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Company · DSE:FORTUNE · Footwear & leather · Analysis · 31 Oct 2026
Fortune Shoes: auditor disclaimed the FY2025 accounts; 9M FY2026 revenue BDT 839.3m, down 55%
A 100% export shoe maker in Barishal with FY2025 revenue of BDT 2,513.3m and profit of BDT 18.0m. The auditor gave a disclaimer of opinion on the FY2025 accounts, citing BDT 756.0m of cash withdrawals it could not substantiate. The nine months to March 2026 show revenue of BDT 839.3m and a loss of BDT 148.9m.
Company · DSE:LEGACYFOOT · Footwear & leather · Analysis · 31 Oct 2026
Legacy Footwear: revenue BDT 55.8m against BDT 300m in FY2019; FDR interest exceeded pre-tax profit
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.
Company · DSE:APEXFOOT · Footwear & leather · Analysis · 31 Oct 2026
Apex Footwear: finance cost takes 79% of operating profit, so a 30% gross margin leaves a 1% net margin
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.
Company · DSE:BATASHOE · Footwear & leather · Initiation · 29 Oct 2026
Fair value range BDT 250-680: Bata's margin recovers, but parent fees take 7.7% of sales
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.
Fair value ৳250–680 · price ৳883.00 (2026-10-29)