DSE : BPML
Bashundhara Paper Mills PLC. — Financial statements
Paper Mills · Bangladesh
Last price 25 BDT (At close: Oct 29, 2026) · Market cap 4.34B
Latest research: Bashundhara Paper Mills financial analysis: revenue down 54%, finance costs 10x gross profit and NAV down to BDT 7.09 (Oct 2026) · Bashundhara Paper Mills: revenue fell 54% in FY2025, finance costs reached BDT 3.8bn and NAV per share fell to BDT 7.09 by June 2026
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Financial statements
Bashundhara Paper Mills PLC. (BPML) reported revenue of 3.19B 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 | 3.19B | 6.04B | 13.16B | 13.19B | 11.24B | 9.28B |
| Cost of Revenue | 5.05B | 5.67B | 10.61B | 10.57B | 8.99B | 7.36B |
| Gross Profit | -1.86B | 368.74M | 2.55B | 2.62B | 2.25B | 1.92B |
| Selling, General & Admin | 617.37M | 680.27M | 615.58M | 672.34M | 585.60M | 586.44M |
| Operating Expenses | 617.37M | 680.27M | 615.58M | 672.34M | 585.60M | 586.44M |
| Operating Income | -2.48B | -311.53M | 1.94B | 1.94B | 1.66B | 1.34B |
| Interest Expense | -4.56B | -3.78B | -1.68B | -1.36B | -1.15B | -992.46M |
| Interest & Investment Income | 771.48K | 771.48K | 1.40M | 1.18M | 796.65K | 759.58K |
| Currency Exchange Gain (Loss) | 6.48M | 6.48M | 8.42M | 3.84M | 4.83M | |
| Other Non Operating Income (Expenses) | 15.42M | 41.26M | 78.28M | 82.43M | 145.42M | 59.44M |
| EBT Excluding Unusual Items | -7.02B | -4.05B | 348.19M | 667.70M | 667.83M | 404.14M |
| Pretax Income | -7.02B | -4.05B | 348.19M | 667.70M | 667.83M | 404.14M |
| Income Tax Expense | -1.34B | -746.86M | 156.69M | 212.69M | 159.98M | -7.05M |
| Net Income | -5.67B | -3.30B | 191.50M | 455.01M | 507.85M | 411.19M |
| Net Income to Common | -5.67B | -3.30B | 191.50M | 455.01M | 507.85M | 411.19M |
| Shares Outstanding (Basic) | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M |
| Shares Outstanding (Diluted) | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M |
| EPS (Basic) | -32.65 | -18.98 | 1.10 | 2.62 | 2.92 | 2.37 |
| EPS (Diluted) | -32.65 | -18.98 | 1.10 | 2.62 | 2.92 | 2.37 |
| Free Cash Flow | 809.03M | 454.55M | -2.99B | 151.29M | 60.39M | -293.14M |
| Free Cash Flow Per Share | 4.66 | 2.62 | -17.22 | 0.87 | 0.35 | -1.69 |
| Dividend Per Share | 1.10 | 1.00 | 1.20 | |||
| Gross Margin | -58.26% | 6.11% | 19.39% | 19.83% | 20.03% | 20.71% |
| Operating Margin | -77.60% | -5.16% | 14.71% | 14.73% | 14.81% | 14.40% |
| Profit Margin | -177.70% | -54.64% | 1.46% | 3.45% | 4.52% | 4.43% |
| Free Cash Flow Margin | 25.34% | 7.53% | -22.75% | 1.15% | 0.54% | -3.16% |
| EBITDA | -1.06B | 867.61M | 2.78B | 2.64B | 2.53B | 2.30B |
| EBITDA Margin | -33.12% | 14.37% | 21.11% | 20.02% | 22.54% | 24.74% |
| D&A For EBITDA | 1.42B | 1.18B | 841.70M | 697.44M | 868.38M | 960.21M |
| EBIT | -2.48B | -311.53M | 1.94B | 1.94B | 1.66B | 1.34B |
| EBIT Margin | -77.60% | -5.16% | 14.71% | 14.73% | 14.81% | 14.40% |
| Effective Tax Rate | 45.00% | 31.85% | 23.96% | |||
| Advertising Expenses | 37.87M | 16.13M | 16.03M | 12.25M | 12.62M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 53.62M | 64.31M | 478.64M | 353.33M | 412.94M | 416.40M |
| Cash & Short-Term Investments | 53.62M | 64.31M | 478.64M | 353.33M | 412.94M | 416.40M |
| Accounts Receivable | 3.47B | 1.01B | 1.06B | 822.82M | 722.46M | 654.62M |
| Other Receivables | 2.30B | 1.25B | 576.20M | 292.19M | 112.20M | |
| Receivables | 3.47B | 3.31B | 2.31B | 1.40B | 1.01B | 766.82M |
| Inventory | 2.41B | 4.58B | 7.55B | 6.85B | 8.27B | 7.87B |
| Other Current Assets | 3.91B | 3.59B | 3.23B | 3.06B | 1.06B | 1.19B |
| Total Current Assets | 9.84B | 11.55B | 13.57B | 11.66B | 10.76B | 10.23B |
| Property, Plant & Equipment | 26.96B | 27.74B | 28.66B | 25.75B | 23.67B | 18.09B |
| Long-Term Investments | 265.00M | 265.00M | 265.00M | 265.00M | 265.00M | 265.00M |
| Other Intangible Assets | 138.46M | 146.07M | 146.89M | 154.13M | 156.26M | 150.79M |
| Other Long-Term Assets | 1.00 | 1.00 | ||||
| Total Assets | 37.20B | 39.70B | 42.64B | 37.83B | 34.85B | 28.74B |
| Accounts Payable | 623.84M | 334.29M | 1.17B | 1.43B | 519.30M | 472.18M |
| Accrued Expenses | 1.35B | 363.63M | 972.37M | 841.22M | 627.11M | 628.08M |
| Short-Term Debt | 5.86B | 8.50B | 6.65B | 4.91B | 3.99B | 2.63B |
| Current Portion of Long-Term Debt | 2.29B | 2.29B | 2.27B | 2.01B | 1.98B | 2.01B |
| Current Portion of Leases | 16.15M | 148.85M | ||||
| Current Income Taxes Payable | 180.25M | 152.04M | 167.73M | 202.42M | 123.27M | 173.22M |
| Other Current Liabilities | 1.46M | 60.41M | 87.99M | 81.83M | 53.54M | 96.35M |
| Total Current Liabilities | 10.30B | 11.70B | 11.32B | 9.47B | 7.31B | 6.16B |
| Long-Term Debt | 21.76B | 17.60B | 16.76B | 13.78B | 13.38B | 13.07B |
| Long-Term Leases | 207.59M | |||||
| Long-Term Deferred Tax Liabilities | -838.78M | 207.98M | 1.02B | 950.19M | 1.09B | 930.89M |
| Other Long-Term Liabilities | -1.00 | |||||
| Total Liabilities | 31.23B | 29.51B | 29.10B | 24.20B | 21.78B | 20.37B |
| Common Stock | 1.74B | 1.74B | 1.74B | 1.74B | 1.74B | 1.74B |
| Additional Paid-In Capital | 1.74B | 1.74B | 1.74B | 1.74B | 1.74B | 1.74B |
| Retained Earnings | -4.43B | -219.04M | 3.11B | 3.19B | 2.89B | 2.58B |
| Comprehensive Income & Other | 6.93B | 6.94B | 6.95B | 6.96B | 6.70B | 2.31B |
| Shareholders' Equity | 5.98B | 10.20B | 13.54B | 13.63B | 13.07B | 8.36B |
| Total Liabilities & Equity | 37.20B | 39.70B | 42.64B | 37.83B | 34.85B | 28.74B |
| Total Debt | 29.91B | 28.39B | 25.68B | 20.70B | 19.37B | 18.07B |
| Net Cash (Debt) | -29.85B | -28.33B | -25.20B | -20.34B | -18.95B | -17.66B |
| Net Cash Per Share | -171.77 | -162.99 | -145.03 | -117.06 | -109.06 | -101.60 |
| Filing Date Shares Outstanding | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M |
| Total Common Shares Outstanding | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M | 173.79M |
| Working Capital | -462.72M | -150.60M | 2.25B | 2.19B | 3.45B | 4.07B |
| Book Value Per Share | 34.40 | 58.66 | 77.91 | 78.42 | 75.21 | 48.13 |
| Tangible Book Value | 5.84B | 10.05B | 13.39B | 13.48B | 12.91B | 8.21B |
| Tangible Book Value Per Share | 33.60 | 57.82 | 77.06 | 77.54 | 74.31 | 47.26 |
| Land | 7.46B | 7.46B | 7.46B | 7.46B | 2.68B | |
| Buildings | 6.72B | 6.61B | 6.21B | 5.95B | 5.38B | |
| Machinery | 22.32B | 21.49B | 18.17B | 16.95B | 15.60B | |
| Construction In Progress | 1.50B | 2.16B | 2.13B | 632.16M | 864.92M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -5.67B | -3.30B | 191.50M | 455.01M | 507.85M | 411.19M |
| Depreciation & Amortization | 1.42B | 1.18B | 841.70M | 706.08M | 880.25M | 974.21M |
| Other Amortization | 14.05M | 11.81M | 7.25M | 4.17M | 7.18M | 8.00M |
| Other Operating Activities | 3.14B | 2.95B | 1.69B | 1.11B | 1.23B | 912.79M |
| Change in Accounts Receivable | -910.21M | -1.00B | -910.31M | -450.59M | -247.83M | 642.44M |
| Change in Inventory | 3.60B | 2.97B | -706.39M | -412.65M | -404.64M | -400.52M |
| Change in Accounts Payable | -943.25M | -1.48B | -165.54M | 401.62M | 20.56M | -455.70M |
| Change in Other Net Operating Assets | 332.25M | -389.72M | -188.87M | 1.34B | -2.72M | -97.54M |
| Operating Cash Flow | 976.86M | 943.43M | 755.52M | 3.16B | 1.99B | 1.99B |
| Capital Expenditures | -167.83M | -488.88M | -3.75B | -3.01B | -1.93B | -2.29B |
| Sale of Property, Plant & Equipment | 132.55M | 218.11M | ||||
| Sale (Purchase) of Intangibles | -10.80M | -11.00M | -6.32M | -400.00K | -735.42K | |
| Other Investing Activities | 1.00 | |||||
| Investing Cash Flow | -46.08M | -281.77M | -3.75B | -3.02B | -1.93B | -2.29B |
| Short-Term Debt Issued | 1.85B | 1.74B | 917.71M | 1.36B | ||
| Long-Term Debt Issued | 860.20M | 3.24B | 414.30M | 141.78M | 2.08B | |
| Total Debt Issued | 6.22B | 2.71B | 4.98B | 1.33B | 1.50B | 2.08B |
| Short-Term Debt Repaid | -491.85M | |||||
| Long-Term Debt Repaid | -207.59M | -135.44M | ||||
| Lease Payments | -207.59M | -135.44M | ||||
| Total Debt Repaid | -2.64B | -207.59M | -627.29M | |||
| Net Debt Issued (Repaid) | 3.58B | 2.71B | 4.98B | 1.33B | 1.29B | 1.45B |
| Common Dividends Paid | -191.17M | -173.79M | -208.55M | -26.04M | ||
| Other Financing Activities | -4.56B | -3.78B | -1.68B | -1.36B | -1.15B | -992.46M |
| Financing Cash Flow | -986.55M | -1.08B | 3.12B | -204.59M | -63.45M | 429.28M |
| Miscellaneous Cash Flow Adjustments | -1.00 | 1.00 | -1.00 | -1.00 | ||
| Net Cash Flow | -55.76M | -414.33M | 125.31M | -59.61M | -3.46M | 135.41M |
| Free Cash Flow | 809.03M | 454.55M | -2.99B | 151.29M | 60.39M | -293.14M |
| Free Cash Flow Margin | 25.34% | 7.53% | -22.75% | 1.15% | 0.54% | -3.16% |
| Free Cash Flow Per Share | 4.66 | 2.62 | -17.22 | 0.87 | 0.35 | -1.69 |
| Levered Free Cash Flow | -1.04B | -1.75B | -4.68B | -1.67B | -1.30B | -1.48B |
| Unlevered Free Cash Flow | 1.82B | 613.65M | -3.63B | -820.14M | -577.71M | -860.25M |
| Free Cash Flow After Leases | 809.03M | 454.55M | -2.99B | 151.29M | -147.20M | -428.58M |
| Cash Interest Paid | 4.56B | 3.78B | 1.68B | 1.36B | 1.15B | 992.46M |
| Cash Income Tax Paid | 79.29M | 83.01M | 164.23M | 69.86M | 113.25M | 93.89M |
| Change in Working Capital | 2.08B | 98.49M | -1.97B | 881.62M | -634.62M | -311.33M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.34B | 5.60B | 9.26B | 14.11B | 9.38B | 7.73B |
| Enterprise Value | 35.60B | 31.82B | 32.00B | 34.55B | 27.47B | 27.11B |
| Last Close Price | 25.00 | 32.20 | 53.30 | 79.71 | 52.41 | 42.04 |
| PE Ratio | 48.37 | 31.01 | 18.48 | 18.81 | ||
| PS Ratio | 1.78 | 0.93 | 0.70 | 1.07 | 0.83 | 0.83 |
| PB Ratio | 3.18 | 0.55 | 0.68 | 1.03 | 0.72 | 0.93 |
| P/TBV Ratio | 3.53 | 0.56 | 0.69 | 1.05 | 0.73 | 0.94 |
| P/FCF Ratio | 3.76 | 12.31 | 93.28 | 155.40 | ||
| P/OCF Ratio | 3.48 | 5.93 | 12.26 | 4.46 | 4.71 | 3.88 |
| EV/Sales Ratio | 14.61 | 5.27 | 2.43 | 2.62 | 2.44 | 2.92 |
| EV/EBITDA Ratio | 36.67 | 11.52 | 13.09 | 10.85 | 11.81 | |
| EV/EBIT Ratio | 16.53 | 17.78 | 16.50 | 20.29 | ||
| EV/FCF Ratio | 30.82 | 69.99 | 228.36 | 454.94 | ||
| Debt / Equity Ratio | 5.00 | 2.79 | 1.90 | 1.52 | 1.48 | 2.16 |
| Debt / EBITDA Ratio | 32.72 | 9.25 | 7.81 | 7.61 | 7.82 | |
| Debt / FCF Ratio | 36.97 | 62.46 | 136.81 | 320.68 | ||
| Net Debt / Equity Ratio | 4.99 | 2.78 | 1.86 | 1.49 | 1.45 | 2.11 |
| Net Debt / EBITDA Ratio | -28.22 | 32.65 | 9.08 | 7.71 | 7.48 | 7.69 |
| Net Debt / FCF Ratio | 36.90 | 62.32 | -8.42 | 134.47 | 313.84 | -60.23 |
| Asset Turnover | 0.08 | 0.15 | 0.33 | 0.36 | 0.35 | 0.33 |
| Inventory Turnover | 1.20 | 0.93 | 1.47 | 1.40 | 1.11 | 0.96 |
| Quick Ratio | 0.34 | 0.29 | 0.25 | 0.18 | 0.20 | 0.19 |
| Current Ratio | 0.95 | 0.99 | 1.20 | 1.23 | 1.47 | 1.66 |
| Return on Equity (ROE) | -64.21% | -27.80% | 1.41% | 3.41% | 4.74% | 5.11% |
| Return on Assets (ROA) | -3.98% | -0.47% | 3.01% | 3.34% | 3.27% | 2.97% |
| Return on Invested Capital (ROIC) | -6.81% | -0.81% | 2.93% | 4.01% | 4.36% | 5.34% |
| Return on Capital Employed (ROCE) | -9.20% | -1.10% | 6.20% | 6.90% | 6.00% | 5.90% |
| Earnings Yield | -170.96% | -58.95% | 2.07% | 3.22% | 5.41% | 5.32% |
| FCF Yield | 26.58% | 8.12% | -32.31% | 1.07% | 0.64% | -3.79% |
| Dividend Yield | 1.35% | 1.85% | 2.70% | |||
| Payout Ratio | 99.83% | 38.20% | 41.07% | 6.33% | ||
| Total Shareholder Return | 1.35% | 1.85% | 2.70% |