedes 70% of its premium. 2025 profit fell 7.7% on the airport cargo-village fire; H1 2026 profit rose 21% after IDRA suspended agency-commission licences from 1-Jan-2026.

Gross premium rose 11.1% to BDT 23.4bn in 2025 and expenses stayed 12.0% under the IDRA limit; EPS is set by the actuary's surplus split (6.5% to shareholders in 2025) and H1 2026 maturity claims rose 50%. The stock trades at 24.4x EPS and 1.60x NAV.

Sales rose every year for ten years, at 4.5-24.6% a year, with steady 40-42% gross margins; selling and distribution takes 30% of revenue, so ROE fell from 24-25% to 17% in FY2025. The FY2026 cash dividend is 77%, the highest yet.

Dhaka Electricity Supply earned a spread of Tk 0.86 per kWh on 7,445 MkWh in FY2026 and returned to profit (EPS Tk 1.01) as the taka held against the dollar; three quantified audit qualifications that would cut equity equal 32% of its capital and reserves.

FY2026 EPS fell to BDT 3.53 from 5.18 and the dividend to 12%; in FY2025 UMPL supplied 83% of net profit, Westin RevPAR dropped to BDT 8,386, and BDT 1,285m of interest left the hotel company with interest cover of 0.45x.

Fair value BDT 1,908-2,583 (base 2,230, 12.6x FY2026F EPS) against a price of 3,221.4; the price corresponds to a 11.0% cost of equity on our forecast.

Fair value range BDT 50-97 (base 71) at a 16.4% cost of equity; the price of BDT 134.9 is above the range and implies a 11.3% cost of capital.

Fair value BDT 22–88 (base 52) vs price 92.7; general medicines drive ~13% sales growth and a second oncology plant is coming; TRIPS after LDC graduation and related-party loans are the risks.

Fair value BDT 121-215 (base 169, 9.5x FY2026F EPS) against a price of 500.4; the price corresponds to a 8.5% cost of equity or a 30% EBIT margin on our forecast.

Revenue rose 12.1% in H1 2026 and the operating margin reached 21.8%, but EPS fell from BDT 80.55 (2021) to 22.60 (2025) once the welding business went to ESAB; the stock trades at 27.1x trailing earnings and 2.9x book.

Investment Corporation of Bangladesh lost BDT 12.1bn in FY2025 and BDT 6.5bn in FY2026 (announced). Its portfolio was 31% below cost at June 2025, the unprovided part (BDT 32.8bn) was larger than book equity, and Bangladesh Bank and the government now fund 38% of its borrowings.

Beximco Ltd's last statement shows H1 FY2025 revenue down 71% and a Tk 3,565m loss. Six reporting periods are overdue, and the share has fallen 82% since its floor was removed.

Write-offs of BDT 21.5bn cut classified loans from 14.82% to 7.51% of loans in 2025 and the 2024 BB-deferred shortfall is gone, yet special mention loans rose to 14.8% of the book, interest expense exceeded interest income in H1 2026, and paid-up capital below Tk2,000 crore bars cash dividends from FY2026.

Revenue fell 29% to BDT 2.43bn after the July-August 2024 unrest, finance cost rose six-fold to BDT 493m, EPS was BDT 0.30 and no dividend was declared; BDT 18.7bn of hotel projects are still under construction.

Nine-month revenue rose 99% to BDT 2,288m and EPS to BDT 3.97, but the company borrowed BDT 1.03bn in FY2025, BSEC extended the sponsors' lock-in over IPO-fund use and a planned 32-storey building, and the share price, BDT 108.0 on 29-Oct-2026, is 3.9 times its October 2024 low of BDT 27.8.

Envoy ran its 52m-yard denim plant at 106% in FY2025 and kept EPS near BDT 8.2-8.4 in FY2026 as yarn exports halved; net debt fell to BDT 10.7bn, interest cover is 2.0x; P/E is 8.6x FY2026 EPS and P/B 1.17x.

Gross margin fell from 29.7% (2021) to 13.2% (2025) as power and gas costs doubled per sft and plants ran short of gas; LNG supply from July 2025 lifted tiles utilisation to 91% and H1 2026 sales rose 20.7%. One distributor owned by the managing director buys 22% of gross sales and owes 55% of receivables.

Volume grew 44% in two years and the yarn spread over cotton held near BDT 130 a kg, yet net debt of BDT 13.7bn and lower yarn prices cut nine-month FY2026 EPS to BDT 1.54 from 5.10; the full year closed at BDT 4.50 (DSE) and the 32% cash dividend was kept.

Export TEUs rose 9.2% and import TEUs 21% in FY2025 while depot margins held near 46%; the Hellmann forwarding venture doubled FY2025 profit but faded in FY2026. The stock trades at 22.8x FY2026 EPS, 1.62x NAV and a 4.2% yield.

A marine-cargo insurer that keeps two-thirds of its premium. 2025 profit rose 10.5% on a jump in FDR interest while fire claims hit underwriting; H1 2026 profit rose 66% with no agency commission, as premium fell 13.6%.

Fair value BDT 7–21 against a price of 29.4. Falling deposit costs lift ROE from 6.4% toward a normal 12%, still below a 16% cost of equity; one point more on deposit costs halves FY2027F EPS.

Fair value BDT 18.5-51.2 (base 38.3) from a plant-by-plant SOTP to each contract end; FY26 EPS of BDT 6.04 rests on NENP dispatch and an associate that pays no dividend.

Fair value Tk 90-306 (base 213) vs Tk 329.6 on 29-Oct-2026: base = DCF and a justified 5.0x P/E on tax-normalised FY27F EPS. Swing factors: fridge VAT, the taka and a 194-day receivables book.

Fair value BDT 218–397, base 316; the price of 218.5 sits at the bear value. EPS compounds about 10% a year while the market discounts the cash pile. Risks: BDT and API costs, associates, a persistent discount.

Fair value BDT 99–218 (base 179) against a price of BDT 143.7. Domestic brands, exports and a falling materials bill lift EPS to BDT 28.7 by FY2029F; governance volatility (beta 1.46) and a weaker taka are the risks.

Fair value Tk 52-144 (base 110) vs price 90.6; base = 5.5x mid-cycle EV/EBITDA at Tk 8,500/t. Scrap prices, the taka and rod demand decide FY27.

Fair value Tk 18-42 (base 30) vs Tk 48.7. Imported clinker at ~US$53/t and energy squeezed cement to a Q3 loss; the Meghalaya quarry and aggregates carry the value.

Fair value BDT 1,926-3,930 (base 3,016) against a price of 2,642.5; base = 12.9x FY2028F EPS and needs copra 10% cheaper and hair-oil volume back to growth.

Fair value BDT 146–350 (base 234) vs price 425.9 on 29-Oct-2026. FY2026 EPS rose 64% to BDT 31.76 as debt fell; DGDA price controls, a weaker taka on imported APIs and LDC/TRIPS are the risks.

Fair value BDT 144-351 (base 229) against a price of 1,952.9; the price implies a 5.7% cost of equity on our forecast of EPS BDT 21 in FY2026F.

Fair value BDT 509–1571; base 1129, probability-weighted 1,084. Price BDT 1,449 on 29-Oct-2026. Price rises lifted H1 FY2027 EPS to BDT 52.79; the BDT 11.84bn Mirsarai plant, TiO2 and solvent costs, the taka and supplementary duty decide FY2028–29.

Fair value range BDT 22–43 (base 31.5); price 41.4. Cheaper deposits widen the spread as treasury income fades; one point more on deposit costs takes FY2027F EPS from 5.35 to 3.91.

Fair value BDT 53-199, base 101, against a price of 209.1. Net price per stick rises with the budget's tier prices, but volume, illicit trade and the next SD step decide earnings.

Fair value BDT 250-680 (base 458) against a price of BDT 883; base = 11.0x 2027F EPS and needs gross margin back to 45.0% and ten-percent sales growth.

Gross premium rose 7.9% to BDT 10.2bn in 2025 and the life fund grew for the first time since 2020, after a regulator-appointed administrator ran the company from February 2021 to September 2022. A third of invested assets sit in listed shares. The stock trades at 8.0x FY2025 EPS with a 5.1% cash yield.

J.M. Fabrics made BDT 1,140m of the group's BDT 1,439m profit in FY2025 while the parent's yarn spread over cotton narrowed to about BDT 69 a kg; bank debt fell to 0.70x equity by March 2026, and sponsors again waived the 10% cash dividend.

The yarn spread over cotton widened to BDT 149 a kg in FY2025, debt fell to 0.78x equity by March 2026 and the board declared 45% cash plus 10% stock for FY2026; the share price rose 81% from the end of April to 29 October 2026.

The government owns 90.19% of Rupali Bank. The bank pays more interest than it earns, books a thin profit only because the regulator lets it leave Tk14,014.48 crore of provisions out of the accounts, and lost BDT 6.4bn in the first half of 2026. This note sets out the filings.

Revenue grew to BDT 551m in FY2025 and hardware margins doubled, but group and bank borrowing for a school campus and a Hi-Tech Park plant took financial expenses from BDT 1.8m to BDT 63.6m; the shares rose more than five-fold from November 2025.

Bangladesh Bank let ONE Bank defer Tk3,903 crore of required provisions for 2025. Without that permission the auditor says equity would be minus Tk1,025 crore. Classified loans have risen from 5.3% to 19.6% of loans since 2017, the cost of fund is 10.06%, CRAR is 11.12% against a 12.5% requirement, and the shares are in the Z category after a second year without a dividend.

FY2026 revenue fell 30% to Tk 39.4bn as billet output dropped to 498,520 t. Gross margin rose to 17.9%, but Tk 5.5bn of finance cost left Tk 35m of profit. Borrowings are Tk 75.2bn; the rights issue is on hold.

NRBC Bank, set up by non-resident Bangladeshis, went from a 5.35% NPL ratio in 2023 to 17.17% in 2025 after Bangladesh Bank dissolved its sponsor board in March 2025. Its 2025 profit of BDT 330m exists because BB let it leave Tk1,006.11 crore of provisions out of the accounts. This note sets out the filings.

Revenue grew from BDT 61.6m (FY2023) to BDT 118.9m (FY2025) while cost of goods sold fell, lifting gross margin from 9.1% to 64.1% and 94.2% in 9M FY2026; the auditor could not verify almost-all-cash sales, and the stock trades at 37.2x FY2026 EPS and 17.4x book.

FY2025 net sales rose 28.2% to BDT 8.84bn and operating profit 45.4%, yet finance expenses of BDT 750m left a 5.5% net margin. Borrowings fell from BDT 5.27bn to BDT 3.78bn by March 2026; FY2026 EPS was BDT 5.93.

The Premier Bank's classified loans rose from 4.99% of loans in 2023 to 31.01% in 2025, and the bank lost BDT 9.79bn in 2025 even though Bangladesh Bank let it leave Tk9,799.26 crore of required provisions out of the accounts. Bangladesh Bank dissolved the sponsor board on 19-Aug-2025. This note sets out the filings.

Mercantile Bank, a private commercial bank listed since 2003, kept growing deposits through 2024-2025, but its classified-loan ratio jumped from 6.08% to 17.25% in 2024 and its spread business has almost disappeared. Profit now comes from government securities, and the 2025 accounts leave out Tk2,139.31 crore of required provisions with BB's permission. This note sets out the filings.

FY2025 consolidated revenue fell 61.6% to BDT 4.08bn and the group lost BDT 415m. The auditor qualified its opinion over a restated UCB loan and a BDT 651m claim on an individual; the shares have been in DSE's Z category since 5-Feb-2025 over an unpaid dividend.

Bangladesh's largest private general insurer cedes 58% of its premium and earns Tk 893m of reinsurance commission back. 2025 company profit rose 13.7%, but subsidiaries cut group EPS to Tk 5.44, finance cost exceeded investment income, and H1 2026 profit fell 8.1%.

The pre-engineered steel builder sold Tk 190m in FY2025 against Tk 565m in FY2020 and lost Tk 17.3m in the nine months to March 2026; Akij Resources took over 30% of the shares on 4-Oct-2026, and the price rose from Tk 10.7 to Tk 61.8 in sixteen months.

Crown sold 4,083 kt in FY2025 from 5,736 kt of capacity, buys clinker with US-dollar loans and earned a 2.0% net margin. FY2026 EPS Tk 5.08 after a weak nine months; 22.5% cash dividend.

A Tk 3.9bn-premium general insurer, half of it fire. 2025 premium rose 20% but profit fell 5% as commission and expenses grew; in 2026 the company says discontinuing agency commission lifted EPS, while marine claims rose sharply.

A 1986 general insurer that writes Tk 2.7bn of premium, keeps 54% and earns as much from deposits and rent as from underwriting. Its 2025 combined ratio of 71.2% is the highest of four peers; in H1 2026 commission fell to Tk 0.2m and profit rose 37% while premium fell 8.5%.

FY2026 EPS rose to BDT 1.70 from 0.90 on a strong fourth quarter; financial expenses were 16.9% of FY2025 revenue and operating profit covered them 1.07 times. Receivables have fallen from 504 to 233 days of sales since 2023.

Confidence sold 524 kt from 1.2 mt of capacity in FY2025 and lost Tk 166m before associates; its 36% share of Confidence Power Holdings added Tk 1,208m but no cash dividend. The stake fell to 29.79% in FY2026.

Net sales rose to BDT 1,151m in FY2025 and BDT 1,423m in 9M FY2026 at a steady ~42% gross margin, but the FY2025 audit is qualified, June 2024 loans were restated from BDT 953m to BDT 1,764m, and BDT 229m of bank interest sits in 'advances' rather than in the income statement.

AB Bank pays more than ten taka of interest for every taka it earns, lost BDT 37.1bn in 2025 and BDT 16.3bn in the first half of 2026, and now runs on Bangladesh Bank liquidity support. This note sets out what the filings show.

Turnover reached BDT 21.3bn in 2025 and the new BSEZ factory already makes 42% of sales, yet operating profit of BDT 550m met finance costs of BDT 3,221m; NAV per share was BDT (10.29) at September 2026 and the board proposes BDT 2.5bn of preference shares for the parent.

Gross premium reached BDT 6.67bn in 2025 and the life fund grew BDT 1.21bn, more than in the four previous years combined, as claims fell and group business stopped losing money. The auditor says BDT 505.6m of deposits and related exposures look doubtful against a BDT 210m reserve. The stock trades at 37.4x bonus-adjusted FY2025 EPS with a 1.05% cash yield.

Gross margin has sat near 10% and ROE below 3.5% for seven years; borrowing doubled to BDT 2,050m between June 2022 and March 2026, the implied June-2026 quarter was a loss, and the share price rose from BDT 18.8 at end-June to BDT 44.5 on 29 October 2026.

Premier sold 2,816 kt in FY2025 at 49% utilisation and earned Tk 1,498 a tonne gross, but Tk 2.3bn of finance cost and an 84% tax rate left EPS at Tk 1.29. FY2026 EPS Tk 0.72; NCML and the power unit merged in January 2026.

Revenue rose from BDT 823m in FY2018 to BDT 1,913m in FY2025 on call-centre and software work, while BDT 3.7bn of equipment spending since FY2023 was funded mostly with short-term loans. FY2026 EPS was BDT 2.03 with a loss in the June quarter; the stock trades at 13.7x that EPS and 1.16x NAV.

Vehicle units rose 22% to 3,637 in FY2025 and 9M FY2026 sales were up 25%, but receivables equal 1138 days of sales, 86% are more than six months old, and financial expenses ate all of FY2025 operating profit.

FY2026 EPS was BDT 4.93 (DSE) against BDT 0.46 in FY2023, on a single feedstock from Eastern Refinery and one product line; the plant paused from 1-Apr to 23-May-2026, leaving an implied Q4 loss of about BDT 4.6m, and the auditor qualified the FY2025 accounts.

Q-Cash transaction fees grew from BDT 448m to BDT 1,247m in five years and lifted the net margin to 29.7%; in FY2026 revenue stalled, gross margin fell and an October 2026 network outage drew a Bangladesh Bank summons. Net debt reached BDT 980m by March 2026.

Capacity payments from BPDB carry the group while dispatch fell from 1.54m MWh (FY2022) to 0.45m MWh (FY2025); borrowings of BDT 17.7bn and receivables of 268 days on the nine-month run rate are the balance-sheet questions.

Revenue dropped from BDT 8.5bn (FY2019) to BDT 2.1bn (FY2025); FY2025 carried BDT 426m of tender penalties and bad debts, FY2026 EPS was BDT (5.08) as announced to DSE, and NAV per share fell to BDT 22.93.

Turnover fell to BDT 715m in FY2025 while cost of goods sold was BDT 1,176m and finance cost BDT 498m; bank loans reached BDT 4,433m, the auditor qualified the accounts, and BDT 2.77bn of new shares at BDT 119.53 took the share count from 6.6m to 29.75m.

FY2026 EPS fell 19% to BDT 6.66 (DSE-announced) from 8.27, implying Q4 EPS of about BDT 0.01, and operating cash flow was minus BDT 7.43 a share as land buying resumed and collections fell; the dividend was cut to BDT 2.00.