DSE : NTC
National Tea Company Limited — Financial statements
Miscellaneous Food Preparations And Kindred Products · Bangladesh
Last price 141.4 BDT (At close: Oct 29, 2026) · Market cap 4.21B
Latest research: National Tea Company financial analysis: six years of losses, negative equity and a BDT 2.77bn share placement (Oct 2026) · National Tea Company: twelve Sylhet tea estates selling below cost, with a BDT 1.05bn FY2025 loss, negative equity and a going-concern warning
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Financial statements
National Tea Company Limited (NTC) reported revenue of 714.84M 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 | 714.84M | 714.84M | 750.49M | 958.48M | 1.07B | 1.02B |
| Cost of Revenue | 1.18B | 1.18B | 1.03B | 1.25B | 958.12M | 920.74M |
| Gross Profit | -462.12M | -462.12M | -284.37M | -288.53M | 108.78M | 100.76M |
| Selling, General & Admin | 107.97M | 107.97M | 160.22M | 223.68M | 205.36M | 195.88M |
| Operating Expenses | 107.97M | 107.97M | 160.22M | 223.68M | 205.36M | 195.88M |
| Operating Income | -570.09M | -570.09M | -444.59M | -512.21M | -96.59M | -95.12M |
| Interest Expense | -496.33M | -496.33M | -302.50M | -183.35M | -123.71M | -105.01M |
| Interest & Investment Income | 27.98M | 27.98M | 1.31M | 1.68M | 1.69M | 1.41M |
| Other Non Operating Income (Expenses) | -400.62K | -400.62K | 39.80M | 13.83M | 6.77M | 19.49M |
| EBT Excluding Unusual Items | -1.04B | -1.04B | -705.97M | -680.05M | -211.84M | -179.23M |
| Pretax Income | -1.04B | -1.04B | -705.97M | -680.05M | -211.84M | -179.23M |
| Income Tax Expense | 7.48M | 7.48M | 3.49M | -44.90M | 15.69M | 29.88M |
| Net Income | -1.05B | -1.05B | -709.46M | -635.16M | -227.53M | -209.11M |
| Net Income to Common | -1.05B | -1.05B | -709.46M | -635.16M | -227.53M | -209.11M |
| Shares Outstanding (Basic) | 6.60M | 6.60M | 6.60M | 6.60M | 6.60M | 6.60M |
| Shares Outstanding (Diluted) | 6.60M | 6.60M | 6.60M | 6.60M | 6.60M | 6.60M |
| EPS (Basic) | -158.53 | -158.53 | -107.49 | -96.24 | -34.47 | -31.68 |
| EPS (Diluted) | -158.53 | -158.53 | -107.49 | -96.24 | -34.47 | -31.68 |
| Free Cash Flow | -652.82M | -652.82M | -964.00M | -671.28M | -335.96M | -293.44M |
| Free Cash Flow Per Share | -98.91 | -98.91 | -146.06 | -101.71 | -50.90 | -44.46 |
| Dividend Per Share | 0.75 | 1.00 | ||||
| Gross Margin | -64.65% | -64.65% | -37.89% | -30.10% | 10.20% | 9.86% |
| Operating Margin | -79.75% | -79.75% | -59.24% | -53.44% | -9.05% | -9.31% |
| Profit Margin | -146.37% | -146.37% | -94.53% | -66.27% | -21.33% | -20.47% |
| Free Cash Flow Margin | -91.33% | -91.33% | -128.45% | -70.04% | -31.49% | -28.73% |
| EBITDA | -507.71M | -507.71M | -402.44M | -446.93M | -26.43M | -21.82M |
| EBITDA Margin | -71.02% | -71.02% | -53.62% | -46.63% | -2.48% | -2.14% |
| D&A For EBITDA | 62.37M | 62.37M | 42.15M | 65.28M | 70.15M | 73.30M |
| EBIT | -570.09M | -570.09M | -444.59M | -512.21M | -96.59M | -95.12M |
| EBIT Margin | -79.75% | -79.75% | -59.24% | -53.44% | -9.05% | -9.31% |
| Advertising Expenses | 259.92K | 259.92K | 1.62M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.15B | 1.15B | 57.17M | 30.64M | 26.10M | 287.27M |
| Short-Term Investments | 13.26M | 13.26M | 10.67M | 10.67M | 10.02M | 10.02M |
| Cash & Short-Term Investments | 1.16B | 1.16B | 67.84M | 41.31M | 36.12M | 297.29M |
| Accounts Receivable | 4.93M | 2.95M | 3.21M | 1.49M | ||
| Other Receivables | 35.04M | 35.04M | 20.44M | 52.17M | 26.87M | 51.32M |
| Receivables | 37.31M | 37.31M | 26.40M | 56.94M | 34.40M | 57.47M |
| Inventory | 281.33M | 281.33M | 443.00M | 284.96M | 255.70M | 306.53M |
| Prepaid Expenses | 4.31M | 4.31M | 2.97M | 3.59M | 3.99M | 4.47M |
| Other Current Assets | 167.18M | 167.18M | 131.23M | 148.75M | 84.13M | 65.68M |
| Total Current Assets | 1.65B | 1.65B | 671.44M | 535.55M | 414.34M | 731.45M |
| Property, Plant & Equipment | 2.72B | 2.72B | 2.75B | 2.69B | 2.58B | 2.49B |
| Long-Term Investments | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M |
| Other Intangible Assets | 736.16K | 736.16K | 891.08K | 406.29K | 477.99K | 562.34K |
| Long-Term Deferred Tax Assets | 114.63M | 114.63M | 114.67M | 113.39M | 62.62M | 70.73M |
| Other Long-Term Assets | 1.00 | |||||
| Total Assets | 4.50B | 4.50B | 3.54B | 3.34B | 3.06B | 3.30B |
| Accounts Payable | 123.24M | 123.24M | 109.16M | 139.39M | 74.71M | 80.87M |
| Accrued Expenses | 309.20M | 309.20M | 104.87M | 167.72M | 44.34M | 59.30M |
| Short-Term Debt | 2.79B | 2.79B | 2.08B | 1.60B | 1.42B | 1.28B |
| Current Portion of Long-Term Debt | 510.24M | 325.76M | 157.01M | 157.01M | ||
| Current Portion of Leases | 3.91M | 3.91M | 6.13M | 7.94M | 3.10M | 6.92M |
| Other Current Liabilities | 30.14M | 30.14M | 30.09M | 30.30M | 29.70M | 28.58M |
| Total Current Liabilities | 3.25B | 3.25B | 2.84B | 2.27B | 1.73B | 1.62B |
| Long-Term Debt | 1.75B | 1.75B | 1.22B | 878.98M | 517.63M | 633.44M |
| Long-Term Leases | 39.67M | 39.67M | 43.95M | 50.07M | 50.76M | 53.86M |
| Long-Term Unearned Revenue | 1.90M | 2.53M | 3.16M | 3.79M | ||
| Pension & Post-Retirement Benefits | 312.71M | 312.71M | 304.72M | 306.21M | 283.28M | 266.69M |
| Other Long-Term Liabilities | 96.48M | 96.48M | 163.61M | 154.96M | 149.86M | 166.47M |
| Total Liabilities | 5.45B | 5.45B | 4.57B | 3.66B | 2.73B | 2.74B |
| Common Stock | 66.00M | 66.00M | 66.00M | 66.00M | 66.00M | 66.00M |
| Retained Earnings | -2.14B | -2.14B | -1.09B | -384.07M | 256.03M | 490.16M |
| Comprehensive Income & Other | 1.12B | 1.12B | ||||
| Shareholders' Equity | -956.82M | -956.82M | -1.03B | -318.07M | 322.03M | 556.16M |
| Total Liabilities & Equity | 4.50B | 4.50B | 3.54B | 3.34B | 3.06B | 3.30B |
| Total Debt | 4.58B | 4.58B | 3.85B | 2.86B | 2.15B | 2.13B |
| Net Cash (Debt) | -3.42B | -3.42B | -3.79B | -2.82B | -2.11B | -1.84B |
| Net Cash Per Share | -517.48 | -517.48 | -573.67 | -426.94 | -320.03 | -278.33 |
| Filing Date Shares Outstanding | 6.60M | 6.60M | 6.00M | 6.60M | 6.60M | 6.60M |
| Total Common Shares Outstanding | 6.60M | 6.60M | 6.00M | 6.60M | 6.60M | 6.60M |
| Working Capital | -1.60B | -1.60B | -2.17B | -1.73B | -1.31B | -884.24M |
| Book Value Per Share | -144.97 | -144.97 | -171.26 | -48.19 | 48.79 | 84.27 |
| Tangible Book Value | -957.56M | -957.56M | -1.03B | -318.48M | 321.55M | 555.60M |
| Tangible Book Value Per Share | -145.08 | -145.08 | -171.40 | -48.25 | 48.72 | 84.18 |
| Buildings | 315.64M | 315.64M | 315.22M | 313.20M | 308.96M | 304.34M |
| Machinery | 624.08M | 624.08M | 623.27M | 620.28M | 618.32M | 615.99M |
| Construction In Progress | 73.54M | 73.54M | 85.91M | 84.27M | 51.75M | 69.50M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.05B | -1.05B | -709.46M | -635.16M | -227.53M | -209.11M |
| Depreciation & Amortization | 66.68M | 66.68M | 50.85M | 73.99M | 78.37M | 81.51M |
| Other Amortization | 154.93K | 154.93K | 82.21K | 71.70K | 84.35K | |
| Other Operating Activities | 366.39M | 366.39M | -174.27M | -55.62M | 12.18M | 17.58M |
| Change in Accounts Receivable | -24.77M | 22.71M | -18.20M | |||
| Change in Inventory | -29.27M | 50.83M | -20.04M | |||
| Change in Accounts Payable | 206.74M | -72.82M | 28.66M | |||
| Change in Unearned Revenue | -632.47K | -632.47K | -632.47K | |||
| Change in Other Net Operating Assets | -28.82M | -18.44M | 50.41M | |||
| Operating Cash Flow | -613.09M | -613.09M | -832.79M | -493.47M | -155.24M | -69.83M |
| Capital Expenditures | -39.73M | -39.73M | -131.21M | -177.82M | -180.72M | -223.61M |
| Investment in Securities | -446.80K | -637.23K | -1.65M | -696.52K | ||
| Other Investing Activities | 17.74M | |||||
| Investing Cash Flow | -39.73M | -39.73M | -131.66M | -178.46M | -164.63M | -224.31M |
| Long-Term Debt Issued | 826.83M | 826.83M | 1.31B | 1.17B | 1.07B | 1.48B |
| Long-Term Debt Repaid | -196.73M | -196.73M | -319.01M | -485.35M | -1.00B | -909.56M |
| Lease Payments | -6.50M | -6.50M | -7.94M | -6.86M | -6.92M | -6.35M |
| Net Debt Issued (Repaid) | 630.10M | 630.10M | 990.99M | 681.09M | 65.80M | 566.62M |
| Issuance of Common Stock | 1.12B | 1.12B | ||||
| Common Dividends Paid | -9.35K | -4.63M | -7.10M | -4.32M | ||
| Other Financing Activities | 1.00 | -1.00 | ||||
| Financing Cash Flow | 1.75B | 1.75B | 990.98M | 676.47M | 58.70M | 562.30M |
| Net Cash Flow | 1.09B | 1.09B | 26.53M | 4.54M | -261.17M | 268.16M |
| Free Cash Flow | -652.82M | -652.82M | -964.00M | -671.28M | -335.96M | -293.44M |
| Free Cash Flow Margin | -91.33% | -91.33% | -128.45% | -70.04% | -31.49% | -28.73% |
| Free Cash Flow Per Share | -98.91 | -98.91 | -146.06 | -101.71 | -50.90 | -44.46 |
| Levered Free Cash Flow | -307.47M | -307.47M | -749.85M | -465.84M | -204.02M | -345.69M |
| Unlevered Free Cash Flow | 2.74M | 2.74M | -560.79M | -351.24M | -126.70M | -280.07M |
| Free Cash Flow After Leases | -659.32M | -659.32M | -971.94M | -678.14M | -342.89M | -299.79M |
| Cash Interest Paid | 460.23M | 460.23M | 297.95M | 177.25M | 118.60M | 98.96M |
| Cash Income Tax Paid | 5.22M | 5.22M | 8.15M | 7.68M | 6.69M | 8.07M |
| Change in Working Capital | 123.25M | -18.35M | 40.19M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.21B | 1.76B | 2.51B | 2.87B | 4.43B | 3.87B |
| Enterprise Value | 7.62B | 5.54B | 5.91B | 5.29B | 6.29B | 5.23B |
| Last Close Price | 141.40 | 159.00 | 381.00 | 434.70 | 268.80 | 234.40 |
| PS Ratio | 5.88 | 2.46 | 3.35 | 2.99 | 4.15 | 3.79 |
| PB Ratio | -1.84 | -2.45 | -9.02 | 13.76 | 6.96 | |
| P/TBV Ratio | 13.78 | 6.96 | ||||
| EV/Sales Ratio | 10.66 | 7.75 | 7.88 | 5.51 | 5.90 | 5.12 |
| Debt / Equity Ratio | -4.79 | -4.79 | -3.75 | -8.99 | 6.67 | 3.84 |
| Net Debt / Equity Ratio | -3.57 | -3.57 | -3.69 | -8.86 | 6.56 | 3.30 |
| Net Debt / EBITDA Ratio | -6.73 | -6.73 | -9.41 | -6.30 | -79.91 | -84.19 |
| Net Debt / FCF Ratio | -5.23 | -5.23 | -3.93 | -4.20 | -6.29 | -6.26 |
| Asset Turnover | 0.18 | 0.18 | 0.22 | 0.30 | 0.34 | 0.33 |
| Inventory Turnover | 3.25 | 3.25 | 2.84 | 4.61 | 3.41 | 3.10 |
| Quick Ratio | 0.37 | 0.37 | 0.03 | 0.04 | 0.04 | 0.22 |
| Current Ratio | 0.51 | 0.51 | 0.24 | 0.24 | 0.24 | 0.45 |
| Return on Equity (ROE) | -32,089.65% | -51.82% | -31.52% | |||
| Return on Assets (ROA) | -8.87% | -8.87% | -8.07% | -10.01% | -1.90% | -1.93% |
| Return on Invested Capital (ROIC) | -58.59% | -58.59% | -50.04% | -29.19% | -4.00% | -4.11% |
| Return on Capital Employed (ROCE) | -45.80% | -45.80% | -63.30% | -47.70% | -7.30% | -5.70% |
| Earnings Yield | -112.12% | -59.57% | -28.21% | -22.14% | -5.14% | -5.40% |
| FCF Yield | -15.52% | -37.17% | -38.34% | -23.40% | -7.58% | -7.58% |
| Dividend Yield | 0.11% | 0.17% | ||||
| Total Shareholder Return | 0.11% | 0.17% |