DSE : BSRMLTD
Bangladesh Steel Re-Rolling Mills Limited — Financial statements
Steel Works, Blast Furnaces, And Rolling And Finishing Mills · Bangladesh
Last price 95.4 BDT (At close: Oct 29, 2026) · Market cap 28.48B
Latest research: Bangladesh Steel Re-Rolling Mills valuation report: fair value BDT 45.2–140 (Oct 2026) · BSRM Ltd fair value range Tk 45-140: a billet and rod maker plus a 31% BSRM Steels stake, with the taka as the swing factor
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Financial statements
Bangladesh Steel Re-Rolling Mills Limited (BSRMLTD) reported revenue of 109.95B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 109.95B | 109.95B | 96.64B | 83.53B | 115.06B | 79.95B |
| Cost of Revenue | 99.85B | 99.85B | 85.22B | 73.92B | 104.74B | 73.46B |
| Gross Profit | 10.09B | 10.09B | 11.41B | 9.61B | 10.32B | 6.49B |
| Selling, General & Admin | 2.75B | 2.75B | 2.79B | 3.22B | 2.42B | 1.92B |
| Other Operating Expenses | -33.10M | -33.10M | -61.50M | -35.19M | -69.47M | -64.85M |
| Operating Expenses | 2.71B | 2.71B | 2.73B | 3.18B | 2.35B | 1.85B |
| Operating Income | 7.38B | 7.38B | 8.69B | 6.43B | 7.97B | 4.64B |
| Interest Expense | -1.26B | -1.26B | -3.05B | -2.35B | -4.99B | -1.52B |
| Interest & Investment Income | 162.54M | 162.54M | 137.42M | 96.70M | 130.99M | 174.84M |
| Earnings From Equity Investments | 2.22B | 2.22B | 1.61B | 1.18B | 929.23M | 1.02B |
| Currency Exchange Gain (Loss) | 99.75M | 99.75M | -107.78M | 479.84M | ||
| Other Non Operating Income (Expenses) | 250.81M | 250.81M | 527.75M | 448.19M | 53.90M | 63.17M |
| EBT Excluding Unusual Items | 8.86B | 8.86B | 7.81B | 6.29B | 4.10B | 4.38B |
| Gain (Loss) on Sale of Assets | 4.16M | 4.16M | 10.35M | 5.53M | 8.67M | -1.38M |
| Pretax Income | 8.86B | 8.86B | 7.82B | 6.29B | 4.11B | 4.38B |
| Income Tax Expense | 1.83B | 1.83B | 1.67B | 1.97B | 1.19B | 1.29B |
| Earnings From Continuing Operations | 7.03B | 7.03B | 6.14B | 4.32B | 2.91B | 3.09B |
| Net Income | 7.03B | 7.03B | 6.14B | 4.32B | 2.91B | 3.09B |
| Net Income to Common | 7.03B | 7.03B | 6.14B | 4.32B | 2.91B | 3.09B |
| Shares Outstanding (Basic) | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M |
| Shares Outstanding (Diluted) | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M |
| EPS (Basic) | 23.54 | 23.54 | 20.57 | 14.48 | 9.76 | 10.34 |
| EPS (Diluted) | 23.54 | 23.54 | 20.57 | 14.48 | 9.76 | 10.34 |
| Free Cash Flow | 63.91M | 63.91M | 14.16B | 2.83B | 2.48B | 5.75B |
| Free Cash Flow Per Share | 0.21 | 0.21 | 47.42 | 9.49 | 8.30 | 19.26 |
| Dividend Per Share | 5.50 | 5.50 | 5.00 | 3.50 | 2.50 | 3.50 |
| Gross Margin | 9.18% | 9.18% | 11.81% | 11.51% | 8.97% | 8.12% |
| Operating Margin | 6.71% | 6.71% | 8.99% | 7.70% | 6.93% | 5.80% |
| Profit Margin | 6.39% | 6.39% | 6.36% | 5.18% | 2.53% | 3.86% |
| Free Cash Flow Margin | 0.06% | 0.06% | 14.65% | 3.39% | 2.15% | 7.19% |
| EBITDA | 8.88B | 8.88B | 10.28B | 8.00B | 9.55B | 6.21B |
| EBITDA Margin | 8.08% | 8.08% | 10.64% | 9.58% | 8.30% | 7.77% |
| D&A For EBITDA | 1.50B | 1.50B | 1.60B | 1.58B | 1.58B | 1.57B |
| EBIT | 7.38B | 7.38B | 8.69B | 6.43B | 7.97B | 4.64B |
| EBIT Margin | 6.71% | 6.71% | 8.99% | 7.70% | 6.93% | 5.80% |
| Effective Tax Rate | 20.69% | 20.69% | 21.42% | 31.30% | 29.06% | 29.54% |
| Advertising Expenses | 150.12M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 792.06M | 792.06M | 2.12B | 1.21B | 1.87B | 5.75B |
| Short-Term Investments | 126.14M | 102.69M | ||||
| Cash & Short-Term Investments | 792.06M | 792.06M | 2.12B | 1.21B | 2.00B | 5.85B |
| Accounts Receivable | 5.45B | 5.45B | 2.24B | 2.21B | 5.38B | 2.11B |
| Other Receivables | 48.29M | 48.29M | 59.00M | 52.15M | 54.43M | 134.21M |
| Receivables | 7.15B | 7.15B | 7.97B | 5.87B | 9.66B | 5.77B |
| Inventory | 30.66B | 30.66B | 29.14B | 33.97B | 28.23B | 48.66B |
| Other Current Assets | 11.81B | 11.81B | 6.45B | 11.32B | 17.48B | 10.63B |
| Total Current Assets | 50.42B | 50.42B | 45.68B | 52.38B | 57.38B | 70.92B |
| Property, Plant & Equipment | 37.77B | 37.77B | 37.23B | 37.49B | 37.85B | 39.38B |
| Long-Term Investments | 14.73B | 14.73B | 10.83B | 9.70B | 8.81B | 8.30B |
| Other Intangible Assets | 15.18K | 15.18K | 60.72K | 3.46M | 10.96M | 16.21M |
| Other Long-Term Assets | -1.00 | -1.00 | -1.00 | |||
| Total Assets | 102.92B | 102.92B | 93.74B | 99.57B | 104.04B | 118.62B |
| Accounts Payable | 726.85M | 726.85M | 1.46B | 892.78M | 687.11M | 661.80M |
| Accrued Expenses | 2.00B | 2.00B | 2.04B | 1.51B | 1.40B | 1.32B |
| Short-Term Debt | 33.68B | 33.68B | 30.92B | 45.26B | 53.54B | 69.37B |
| Current Portion of Long-Term Debt | 471.14M | 471.14M | 426.22M | 307.53M | 903.16M | |
| Current Portion of Leases | 59.82M | 59.82M | 36.01M | 35.22M | 42.69M | 40.20M |
| Current Income Taxes Payable | 1.70B | 1.70B | 1.63B | 1.25B | 1.05B | 1.16B |
| Current Unearned Revenue | 583.40M | 583.40M | 506.53M | 335.70M | 528.91M | 318.69M |
| Other Current Liabilities | 174.80M | 174.80M | 154.33M | 161.91M | 169.32M | 255.65M |
| Total Current Liabilities | 39.38B | 39.38B | 37.17B | 49.44B | 57.72B | 74.03B |
| Long-Term Debt | 2.34B | 2.34B | 1.40B | 26.10M | 224.56M | |
| Long-Term Leases | 101.67M | 101.67M | 25.54M | 82.19M | 99.61M | 87.55M |
| Pension & Post-Retirement Benefits | 480.19M | 480.19M | 448.97M | 387.88M | 410.91M | 409.32M |
| Long-Term Deferred Tax Liabilities | 5.06B | 5.06B | 4.89B | 4.86B | 3.85B | 3.77B |
| Other Long-Term Liabilities | 1.00 | -1.00 | ||||
| Total Liabilities | 47.37B | 47.37B | 43.94B | 54.77B | 62.10B | 78.52B |
| Common Stock | 2.99B | 2.99B | 2.99B | 2.99B | 2.99B | 2.99B |
| Additional Paid-In Capital | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B |
| Retained Earnings | 34.04B | 34.04B | 28.50B | 23.38B | 19.79B | 17.45B |
| Comprehensive Income & Other | 16.47B | 16.47B | 16.26B | 16.38B | 17.10B | 17.61B |
| Total Common Equity | 55.55B | 55.55B | 49.80B | 44.80B | 41.94B | 40.10B |
| Shareholders' Equity | 55.55B | 55.55B | 49.80B | 44.80B | 41.94B | 40.10B |
| Total Liabilities & Equity | 102.92B | 102.92B | 93.74B | 99.57B | 104.04B | 118.62B |
| Total Debt | 36.65B | 36.65B | 32.81B | 45.38B | 54.01B | 70.62B |
| Net Cash (Debt) | -35.86B | -35.86B | -30.70B | -44.16B | -52.01B | -64.77B |
| Net Cash Per Share | -120.10 | -120.10 | -102.80 | -147.91 | -174.20 | -216.92 |
| Filing Date Shares Outstanding | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M |
| Total Common Shares Outstanding | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M | 298.58M |
| Working Capital | 11.04B | 11.04B | 8.51B | 2.94B | -344.19M | -3.11B |
| Book Value Per Share | 186.06 | 186.06 | 166.79 | 150.06 | 140.46 | 134.29 |
| Tangible Book Value | 55.55B | 55.55B | 49.80B | 44.80B | 41.93B | 40.08B |
| Tangible Book Value Per Share | 186.06 | 186.06 | 166.79 | 150.04 | 140.42 | 134.23 |
| Land | 19.81B | 19.81B | 18.68B | 18.09B | 17.57B | 18.00B |
| Buildings | 22.34B | 22.34B | 7.70B | 7.70B | 7.70B | 7.70B |
| Machinery | 9.66B | 9.66B | 22.53B | 22.42B | 21.99B | 21.77B |
| Construction In Progress | 2.17B | 2.17B | 1.76B | 1.09B | 971.98M | 771.80M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 7.03B | 7.03B | 6.14B | 4.32B | 2.91B | 3.09B |
| Depreciation & Amortization | 1.56B | 1.56B | 1.66B | 1.64B | 1.63B | 1.61B |
| Loss (Gain) From Sale of Assets | -4.16M | -4.16M | -10.35M | -5.53M | -8.67M | 1.38M |
| Loss (Gain) on Equity Investments | -1.18B | -929.23M | -1.02B | |||
| Other Operating Activities | -811.81M | -811.81M | 1.80B | 1.56B | 1.42B | 1.32B |
| Change in Accounts Receivable | -3.19B | -3.19B | -25.40M | 3.16B | -3.19B | 2.29B |
| Change in Inventory | -5.07B | -5.07B | 8.43B | |||
| Change in Accounts Payable | -751.21M | -751.21M | 544.91M | 206.27M | 22.59M | 190.51M |
| Change in Unearned Revenue | 76.87M | 76.87M | 170.83M | -193.20M | 210.25M | -328.07M |
| Change in Other Net Operating Assets | 3.09B | 3.09B | -3.14B | -5.48B | 986.96M | -428.99M |
| Operating Cash Flow | 1.94B | 1.94B | 15.57B | 4.02B | 3.05B | 6.71B |
| Capital Expenditures | -1.88B | -1.88B | -1.41B | -1.18B | -573.42M | -963.12M |
| Sale of Property, Plant & Equipment | 6.66M | 6.66M | 10.41M | 5.58M | 544.27M | 2.74M |
| Sale (Purchase) of Intangibles | -2.16M | -559.55K | -1.50M | |||
| Investment in Securities | -5.16B | -5.16B | 462.22M | 873.90M | 2.31B | -2.15B |
| Other Investing Activities | 766.64M | 766.64M | 524.08M | 293.13M | 351.76M | 351.76M |
| Investing Cash Flow | -6.26B | -6.26B | -418.24M | -12.76M | 2.63B | -2.76B |
| Short-Term Debt Issued | 573.12M | 573.12M | 139.76M | |||
| Long-Term Debt Issued | 981.27M | 981.27M | 1.83B | |||
| Total Debt Issued | 1.55B | 1.55B | 1.83B | 139.76M | ||
| Short-Term Debt Repaid | -10.14B | -4.14B | -4.55B | |||
| Long-Term Debt Repaid | -81.52M | -81.52M | -77.22M | -407.31M | -858.23M | -939.70M |
| Lease Payments | -81.52M | -81.52M | -77.22M | -73.68M | -64.14M | -44.88M |
| Total Debt Repaid | -81.52M | -81.52M | -10.22B | -4.55B | -5.41B | -939.70M |
| Net Debt Issued (Repaid) | 1.47B | 1.47B | -8.39B | -4.55B | -5.41B | -799.94M |
| Common Dividends Paid | -1.51B | -1.51B | -1.05B | -746.34M | -1.07B | -1.18B |
| Other Financing Activities | 3.03B | 3.03B | -4.81B | 618.52M | -3.10B | 2.07B |
| Financing Cash Flow | 2.99B | 2.99B | -14.25B | -4.67B | -9.58B | 91.89M |
| Foreign Exchange Rate Adjustments | 231.13K | 231.13K | 213.41K | 6.47M | 14.25M | 110.36M |
| Miscellaneous Cash Flow Adjustments | -1.00 | -1.00 | ||||
| Net Cash Flow | -1.33B | -1.33B | 905.52M | -661.93M | -3.88B | 4.15B |
| Free Cash Flow | 63.91M | 63.91M | 14.16B | 2.83B | 2.48B | 5.75B |
| Free Cash Flow Margin | 0.06% | 0.06% | 14.65% | 3.39% | 2.15% | 7.19% |
| Free Cash Flow Per Share | 0.21 | 0.21 | 47.42 | 9.49 | 8.30 | 19.26 |
| Levered Free Cash Flow | -3.16B | -3.16B | 13.01B | 7.53B | 12.72B | -31.17B |
| Unlevered Free Cash Flow | -2.38B | -2.38B | 14.92B | 8.99B | 15.84B | -30.22B |
| Free Cash Flow After Leases | -17.60M | -17.60M | 14.08B | 2.76B | 2.42B | 5.71B |
| Cash Interest Paid | 991.80M | 991.80M | 2.74B | 770.94M | 3.49B | 299.21M |
| Cash Income Tax Paid | 1.54B | 1.54B | 1.12B | 419.38M | 1.07B | 1.09B |
| Change in Working Capital | -5.84B | -5.84B | 5.98B | -2.31B | -1.97B | 1.72B |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.48B | 31.53B | 22.57B | 26.87B | 26.87B | 29.47B |
| Enterprise Value | 64.34B | 55.59B | 50.80B | 71.36B | 74.61B | 71.09B |
| Last Close Price | 95.40 | 105.60 | 70.96 | 80.68 | 78.44 | 82.67 |
| PE Ratio | 4.05 | 4.49 | 3.67 | 6.22 | 9.22 | 9.54 |
| PS Ratio | 0.26 | 0.29 | 0.23 | 0.32 | 0.23 | 0.37 |
| PB Ratio | 0.51 | 0.57 | 0.45 | 0.60 | 0.64 | 0.73 |
| P/TBV Ratio | 0.51 | 0.57 | 0.45 | 0.60 | 0.64 | 0.73 |
| P/FCF Ratio | 445.67 | 493.32 | 1.59 | 9.48 | 10.84 | 5.12 |
| P/OCF Ratio | 14.69 | 16.26 | 1.45 | 6.69 | 8.80 | 4.39 |
| EV/Sales Ratio | 0.59 | 0.51 | 0.53 | 0.85 | 0.65 | 0.89 |
| EV/EBITDA Ratio | 5.76 | 6.26 | 4.94 | 8.92 | 7.81 | 11.44 |
| EV/EBIT Ratio | 6.70 | 7.53 | 5.85 | 11.10 | 9.36 | 15.32 |
| EV/FCF Ratio | 1,006.71 | 869.72 | 3.59 | 25.18 | 30.09 | 12.36 |
| Debt / Equity Ratio | 0.66 | 0.66 | 0.66 | 1.01 | 1.29 | 1.76 |
| Debt / EBITDA Ratio | 4.10 | 4.10 | 3.17 | 5.63 | 5.63 | 11.30 |
| Debt / FCF Ratio | 573.43 | 573.43 | 2.32 | 16.01 | 21.79 | 12.28 |
| Net Debt / Equity Ratio | 0.65 | 0.65 | 0.62 | 0.99 | 1.24 | 1.61 |
| Net Debt / EBITDA Ratio | 4.04 | 4.04 | 2.98 | 5.52 | 5.45 | 10.43 |
| Net Debt / FCF Ratio | 561.04 | 561.04 | 2.17 | 15.58 | 20.98 | 11.26 |
| Asset Turnover | 1.12 | 1.12 | 1.00 | 0.82 | 1.03 | 0.80 |
| Inventory Turnover | 3.34 | 3.34 | 2.70 | 2.38 | 2.72 | 2.31 |
| Quick Ratio | 0.16 | 0.16 | 0.12 | 0.07 | 0.13 | 0.11 |
| Current Ratio | 1.28 | 1.28 | 1.23 | 1.06 | 0.99 | 0.96 |
| Return on Equity (ROE) | 13.34% | 13.34% | 12.98% | 9.97% | 7.10% | 7.90% |
| Return on Assets (ROA) | 4.69% | 4.69% | 5.62% | 3.94% | 4.47% | 2.91% |
| Return on Invested Capital (ROIC) | 6.95% | 6.81% | 8.06% | 4.83% | 5.69% | 3.72% |
| Return on Capital Employed (ROCE) | 11.60% | 11.60% | 15.40% | 12.80% | 17.20% | 10.40% |
| Earnings Yield | 24.68% | 22.29% | 27.21% | 16.09% | 10.84% | 10.48% |
| FCF Yield | 0.22% | 0.20% | 62.72% | 10.55% | 9.23% | 19.51% |
| Dividend Yield | 5.76% | 5.21% | 6.61% | 3.89% | 2.78% | 3.55% |
| Payout Ratio | 21.45% | 21.45% | 17.16% | 17.26% | 36.59% | 38.07% |
| Buyback Yield / Dilution | -13.91% | |||||
| Total Shareholder Return | 5.76% | 5.21% | 6.61% | 3.89% | 2.78% | -10.37% |