DSE : INDEXAGRO
Index Agro Industries Limited — Financial statements
Grain Mill Products · Bangladesh
Last price 67.5 BDT (At close: Oct 28, 2026) · Market cap 3.23B
Latest research: Index Agro Industries financial analysis: record gross margin, rising interest bill, FY2026 EPS BDT 4.10 (Oct 2026) · Index Agro Industries: a feed and day-old-chick producer whose FY2025 gross margin was the highest in eight years while financial expenses rose 56% and FY2026 EPS fell to BDT 4.10
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Financial statements
Index Agro Industries Limited (INDEXAGRO) reported revenue of 4.11B 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 | 4.11B | 4.41B | 4.28B | 4.19B | 4.15B | 3.67B |
| Cost of Revenue | 3.27B | 3.51B | 3.52B | 3.46B | 3.58B | 3.13B |
| Gross Profit | 838.68M | 899.05M | 758.07M | 731.55M | 575.20M | 541.10M |
| Selling, General & Admin | 165.56M | 181.52M | 191.90M | 200.83M | 193.11M | 190.52M |
| Operating Expenses | 165.56M | 181.52M | 191.90M | 200.83M | 193.11M | 190.52M |
| Operating Income | 673.12M | 717.53M | 566.17M | 530.72M | 382.09M | 350.58M |
| Interest Expense | -340.10M | -360.37M | -231.87M | -199.10M | -139.61M | -107.78M |
| Interest & Investment Income | 415.36K | 5.78M | 11.19M | 26.61M | 26.11M | 9.43M |
| Earnings From Equity Investments | 8.92M | 14.96M | 14.24M | 10.58M | 19.88M | 18.88M |
| Currency Exchange Gain (Loss) | -4.58M | -28.45M | -53.57M | -74.76M | 4.04M | |
| Other Non Operating Income (Expenses) | 951.96K | -6.00M | -3.56M | -4.01M | -3.70M | -3.41M |
| Pretax Income | 338.73M | 343.45M | 302.60M | 290.05M | 288.81M | 267.70M |
| Income Tax Expense | 90.92M | 82.39M | 43.43M | 43.41M | 48.22M | 35.12M |
| Net Income | 247.81M | 261.05M | 259.17M | 246.65M | 240.59M | 232.58M |
| Net Income to Common | 247.81M | 261.05M | 259.17M | 246.65M | 240.59M | 232.58M |
| Shares Outstanding (Basic) | 49.62M | 49.62M | 49.62M | 49.62M | 49.62M | 43.35M |
| Shares Outstanding (Diluted) | 49.62M | 49.62M | 49.62M | 49.62M | 49.62M | 43.35M |
| EPS (Basic) | 4.99 | 5.26 | 5.22 | 4.97 | 4.85 | 5.37 |
| EPS (Diluted) | 4.99 | 5.26 | 5.22 | 4.97 | 4.85 | 5.37 |
| Free Cash Flow | 896.26M | 444.18M | 539.78M | -237.03M | -105.12M | -813.39M |
| Free Cash Flow Per Share | 18.06 | 8.95 | 10.88 | -4.78 | -2.12 | -18.76 |
| Dividend Per Share | 1.14 | 1.14 | 2.38 | 1.90 | 0.95 | 2.38 |
| Gross Margin | 20.42% | 20.39% | 17.71% | 17.46% | 13.85% | 14.73% |
| Operating Margin | 16.39% | 16.27% | 13.22% | 12.66% | 9.20% | 9.55% |
| Profit Margin | 6.03% | 5.92% | 6.05% | 5.88% | 5.79% | 6.33% |
| Free Cash Flow Margin | 21.82% | 10.07% | 12.61% | -5.66% | -2.53% | -22.15% |
| EBITDA | 672.59M | 780.51M | 627.69M | 581.10M | 433.13M | 402.37M |
| EBITDA Margin | 16.38% | 17.70% | 14.66% | 13.87% | 10.43% | 10.96% |
| D&A For EBITDA | -536.16K | 62.98M | 61.52M | 50.38M | 51.04M | 51.79M |
| EBIT | 673.12M | 717.53M | 566.17M | 530.72M | 382.09M | 350.58M |
| EBIT Margin | 16.39% | 16.27% | 13.22% | 12.66% | 9.20% | 9.55% |
| Effective Tax Rate | 26.84% | 23.99% | 14.35% | 14.96% | 16.70% | 13.12% |
| Advertising Expenses | 2.36M | 1.93M | 1.89M | 983.76K | 967.95K |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 56.08M | 61.51M | 166.05M | 220.70M | 248.70M | 288.50M |
| Cash & Short-Term Investments | 56.08M | 61.51M | 166.05M | 220.70M | 248.70M | 288.50M |
| Receivables | 832.06M | 928.62M | 811.18M | 812.72M | 625.54M | 653.59M |
| Inventory | 2.65B | 2.79B | 2.67B | 2.82B | 2.44B | 1.65B |
| Other Current Assets | 988.31M | 919.63M | 780.32M | 747.39M | 602.61M | 777.83M |
| Total Current Assets | 4.53B | 4.70B | 4.43B | 4.60B | 3.92B | 3.37B |
| Property, Plant & Equipment | 1.43B | 1.47B | 1.50B | 1.40B | 796.52M | 808.85M |
| Long-Term Investments | 383.34M | 297.57M | 329.22M | 589.00M | 772.06M | 628.36M |
| Other Long-Term Assets | 744.56M | 730.10M | 718.84M | 613.68M | 438.74M | 228.58M |
| Total Assets | 7.09B | 7.19B | 6.97B | 7.21B | 5.93B | 5.03B |
| Accounts Payable | 46.24M | 42.03M | 41.33M | 40.52M | 40.68M | 39.68M |
| Accrued Expenses | 224.58M | 202.42M | 184.34M | 194.24M | 138.96M | 141.13M |
| Short-Term Debt | 2.19B | 2.38B | 2.28B | 2.57B | 2.34B | 1.90B |
| Current Portion of Long-Term Debt | 107.98M | 93.30M | 21.69M | 17.78M | 17.79M | 16.27M |
| Current Income Taxes Payable | 143.53M | 101.70M | 89.00M | 182.37M | 135.84M | 93.67M |
| Other Current Liabilities | 13.64M | 9.90M | 6.61M | 1.92M | 952.85K | |
| Total Current Liabilities | 2.73B | 2.83B | 2.63B | 3.00B | 2.68B | 2.19B |
| Long-Term Debt | 153.62M | 239.98M | 405.74M | 500.00M | 217.78M | 35.57M |
| Long-Term Deferred Tax Liabilities | 59.24M | 74.94M | 61.10M | 64.57M | 58.44M | 52.66M |
| Other Long-Term Liabilities | -1.00 | -1.00 | ||||
| Total Liabilities | 2.94B | 3.14B | 3.09B | 3.57B | 2.96B | 2.28B |
| Common Stock | 496.16M | 472.54M | 472.54M | 472.54M | 472.54M | 472.54M |
| Additional Paid-In Capital | 417.46M | 417.46M | 417.46M | 417.46M | 417.46M | 417.46M |
| Retained Earnings | 2.74B | 2.67B | 2.50B | 2.25B | 2.05B | 1.83B |
| Comprehensive Income & Other | 493.31M | 494.19M | 495.43M | 496.74M | 32.96M | 34.16M |
| Shareholders' Equity | 4.15B | 4.05B | 3.88B | 3.64B | 2.97B | 2.75B |
| Total Liabilities & Equity | 7.09B | 7.19B | 6.97B | 7.21B | 5.93B | 5.03B |
| Total Debt | 2.45B | 2.71B | 2.71B | 3.08B | 2.58B | 1.95B |
| Net Cash (Debt) | -2.40B | -2.65B | -2.55B | -2.86B | -2.33B | -1.66B |
| Net Cash Per Share | -48.31 | -53.36 | -51.30 | -57.70 | -47.00 | -38.34 |
| Filing Date Shares Outstanding | 49.62M | 49.62M | 49.62M | 49.62M | 49.62M | 49.62M |
| Total Common Shares Outstanding | 49.62M | 49.62M | 49.62M | 49.62M | 49.62M | 49.62M |
| Working Capital | 1.80B | 1.87B | 1.80B | 1.60B | 1.24B | 1.18B |
| Book Value Per Share | 83.66 | 81.66 | 78.22 | 73.33 | 59.93 | 55.49 |
| Tangible Book Value | 4.15B | 4.05B | 3.88B | 3.64B | 2.97B | 2.75B |
| Tangible Book Value Per Share | 83.66 | 81.66 | 78.22 | 73.33 | 59.93 | 55.49 |
| Land | 657.21M | 657.21M | 657.21M | 657.21M | 182.57M | 208.16M |
| Buildings | 700.94M | 698.29M | 667.77M | 527.91M | 484.39M | 459.88M |
| Machinery | 820.48M | 817.00M | 806.71M | 788.56M | 649.41M | 637.28M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 247.81M | 261.05M | 259.17M | 246.65M | 240.59M | 232.58M |
| Depreciation & Amortization | -536.16K | 62.98M | 61.52M | 50.38M | 51.04M | 51.79M |
| Other Operating Activities | 530.67M | 517.32M | 353.60M | -355.13M | 231.48M | 100.41M |
| Change in Accounts Receivable | 158.51M | -117.44M | 1.53M | 28.05M | -52.06M | |
| Change in Inventory | -195.80M | -114.58M | 149.34M | -799.65M | -753.78M | |
| Change in Accounts Payable | -2.73M | 692.63K | 810.47K | 1.01M | -8.93M | |
| Change in Other Net Operating Assets | 202.94M | -125.05M | -128.18M | 178.99M | -365.23M | |
| Operating Cash Flow | 940.86M | 484.98M | 697.79M | -58.11M | -68.48M | -795.21M |
| Capital Expenditures | -44.60M | -40.80M | -158.01M | -178.92M | -36.64M | -18.18M |
| Investment in Securities | 4.55M | 50.54M | 278.49M | 200.83M | -100.00M | -290.00M |
| Other Investing Activities | -100.52M | -134.33M | -175.61M | -229.47M | -285.39M | -159.67M |
| Investing Cash Flow | -140.58M | -124.59M | -55.13M | -207.56M | -422.03M | -467.85M |
| Short-Term Debt Issued | 91.96M | 220.94M | 446.41M | 1.06B | ||
| Long-Term Debt Issued | 282.21M | 183.73M | ||||
| Total Debt Issued | -125.97M | 91.96M | 503.15M | 630.14M | 1.06B | |
| Short-Term Debt Repaid | -282.03M | |||||
| Long-Term Debt Repaid | -94.16M | -90.35M | -36.51M | |||
| Total Debt Repaid | -310.38M | -94.16M | -372.38M | -36.51M | ||
| Net Debt Issued (Repaid) | -436.35M | -2.20M | -372.38M | 503.15M | 630.14M | 1.03B |
| Issuance of Common Stock | 500.00M | |||||
| Common Dividends Paid | -56.73M | -90.62M | -16.29M | -47.13M | -20.30M | |
| Other Financing Activities | -365.62M | -372.17M | -310.76M | -226.71M | -159.13M | -122.65M |
| Financing Cash Flow | -858.70M | -464.99M | -699.43M | 229.31M | 450.70M | 1.40B |
| Foreign Exchange Rate Adjustments | -996.43K | 56.06K | 2.12M | 8.36M | ||
| Miscellaneous Cash Flow Adjustments | 1.00 | -1.00 | ||||
| Net Cash Flow | -59.41M | -104.54M | -54.65M | -28.00M | -39.81M | 141.61M |
| Free Cash Flow | 896.26M | 444.18M | 539.78M | -237.03M | -105.12M | -813.39M |
| Free Cash Flow Margin | 21.82% | 10.07% | 12.61% | -5.66% | -2.53% | -22.15% |
| Free Cash Flow Per Share | 18.06 | 8.95 | 10.88 | -4.78 | -2.12 | -18.76 |
| Levered Free Cash Flow | 286.45M | -91.17M | 132.62M | -528.26M | -388.47M | -1.05B |
| Unlevered Free Cash Flow | 499.01M | 134.06M | 277.54M | -403.83M | -301.22M | -984.34M |
| Cash Interest Paid | 362.03M | 343.66M | 255.07M | 143.59M | 159.13M | 122.65M |
| Cash Income Tax Paid | 11.99M | 73.88M | 26.94M | 55.54M | 35.75M | 92.72M |
| Change in Working Capital | 162.92M | -356.37M | 23.50M | -591.60M | -1.18B |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.23B | 2.95B | 3.04B | 4.90B | 4.82B | 5.13B |
| Enterprise Value | 5.62B | 5.72B | 4.81B | 7.12B | 6.24B | 5.91B |
| Last Close Price | 65.00 | 58.46 | 58.01 | 91.66 | 89.47 | 92.91 |
| PE Ratio | 13.51 | 11.29 | 11.72 | 19.85 | 20.05 | 22.07 |
| PS Ratio | 0.79 | 0.67 | 0.71 | 1.17 | 1.16 | 1.40 |
| PB Ratio | 0.78 | 0.73 | 0.78 | 1.35 | 1.62 | 1.86 |
| P/TBV Ratio | 0.78 | 0.73 | 0.78 | 1.35 | 1.62 | 1.86 |
| P/FCF Ratio | 3.60 | 6.64 | 5.63 | |||
| P/OCF Ratio | 3.43 | 6.08 | 4.35 | |||
| EV/Sales Ratio | 1.37 | 1.30 | 1.12 | 1.70 | 1.50 | 1.61 |
| EV/EBITDA Ratio | 8.25 | 7.33 | 7.67 | 12.25 | 14.40 | 14.68 |
| EV/EBIT Ratio | 8.24 | 7.98 | 8.50 | 13.41 | 16.32 | 16.85 |
| EV/FCF Ratio | 6.27 | 12.88 | 8.92 | |||
| Debt / Equity Ratio | 0.59 | 0.67 | 0.70 | 0.85 | 0.87 | 0.71 |
| Debt / EBITDA Ratio | 3.65 | 3.47 | 4.32 | 5.31 | 5.96 | 4.85 |
| Debt / FCF Ratio | 2.74 | 6.10 | 5.02 | |||
| Net Debt / Equity Ratio | 0.58 | 0.65 | 0.66 | 0.79 | 0.78 | 0.60 |
| Net Debt / EBITDA Ratio | 3.56 | 3.39 | 4.05 | 4.93 | 5.38 | 4.13 |
| Net Debt / FCF Ratio | 2.67 | 5.96 | 4.71 | -12.08 | -22.18 | -2.04 |
| Asset Turnover | 0.57 | 0.62 | 0.60 | 0.64 | 0.76 | 0.89 |
| Inventory Turnover | 1.28 | 1.29 | 1.28 | 1.31 | 1.75 | 2.47 |
| Quick Ratio | 0.33 | 0.35 | 0.37 | 0.34 | 0.33 | 0.43 |
| Current Ratio | 1.66 | 1.66 | 1.69 | 1.53 | 1.46 | 1.54 |
| Return on Equity (ROE) | 6.12% | 6.58% | 6.89% | 7.46% | 8.40% | 9.74% |
| Return on Assets (ROA) | 5.83% | 6.33% | 4.99% | 5.05% | 4.36% | 5.29% |
| Return on Invested Capital (ROIC) | 7.51% | 8.31% | 7.50% | 7.65% | 6.55% | 8.45% |
| Return on Capital Employed (ROCE) | 15.40% | 16.40% | 13.00% | 12.60% | 11.80% | 12.30% |
| Earnings Yield | 7.40% | 8.85% | 8.53% | 5.04% | 4.99% | 4.53% |
| FCF Yield | 27.79% | 15.06% | 17.77% | -4.84% | -2.18% | -15.85% |
| Dividend Yield | 1.69% | 1.92% | 3.89% | 1.93% | 0.98% | 2.30% |
| Payout Ratio | 22.89% | 34.71% | 6.29% | 19.11% | 8.44% | |
| Buyback Yield / Dilution | -14.46% | -5.86% | ||||
| Total Shareholder Return | 1.69% | 1.92% | 3.89% | 1.93% | -13.48% | -3.55% |