DSE : DESCO
Dhaka Electric Supply Company Limited — Financial statements
Electric Services · Bangladesh
Last price 22.1 BDT (At close: Oct 29, 2026) · Market cap 8.79B
Latest research: DESCO financial analysis: Tk 0.86/kWh spread, 5.47% system loss, FX loans and FY2026 return to profit (Oct 2026) · DESCO: back to a Tk 442m profit in FY2026, but a 5.5% system loss, Tk 37.9bn of on-lent foreign loans and a qualified audit decide what shareholders keep
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Financial statements
Dhaka Electric Supply Company Limited (DESCO) reported revenue of 79.12B 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 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 77.75B | 77.75B | 73.42B | 66.26B | 53.73B | 47.22B |
| Other Revenue | 1.37B | 1.37B | 1.36B | 1.48B | 1.27B | 1.48B |
| Revenue | 79.12B | 79.12B | 74.78B | 67.73B | 54.99B | 48.70B |
| Operations & Maintenance | 1.42B | 1.42B | 1.46B | 1.26B | 1.38B | 1.08B |
| Selling, General & Admin | 418.36M | 418.36M | 329.25M | 459.11M | 460.96M | 415.87M |
| Depreciation & Amortization | 2.43B | 2.43B | 2.35B | 2.14B | 2.10B | 1.70B |
| Provision for Bad Debts | 13.40M | 13.40M | 10.85M | 13.58M | -1.62M | -5.36M |
| Other Operating Expenses | 73.97B | 73.97B | 69.49B | 65.31B | 53.39B | 44.44B |
| Total Operating Expenses | 78.24B | 78.24B | 73.63B | 69.18B | 57.33B | 47.62B |
| Operating Income | 874.05M | 874.05M | 1.14B | -1.45B | -2.34B | 1.08B |
| Interest Expense | -1.72B | -1.72B | -1.63B | -1.80B | -1.20B | -1.08B |
| Interest Income | 1.24B | 1.24B | 1.01B | 848.49M | 778.40M | 695.38M |
| Net Interest Expense | -481.54M | -481.54M | -620.03M | -950.14M | -425.69M | -389.45M |
| Currency Exchange Gain (Loss) | 44.20M | 44.20M | -1.69B | -2.43B | -4.28B | -84.65M |
| Other Non-Operating Income (Expenses) | 169.54M | 169.54M | 167.61M | 115.51M | 225.57M | 155.21M |
| EBT Excluding Unusual Items | 606.24M | 606.24M | -1.00B | -4.72B | -6.83B | 760.30M |
| Pretax Income | 606.24M | 606.24M | -1.00B | -4.72B | -6.83B | 760.30M |
| Income Tax Expense | 164.24M | 164.24M | 250.07M | 339.68M | -1.41B | 129.40M |
| Net Income | 442.01M | 442.01M | -1.25B | -5.06B | -5.41B | 630.89M |
| Net Income to Common | 442.01M | 442.01M | -1.25B | -5.06B | -5.41B | 630.89M |
| Shares Outstanding (Basic) | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M |
| Shares Outstanding (Diluted) | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M |
| EPS (Basic) | 1.11 | 1.11 | -3.15 | -12.72 | -13.61 | 1.59 |
| EPS (Diluted) | 1.11 | 1.11 | -3.15 | -12.72 | -13.61 | 1.59 |
| Free Cash Flow | 2.18B | 2.18B | -815.38M | 2.26B | 814.53M | 475.50M |
| Free Cash Flow Per Share | 5.48 | 5.48 | -2.05 | 5.68 | 2.05 | 1.20 |
| Dividend Per Share | 1.00 | 1.00 | ||||
| Profit Margin | 0.56% | 0.56% | -1.67% | -7.46% | -9.84% | 1.29% |
| Free Cash Flow Margin | 2.76% | 2.76% | -1.09% | 3.34% | 1.48% | 0.98% |
| EBITDA | 3.15B | 3.15B | 3.36B | 605.98M | -169.40M | 3.02B |
| EBITDA Margin | 3.98% | 3.98% | 4.49% | 0.90% | -0.31% | 6.20% |
| D&A For EBITDA | 2.27B | 2.27B | 2.21B | 2.06B | 2.17B | 1.94B |
| EBIT | 874.05M | 874.05M | 1.14B | -1.45B | -2.34B | 1.08B |
| EBIT Margin | 1.10% | 1.10% | 1.53% | -2.14% | -4.26% | 2.22% |
| Effective Tax Rate | 27.09% | 27.09% | 17.02% |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 14.98B | 14.98B | 10.72B | 10.38B | 6.20B | 5.03B |
| Short-Term Investments | 5.06B | 5.06B | 8.07B | 5.94B | 10.42B | 10.24B |
| Accounts Receivable | 5.32B | 5.32B | 4.70B | 5.73B | 5.43B | 4.02B |
| Other Receivables | 1.13B | 1.13B | 905.36M | 679.17M | 906.89M | 759.73M |
| Inventory | 6.63B | 6.63B | 6.68B | 5.12B | 3.26B | 4.30B |
| Prepaid Expenses | 33.95M | 33.95M | 26.18M | |||
| Other Current Assets | 5.45B | 5.45B | 2.57B | 2.52B | 3.30B | 3.77B |
| Total Current Assets | 38.61B | 38.61B | 33.67B | 30.36B | 29.51B | 28.12B |
| Property, Plant & Equipment | 60.03B | 60.03B | 58.92B | 59.00B | 56.32B | 55.51B |
| Other Intangible Assets | 23.47M | 23.47M | 26.63M | 42.66M | 88.14M | 106.07M |
| Long-Term Investments | 160.63M | 160.63M | ||||
| Other Long-Term Assets | 2.00 | |||||
| Total Assets | 98.82B | 98.82B | 92.61B | 89.40B | 85.92B | 83.74B |
| Accounts Payable | 14.63B | 14.63B | 12.81B | 12.93B | 11.32B | 8.32B |
| Accrued Expenses | 11.46B | 11.46B | 10.21B | 8.62B | 7.02B | 5.65B |
| Short-Term Debt | 2.38B | 1.62B | ||||
| Current Portion of Long-Term Debt | 13.50B | 13.50B | 11.30B | 8.51B | 3.21B | 924.10M |
| Current Portion of Leases | 86.58M | 86.58M | 103.34M | |||
| Current Income Taxes Payable | 813.38M | 813.38M | 584.08M | 423.80M | 575.24M | 349.17M |
| Other Current Liabilities | 1.45B | 1.45B | 1.35B | 1.76B | 1.15B | 1.10B |
| Total Current Liabilities | 41.94B | 41.94B | 36.36B | 34.61B | 24.89B | 16.35B |
| Long-Term Debt | 28.35B | 28.35B | 29.48B | 27.48B | 29.11B | 28.04B |
| Long-Term Leases | 41.54M | 41.54M | 35.34M | 69.54M | 12.60M | 22.00M |
| Long-Term Deferred Tax Liabilities | 1.61B | 1.61B | 1.69B | 1.62B | 1.36B | 2.87B |
| Other Long-Term Liabilities | 6.56B | 6.56B | 6.51B | 6.73B | 6.53B | 6.87B |
| Total Liabilities | 78.51B | 78.51B | 74.08B | 70.51B | 61.91B | 54.15B |
| Total Preferred Equity | 6.10B | 6.10B | 6.10B | |||
| Common Stock | 3.98B | 3.98B | 3.98B | 3.98B | 3.98B | 3.98B |
| Retained Earnings | -2.12B | -2.12B | -2.68B | -1.54B | 3.53B | 9.41B |
| Comprehensive Income & Other | 12.36B | 12.36B | 11.14B | 16.45B | 16.50B | 16.20B |
| Total Common Equity | 14.21B | 14.21B | 12.43B | 18.88B | 24.01B | 29.59B |
| Shareholders' Equity | 20.31B | 20.31B | 18.53B | 18.88B | 24.01B | 29.59B |
| Total Liabilities & Equity | 98.82B | 98.82B | 92.61B | 89.40B | 85.92B | 83.74B |
| Total Debt | 41.98B | 41.98B | 40.92B | 38.44B | 33.95B | 28.99B |
| Net Cash (Debt) | -21.94B | -21.94B | -22.13B | -22.12B | -17.34B | -13.72B |
| Net Cash Per Share | -55.18 | -55.18 | -55.67 | -55.64 | -43.61 | -34.50 |
| Filing Date Shares Outstanding | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M |
| Total Common Shares Outstanding | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M | 397.57M |
| Working Capital | -3.33B | -3.33B | -2.69B | -4.25B | 4.61B | 11.77B |
| Book Value Per Share | 35.74 | 35.74 | 31.26 | 47.50 | 60.39 | 74.43 |
| Tangible Book Value | 14.19B | 14.19B | 12.40B | 18.84B | 23.92B | 29.49B |
| Tangible Book Value Per Share | 35.69 | 35.69 | 31.19 | 47.39 | 60.17 | 74.16 |
| Land | 9.75B | 9.75B | 9.74B | 9.72B | 9.67B | |
| Buildings | 2.33B | 2.33B | 2.32B | 2.24B | 2.19B | |
| Machinery | 36.74B | 36.74B | 35.95B | 35.06B | 28.49B | |
| Construction In Progress | 7.20B | 7.20B | 5.62B | 5.75B | 9.10B |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 442.01M | 442.01M | -1.25B | -5.06B | -5.41B | 630.89M |
| Depreciation & Amortization | 2.41B | 2.41B | 2.33B | 2.11B | 2.18B | 1.95B |
| Other Amortization | 14.08M | 14.08M | 16.03M | 28.98M | 17.69M | 19.02M |
| Change in Accounts Receivable | -848.72M | -848.72M | 804.08M | -292.82M | -1.42B | -342.06M |
| Change in Accounts Payable | 1.82B | 1.82B | -116.29M | 1.60B | 3.00B | 869.12M |
| Change in Income Taxes | -97.59M | -97.59M | -53.62M | -331.43M | 119.38M | |
| Change in Other Net Operating Assets | 227.74M | 227.74M | 259.62M | 800.06M | 1.21B | 582.22M |
| Other Operating Activities | 3.17B | 3.17B | 4.33B | 7.29B | 3.77B | 1.49B |
| Operating Cash Flow | 7.15B | 7.15B | 6.33B | 6.16B | 3.47B | 5.20B |
| Capital Expenditures | -4.97B | -4.97B | -7.15B | -3.90B | -2.65B | -4.73B |
| Investment in Securities | 805.98M | 805.98M | -2.43B | |||
| Other Investing Activities | 1.00 | |||||
| Investing Cash Flow | -4.17B | -4.17B | -9.58B | -3.90B | -2.65B | -4.73B |
| Long-Term Debt Issued | 1.32B | 1.32B | 3.68B | 2.15B | 1.62B | 300.87M |
| Long-Term Debt Repaid | -297.73M | -299.94M | -1.10B | -1.18B | ||
| Net Debt Issued (Repaid) | 1.32B | 1.32B | 3.38B | 1.85B | 516.97M | -880.77M |
| Common Dividends Paid | -123.83M | -389.94M | -412.81M | |||
| Dividends Paid | -72.95M | -72.95M | -1.38M | -123.83M | -389.94M | -412.81M |
| Other Financing Activities | 22.96M | 22.96M | 209.69M | 192.40M | 226.48M | 282.96M |
| Financing Cash Flow | 1.27B | 1.27B | 3.59B | 1.92B | 353.51M | -1.01B |
| Miscellaneous Cash Flow Adjustments | -1.00 | -1.00 | -1.00 | |||
| Net Cash Flow | 4.26B | 4.26B | 344.64M | 4.18B | 1.17B | -535.12M |
| Free Cash Flow | 2.18B | 2.18B | -815.38M | 2.26B | 814.53M | 475.50M |
| Free Cash Flow Margin | 2.76% | 2.76% | -1.09% | 3.34% | 1.48% | 0.98% |
| Free Cash Flow Per Share | 5.48 | 5.48 | -2.05 | 5.68 | 2.05 | 1.20 |
| Levered Free Cash Flow | -3.37B | -3.37B | -4.71B | -1.28B | 1.93B | -1.97B |
| Unlevered Free Cash Flow | -2.29B | -2.29B | -3.69B | -159.28M | 2.68B | -1.29B |
| Cash Interest Paid | 573.42M | 573.42M | 377.77M | 209.50M | 474.73M | 326.73M |
| Cash Income Tax Paid | 229.30M | 229.30M | 160.16M | 203.69M | 130.84M | 75.97M |
| Change in Working Capital | 1.10B | 1.10B | 893.79M | 1.78B | 2.91B | 1.11B |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.79B | 9.94B | 9.10B | 9.74B | 14.55B | 15.43B |
| Enterprise Value | 36.82B | 39.58B | 38.91B | 29.32B | 36.49B | 30.88B |
| PE Ratio | 19.88 | 22.49 | 24.45 | |||
| PS Ratio | 0.11 | 0.13 | 0.12 | 0.14 | 0.27 | 0.32 |
| PB Ratio | 0.43 | 0.49 | 0.49 | 0.52 | 0.61 | 0.52 |
| P/FCF Ratio | 4.01 | 4.56 | 4.31 | 17.86 | 32.44 | |
| P/OCF Ratio | 1.22 | 1.39 | 1.44 | 1.58 | 4.20 | 2.96 |
| EV/Sales Ratio | 0.46 | 0.50 | 0.52 | 0.43 | 0.66 | 0.63 |
| EV/EBITDA Ratio | 11.19 | 12.58 | 11.60 | 48.39 | 10.23 | |
| EV/EBIT Ratio | 42.09 | 45.29 | 34.04 | 28.61 | ||
| EV/FCF Ratio | 16.88 | 18.16 | 12.98 | 44.80 | 64.94 | |
| Debt / Equity Ratio | 2.07 | 2.07 | 2.21 | 2.04 | 1.41 | 0.98 |
| Debt / EBITDA Ratio | 12.77 | 12.77 | 11.78 | 58.52 | 9.56 | |
| Debt / FCF Ratio | 19.26 | 19.26 | 17.01 | 41.68 | 60.96 | |
| Net Debt / Equity Ratio | 1.08 | 1.08 | 1.19 | 1.17 | 0.72 | 0.46 |
| Net Debt / EBITDA Ratio | 6.97 | 6.97 | 6.60 | 36.51 | -102.34 | 4.54 |
| Net Debt / FCF Ratio | 10.06 | 10.06 | -27.14 | 9.79 | 21.28 | 28.84 |
| Quick Ratio | 0.63 | 0.63 | 0.67 | 0.66 | 0.92 | 1.23 |
| Current Ratio | 0.92 | 0.92 | 0.93 | 0.88 | 1.19 | 1.72 |
| Asset Turnover | 0.83 | 0.83 | 0.82 | 0.77 | 0.65 | 0.60 |
| Return on Equity (ROE) | 2.28% | 2.28% | -6.69% | -23.57% | -20.19% | 2.17% |
| Return on Assets (ROA) | 0.57% | 0.57% | 0.78% | -1.03% | -1.73% | 0.83% |
| Return on Capital Employed (ROCE) | 1.50% | 1.50% | 2.00% | -2.60% | -3.80% | 1.60% |
| Earnings Yield | 5.03% | 4.45% | -13.75% | -51.90% | -37.19% | 4.09% |
| FCF Yield | 24.92% | 21.93% | -8.96% | 23.20% | 5.60% | 3.08% |
| Dividend Yield | 4.52% | 2.73% | 2.58% | |||
| Payout Ratio | 16.50% | 16.50% | 65.43% | |||
| Total Shareholder Return | 4.54% | 2.73% | 2.58% |