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Company valuation reports, peer comparisons, results notes, industry reports and macro views, built from company filings and official data and independently reviewed before publishing. Company reports show their full model as view-only sheets. Facts and estimates, not investment advice.
13 articles.
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Company · DSE:CENTRALPHL · Pharmaceuticals & healthcare · Analysis · 31 Oct 2026
Central Pharmaceuticals: adverse audit opinion on FY2025, turnover of BDT 33.1m and sponsors at 7.67%
A Z-category DSE drug maker with one factory in Mirpur, Dhaka: seven years of filings, an auditor's adverse opinion on the FY2025 accounts, BDT 268.5m of Janata Bank loans carried without change since before June 2022, and FY2026 results announced on 27-Oct-2026.
Company · DSE:IBP · Pharmaceuticals & healthcare · Analysis · 31 Oct 2026
Indo-Bangla Pharmaceuticals: revenue of BDT 184.2m in FY2025 against BDT 866.1m in FY2020, a qualified audit with a going-concern paragraph, and 9M FY2026 profit of BDT 2.8m
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.
Company · DSE:TECHNODRUG · Pharmaceuticals & healthcare · Analysis · 31 Oct 2026
Techno Drugs: FY2026 EPS of BDT 1.51 against 1.76, and BDT 129.8m of overdue loan interest disclosed in October 2026
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.
Company · DSE:ORIONINFU · Pharmaceuticals & healthcare · Analysis · 31 Oct 2026
Orion Infusion: FY2025 sales fell 20% to BDT 665m and 9M FY2026 sales fell a further 3.5%, while the shares trade at 131x trailing earnings
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.
Company · DSE:ORIONPHARM · Pharmaceuticals & healthcare · Analysis · 29 Oct 2026
Orion Pharma: power revenue fell 88% after the plant contracts expired, leaving a BDT 25.6bn debt load on a pharma business earning BDT 251m
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.
Company · DSE:NAVANAPHAR · Pharmaceuticals & healthcare · Analysis · 29 Oct 2026
Navana Pharmaceuticals: sales up 28% and factories at 98% of capacity, but interest takes half of operating profit
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.
Company · DSE:IBNSINA · Pharmaceuticals & healthcare · Analysis · 29 Oct 2026
IBN SINA Pharmaceutical: 9M FY2026 sales up 18% as the Mawna plant lifts capital work-in-progress to BDT 4.1bn, funded mostly with debt
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.
Company · DSE:ASIATICLAB · Pharmaceuticals & healthcare · Analysis · 29 Oct 2026
Asiatic Laboratories: sales doubled in 9M FY2026 after a debt-funded plant upgrade, while 68% of the IPO money sat unused at June 2025
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.
Company · DSE:BEACONPHAR · Pharmaceuticals · Initiation · 29 Oct 2026
Beacon's profit doubled in FY2026, but 16% long-run returns support a fair value range of BDT 22–88 (base 52)
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 ৳22–88 · price ৳92.70 (2026-10-29)
Company · DSE:ACMELAB · Pharmaceuticals · Initiation · 29 Oct 2026
ACME's debt took 48% of FY2025 operating profit, limiting fair value to BDT 65–137 (base 105)
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 ৳65–137 · price ৳77.90 (2026-10-29)
Company · DSE:RENATA · Pharmaceuticals · Initiation · 29 Oct 2026
Renata's FY2026 recovery is real, but a 10% return on equity supports BDT 146–350 a share (base 234)
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 ৳146–350 · price ৳425.90 (2026-10-29)
Company · DSE:BXPHARMA · Pharmaceuticals · Initiation · 29 Oct 2026
Beximco Pharmaceuticals: fair value BDT 99–218 as FY2026 EPS rises 30% to BDT 20.17
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 ৳99–218 · price ৳143.70 (2026-10-29)
Company · DSE:SQURPHARMA · Pharmaceuticals · Initiation · 29 Oct 2026
Square Pharmaceuticals: fair value BDT 218–397, base 316; cash and investments are BDT 112 a share
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 ৳218–397 · price ৳218.50 (2026-10-29)