DSE : ASIATICLAB
Asiatic Laboratories Limited — Financial statements
Pharmaceutical Preparations · Bangladesh
Last price 108 BDT (At close: Oct 29, 2026) · Market cap 13.22B
Latest research: Asiatic Laboratories financial analysis: 9M FY26 sales +99%, IPO funds unused, lock-in extended (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
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Financial statements
Asiatic Laboratories Limited (ASIATICLAB) reported revenue of 2.90B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.90B | 1.77B | 1.39B | 1.29B | 1.47B | 1.45B |
| Cost of Revenue | 1.61B | 998.58M | 799.20M | 741.97M | 835.39M | 827.88M |
| Gross Profit | 1.30B | 766.89M | 586.03M | 547.28M | 637.39M | 623.38M |
| Selling, General & Admin | 311.21M | 238.82M | 244.62M | 211.05M | 221.76M | 207.87M |
| Operating Expenses | 311.21M | 238.82M | 244.62M | 211.05M | 221.76M | 207.87M |
| Operating Income | 987.81M | 528.06M | 341.41M | 336.23M | 415.63M | 415.51M |
| Interest Expense | -303.08M | -198.72M | -49.98M | -54.13M | -41.02M | -43.92M |
| Interest & Investment Income | 1.45M | 1.45M | 17.91M | |||
| Currency Exchange Gain (Loss) | 1.41M | 273.74K | ||||
| Other Non Operating Income (Expenses) | 990.78K | -95.11K | -357.45K | 11.96M | -260.75K | -383.05K |
| Pretax Income | 687.17M | 330.70M | 308.99M | 294.07M | 375.76M | 371.48M |
| Income Tax Expense | 155.81M | 75.34M | 30.51M | 88.22M | 107.20M | 50.95M |
| Net Income | 531.35M | 255.36M | 278.48M | 205.85M | 268.56M | 320.52M |
| Net Income to Common | 531.35M | 255.36M | 278.48M | 205.85M | 268.56M | 320.52M |
| Shares Outstanding (Basic) | 122.39M | 122.39M | 98.89M | 93.86M | 87.85M | 87.85M |
| Shares Outstanding (Diluted) | 122.39M | 122.39M | 98.89M | 93.86M | 87.85M | 87.85M |
| EPS (Basic) | 4.34 | 2.09 | 2.82 | 2.19 | 3.06 | 3.65 |
| EPS (Diluted) | 4.34 | 2.09 | 2.82 | 2.19 | 3.06 | 3.65 |
| Free Cash Flow | -290.23M | -1.10B | -474.97M | 13.01M | 51.60M | 56.91M |
| Free Cash Flow Per Share | -2.37 | -8.97 | -4.80 | 0.14 | 0.59 | 0.65 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | |||
| Gross Margin | 44.72% | 43.44% | 42.31% | 42.45% | 43.28% | 42.95% |
| Operating Margin | 34.01% | 29.91% | 24.65% | 26.08% | 28.22% | 28.63% |
| Profit Margin | 18.29% | 14.46% | 20.10% | 15.97% | 18.23% | 22.09% |
| Free Cash Flow Margin | -9.99% | -62.16% | -34.29% | 1.01% | 3.50% | 3.92% |
| EBITDA | 1.15B | 679.62M | 478.51M | 459.26M | 522.45M | 504.70M |
| EBITDA Margin | 39.60% | 38.50% | 34.54% | 35.62% | 35.47% | 34.78% |
| D&A For EBITDA | 162.41M | 151.56M | 137.10M | 123.02M | 106.82M | 89.19M |
| EBIT | 987.81M | 528.06M | 341.41M | 336.23M | 415.63M | 415.51M |
| EBIT Margin | 34.01% | 29.91% | 24.65% | 26.08% | 28.22% | 28.63% |
| Effective Tax Rate | 22.68% | 22.78% | 9.88% | 30.00% | 28.53% | 13.72% |
| Advertising Expenses | 5.14M | 7.45M | 7.41M | 7.36M | 6.11M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 22.15M | 17.73M | 159.42M | 446.74M | 7.89M | 8.98M |
| Cash & Short-Term Investments | 22.15M | 17.73M | 159.42M | 446.74M | 7.89M | 8.98M |
| Receivables | 809.67M | 649.64M | 401.76M | 372.02M | 278.02M | 192.20M |
| Inventory | 748.79M | 636.44M | 476.74M | 341.11M | 376.00M | 319.94M |
| Other Current Assets | 830.92M | 798.83M | 617.71M | 126.71M | 186.13M | 109.52M |
| Total Current Assets | 2.41B | 2.10B | 1.66B | 1.29B | 848.03M | 630.64M |
| Property, Plant & Equipment | 7.23B | 6.76B | 5.77B | 5.64B | 5.41B | 5.23B |
| Other Intangible Assets | 416.67K | 791.67K | 1.29M | 1.79M | 2.29M | 2.79M |
| Other Long-Term Assets | 1.00 | -1.00 | 1.00 | |||
| Total Assets | 9.65B | 8.87B | 7.42B | 6.92B | 6.26B | 5.86B |
| Accounts Payable | 13.77M | 6.96M | 8.76M | 7.47M | 16.73M | 15.21M |
| Accrued Expenses | 88.08M | 49.13M | 59.12M | 38.34M | 39.65M | 34.91M |
| Short-Term Debt | 63.70M | 49.85M | 51.75M | 8.88M | 9.43M | |
| Current Portion of Long-Term Debt | 167.81M | 260.73M | 17.19M | 58.54M | 78.43M | 83.15M |
| Current Portion of Leases | 15.66M | 15.76M | 11.15M | 12.19M | 21.44M | 16.72M |
| Current Income Taxes Payable | 252.34M | 105.31M | 101.80M | 112.35M | 145.45M | 71.71M |
| Other Current Liabilities | 27.61M | 13.22M | -1.00 | 1.00 | ||
| Total Current Liabilities | 565.28M | 514.82M | 247.86M | 280.64M | 310.57M | 231.11M |
| Long-Term Debt | 1.36B | 1.04B | 69.44M | 274.73M | 240.46M | 225.89M |
| Long-Term Leases | 37.10M | 31.17M | 37.44M | 47.13M | 32.76M | 32.62M |
| Long-Term Deferred Tax Liabilities | 653.53M | 659.38M | 631.79M | 657.46M | 433.03M | 401.04M |
| Other Long-Term Liabilities | -1.00 | 1.00 | ||||
| Total Liabilities | 2.61B | 2.25B | 986.53M | 1.26B | 1.02B | 890.66M |
| Common Stock | 1.22B | 1.22B | 1.22B | 878.48M | 878.48M | 878.48M |
| Additional Paid-In Capital | 578.23M | 578.23M | 578.23M | |||
| Retained Earnings | 3.61B | 3.20B | 3.01B | 2.73B | 2.51B | 2.24B |
| Comprehensive Income & Other | 1.62B | 1.62B | 1.62B | 2.06B | 1.85B | 1.86B |
| Shareholders' Equity | 7.03B | 6.62B | 6.44B | 5.66B | 5.24B | 4.97B |
| Total Liabilities & Equity | 9.65B | 8.87B | 7.42B | 6.92B | 6.26B | 5.86B |
| Total Debt | 1.58B | 1.41B | 185.06M | 444.35M | 381.96M | 367.80M |
| Net Cash (Debt) | -1.56B | -1.39B | -25.65M | 2.40M | -374.08M | -358.81M |
| Net Cash Per Share | -12.71 | -11.39 | -0.26 | 0.03 | -4.26 | -4.08 |
| Filing Date Shares Outstanding | 122.39M | 122.39M | 122.39M | 87.85M | 87.85M | 87.85M |
| Total Common Shares Outstanding | 122.39M | 122.39M | 122.39M | 87.85M | 87.85M | 87.85M |
| Working Capital | 1.85B | 1.59B | 1.41B | 1.01B | 537.46M | 399.53M |
| Book Value Per Share | 57.46 | 54.08 | 52.58 | 64.48 | 59.68 | 56.61 |
| Tangible Book Value | 7.03B | 6.62B | 6.43B | 5.66B | 5.24B | 4.97B |
| Tangible Book Value Per Share | 57.46 | 54.08 | 52.57 | 64.46 | 59.66 | 56.58 |
| Land | 3.16B | 3.14B | ||||
| Buildings | 1.21B | 1.19B | ||||
| Machinery | 2.25B | 1.38B | ||||
| Construction In Progress | 297.67M | 42.09M | 78.14M | 41.32M | 46.57M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 531.35M | 255.36M | 278.48M | 205.85M | 268.56M | 320.52M |
| Depreciation & Amortization | 164.98M | 164.98M | 150.74M | 136.91M | 121.31M | 104.90M |
| Other Amortization | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K |
| Other Operating Activities | 472.00M | 258.39M | 44.35M | 76.94M | 77.36M | 44.20M |
| Change in Accounts Receivable | -247.88M | -247.88M | -29.74M | -94.00M | -85.82M | -15.91M |
| Change in Inventory | -159.70M | -159.70M | -135.63M | 34.88M | -56.06M | -32.58M |
| Change in Accounts Payable | -1.80M | -1.80M | 1.29M | -9.26M | 1.52M | -4.86M |
| Change in Other Net Operating Assets | -66.66M | -66.66M | 1.71M | 20.69M | 4.82M | 15.23M |
| Operating Cash Flow | 692.80M | 203.20M | 311.71M | 372.50M | 332.20M | 432.01M |
| Capital Expenditures | -983.03M | -1.30B | -786.68M | -359.49M | -280.60M | -375.10M |
| Other Investing Activities | 1.00 | |||||
| Investing Cash Flow | -983.03M | -1.30B | -786.68M | -359.49M | -280.60M | -375.10M |
| Short-Term Debt Issued | 13.85M | 42.87M | ||||
| Long-Term Debt Issued | 1.21B | 15.85M | 9.86M | |||
| Total Debt Issued | 727.72M | 1.23B | 58.73M | 9.86M | ||
| Short-Term Debt Repaid | -1.90M | -552.06K | -309.15K | |||
| Long-Term Debt Repaid | -14.98M | -266.85M | -15.14M | -14.83M | ||
| Lease Payments | -7.93M | -14.98M | -20.20M | -15.14M | -7.34M | |
| Total Debt Repaid | -71.63M | -14.98M | -268.74M | -15.70M | -15.14M | |
| Net Debt Issued (Repaid) | 656.09M | 1.21B | -268.74M | 58.73M | -5.84M | -15.14M |
| Common Dividends Paid | -55.95M | -59.34M | ||||
| Other Financing Activities | -303.18M | -198.82M | 456.38M | 367.12M | -48.29M | -44.32M |
| Financing Cash Flow | 296.96M | 955.67M | 187.64M | 425.84M | -54.13M | -59.47M |
| Foreign Exchange Rate Adjustments | 1.43M | 271.82K | ||||
| Miscellaneous Cash Flow Adjustments | -1.00 | 1.00 | ||||
| Net Cash Flow | 6.73M | -141.68M | -287.33M | 438.86M | -1.10M | -2.28M |
| Free Cash Flow | -290.23M | -1.10B | -474.97M | 13.01M | 51.60M | 56.91M |
| Free Cash Flow Margin | -9.99% | -62.16% | -34.29% | 1.01% | 3.50% | 3.92% |
| Free Cash Flow Per Share | -2.37 | -8.97 | -4.80 | 0.14 | 0.59 | 0.65 |
| Levered Free Cash Flow | -1.51B | -1.10B | -89.13M | -63.14M | -55.04M | |
| Unlevered Free Cash Flow | -1.39B | -1.07B | -55.30M | -37.51M | -27.59M | |
| Free Cash Flow After Leases | -298.16M | -1.11B | -495.17M | 13.01M | 36.45M | 49.57M |
| Cash Interest Paid | 303.18M | 198.82M | 49.98M | 54.13M | 41.02M | 43.92M |
| Cash Income Tax Paid | 28.33M | 15.76M | 43.31M | 65.74M | 69.73M | 44.10M |
| Change in Working Capital | -476.04M | -476.04M | -162.36M | -47.69M | -135.53M | -38.12M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.22B | 4.75B | 6.10B | |||
| Enterprise Value | 14.77B | 5.12B | 6.47B | |||
| Last Close Price | 108.00 | 38.08 | 47.32 | |||
| PE Ratio | 24.88 | 18.60 | 21.89 | |||
| PS Ratio | 4.55 | 2.69 | 4.40 | |||
| PB Ratio | 1.88 | 0.72 | 0.95 | |||
| P/TBV Ratio | 1.88 | 0.72 | 0.95 | |||
| P/OCF Ratio | 19.08 | 23.37 | 19.55 | |||
| EV/Sales Ratio | 5.09 | 2.90 | 4.67 | |||
| EV/EBITDA Ratio | 12.70 | 7.54 | 13.52 | |||
| EV/EBIT Ratio | 14.96 | 9.70 | 18.95 | |||
| Debt / Equity Ratio | 0.22 | 0.21 | 0.03 | 0.08 | 0.07 | 0.07 |
| Debt / EBITDA Ratio | 1.36 | 2.04 | 0.38 | 0.94 | 0.71 | 0.71 |
| Debt / FCF Ratio | 34.15 | 7.40 | 6.46 | |||
| Net Debt / Equity Ratio | 0.22 | 0.21 | 0.00 | 0.00 | 0.07 | 0.07 |
| Net Debt / EBITDA Ratio | 1.35 | 2.05 | 0.05 | -0.01 | 0.72 | 0.71 |
| Net Debt / FCF Ratio | -5.36 | -1.27 | -0.05 | -0.18 | 7.25 | 6.30 |
| Asset Turnover | 0.22 | 0.19 | 0.20 | 0.24 | 0.31 | |
| Inventory Turnover | 1.79 | 1.95 | 2.07 | 2.40 | 2.73 | |
| Quick Ratio | 1.47 | 1.30 | 2.26 | 2.92 | 0.92 | 0.87 |
| Current Ratio | 4.27 | 4.08 | 6.68 | 4.58 | 2.73 | 2.73 |
| Return on Equity (ROE) | 3.91% | 4.60% | 3.77% | 5.26% | 8.25% | |
| Return on Assets (ROA) | 4.05% | 2.97% | 3.19% | 4.29% | 5.48% | |
| Return on Invested Capital (ROIC) | 9.08% | 5.63% | 5.08% | 4.17% | 5.43% | 8.45% |
| Return on Capital Employed (ROCE) | 10.90% | 6.30% | 4.80% | 5.10% | 7.00% | 7.40% |
| Earnings Yield | 4.02% | 5.38% | 4.57% | |||
| FCF Yield | -2.20% | -23.11% | -7.79% | |||
| Dividend Yield | 0.93% | 2.58% | 2.01% | |||
| Payout Ratio | 10.53% | 23.24% | ||||
| Buyback Yield / Dilution | -23.77% | -23.77% | -5.36% | -6.84% | ||
| Total Shareholder Return | -22.84% | -21.19% | -3.36% | -6.84% |