DSE : DOREENPWR
Doreen Power Generations and Systems Limited — Financial statements
Electric Services · Bangladesh
Last price 32 BDT (At close: Oct 29, 2026) · Market cap 5.80B
Latest research: Doreen Power financial analysis: HFO capacity payments, falling finance cost and BDT 6.3bn of related-party balances (Oct 2026) · Doreen Power: three HFO plants under BPDB contracts to 2031-2037, EPS BDT 5.03 in FY2026, and BDT 6.3bn lent to sister concerns
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Financial statements
Doreen Power Generations and Systems Limited (DOREENPWR) reported revenue of 11.70B 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 | 11.70B | 11.70B | 15.06B | 13.33B | 18.43B | 15.02B |
| Fuel & Purchased Power | 196.98K | 196.98K | 237.04K | 1.16M | 1.30M | 1.32M |
| Operations & Maintenance | 96.54K | 332.76K | 268.21K | |||
| Selling, General & Admin | 249.37M | 249.37M | 181.16M | 218.47M | 480.05M | 283.42M |
| Depreciation & Amortization | 609.81K | 609.81K | 1.26M | 182.78K | 230.75K | 224.43K |
| Provision for Bad Debts | 11.73M | |||||
| Other Operating Expenses | 9.02B | 9.02B | 11.90B | 10.17B | 14.49B | 11.95B |
| Total Operating Expenses | 9.27B | 9.27B | 12.09B | 10.39B | 14.97B | 12.24B |
| Operating Income | 2.43B | 2.43B | 2.97B | 2.94B | 3.46B | 2.79B |
| Interest Expense | -32.30K | -32.30K | -155.98K | -129.41M | -158.44M | -168.01M |
| Interest Income | 1.10M | 1.10M | 184.72K | 206.57K | 837.61K | 386.20K |
| Net Interest Expense | 1.06M | 1.06M | 28.73K | -129.21M | -157.61M | -167.62M |
| Currency Exchange Gain (Loss) | -258.80K | -2.76M | -6.81M | -1.08M | ||
| Other Non-Operating Income (Expenses) | -1.50B | -1.50B | -1.96B | -2.05B | -2.64B | -939.56M |
| EBT Excluding Unusual Items | 925.13M | 925.13M | 1.01B | 760.96M | 649.51M | 1.68B |
| Gain (Loss) on Sale of Assets | -7.62M | -7.62M | -17.63M | 599.99K | 2.01M | |
| Asset Writedown | -409.91M | -413.82M | ||||
| Pretax Income | 917.51M | 917.51M | 581.67M | 347.75M | 649.51M | 1.68B |
| Income Tax Expense | 3.02M | 3.02M | -3.17M | 15.12M | 789.47K | 3.54M |
| Earnings From Continuing Ops. | 914.49M | 914.49M | 584.84M | 332.63M | 648.72M | 1.68B |
| Minority Interest in Earnings | -4.16M | -4.16M | -6.30M | -5.15M | -4.74M | -9.72M |
| Net Income | 910.33M | 910.33M | 578.54M | 327.48M | 643.98M | 1.67B |
| Net Income to Common | 910.33M | 910.33M | 578.54M | 327.48M | 643.98M | 1.67B |
| Shares Outstanding (Basic) | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M |
| Shares Outstanding (Diluted) | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M |
| EPS (Basic) | 5.03 | 5.03 | 3.19 | 1.81 | 3.56 | 9.21 |
| EPS (Diluted) | 5.03 | 5.03 | 3.19 | 1.81 | 3.56 | 9.21 |
| Free Cash Flow | 2.83B | 2.83B | 1.30B | 3.52B | 3.14B | -6.11B |
| Free Cash Flow Per Share | 15.64 | 15.64 | 7.19 | 19.43 | 17.34 | -33.72 |
| Dividend Per Share | 1.50 | 1.50 | 1.00 | 1.00 | 1.10 | 1.61 |
| Profit Margin | 7.78% | 7.78% | 3.84% | 2.46% | 3.49% | 11.10% |
| Free Cash Flow Margin | 24.22% | 24.22% | 8.64% | 26.39% | 17.04% | -40.65% |
| EBITDA | 3.73B | 3.73B | 3.93B | 4.02B | 4.58B | 3.49B |
| EBITDA Margin | 31.92% | 31.92% | 26.06% | 30.15% | 24.82% | 23.26% |
| D&A For EBITDA | 1.31B | 1.31B | 952.40M | 1.08B | 1.12B | 706.69M |
| EBIT | 2.43B | 2.43B | 2.97B | 2.94B | 3.46B | 2.79B |
| EBIT Margin | 20.73% | 20.73% | 19.74% | 22.06% | 18.75% | 18.55% |
| Effective Tax Rate | 0.33% | 0.33% | 4.35% | 0.12% | 0.21% |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 152.68M | 152.68M | 183.06M | 40.95M | 84.40M | 53.56M |
| Accounts Receivable | 5.42B | 5.42B | 6.49B | 5.69B | 8.60B | 9.34B |
| Inventory | 1.64B | 1.64B | 1.66B | 2.67B | 1.29B | 1.59B |
| Prepaid Expenses | 2.58M | 4.25M | ||||
| Other Current Assets | 6.63B | 6.63B | 4.75B | 3.40B | 2.17B | 1.97B |
| Total Current Assets | 13.84B | 13.84B | 13.08B | 11.80B | 12.14B | 12.95B |
| Property, Plant & Equipment | 11.09B | 11.09B | 11.82B | 12.95B | 14.73B | 15.71B |
| Long-Term Investments | 836.99K | 836.99K | 79.17M | 714.90K | 10.98M | 10.49M |
| Other Long-Term Assets | 1.00 | 2.00 | 1.00 | |||
| Total Assets | 24.94B | 24.94B | 24.98B | 24.75B | 26.89B | 28.68B |
| Accounts Payable | 642.30M | 642.30M | 678.37M | 733.09M | 542.68M | 208.24M |
| Accrued Expenses | 482.95M | 482.95M | 375.70M | 466.54M | 461.63M | 626.69M |
| Short-Term Debt | 7.73B | 7.73B | 8.16B | 7.69B | 8.95B | 10.35B |
| Current Portion of Long-Term Debt | 1.07B | 1.07B | 976.50M | 942.91M | 1.12B | 1.28B |
| Current Portion of Leases | 9.26M | 9.26M | 9.98M | 10.76M | 10.76M | 9.55M |
| Current Income Taxes Payable | 1.98M | 1.98M | 5.89M | 869.53K | 563.94K | 2.46M |
| Other Current Liabilities | 12.80M | 12.80M | 1.40M | 3.37M | 2.89M | 3.10M |
| Total Current Liabilities | 9.95B | 9.95B | 10.21B | 9.84B | 11.09B | 12.48B |
| Long-Term Debt | 4.22B | 4.22B | 4.95B | 5.64B | 6.39B | 7.50B |
| Long-Term Leases | 3.47M | 3.47M | 11.06M | 18.58M | 26.18M | 33.77M |
| Long-Term Unearned Revenue | 324.66M | 324.66M | 228.19M | 179.48M | 187.29M | 23.61M |
| Long-Term Deferred Tax Liabilities | 19.89M | 19.89M | 19.89M | 30.63M | 1.08M | 1.08M |
| Other Long-Term Liabilities | 2.50M | 2.50M | 2.50M | 1.00 | ||
| Total Liabilities | 14.52B | 14.52B | 15.42B | 15.72B | 17.69B | 20.03B |
| Common Stock | 1.81B | 1.81B | 1.81B | 1.81B | 1.81B | 1.62B |
| Additional Paid-In Capital | 361.85M | 361.85M | 361.85M | 361.85M | 361.85M | 361.85M |
| Retained Earnings | 8.06B | 8.06B | 7.21B | 6.69B | 6.40B | 6.02B |
| Comprehensive Income & Other | 112.72M | 112.72M | 112.72M | 112.72M | 566.96M | 596.27M |
| Total Common Equity | 10.35B | 10.35B | 9.50B | 8.98B | 9.14B | 8.60B |
| Minority Interest | 67.91M | 67.91M | 63.76M | 57.46M | 52.31M | 47.58M |
| Shareholders' Equity | 10.41B | 10.41B | 9.56B | 9.04B | 9.19B | 8.64B |
| Total Liabilities & Equity | 24.94B | 24.94B | 24.98B | 24.75B | 26.89B | 28.68B |
| Total Debt | 13.04B | 13.04B | 14.10B | 14.30B | 16.49B | 19.17B |
| Net Cash (Debt) | -12.88B | -12.88B | -13.92B | -14.26B | -16.41B | -19.12B |
| Net Cash Per Share | -71.14 | -71.14 | -76.86 | -78.73 | -90.60 | -105.54 |
| Filing Date Shares Outstanding | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M |
| Total Common Shares Outstanding | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M | 181.12M |
| Working Capital | 3.89B | 3.89B | 2.87B | 1.95B | 1.05B | 475.46M |
| Book Value Per Share | 57.12 | 57.12 | 52.43 | 49.57 | 50.47 | 47.46 |
| Tangible Book Value | 10.35B | 10.35B | 9.50B | 8.98B | 9.14B | 8.60B |
| Tangible Book Value Per Share | 57.12 | 57.12 | 52.43 | 49.57 | 50.47 | 47.46 |
| Land | 216.54M | 119.89M | 119.89M | |||
| Buildings | 58.25M | 175.09M | 175.09M | |||
| Machinery | 1.50B | 3.44B | 3.41B |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 910.33M | 910.33M | 578.54M | 327.48M | 643.98M | 1.67B |
| Depreciation & Amortization | 1.32B | 1.32B | 959.79M | 1.09B | 1.13B | 714.08M |
| Loss (Gain) on Sale of Assets | 7.62M | 7.62M | 17.63M | -599.99K | -2.01M | |
| Asset Writedown | 409.91M | 413.82M | ||||
| Change in Accounts Receivable | 1.03B | 1.03B | -758.57M | 2.91B | 745.63M | -7.65B |
| Change in Inventory | 17.16M | 17.16M | 1.01B | -1.38B | 299.83M | -767.17M |
| Change in Accounts Payable | -36.07M | -36.07M | -54.72M | 190.41M | 334.44M | -12.25M |
| Change in Income Taxes | -3.91M | -3.91M | 5.02M | 305.59K | -1.89M | -1.32M |
| Change in Unearned Revenue | 96.48M | 96.48M | 48.71M | -7.81M | 163.68M | 2.04M |
| Change in Other Net Operating Assets | 101.25M | 101.25M | -64.88M | 11.96M | -151.58M | 292.32M |
| Other Operating Activities | -374.18K | -374.18K | -19.79M | 80.57M | 96.05M | 548.87M |
| Operating Cash Flow | 3.43B | 3.43B | 2.13B | 3.63B | 3.26B | -5.21B |
| Capital Expenditures | -601.25M | -601.25M | -831.29M | -109.06M | -116.33M | -897.40M |
| Investment in Securities | 78.34M | 78.34M | -78.46M | 10.27M | -490.59K | 2.46M |
| Other Investing Activities | -1.82B | -1.82B | -832.55M | -1.26B | -253.59M | 145.29M |
| Investing Cash Flow | -2.35B | -2.35B | -1.74B | -1.36B | -370.40M | -749.65M |
| Short-Term Debt Issued | 473.74M | 5.05B | ||||
| Long-Term Debt Issued | 27.74M | |||||
| Total Debt Issued | 473.74M | 5.08B | ||||
| Short-Term Debt Repaid | -428.57M | -428.57M | -1.33B | -1.49B | ||
| Long-Term Debt Repaid | -629.46M | -629.46M | -661.44M | -921.64M | -1.27B | |
| Total Debt Repaid | -1.06B | -1.06B | -661.44M | -2.25B | -2.76B | |
| Net Debt Issued (Repaid) | -1.06B | -1.06B | -187.70M | -2.25B | -2.76B | 5.08B |
| Issuance of Common Stock | 150.00K | |||||
| Common Dividends Paid | -60.60M | -60.60M | -60.71M | -66.20M | -97.60M | -62.58M |
| Other Financing Activities | 1.00 | |||||
| Financing Cash Flow | -1.12B | -1.12B | -248.41M | -2.31B | -2.86B | 5.01B |
| Miscellaneous Cash Flow Adjustments | -1.00 | |||||
| Net Cash Flow | -30.38M | -30.38M | 142.10M | -43.44M | 30.83M | -946.01M |
| Free Cash Flow | 2.83B | 2.83B | 1.30B | 3.52B | 3.14B | -6.11B |
| Free Cash Flow Margin | 24.22% | 24.22% | 8.64% | 26.39% | 17.04% | -40.65% |
| Free Cash Flow Per Share | 15.64 | 15.64 | 7.19 | 19.43 | 17.34 | -33.72 |
| Levered Free Cash Flow | 1.52B | 1.52B | 704.20M | 3.23B | 4.08B | -6.20B |
| Unlevered Free Cash Flow | 1.52B | 1.52B | 704.30M | 3.31B | 4.18B | -6.10B |
| Cash Interest Paid | 1.46B | 1.46B | 2.04B | 2.00B | 2.86B | 428.66M |
| Cash Income Tax Paid | 5.51M | 5.51M | 4.17M | 4.52M | 1.56M | 5.58M |
| Change in Working Capital | 1.20B | 1.20B | 186.72M | 1.72B | 1.39B | -8.14B |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.80B | 5.49B | 4.22B | 4.65B | 11.05B | 12.40B |
| Enterprise Value | 18.75B | 20.40B | 17.16B | 17.69B | 28.91B | 27.68B |
| PE Ratio | 6.37 | 6.03 | 7.29 | 14.21 | 17.16 | 7.44 |
| PS Ratio | 0.50 | 0.47 | 0.28 | 0.35 | 0.60 | 0.83 |
| PB Ratio | 0.56 | 0.53 | 0.44 | 0.52 | 1.20 | 1.44 |
| P/FCF Ratio | 2.05 | 1.94 | 3.24 | 1.32 | 3.52 | |
| P/OCF Ratio | 1.69 | 1.60 | 1.98 | 1.28 | 3.39 | |
| EV/Sales Ratio | 1.60 | 1.74 | 1.14 | 1.33 | 1.57 | 1.84 |
| EV/EBITDA Ratio | 5.01 | 5.46 | 4.37 | 4.40 | 6.32 | 7.92 |
| EV/EBIT Ratio | 7.73 | 8.41 | 5.77 | 6.02 | 8.37 | 9.93 |
| EV/FCF Ratio | 6.62 | 7.20 | 13.19 | 5.03 | 9.20 | |
| Debt / Equity Ratio | 1.25 | 1.25 | 1.48 | 1.58 | 1.79 | 2.22 |
| Debt / EBITDA Ratio | 3.48 | 3.48 | 3.59 | 3.55 | 3.60 | 5.47 |
| Debt / FCF Ratio | 4.60 | 4.60 | 10.84 | 4.06 | 5.25 | |
| Net Debt / Equity Ratio | 1.24 | 1.24 | 1.46 | 1.58 | 1.78 | 2.21 |
| Net Debt / EBITDA Ratio | 3.45 | 3.45 | 3.55 | 3.55 | 3.59 | 5.47 |
| Net Debt / FCF Ratio | 4.55 | 4.55 | 10.70 | 4.05 | 5.22 | -3.13 |
| Quick Ratio | 0.56 | 0.56 | 0.65 | 0.58 | 0.78 | 0.75 |
| Current Ratio | 1.39 | 1.39 | 1.28 | 1.20 | 1.09 | 1.04 |
| Asset Turnover | 0.47 | 0.47 | 0.61 | 0.52 | 0.66 | 0.60 |
| Return on Equity (ROE) | 9.16% | 9.16% | 6.29% | 3.65% | 7.27% | 21.41% |
| Return on Assets (ROA) | 6.07% | 6.07% | 7.47% | 7.12% | 7.77% | 6.94% |
| Return on Capital Employed (ROCE) | 16.20% | 16.20% | 20.10% | 19.70% | 21.90% | 17.20% |
| Earnings Yield | 15.71% | 16.59% | 13.71% | 7.03% | 5.83% | 13.45% |
| FCF Yield | 48.89% | 51.63% | 30.84% | 75.59% | 28.43% | -49.24% |
| Dividend Yield | 4.69% | 4.95% | 4.29% | 3.89% | 1.80% | 2.35% |
| Payout Ratio | 6.66% | 6.66% | 10.49% | 20.22% | 15.15% | 3.75% |
| Buyback Yield / Dilution | 0.00% | |||||
| Total Shareholder Return | 4.69% | 4.95% | 4.29% | 3.89% | 1.80% | 2.35% |