DSE : GPHISPAT
GPH Ispat Limited — Financial statements
Steel Works, Blast Furnaces, And Rolling And Finishing Mills · Bangladesh
Last price 15.3 BDT (At close: Oct 29, 2026) · Market cap 7.40B
Latest research: GPH Ispat financial analysis: finance cost takes 94% of operating profit at 48% billet utilisation (Oct 2026) · GPH Ispat: a modern melt-and-roll plant at half capacity, with finance cost taking 94% of operating profit
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Financial statements
GPH Ispat Limited (GPHISPAT) reported revenue of 39.40B 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 | 39.40B | 39.40B | 56.06B | 55.83B | 57.66B | 46.83B |
| Cost of Revenue | 32.35B | 32.35B | 48.22B | 47.83B | 49.70B | 40.48B |
| Gross Profit | 7.05B | 7.05B | 7.84B | 8.00B | 7.96B | 6.35B |
| Selling, General & Admin | 1.20B | 1.20B | 1.58B | 1.59B | 1.55B | 1.55B |
| Operating Expenses | 1.20B | 1.20B | 1.58B | 1.59B | 1.55B | 1.55B |
| Operating Income | 5.85B | 5.85B | 6.26B | 6.40B | 6.41B | 4.80B |
| Interest Expense | -5.49B | -5.49B | -5.22B | -3.96B | -2.95B | -1.84B |
| Interest & Investment Income | 248.09M | 248.09M | 267.36M | 182.37M | 148.00M | 116.07M |
| Currency Exchange Gain (Loss) | 21.98M | 21.98M | -498.97M | -793.20M | -2.33B | -282.46M |
| Other Non Operating Income (Expenses) | -36.11M | -36.11M | -43.94M | -55.37M | -47.29M | -20.59M |
| EBT Excluding Unusual Items | 594.45M | 594.45M | 758.27M | 1.78B | 1.24B | 2.77B |
| Gain (Loss) on Sale of Investments | 19.94M | 19.94M | -2.27M | -17.86M | -2.70M | 7.05M |
| Other Unusual Items | 1.21M | 1.21M | 1.05M | 665.48K | 733.83K | 311.90K |
| Pretax Income | 615.60M | 615.60M | 757.04M | 1.76B | 1.24B | 2.78B |
| Income Tax Expense | 580.12M | 580.12M | 1.00B | 904.76M | 968.80M | 1.29B |
| Net Income | 35.48M | 35.48M | -245.70M | 857.74M | 267.61M | 1.49B |
| Net Income to Common | 35.48M | 35.48M | -245.70M | 857.74M | 267.61M | 1.49B |
| Shares Outstanding (Basic) | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M |
| Shares Outstanding (Diluted) | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M |
| EPS (Basic) | 0.07 | 0.07 | -0.51 | 1.77 | 0.55 | 3.09 |
| EPS (Diluted) | 0.07 | 0.07 | -0.51 | 1.77 | 0.55 | 3.09 |
| Free Cash Flow | -130.07M | -130.07M | -5.53B | 1.80B | -912.74M | -5.29B |
| Free Cash Flow Per Share | -0.27 | -0.27 | -11.43 | 3.71 | -1.89 | -10.92 |
| Dividend Per Share | 0.20 | 0.20 | 0.50 | 1.00 | 0.48 | 0.50 |
| Gross Margin | 17.90% | 17.90% | 13.98% | 14.32% | 13.81% | 13.56% |
| Operating Margin | 14.85% | 14.85% | 11.16% | 11.47% | 11.11% | 10.25% |
| Profit Margin | 0.09% | 0.09% | -0.44% | 1.54% | 0.46% | 3.19% |
| Free Cash Flow Margin | -0.33% | -0.33% | -9.86% | 3.22% | -1.58% | -11.29% |
| EBITDA | 7.97B | 7.97B | 8.23B | 8.29B | 7.66B | 6.21B |
| EBITDA Margin | 20.23% | 20.23% | 14.68% | 14.84% | 13.28% | 13.26% |
| D&A For EBITDA | 2.12B | 2.12B | 1.97B | 1.89B | 1.25B | 1.41B |
| EBIT | 5.85B | 5.85B | 6.26B | 6.40B | 6.41B | 4.80B |
| EBIT Margin | 14.85% | 14.85% | 11.16% | 11.47% | 11.11% | 10.25% |
| Effective Tax Rate | 94.24% | 94.24% | 132.45% | 51.33% | 78.36% | 46.28% |
| Revenue as Reported | 39.40B | 39.40B | 56.06B | 55.83B | 57.66B | 46.83B |
| Advertising Expenses | 41.11M | 41.11M | 77.37M | 93.22M | 175.05M | 184.15M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 424.66M | 424.66M | 94.20M | 145.79M | 370.56M | 444.84M |
| Short-Term Investments | 2.46B | 2.46B | 1.94B | 1.89B | 2.07B | 1.83B |
| Cash & Short-Term Investments | 2.89B | 2.89B | 2.03B | 2.04B | 2.44B | 2.28B |
| Accounts Receivable | 9.15B | 9.15B | 8.56B | 7.35B | 6.32B | 5.01B |
| Other Receivables | 682.64M | 682.64M | 617.39M | 559.49M | 506.40M | 456.01M |
| Receivables | 9.83B | 9.83B | 9.18B | 7.90B | 6.82B | 5.47B |
| Inventory | 17.62B | 17.62B | 18.34B | 17.96B | 17.71B | 15.99B |
| Prepaid Expenses | 20.73M | 20.73M | 13.10M | 18.89M | 22.26M | 16.63M |
| Other Current Assets | 14.54B | 14.54B | 14.20B | 10.91B | 8.97B | 6.56B |
| Total Current Assets | 44.89B | 44.89B | 43.76B | 38.84B | 35.97B | 30.31B |
| Property, Plant & Equipment | 63.20B | 63.20B | 57.59B | 51.29B | 50.25B | 34.41B |
| Long-Term Investments | 168.99M | 168.99M | 149.06M | 151.32M | 169.30M | 172.00M |
| Other Intangible Assets | 2.77M | 2.77M | 3.43M | 1.37M | 1.77M | 2.17M |
| Total Assets | 108.26B | 108.26B | 101.51B | 90.28B | 86.38B | 64.89B |
| Accounts Payable | 1.16B | 1.16B | 1.27B | 1.26B | 641.11M | 710.81M |
| Accrued Expenses | 1.48B | 1.48B | 928.00M | 671.69M | 1.26B | 1.41B |
| Short-Term Debt | 28.03B | 28.03B | 33.70B | 30.24B | 30.03B | 23.88B |
| Current Portion of Long-Term Debt | 6.30B | 6.30B | 5.82B | 4.15B | 2.22B | 3.28B |
| Current Portion of Leases | 9.49M | 9.49M | 38.48M | 49.30M | 50.00M | 41.02M |
| Current Income Taxes Payable | 432.52M | 432.52M | 825.05M | 775.73M | 819.66M | 720.85M |
| Current Unearned Revenue | 130.29M | 130.29M | 137.85M | 197.60M | 235.97M | 134.46M |
| Other Current Liabilities | 49.42M | 49.42M | 42.48M | 99.37M | 72.36M | 74.21M |
| Total Current Liabilities | 37.59B | 37.59B | 42.76B | 37.44B | 35.33B | 30.25B |
| Long-Term Debt | 40.88B | 40.88B | 29.11B | 22.93B | 22.04B | 20.65B |
| Long-Term Leases | 1.85M | 1.85M | 11.26M | 36.91M | 88.44M | 109.71M |
| Pension & Post-Retirement Benefits | 169.58M | 169.58M | 139.47M | 122.09M | 86.29M | 65.08M |
| Long-Term Deferred Tax Liabilities | 4.55B | 4.55B | 4.46B | 4.37B | 4.38B | 1.23B |
| Total Liabilities | 83.19B | 83.19B | 76.48B | 64.91B | 61.92B | 52.31B |
| Common Stock | 4.84B | 4.84B | 4.84B | 4.84B | 4.61B | 4.37B |
| Additional Paid-In Capital | 1.14B | 1.14B | 1.14B | 1.14B | 1.14B | 1.14B |
| Retained Earnings | 5.11B | 5.11B | 4.54B | 4.34B | 3.09B | 3.22B |
| Comprehensive Income & Other | 13.99B | 13.99B | 14.51B | 15.05B | 15.63B | 3.85B |
| Shareholders' Equity | 25.07B | 25.07B | 25.03B | 25.37B | 24.46B | 12.58B |
| Total Liabilities & Equity | 108.26B | 108.26B | 101.51B | 90.28B | 86.38B | 64.89B |
| Total Debt | 75.22B | 75.22B | 68.68B | 57.41B | 54.43B | 47.96B |
| Net Cash (Debt) | -72.33B | -72.33B | -66.65B | -55.37B | -51.99B | -45.68B |
| Net Cash Per Share | -149.48 | -149.48 | -137.74 | -114.43 | -107.44 | -94.40 |
| Filing Date Shares Outstanding | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M |
| Total Common Shares Outstanding | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M | 483.88M |
| Working Capital | 7.31B | 7.31B | 1.00B | 1.39B | 640.53M | 54.11M |
| Book Value Per Share | 51.81 | 51.81 | 51.72 | 52.43 | 50.55 | 25.99 |
| Tangible Book Value | 25.07B | 25.07B | 25.02B | 25.37B | 24.46B | 12.57B |
| Tangible Book Value Per Share | 51.81 | 51.81 | 51.71 | 52.43 | 50.55 | 25.99 |
| Land | 10.22B | 10.22B | 10.22B | 8.69B | 8.43B | 6.74B |
| Buildings | 5.77B | 5.77B | 5.69B | 5.38B | 5.10B | 5.10B |
| Machinery | 48.24B | 48.24B | 44.27B | 38.42B | 36.55B | 22.46B |
| Construction In Progress | 9.48B | 9.48B | 5.78B | 5.14B | 4.56B | 3.24B |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 35.48M | 35.48M | -245.70M | 857.74M | 267.61M | 1.49B |
| Depreciation & Amortization | 2.13B | 2.13B | 2.03B | 1.95B | 1.31B | 1.45B |
| Other Amortization | 657.48K | 657.48K | 506.21K | 400.95K | 400.95K | 392.13K |
| Loss (Gain) From Sale of Investments | -19.94M | -19.94M | 2.27M | 17.86M | 2.70M | -7.05M |
| Other Operating Activities | 5.22B | 5.22B | 5.74B | 4.78B | 5.34B | 2.72B |
| Change in Accounts Receivable | -651.89M | -651.89M | -1.27B | -1.08B | -1.36B | -2.10B |
| Change in Inventory | 718.84M | 718.84M | -375.94M | -266.69M | -1.72B | -5.91B |
| Change in Accounts Payable | 441.09M | 441.09M | 153.43M | 15.36M | -123.91M | 569.53M |
| Change in Other Net Operating Assets | -268.74M | -268.74M | -3.24B | -1.49B | -2.36B | -1.34B |
| Operating Cash Flow | 7.61B | 7.61B | 2.80B | 4.79B | 1.36B | -3.12B |
| Capital Expenditures | -7.74B | -7.74B | -8.33B | -2.99B | -2.27B | -2.16B |
| Sale (Purchase) of Intangibles | -2.57M | -1.06M | ||||
| Investment in Securities | -609.90M | -609.90M | 27.83M | -207.02M | -131.43M | -758.55M |
| Other Investing Activities | 182.27M | 182.27M | 207.68M | 128.29M | 56.70M | 33.13M |
| Investing Cash Flow | -8.17B | -8.17B | -8.10B | -3.07B | -2.34B | -2.89B |
| Short-Term Debt Issued | 3.46B | 214.23M | 6.15B | 8.94B | ||
| Long-Term Debt Issued | 12.25B | 12.25B | 7.85B | 2.82B | 337.60M | 62.40M |
| Total Debt Issued | 12.25B | 12.25B | 11.31B | 3.03B | 6.49B | 9.00B |
| Short-Term Debt Repaid | -5.68B | -5.68B | ||||
| Long-Term Debt Repaid | -38.40M | -38.40M | -36.47M | -52.23M | -12.29M | -2.60M |
| Total Debt Repaid | -5.72B | -5.72B | -36.47M | -52.23M | -12.29M | -2.60M |
| Net Debt Issued (Repaid) | 6.54B | 6.54B | 11.27B | 2.98B | 6.47B | 9.00B |
| Common Dividends Paid | -141.46M | -141.46M | -257.24M | -115.59M | -240.22M | -795.98M |
| Other Financing Activities | -5.53B | -5.53B | -5.27B | -4.01B | -2.99B | -1.88B |
| Financing Cash Flow | 866.18M | 866.18M | 5.74B | -1.15B | 3.24B | 6.33B |
| Foreign Exchange Rate Adjustments | 21.98M | 21.98M | -498.97M | -793.20M | -2.33B | -455.00 |
| Net Cash Flow | 330.46M | 330.46M | -51.59M | -224.78M | -74.28M | 314.66M |
| Free Cash Flow | -130.07M | -130.07M | -5.53B | 1.80B | -912.74M | -5.29B |
| Free Cash Flow Margin | -0.33% | -0.33% | -9.86% | 3.22% | -1.58% | -11.29% |
| Free Cash Flow Per Share | -0.27 | -0.27 | -11.43 | 3.71 | -1.89 | -10.92 |
| Levered Free Cash Flow | -5.61B | -5.61B | -10.39B | -2.82B | -4.31B | -7.35B |
| Unlevered Free Cash Flow | -2.17B | -2.17B | -7.12B | -343.38M | -2.47B | -6.20B |
| Cash Interest Paid | 5.49B | 5.49B | 5.22B | 3.96B | 2.95B | 1.84B |
| Cash Income Tax Paid | 618.04M | 618.04M | 763.17M | 742.81M | 803.23M | 326.76M |
| Change in Working Capital | 239.31M | 239.31M | -4.73B | -2.82B | -5.56B | -8.79B |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.40B | 8.71B | 8.42B | 13.11B | 20.65B | 23.19B |
| Enterprise Value | 79.73B | 75.49B | 68.05B | 66.32B | 70.00B | 63.71B |
| Last Close Price | 15.30 | 17.77 | 16.66 | 24.88 | 38.74 | 43.02 |
| PE Ratio | 208.65 | 245.46 | 15.29 | 77.15 | 15.52 | |
| PS Ratio | 0.19 | 0.22 | 0.15 | 0.23 | 0.36 | 0.49 |
| PB Ratio | 0.30 | 0.35 | 0.34 | 0.52 | 0.84 | 1.84 |
| P/TBV Ratio | 0.30 | 0.35 | 0.34 | 0.52 | 0.84 | 1.84 |
| P/FCF Ratio | 7.30 | |||||
| P/OCF Ratio | 0.97 | 1.14 | 3.01 | 2.74 | 15.23 | |
| EV/Sales Ratio | 2.02 | 1.92 | 1.21 | 1.19 | 1.21 | 1.36 |
| EV/EBITDA Ratio | 9.99 | 9.47 | 8.27 | 8.00 | 9.14 | 10.26 |
| EV/EBIT Ratio | 13.63 | 12.90 | 10.88 | 10.36 | 10.92 | 13.28 |
| EV/FCF Ratio | 36.93 | |||||
| Debt / Equity Ratio | 3.00 | 3.00 | 2.74 | 2.26 | 2.23 | 3.81 |
| Debt / EBITDA Ratio | 9.42 | 9.42 | 8.29 | 6.88 | 7.05 | 7.67 |
| Debt / FCF Ratio | 31.97 | |||||
| Net Debt / Equity Ratio | 2.88 | 2.88 | 2.66 | 2.18 | 2.12 | 3.63 |
| Net Debt / EBITDA Ratio | 9.08 | 9.08 | 8.10 | 6.68 | 6.79 | 7.36 |
| Net Debt / FCF Ratio | -556.11 | -556.11 | -12.05 | 30.83 | -56.96 | -8.64 |
| Asset Turnover | 0.38 | 0.38 | 0.58 | 0.63 | 0.76 | 0.79 |
| Inventory Turnover | 1.80 | 1.80 | 2.66 | 2.68 | 2.95 | 3.11 |
| Quick Ratio | 0.34 | 0.34 | 0.26 | 0.27 | 0.26 | 0.26 |
| Current Ratio | 1.19 | 1.19 | 1.02 | 1.04 | 1.02 | 1.00 |
| Return on Equity (ROE) | 0.14% | 0.14% | -0.97% | 3.44% | 1.44% | 12.23% |
| Return on Assets (ROA) | 3.49% | 3.49% | 4.08% | 4.53% | 5.29% | 5.06% |
| Return on Invested Capital (ROIC) | 0.36% | 0.36% | -2.36% | 3.96% | 2.06% | 4.78% |
| Return on Capital Employed (ROCE) | 8.30% | 8.30% | 10.70% | 12.10% | 12.60% | 13.90% |
| Earnings Yield | 0.48% | 0.41% | -2.92% | 6.54% | 1.30% | 6.44% |
| FCF Yield | -1.76% | -1.49% | -65.68% | 13.69% | -4.42% | -22.79% |
| Dividend Yield | 1.31% | 1.11% | 2.87% | 3.69% | 1.12% | 1.04% |
| Payout Ratio | 398.67% | 398.67% | 13.48% | 89.76% | 53.27% | |
| Total Shareholder Return | 1.31% | 1.11% | 2.87% | 3.69% | 1.12% | 1.04% |