DSE : KAY&QUE
Kay & Que (Bangladesh) Ltd. — Financial statements
Bangladesh
Last price 363 BDT (At close: Oct 29, 2026) · Market cap 2.54B
Latest research: Kay & Que financial analysis: IT unit drives profit, qualified audit, 'D' credit rating (Oct 2026) · Kay & Que: the IT unit made BDT 69.6m of the BDT 73.7m FY2025 profit before WPPF; audit qualified and NCR rates the company 'D'
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Financial statements
Kay & Que (Bangladesh) Ltd. (KAY&QUE) reported revenue of 455.58M 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 | 455.58M | 388.18M | 257.46M | 179.11M | 96.93M | 112.48M |
| Cost of Revenue | 307.21M | 281.83M | 214.70M | 174.20M | 91.47M | 103.80M |
| Gross Profit | 148.37M | 106.36M | 42.76M | 4.91M | 5.46M | 8.68M |
| Selling, General & Admin | 28.70M | 34.13M | 31.47M | 9.69M | 9.39M | 14.24M |
| Other Operating Expenses | 27.90K | 27.90K | 119.40K | 55.34K | 80.33K | 80.44K |
| Operating Expenses | 28.72M | 34.15M | 31.59M | 9.74M | 9.47M | 14.32M |
| Operating Income | 119.65M | 72.20M | 11.17M | -4.83M | -4.01M | -5.63M |
| Interest Expense | -13.50M | -12.91M | -13.40M | -4.02M | -3.06M | -2.28M |
| Interest & Investment Income | 1.02M | 1.24M | 1.26M | 1.45M | 1.48M | 868.48K |
| Other Non Operating Income (Expenses) | 7.76M | 9.64M | 9.67M | 9.18M | 9.32M | 11.26M |
| EBT Excluding Unusual Items | 114.92M | 70.17M | 8.70M | 1.77M | 3.73M | 4.22M |
| Gain (Loss) on Sale of Investments | 979.20K | |||||
| Pretax Income | 114.92M | 70.17M | 8.70M | 2.75M | 3.73M | 5.83M |
| Income Tax Expense | 4.70M | 3.80M | 4.14M | 1.09M | 746.79K | 1.31M |
| Net Income | 110.22M | 66.37M | 4.57M | 1.66M | 2.99M | 4.52M |
| Net Income to Common | 110.22M | 66.37M | 4.57M | 1.66M | 2.99M | 4.52M |
| Shares Outstanding (Basic) | 7.09M | 6.99M | 6.85M | 5.25M | 5.25M | 5.26M |
| Shares Outstanding (Diluted) | 7.09M | 6.99M | 6.85M | 5.25M | 5.25M | 5.26M |
| EPS (Basic) | 15.54 | 9.49 | 0.67 | 0.32 | 0.57 | 0.86 |
| EPS (Diluted) | 15.54 | 9.49 | 0.67 | 0.32 | 0.57 | 0.86 |
| Free Cash Flow | 17.57M | 1.47M | 6.67M | -36.75M | -15.41M | -14.82M |
| Free Cash Flow Per Share | 2.48 | 0.21 | 0.97 | -7.00 | -2.94 | -2.82 |
| Dividend Per Share | 0.40 | 0.29 | 0.29 | 0.49 | ||
| Gross Margin | 32.57% | 27.40% | 16.61% | 2.74% | 5.63% | 7.72% |
| Operating Margin | 26.26% | 18.60% | 4.34% | -2.70% | -4.13% | -5.01% |
| Profit Margin | 24.19% | 17.10% | 1.77% | 0.93% | 3.08% | 4.01% |
| Free Cash Flow Margin | 3.86% | 0.38% | 2.59% | -20.52% | -15.90% | -13.18% |
| EBITDA | 121.37M | 74.12M | 13.37M | -3.31M | -2.32M | -3.53M |
| EBITDA Margin | 26.64% | 19.10% | 5.19% | -1.85% | -2.40% | -3.14% |
| D&A For EBITDA | 1.72M | 1.92M | 2.20M | 1.52M | 1.68M | 2.10M |
| EBIT | 119.65M | 72.20M | 11.17M | -4.83M | -4.01M | -5.63M |
| EBIT Margin | 26.26% | 18.60% | 4.34% | -2.70% | -4.13% | -5.01% |
| Effective Tax Rate | 4.09% | 5.41% | 47.54% | 39.58% | 20.00% | 22.50% |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.73M | 12.32M | 4.90M | 14.99M | 3.48M | 4.00M |
| Cash & Short-Term Investments | 12.73M | 12.32M | 4.90M | 14.99M | 3.48M | 4.00M |
| Accounts Receivable | 203.59M | 102.34M | 52.65M | 35.60M | 10.23M | 1.88M |
| Other Receivables | 77.92M | 67.94M | 57.95M | 48.52M | 36.83M | |
| Receivables | 203.59M | 180.26M | 120.58M | 93.55M | 58.75M | 38.71M |
| Inventory | 4.44M | 5.35M | 4.39M | 4.10M | 2.79M | 3.20M |
| Prepaid Expenses | 231.61K | 463.22K | 694.83K | 926.44K | ||
| Other Current Assets | 136.65M | 131.21M | 123.81M | 126.90M | 79.04M | 73.74M |
| Total Current Assets | 357.40M | 329.37M | 254.14M | 240.23M | 144.99M | 119.65M |
| Property, Plant & Equipment | 620.80M | 618.78M | 620.13M | 635.48M | 489.49M | 491.17M |
| Long-Term Investments | 22.46M | 22.46M | 22.49M | 22.55M | 12.12M | 12.18M |
| Other Intangible Assets | 119.59M | 119.59M | 118.56M | 112.46M | ||
| Other Long-Term Assets | 1.00 | -1.00 | ||||
| Total Assets | 1.12B | 1.09B | 1.02B | 1.01B | 646.60M | 623.00M |
| Accounts Payable | 13.28M | 7.96M | 8.82M | 10.24M | ||
| Accrued Expenses | 28.07M | 24.65M | 21.78M | 10.65M | 10.09M | 9.74M |
| Short-Term Debt | 288.14M | 328.02M | 308.95M | 325.10M | 220.03M | 191.41M |
| Current Income Taxes Payable | 20.34M | 20.96M | 20.40M | 18.96M | 20.42M | 21.15M |
| Other Current Liabilities | 3.20M | 5.25M | 5.25M | 5.35M | 7.16M | 14.23M |
| Total Current Liabilities | 339.75M | 378.88M | 369.66M | 368.02M | 266.52M | 246.76M |
| Other Long-Term Liabilities | 1.00 | -1.00 | 1.00 | |||
| Total Liabilities | 339.75M | 378.88M | 369.66M | 368.02M | 266.52M | 246.76M |
| Common Stock | 69.93M | 69.93M | 68.56M | 51.48M | 51.48M | 49.03M |
| Additional Paid-In Capital | 178.53M | |||||
| Retained Earnings | 252.92M | 183.74M | -59.11M | -62.13M | -117.44M | -119.45M |
| Comprehensive Income & Other | 457.66M | 457.66M | 457.69M | 653.36M | 446.04M | 446.66M |
| Shareholders' Equity | 780.50M | 711.33M | 645.67M | 642.70M | 380.08M | 376.24M |
| Total Liabilities & Equity | 1.12B | 1.09B | 1.02B | 1.01B | 646.60M | 623.00M |
| Total Debt | 288.14M | 328.02M | 308.95M | 325.10M | 220.03M | 191.41M |
| Net Cash (Debt) | -275.41M | -315.60M | -303.92M | -309.92M | -215.09M | -185.89M |
| Net Cash Per Share | -38.84 | -45.13 | -44.38 | -59.02 | -40.96 | -35.36 |
| Filing Date Shares Outstanding | 6.99M | 6.99M | 6.99M | 5.25M | 5.25M | 5.25M |
| Total Common Shares Outstanding | 6.99M | 6.99M | 6.99M | 5.25M | 5.25M | 5.25M |
| Working Capital | 17.65M | -49.51M | -115.52M | -127.79M | -121.53M | -127.11M |
| Book Value Per Share | 111.61 | 101.72 | 92.33 | 122.41 | 72.39 | 71.66 |
| Tangible Book Value | 660.91M | 591.73M | 527.11M | 530.24M | 380.08M | 376.24M |
| Tangible Book Value Per Share | 94.51 | 84.62 | 75.38 | 100.99 | 72.39 | 71.66 |
| Land | 517.45M | 517.45M | 517.45M | 461.40M | 461.40M | |
| Buildings | 9.33M | 9.33M | 9.33M | 9.33M | 9.33M | |
| Machinery | 80.08M | 80.08M | 80.08M | 62.17M | 62.17M | |
| Construction In Progress | 72.72M | 72.14M | 85.29M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 110.22M | 66.37M | 4.57M | 1.66M | 2.99M | 4.52M |
| Depreciation & Amortization | 1.92M | 1.92M | 2.20M | 1.52M | 1.68M | 2.10M |
| Other Operating Activities | -20.65M | 3.80M | 4.14M | 1.22M | 746.79K | -5.33M |
| Change in Accounts Receivable | -59.67M | -59.67M | -32.20M | -1.87M | -20.05M | |
| Change in Inventory | -960.20K | -960.20K | -291.51K | -1.31M | 412.99K | |
| Change in Accounts Payable | -13.28M | -13.28M | 5.33M | -865.26K | -1.41M | |
| Change in Income Taxes | 565.82K | 565.82K | 1.56M | -1.30M | -731.66K | |
| Change in Other Net Operating Assets | 9.90M | 9.90M | 21.37M | 3.12M | 950.13K | |
| Operating Cash Flow | 28.04M | 8.64M | 6.67M | 2.18M | -15.41M | 1.29M |
| Capital Expenditures | -10.47M | -7.17M | -38.93M | -16.11M | ||
| Sale (Purchase) of Intangibles | -1.32M | -1.03M | -6.10M | |||
| Investment in Securities | 54.17K | -10.43M | 58.49K | |||
| Other Investing Activities | 30.10M | 32.64M | 7.48M | 12.30M | 19.09M | 4.91M |
| Investing Cash Flow | 18.31M | 24.44M | 1.43M | -37.05M | 19.15M | -11.20M |
| Short-Term Debt Issued | 38.53M | 5.80M | 15.68M | |||
| Total Debt Issued | 38.53M | 5.80M | 15.68M | |||
| Short-Term Debt Repaid | -12.41M | -2.56M | ||||
| Total Debt Repaid | -25.35M | -12.41M | -2.56M | |||
| Net Debt Issued (Repaid) | -25.35M | -12.41M | -2.56M | 38.53M | 5.80M | 15.68M |
| Issuance of Common Stock | 2.45M | |||||
| Common Dividends Paid | -1.65M | -1.81M | -9.12M | -1.72M | ||
| Other Financing Activities | -13.25M | -13.25M | -4.33M | -3.38M | -2.58M | |
| Financing Cash Flow | -38.60M | -25.67M | -4.20M | 32.39M | -4.25M | 11.39M |
| Miscellaneous Cash Flow Adjustments | 1.00 | 1.00 | -1.00 | |||
| Net Cash Flow | 7.75M | 7.42M | 3.90M | -2.48M | -516.04K | 1.47M |
| Free Cash Flow | 17.57M | 1.47M | 6.67M | -36.75M | -15.41M | -14.82M |
| Free Cash Flow Margin | 3.86% | 0.38% | 2.59% | -20.52% | -15.90% | -13.18% |
| Free Cash Flow Per Share | 2.48 | 0.21 | 0.97 | -7.00 | -2.94 | -2.82 |
| Levered Free Cash Flow | -53.13M | -46.87M | -11.51M | -130.24M | -37.45M | -38.25M |
| Unlevered Free Cash Flow | -44.69M | -38.81M | -3.14M | -127.73M | -35.54M | -36.83M |
| Cash Interest Paid | 12.91M | 12.91M | 4.02M | 3.06M | 2.28M | |
| Change in Working Capital | -63.45M | -63.45M | -4.23M | -2.23M | -20.83M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.54B | 1.43B | 1.14B | 1.23B | 1.30B | 1.10B |
| Enterprise Value | 2.81B | 1.70B | 1.46B | 1.46B | 1.49B | 1.29B |
| Last Close Price | 363.00 | 203.59 | 217.44 | 234.11 | 246.32 | 208.49 |
| PE Ratio | 23.35 | 21.47 | 250.61 | 741.82 | 434.61 | 243.86 |
| PS Ratio | 5.57 | 3.67 | 4.45 | 6.89 | 13.39 | 9.79 |
| PB Ratio | 3.25 | 2.00 | 1.77 | 1.92 | 3.42 | 2.93 |
| P/TBV Ratio | 3.84 | 2.41 | 2.17 | 2.33 | 3.42 | 2.93 |
| P/FCF Ratio | 144.51 | 967.80 | 171.48 | |||
| P/OCF Ratio | 90.54 | 164.91 | 171.48 | 566.88 | 853.15 | |
| EV/Sales Ratio | 6.18 | 4.37 | 5.68 | 8.13 | 15.39 | 11.49 |
| EV/EBITDA Ratio | 23.19 | 22.91 | 109.35 | |||
| EV/EBIT Ratio | 23.52 | 23.52 | 130.90 | |||
| EV/FCF Ratio | 160.19 | 1,153.04 | 219.05 | |||
| Debt / Equity Ratio | 0.37 | 0.46 | 0.48 | 0.51 | 0.58 | 0.51 |
| Debt / EBITDA Ratio | 2.37 | 4.43 | 23.11 | |||
| Debt / FCF Ratio | 16.40 | 222.75 | 46.30 | |||
| Net Debt / Equity Ratio | 0.35 | 0.44 | 0.47 | 0.48 | 0.57 | 0.49 |
| Net Debt / EBITDA Ratio | 2.27 | 4.26 | 22.74 | -93.56 | -92.58 | -52.65 |
| Net Debt / FCF Ratio | 15.68 | 214.31 | 45.54 | -8.43 | -13.96 | -12.54 |
| Asset Turnover | 0.43 | 0.37 | 0.25 | 0.22 | 0.15 | 0.18 |
| Inventory Turnover | 69.62 | 57.88 | 50.60 | 50.59 | 30.52 | 34.28 |
| Quick Ratio | 0.64 | 0.51 | 0.34 | 0.29 | 0.23 | 0.17 |
| Current Ratio | 1.05 | 0.87 | 0.69 | 0.65 | 0.54 | 0.48 |
| Return on Equity (ROE) | 15.19% | 9.78% | 0.71% | 0.33% | 0.79% | 1.20% |
| Return on Assets (ROA) | 7.01% | 4.29% | 0.69% | -0.36% | -0.40% | -0.58% |
| Return on Invested Capital (ROIC) | 10.87% | 6.91% | 0.62% | -0.38% | -0.55% | -0.79% |
| Return on Capital Employed (ROCE) | 15.30% | 10.20% | 1.70% | -0.80% | -1.10% | -1.50% |
| Earnings Yield | 4.28% | 4.66% | 0.40% | 0.14% | 0.23% | 0.41% |
| FCF Yield | 0.69% | 0.10% | 0.58% | -2.98% | -1.19% | -1.35% |
| Dividend Yield | 0.11% | 0.20% | 0.18% | 0.12% | 0.20% | |
| Payout Ratio | 3.22% | 36.10% | 108.55% | 305.26% | 38.10% | |
| Buyback Yield / Dilution | -4.92% | -2.12% | -30.42% | 0.11% | 0.67% | |
| Total Shareholder Return | -4.80% | -1.92% | -30.24% | 0.12% | 0.31% | 0.67% |