DSE : IBNSINA
The IBN SINA Pharmaceutical Industry PLC — Financial statements
Pharmaceutical Preparations · Bangladesh
Last price 293.2 BDT (At close: Oct 29, 2026) · Market cap 9.16B
Latest research: IBN SINA Pharmaceutical financial analysis: 18% 9M sales growth, Mawna plant capex and record 77% dividend (Oct 2026) · IBN SINA Pharmaceutical: 9M FY2026 sales up 18% as the Mawna plant lifts capital work-in-progress to BDT 4.1bn, funded mostly with debt
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Financial statements
The IBN SINA Pharmaceutical Industry PLC (IBNSINA) reported revenue of 13.48B 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 | 13.48B | 11.88B | 11.37B | 9.13B | 8.48B | 7.38B |
| Cost of Revenue | 7.97B | 7.08B | 6.84B | 5.25B | 4.91B | 4.28B |
| Gross Profit | 5.51B | 4.80B | 4.53B | 3.87B | 3.57B | 3.10B |
| Selling, General & Admin | 4.41B | 3.90B | 3.62B | 3.05B | 2.74B | 2.37B |
| Operating Expenses | 4.41B | 3.90B | 3.62B | 3.05B | 2.74B | 2.37B |
| Operating Income | 1.10B | 902.17M | 914.57M | 819.81M | 821.16M | 732.91M |
| Interest Expense | -117.92M | -87.40M | -53.58M | -44.43M | -47.33M | -40.00M |
| Interest & Investment Income | 3.08M | 3.08M | 4.13M | 2.37M | 3.33M | 2.46M |
| Earnings From Equity Investments | -1.29M | -1.93M | ||||
| Currency Exchange Gain (Loss) | 1.22M | 1.22M | 7.26M | 11.15M | -2.83M | -199.34K |
| Other Non Operating Income (Expenses) | 28.53M | 20.55M | 21.95M | 13.59M | 17.22M | 9.99M |
| EBT Excluding Unusual Items | 1.02B | 839.61M | 894.34M | 802.50M | 790.27M | 703.23M |
| Gain (Loss) on Sale of Investments | 9.60M | |||||
| Gain (Loss) on Sale of Assets | 359.79K | 359.79K | 359.79K | 2.23M | 1.22M | |
| Pretax Income | 1.02B | 839.97M | 894.70M | 804.73M | 799.86M | 704.45M |
| Income Tax Expense | 229.61M | 206.72M | 223.35M | 198.92M | 194.19M | 215.48M |
| Earnings From Continuing Operations | 786.89M | 633.26M | 671.35M | 605.81M | 605.67M | 488.97M |
| Minority Interest in Earnings | 1.46M | -66.88K | -828.35K | -392.18K | 192.39K | 151.62K |
| Net Income | 788.34M | 633.19M | 670.52M | 605.42M | 605.87M | 489.12M |
| Net Income to Common | 788.34M | 633.19M | 670.52M | 605.42M | 605.87M | 489.12M |
| Shares Outstanding (Basic) | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M |
| Shares Outstanding (Diluted) | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M |
| EPS (Basic) | 25.23 | 20.27 | 21.46 | 19.38 | 19.39 | 15.66 |
| EPS (Diluted) | 25.23 | 20.27 | 21.46 | 19.38 | 19.39 | 15.66 |
| Free Cash Flow | -1.73B | -257.82M | -556.90M | 472.99M | 53.40M | 309.64M |
| Free Cash Flow Per Share | -55.22 | -8.25 | -17.82 | 15.14 | 1.71 | 9.91 |
| Dividend Per Share | 6.40 | 6.40 | 6.30 | 6.00 | 6.00 | 4.70 |
| Gross Margin | 40.88% | 40.39% | 39.85% | 42.42% | 42.05% | 42.04% |
| Operating Margin | 8.17% | 7.59% | 8.04% | 8.98% | 9.68% | 9.94% |
| Profit Margin | 5.85% | 5.33% | 5.90% | 6.63% | 7.14% | 6.63% |
| Free Cash Flow Margin | -12.80% | -2.17% | -4.90% | 5.18% | 0.63% | 4.20% |
| EBITDA | 1.27B | 1.09B | 1.09B | 1.56B | 1.02B | 922.15M |
| EBITDA Margin | 9.46% | 9.15% | 9.61% | 17.07% | 12.04% | 12.50% |
| D&A For EBITDA | 173.07M | 185.55M | 178.12M | 738.18M | 199.57M | 189.24M |
| EBIT | 1.10B | 902.17M | 914.57M | 819.81M | 821.16M | 732.91M |
| EBIT Margin | 8.17% | 7.59% | 8.04% | 8.98% | 9.68% | 9.94% |
| Effective Tax Rate | 22.59% | 24.61% | 24.96% | 24.72% | 24.28% | 30.59% |
| Advertising Expenses | 65.83M | 63.23M | 51.87M | 47.72M | 42.36M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 335.07M | 314.90M | 365.23M | 232.23M | 342.61M | 281.24M |
| Short-Term Investments | 42.66M | 22.50M | 166.79M | |||
| Cash & Short-Term Investments | 377.73M | 337.40M | 532.02M | 232.23M | 342.61M | 281.24M |
| Accounts Receivable | 286.18M | 189.86M | 195.83M | 96.10M | 43.61M | 23.61M |
| Other Receivables | 2.91M | 6.19M | 6.69M | 11.03M | 10.22M | 3.66M |
| Receivables | 289.09M | 196.05M | 202.51M | 107.13M | 53.83M | 27.27M |
| Inventory | 1.88B | 1.81B | 1.59B | 1.16B | 1.01B | 782.16M |
| Other Current Assets | 656.91M | 503.71M | 300.44M | 340.44M | 232.54M | 367.16M |
| Total Current Assets | 3.20B | 2.85B | 2.62B | 1.84B | 1.64B | 1.46B |
| Property, Plant & Equipment | 6.68B | 4.62B | 3.83B | 3.10B | 2.60B | 2.33B |
| Long-Term Investments | 41.17M | 46.66M | 54.17M | 57.22M | 56.11M | 56.87M |
| Other Long-Term Assets | 17.57M | 33.72M | 9.05M | 8.80M | 21.66M | |
| Total Assets | 9.94B | 7.55B | 6.51B | 5.01B | 4.31B | 3.85B |
| Accounts Payable | 578.62M | 396.18M | 260.30M | 282.31M | 166.18M | 231.65M |
| Accrued Expenses | 367.04M | 246.61M | 249.51M | 218.04M | 97.59M | 137.68M |
| Short-Term Debt | 2.19B | 953.68M | 1.24B | 512.14M | 534.29M | 377.50M |
| Current Portion of Long-Term Debt | 89.58M | 119.45M | 62.30M | 72.21M | 70.18M | 65.16M |
| Current Portion of Leases | 2.59M | 23.80M | 25.54M | 22.41M | 22.06M | 2.37M |
| Current Income Taxes Payable | 687.49M | 495.25M | 284.58M | 212.06M | 165.56M | 279.30M |
| Other Current Liabilities | 177.64M | 241.60M | 193.32M | 142.30M | 68.17M | 61.62M |
| Total Current Liabilities | 4.10B | 2.48B | 2.32B | 1.46B | 1.12B | 1.16B |
| Long-Term Debt | 1.29B | 974.71M | 530.49M | 330.09M | 368.01M | 419.62M |
| Long-Term Leases | 24.80M | 51.34M | 74.75M | 1.99M | ||
| Pension & Post-Retirement Benefits | 2.34M | 990.55K | 1.19M | 1.01M | 734.70K | 94.03K |
| Long-Term Deferred Tax Liabilities | 104.90M | 96.46M | 101.18M | 105.81M | 117.72M | 118.87M |
| Other Long-Term Liabilities | 1.00 | 1.00 | -1.00 | |||
| Total Liabilities | 5.49B | 3.55B | 2.98B | 1.95B | 1.69B | 1.70B |
| Common Stock | 312.44M | 312.44M | 312.44M | 312.44M | 312.44M | 312.44M |
| Retained Earnings | 4.05B | 3.63B | 3.19B | 2.71B | 2.29B | 1.83B |
| Comprehensive Income & Other | -20.48M | -15.54M | -8.61M | -2.27M | -685.59K | 145.09K |
| Total Common Equity | 4.35B | 3.93B | 3.50B | 3.02B | 2.60B | 2.15B |
| Minority Interest | 104.81M | 70.95M | 35.88M | 35.05M | 20.66M | 3.35M |
| Shareholders' Equity | 4.45B | 4.00B | 3.53B | 3.06B | 2.63B | 2.15B |
| Total Liabilities & Equity | 9.94B | 7.55B | 6.51B | 5.01B | 4.31B | 3.85B |
| Total Debt | 3.57B | 2.07B | 1.89B | 988.19M | 1.07B | 866.65M |
| Net Cash (Debt) | -3.18B | -1.72B | -1.33B | -723.75M | -695.57M | -580.23M |
| Net Cash Per Share | -101.87 | -54.94 | -42.52 | -23.16 | -22.26 | -18.57 |
| Filing Date Shares Outstanding | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M |
| Total Common Shares Outstanding | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M | 31.24M |
| Working Capital | -895.74M | 368.68M | 302.22M | 374.96M | 512.52M | 302.55M |
| Book Value Per Share | 139.10 | 125.69 | 111.94 | 96.68 | 83.36 | 68.69 |
| Tangible Book Value | 4.35B | 3.93B | 3.50B | 3.02B | 2.60B | 2.15B |
| Tangible Book Value Per Share | 139.10 | 125.69 | 111.94 | 96.68 | 83.36 | 68.69 |
| Construction In Progress | 4.09B | 1.93B | 1.14B | 572.47M | 144.25M | 111.41M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 788.34M | 633.19M | 670.52M | 605.87M | 489.12M | |
| Depreciation & Amortization | 216.47M | 210.36M | 203.11M | 764.54M | 223.93M | 215.86M |
| Loss (Gain) From Sale of Assets | -359.79K | 11.15M | 1.22M | |||
| Loss (Gain) on Equity Investments | -11.91M | 1.29M | 1.93M | |||
| Other Operating Activities | -119.75M | -63.56M | -29.79M | 52.15M | -61.17M | -59.61K |
| Change in Accounts Receivable | -20.29M | -20.29M | -46.97M | -66.51M | -26.55M | -1.93M |
| Change in Inventory | -222.74M | -222.74M | -428.70M | -3.15M | -225.40M | -138.78M |
| Change in Accounts Payable | 234.18M | 234.18M | -22.01M | 141.75M | -95.77M | -10.05M |
| Change in Other Net Operating Assets | -47.47M | -47.47M | 44.11M | 10.16M | -3.62M | -5.14M |
| Operating Cash Flow | 828.75M | 723.68M | 389.91M | 898.18M | 418.56M | 552.17M |
| Capital Expenditures | -2.55B | -981.50M | -946.81M | -425.19M | -365.16M | -242.53M |
| Sale of Property, Plant & Equipment | 422.50K | 2.55M | 1.43M | |||
| Investment in Securities | 57.77M | 142.99M | -67.00M | -196.36M | 60.00M | -3.00M |
| Other Investing Activities | 6.20M | 9.67M | 8.21M | 2.51M | 2.86M | 2.07M |
| Investing Cash Flow | -2.49B | -828.84M | -1.01B | -616.49M | -302.30M | -242.03M |
| Short-Term Debt Issued | 720.50M | 159.44M | ||||
| Long-Term Debt Issued | 444.21M | 200.40M | 171.70M | |||
| Total Debt Issued | 1.58B | 444.21M | 920.90M | 159.44M | 171.70M | |
| Short-Term Debt Repaid | -231.73M | -137.72M | -272.31M | |||
| Long-Term Debt Repaid | -37.92M | -51.61M | ||||
| Total Debt Repaid | 181.19M | -231.73M | -175.64M | -51.61M | -272.31M | |
| Net Debt Issued (Repaid) | 1.76B | 212.49M | 920.90M | -175.64M | 107.82M | -100.61M |
| Common Dividends Paid | -224.29M | -193.87M | -179.90M | -178.52M | -177.39M | -131.51M |
| Other Financing Activities | 60.00M | 35.00M | 17.50M | 3.50M | ||
| Financing Cash Flow | 1.59B | 53.62M | 741.00M | -354.16M | -52.07M | -228.62M |
| Foreign Exchange Rate Adjustments | 9.79M | 1.22M | 7.26M | 11.15M | -2.83M | -199.34K |
| Miscellaneous Cash Flow Adjustments | 1.00 | 1.00 | 1.00 | |||
| Net Cash Flow | -58.71M | -50.33M | 133.00M | -61.32M | 61.37M | 81.32M |
| Free Cash Flow | -1.73B | -257.82M | -556.90M | 472.99M | 53.40M | 309.64M |
| Free Cash Flow Margin | -12.80% | -2.17% | -4.90% | 5.18% | 0.63% | 4.20% |
| Free Cash Flow Per Share | -55.22 | -8.25 | -17.82 | 15.14 | 1.71 | 9.91 |
| Levered Free Cash Flow | -1.81B | -289.52M | -556.67M | 870.90M | 12.31M | 230.82M |
| Unlevered Free Cash Flow | -1.74B | -234.89M | -523.18M | 898.67M | 41.89M | 255.82M |
| Cash Interest Paid | 83.71M | 83.71M | 47.77M | 36.61M | 40.94M | 38.76M |
| Cash Income Tax Paid | 180.79M | 180.67M | 203.58M | 131.83M | 216.77M | 186.64M |
| Change in Working Capital | -56.31M | -56.31M | -453.57M | 82.25M | -351.35M | -155.90M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.16B | 9.19B | 7.80B | 8.95B | 9.27B | 7.71B |
| Enterprise Value | 13.01B | 10.67B | 8.92B | 9.69B | 9.89B | 8.40B |
| Last Close Price | 293.20 | 287.80 | 239.44 | 268.97 | 272.99 | 223.17 |
| PE Ratio | 11.53 | 14.51 | 11.64 | 14.79 | 15.30 | 15.76 |
| Forward PE | 12.73 | 10.24 | 12.68 | |||
| PS Ratio | 0.66 | 0.77 | 0.69 | 0.98 | 1.09 | 1.04 |
| PB Ratio | 1.97 | 2.30 | 2.21 | 2.93 | 3.53 | 3.59 |
| P/TBV Ratio | 2.03 | 2.34 | 2.23 | 2.96 | 3.56 | 3.59 |
| P/FCF Ratio | 18.93 | 173.59 | 24.89 | |||
| P/OCF Ratio | 7.73 | 12.70 | 20.02 | 9.97 | 22.15 | 13.96 |
| EV/Sales Ratio | 0.94 | 0.90 | 0.78 | 1.06 | 1.17 | 1.14 |
| EV/EBITDA Ratio | 9.92 | 9.81 | 8.16 | 6.22 | 9.69 | 9.11 |
| EV/EBIT Ratio | 11.75 | 11.82 | 9.75 | 11.82 | 12.05 | 11.46 |
| EV/FCF Ratio | 20.49 | 185.25 | 27.12 | |||
| Debt / Equity Ratio | 0.80 | 0.52 | 0.53 | 0.32 | 0.41 | 0.40 |
| Debt / EBITDA Ratio | 2.75 | 1.86 | 1.69 | 0.62 | 1.02 | 0.91 |
| Debt / FCF Ratio | 2.09 | 20.02 | 2.80 | |||
| Net Debt / Equity Ratio | 0.71 | 0.43 | 0.38 | 0.24 | 0.27 | 0.27 |
| Net Debt / EBITDA Ratio | 2.50 | 1.58 | 1.22 | 0.47 | 0.68 | 0.63 |
| Net Debt / FCF Ratio | -1.84 | -6.66 | -2.39 | 1.53 | 13.03 | 1.87 |
| Asset Turnover | 1.57 | 1.69 | 1.98 | 1.96 | 2.08 | 2.03 |
| Inventory Turnover | 4.45 | 4.17 | 4.99 | 4.86 | 5.49 | 6.00 |
| Quick Ratio | 0.16 | 0.21 | 0.32 | 0.23 | 0.35 | 0.27 |
| Current Ratio | 0.78 | 1.15 | 1.13 | 1.26 | 1.46 | 1.26 |
| Return on Equity (ROE) | 18.99% | 16.82% | 20.38% | 21.33% | 25.37% | 24.91% |
| Return on Assets (ROA) | 8.01% | 8.02% | 9.93% | 11.00% | 12.59% | 12.58% |
| Return on Invested Capital (ROIC) | 11.83% | 12.81% | 15.78% | 17.23% | 20.43% | 19.27% |
| Return on Capital Employed (ROCE) | 18.80% | 17.80% | 21.80% | 23.10% | 25.80% | 27.20% |
| Earnings Yield | 8.67% | 6.89% | 8.59% | 6.76% | 6.54% | 6.35% |
| FCF Yield | -20.17% | -2.81% | -7.13% | 5.28% | 0.58% | 4.02% |
| Dividend Yield | 2.63% | 2.18% | 2.52% | 2.09% | 2.02% | 1.91% |
| Payout Ratio | 26.93% | 30.62% | 26.83% | 29.49% | 29.28% | 26.89% |
| Total Shareholder Return | 2.63% | 2.18% | 2.52% | 2.09% | 2.02% | 1.91% |