DSE : BSRMSTEEL
BSRM Steels Limited — Financial statements
Steel Works, Blast Furnaces, And Rolling And Finishing Mills · Bangladesh
Last price 90 BDT (At close: Nov 2, 2026) · Market cap 33.84B
Latest research: BSRM Steels valuation report: fair value BDT 52–144 (Oct 2026) · BSRM Steels earns Tk 8,568/t through the cycle; the price implies Tk 8,030/t
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Financial statements
BSRM Steels Limited (BSRMSTEEL) reported revenue of 130.48B 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 | 130.48B | 103.67B | 82.71B | 84.52B | 67.12B | 54.98B |
| Cost of Revenue | 117.67B | 92.17B | 73.54B | 76.42B | 60.08B | 47.76B |
| Gross Profit | 12.81B | 11.49B | 9.17B | 8.11B | 7.04B | 7.23B |
| Selling, General & Admin | 2.78B | 2.87B | 2.70B | 1.87B | 1.86B | 1.91B |
| Other Operating Expenses | 2.34M | -8.13M | -11.88M | -14.96M | -3.61M | -16.99M |
| Operating Expenses | 2.78B | 2.86B | 2.69B | 1.85B | 1.86B | 1.89B |
| Operating Income | 10.03B | 8.63B | 6.48B | 6.26B | 5.18B | 5.33B |
| Interest Expense | -3.36B | -3.12B | -2.10B | -1.50B | -779.45M | -1.30B |
| Interest & Investment Income | 275.06M | 327.99M | 359.44M | 531.58M | 1.05B | 113.13M |
| Currency Exchange Gain (Loss) | 56.44M | 56.44M | -198.11M | -1.85B | -1.11B | 18.00M |
| Other Non Operating Income (Expenses) | 737.12M | 693.92M | 530.14M | 324.93M | 150.68M | 763.56M |
| EBT Excluding Unusual Items | 7.74B | 6.59B | 5.07B | 3.77B | 4.50B | 4.93B |
| Gain (Loss) on Sale of Investments | -1.01B | |||||
| Gain (Loss) on Sale of Assets | 17.20M | 17.20M | 7.80M | 4.88M | 9.31M | 1.84M |
| Other Unusual Items | 428.85K | 428.85K | 144.00K | 135.44K | -1.59M | 85.94K |
| Pretax Income | 7.76B | 6.61B | 5.08B | 3.77B | 4.51B | 3.92B |
| Income Tax Expense | 1.69B | 1.44B | 1.28B | 791.71M | 1.23B | 871.98M |
| Earnings From Continuing Operations | 6.07B | 5.18B | 3.80B | 2.98B | 3.28B | 3.05B |
| Net Income | 6.07B | 5.18B | 3.80B | 2.98B | 3.28B | 3.05B |
| Net Income to Common | 6.07B | 5.18B | 3.80B | 2.98B | 3.28B | 3.05B |
| Shares Outstanding (Basic) | 375.95M | 375.95M | 375.95M | 375.95M | 375.95M | 375.95M |
| Shares Outstanding (Diluted) | 375.95M | 375.95M | 375.95M | 375.95M | 375.95M | 375.95M |
| EPS (Basic) | 16.14 | 13.77 | 10.10 | 7.92 | 8.72 | 8.10 |
| EPS (Diluted) | 16.14 | 13.77 | 10.10 | 7.92 | 8.72 | 8.10 |
| Free Cash Flow | 7.70B | -9.05B | -5.35B | 1.88B | 1.90B | 7.40B |
| Free Cash Flow Per Share | 20.48 | -24.06 | -14.22 | 5.00 | 5.05 | 19.69 |
| Dividend Per Share | 5.00 | 5.00 | 3.20 | 2.50 | 3.00 | 4.00 |
| Gross Margin | 9.82% | 11.09% | 11.09% | 9.59% | 10.49% | 13.14% |
| Operating Margin | 7.69% | 8.33% | 7.83% | 7.40% | 7.72% | 9.70% |
| Profit Margin | 4.65% | 4.99% | 4.59% | 3.52% | 4.88% | 5.54% |
| Free Cash Flow Margin | 5.90% | -8.73% | -6.46% | 2.22% | 2.83% | 13.46% |
| EBITDA | 12.18B | 10.33B | 7.64B | 7.18B | 6.25B | 6.41B |
| EBITDA Margin | 9.33% | 9.96% | 9.23% | 8.50% | 9.31% | 11.66% |
| D&A For EBITDA | 2.15B | 1.70B | 1.16B | 927.69M | 1.07B | 1.08B |
| EBIT | 10.03B | 8.63B | 6.48B | 6.26B | 5.18B | 5.33B |
| EBIT Margin | 7.69% | 8.33% | 7.83% | 7.40% | 7.72% | 9.70% |
| Effective Tax Rate | 21.80% | 21.72% | 25.23% | 20.99% | 27.23% | 22.25% |
| Advertising Expenses | 222.36M | 177.61M | 323.00M | 307.24M | 257.47M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.60B | 6.60B | 1.92B | 5.38B | 4.44B | 9.07B |
| Short-Term Investments | 782.17M | 782.17M | 618.27M | 1.23B | 1.22B | 2.87B |
| Cash & Short-Term Investments | 7.38B | 7.38B | 2.53B | 6.61B | 5.66B | 11.95B |
| Accounts Receivable | 5.92B | 5.92B | 7.00B | 7.05B | 7.01B | 6.94B |
| Other Receivables | 130.74M | 130.74M | 130.45M | 200.37M | ||
| Receivables | 8.64B | 8.64B | 11.81B | 13.04B | 10.69B | 12.25B |
| Inventory | 31.40B | 31.40B | 26.44B | 25.78B | 18.78B | 27.41B |
| Prepaid Expenses | 26.32M | 19.84M | 21.30M | 15.72M | ||
| Other Current Assets | 6.27B | 6.27B | 3.15B | 10.29B | 6.76B | 3.87B |
| Total Current Assets | 53.70B | 53.70B | 43.96B | 55.73B | 41.93B | 55.50B |
| Property, Plant & Equipment | 40.34B | 40.34B | 41.54B | 38.70B | 32.33B | 23.62B |
| Long-Term Investments | 5.19B | 5.19B | 2.28B | 2.69B | 2.59B | 2.84B |
| Other Intangible Assets | 40.22M | 40.22M | 41.67M | 40.00M | 51.50M | 57.12M |
| Total Assets | 99.27B | 99.27B | 87.82B | 97.17B | 76.90B | 82.02B |
| Accounts Payable | 3.86B | 3.86B | 860.28M | 431.00M | 3.01B | 240.32M |
| Accrued Expenses | 2.39B | 2.39B | 2.42B | 1.65B | 1.25B | 1.93B |
| Short-Term Debt | 22.77B | 22.77B | 21.50B | 49.61B | 34.19B | 42.28B |
| Current Portion of Long-Term Debt | 2.78B | 2.78B | 1.56B | 1.38B | 1.93B | 1.87B |
| Current Portion of Leases | 68.96M | 68.96M | 83.22M | 87.54M | 77.03M | 76.22M |
| Current Income Taxes Payable | 2.17B | 2.17B | 1.51B | 1.46B | 1.08B | 1.47B |
| Current Unearned Revenue | 1.38B | 1.38B | 712.21M | 862.35M | 696.04M | 469.95M |
| Other Current Liabilities | 894.25M | 894.25M | 749.07M | 751.41M | 614.95M | 549.22M |
| Total Current Liabilities | 36.31B | 36.31B | 29.39B | 56.24B | 42.86B | 48.89B |
| Long-Term Debt | 20.60B | 20.60B | 22.24B | 8.44B | 4.40B | 5.00B |
| Long-Term Leases | 77.95M | 77.95M | 97.35M | 167.02M | 159.32M | 203.80M |
| Pension & Post-Retirement Benefits | 312.15M | 312.15M | 321.94M | 283.02M | 260.43M | 240.23M |
| Long-Term Deferred Tax Liabilities | 1.98B | 1.98B | 1.73B | 1.61B | 1.66B | 1.76B |
| Total Liabilities | 59.28B | 59.28B | 53.79B | 66.74B | 49.33B | 56.09B |
| Common Stock | 3.76B | 3.76B | 3.76B | 3.76B | 3.76B | 3.76B |
| Retained Earnings | 26.66B | 26.66B | 21.36B | 17.37B | 14.48B | 12.61B |
| Comprehensive Income & Other | 9.57B | 9.57B | 8.91B | 9.30B | 9.32B | 9.56B |
| Total Common Equity | 39.99B | 39.99B | 34.03B | 30.43B | 27.56B | 25.94B |
| Shareholders' Equity | 39.99B | 39.99B | 34.03B | 30.43B | 27.56B | 25.94B |
| Total Liabilities & Equity | 99.27B | 99.27B | 87.82B | 97.17B | 76.90B | 82.02B |
| Total Debt | 46.29B | 46.29B | 45.49B | 59.69B | 40.76B | 49.43B |
| Net Cash (Debt) | -38.91B | -38.91B | -42.95B | -53.07B | -35.09B | -37.48B |
| Net Cash Per Share | -103.50 | -103.50 | -114.25 | -141.17 | -93.35 | -99.71 |
| Filing Date Shares Outstanding | 375.76M | 375.76M | 375.95M | 375.95M | 375.95M | 375.95M |
| Total Common Shares Outstanding | 375.76M | 375.76M | 375.95M | 375.95M | 375.95M | 375.95M |
| Working Capital | 17.40B | 17.40B | 14.57B | -505.85M | -927.70M | 6.61B |
| Book Value Per Share | 106.42 | 106.42 | 90.52 | 80.93 | 73.32 | 68.99 |
| Tangible Book Value | 39.95B | 39.95B | 33.99B | 30.39B | 27.51B | 25.88B |
| Tangible Book Value Per Share | 106.31 | 106.31 | 90.41 | 80.83 | 73.18 | 68.83 |
| Land | 11.59B | 11.57B | 10.68B | 9.77B | ||
| Buildings | 12.33B | 6.36B | 5.97B | 5.97B | ||
| Machinery | 26.65B | 16.43B | 12.99B | 12.93B | ||
| Construction In Progress | 929.88M | 12.65B | 9.85B | 1.16B |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 7.15B | 7.15B | 5.18B | 3.80B | 2.98B | 3.28B |
| Depreciation & Amortization | 2.25B | 2.25B | 1.78B | 1.24B | 1.02B | 1.15B |
| Other Amortization | 8.50M | 11.50M | 9.96M | 7.12M | ||
| Loss (Gain) From Sale of Assets | -4.15M | -4.15M | -17.20M | -7.80M | -4.88M | -9.31M |
| Other Operating Activities | 3.39B | 3.39B | 289.22M | 677.04M | 655.62M | 1.16B |
| Change in Accounts Receivable | 1.21B | 1.21B | 50.01M | -37.76M | -70.15M | 389.87M |
| Change in Inventory | -6.48B | -6.48B | -190.59M | 2.33B | 7.60B | -1.06B |
| Change in Accounts Payable | 3.00B | 3.00B | 429.28M | -2.58B | 2.77B | -667.95M |
| Change in Unearned Revenue | 665.16M | 665.16M | -150.14M | 166.31M | 226.09M | -788.42M |
| Change in Other Net Operating Assets | -1.98B | -1.98B | -71.56M | 533.74M | -4.22B | 538.73M |
| Operating Cash Flow | 9.20B | 9.20B | 7.31B | 6.13B | 10.96B | 3.99B |
| Capital Expenditures | -565.68M | -565.68M | -16.35B | -11.48B | -9.08B | -2.10B |
| Sale of Property, Plant & Equipment | 4.15M | 4.15M | 36.96M | 7.98M | 5.14M | 11.29M |
| Sale (Purchase) of Intangibles | -5.42M | -5.42M | -10.18M | -4.35M | -29.50M | |
| Investment in Securities | -2.21B | -2.21B | 615.03M | -112.73M | 1.65B | -564.70M |
| Other Investing Activities | 19.00M | 19.00M | 14.89B | 72.00M | 100.80M | 115.20M |
| Investing Cash Flow | -2.76B | -2.76B | -818.81M | -11.51B | -7.33B | -2.56B |
| Short-Term Debt Issued | 3.21B | 3.21B | 1.18B | 6.03B | 1.56B | |
| Long-Term Debt Issued | 13.98B | 3.54B | ||||
| Total Debt Issued | 3.21B | 3.21B | 15.16B | 9.57B | 1.56B | |
| Short-Term Debt Repaid | -23.91B | -2.31B | -8.09B | -5.75B | ||
| Long-Term Debt Repaid | -586.55M | -586.55M | -617.18M | -1.90B | ||
| Lease Payments | -110.94M | -110.94M | ||||
| Total Debt Repaid | -586.55M | -586.55M | -23.91B | -2.31B | -8.71B | -7.65B |
| Net Debt Issued (Repaid) | 2.63B | 2.63B | -8.75B | 7.26B | -7.15B | -7.65B |
| Common Dividends Paid | -1.88B | -1.88B | -1.20B | -939.97M | -1.13B | -1.14B |
| Other Financing Activities | -2.50B | -2.50B | ||||
| Financing Cash Flow | -1.75B | -1.75B | -9.95B | 6.32B | -8.29B | -8.80B |
| Foreign Exchange Rate Adjustments | 339.17K | -5.16M | 21.68M | 23.83M | ||
| Miscellaneous Cash Flow Adjustments | -1.00 | -1.00 | 1.00 | |||
| Net Cash Flow | 4.69B | 4.69B | -3.46B | 936.58M | -4.63B | -7.34B |
| Free Cash Flow | 8.63B | 8.63B | -9.05B | -5.35B | 1.88B | 1.90B |
| Free Cash Flow Margin | 6.67% | 6.67% | -8.73% | -6.46% | 2.22% | 2.83% |
| Free Cash Flow Per Share | 22.96 | 22.96 | -24.06 | -14.22 | 5.00 | 5.05 |
| Levered Free Cash Flow | 6.66B | 6.66B | -2.34B | -21.84B | 4.20B | -14.50B |
| Unlevered Free Cash Flow | 8.27B | 8.27B | -395.02M | -20.52B | 5.14B | -14.01B |
| Free Cash Flow After Leases | 8.52B | 8.52B | -9.05B | -5.35B | 1.88B | 1.90B |
| Cash Income Tax Paid | 1.30B | 1.15B | 790.04M | 1.13B | ||
| Change in Working Capital | -3.59B | -3.59B | 67.00M | 413.31M | 6.30B | -1.59B |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 33.84B | 32.56B | 20.98B | 21.77B | 24.02B | 25.26B |
| Enterprise Value | 72.74B | 66.86B | 63.69B | 79.35B | 50.30B | 43.76B |
| Last Close Price | 90.00 | 86.60 | 51.57 | 50.49 | 53.54 | 53.67 |
| PE Ratio | 4.73 | 4.55 | 4.05 | 5.73 | 8.06 | 7.71 |
| PS Ratio | 0.26 | 0.25 | 0.20 | 0.26 | 0.28 | 0.38 |
| PB Ratio | 0.85 | 0.81 | 0.62 | 0.71 | 0.87 | 0.97 |
| P/TBV Ratio | 0.85 | 0.81 | 0.62 | 0.72 | 0.87 | 0.98 |
| P/FCF Ratio | 4.10 | 3.94 | 1.72 | 12.79 | 13.31 | |
| P/OCF Ratio | 3.68 | 3.54 | 1.24 | 3.55 | 2.19 | 6.33 |
| EV/Sales Ratio | 0.56 | 0.52 | 0.61 | 0.96 | 0.59 | 0.65 |
| EV/EBITDA Ratio | 5.39 | 4.99 | 6.15 | 10.39 | 7.00 | 7.00 |
| EV/EBIT Ratio | 6.47 | 5.94 | 7.36 | 12.25 | 8.04 | 8.45 |
| EV/FCF Ratio | 8.81 | 8.10 | 5.21 | 26.79 | 23.05 | |
| Debt / Equity Ratio | 1.16 | 1.16 | 1.34 | 1.96 | 1.48 | 1.91 |
| Debt / EBITDA Ratio | 3.43 | 3.43 | 4.36 | 7.73 | 5.60 | 7.81 |
| Debt / FCF Ratio | 5.61 | 5.61 | 3.72 | 21.70 | 26.04 | |
| Net Debt / Equity Ratio | 0.97 | 0.97 | 1.26 | 1.74 | 1.27 | 1.45 |
| Net Debt / EBITDA Ratio | 2.90 | 2.90 | 4.15 | 6.95 | 4.88 | 6.00 |
| Net Debt / FCF Ratio | 4.71 | 4.71 | 3.51 | -9.93 | 18.69 | 19.75 |
| Asset Turnover | 1.38 | 1.38 | 1.12 | 0.95 | 1.06 | 0.87 |
| Inventory Turnover | 3.92 | 3.92 | 3.53 | 3.30 | 3.31 | 2.92 |
| Quick Ratio | 0.37 | 0.37 | 0.33 | 0.24 | 0.30 | 0.39 |
| Current Ratio | 1.48 | 1.48 | 1.50 | 0.99 | 0.98 | 1.14 |
| Return on Equity (ROE) | 19.33% | 19.33% | 16.06% | 13.09% | 11.14% | 13.28% |
| Return on Assets (ROA) | 7.52% | 7.52% | 5.85% | 4.65% | 4.92% | 4.19% |
| Return on Invested Capital (ROIC) | 11.82% | 11.36% | 8.44% | 6.63% | 7.84% | 6.88% |
| Return on Capital Employed (ROCE) | 17.90% | 17.90% | 14.80% | 15.80% | 18.40% | 15.60% |
| Earnings Yield | 21.14% | 21.97% | 24.67% | 17.44% | 12.40% | 12.98% |
| FCF Yield | 24.41% | 25.37% | 58.28% | -24.56% | 7.82% | 7.51% |
| Dividend Yield | 6.67% | 6.93% | 8.96% | 5.53% | 3.91% | 4.46% |
| Payout Ratio | 26.29% | 26.29% | 23.21% | 24.76% | 38.00% | 34.92% |
| Total Shareholder Return | 6.67% | 6.93% | 8.96% | 5.53% | 3.91% | 4.46% |