One of the country's larger steel makers — record profit and a steady, rising cash dividend, but freshly loaded with debt to fund a big expansion.
BSRM Steels is a large, established steel producer whose yearly profit and dividend have climbed to record levels, and most of its shares sit with the founding owners. It suits patient, long-term investors who want a growing industrial company that pays a reliable cash dividend — but who can accept that it has just taken on much more debt and spent heavily to expand, which adds risk. We judge whether the price is reasonable using four yardsticks; the live "value today" box beside this report shows the current read.
Value today
Looks cheapToday
৳96.7
Rough estimate
৳262
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳89.4
- Priced like similar companies (profit)৳618
- Its own usual price vs asset value৳73.3
- Based on the dividend it pays৳83.3
A rough, educational estimate from the figures we have — not a price target or advice.
Data as of 2026-07-16
What does this company do?
A large Bangladeshi steel maker, listed since 2009, that produces steel used mainly in construction.
BSRM Steels Limited makes steel and steel products used mainly in building and construction. It has been listed on the Dhaka Stock Exchange since 2009 and belongs to the engineering sector. With sales of about 10,367 crore taka in the year ended 2025, it is one of the larger companies in that sector.
The company has 37.6 crore shares outstanding, each with a face value of 10 taka, and has built up large reserves of about 3,027 crore taka over the years. Most of the business is owned by its founding sponsors and directors, who together hold 72.06% of the shares — a sign that the people running it have a big personal stake in how it performs.
It is part of the wider BSRM group. In late 2025 its board approved investing 200 crore taka into a sister company, BSRM Wires Limited, to expand into wire products such as electrode wire, fencing and cable-core wire — a move to widen what the group sells.
How does it make money?
It earns by making and selling large volumes of steel; profit is a thin slice of very big sales.
The company makes money the simple way — it manufactures steel and sells it, mostly for building and construction. Because steel is sold in huge quantities, its sales figures are very large: revenue grew from about 6,712 crore taka in 2022 to 10,367 crore taka in 2025.
But steel is a commodity, so only a small part of those big sales becomes final profit. Out of 10,367 crore taka of sales in 2025, net profit was 517.6 crore taka. What drives the business is the volume of steel sold and the gap between the selling price of steel and the cost of raw materials — so construction demand and raw-material prices matter a great deal.
Its operating profit — what the core business earns before financing costs and one-off items — has risen steadily, from 541.5 crore taka in 2022 to 897.3 crore taka in 2025. That shows the core business itself has been getting bigger and more profitable.
Is it actually making money?
Yes — profit dipped in 2023 but has since jumped to a record, up about 70% over five years.
Yes. The company has been profitable every year. Net profit was 304.7 crore taka in 2021, eased to 297.9 crore taka in 2023, then climbed strongly to 379.7 crore taka in 2024 and a record 517.6 crore taka in 2025.
Per share, profit followed the same path: 8.1 taka in 2021, a soft patch at 7.92 taka in 2023, then 10.1 taka in 2024 and 13.77 taka in 2025 — the highest of the five years shown. Over 2021 to 2025, both total profit and per-share earnings grew about 70%.
The dip in 2023 is a reminder that steel is a cyclical business — earnings can wobble with construction demand and raw-material costs. But the direction over the full stretch is clearly upward, and the most recent year was the strongest.
Is it financially safe?
Reasonably safe, but it just took on a lot more debt for a big expansion, so the balance sheet is tighter than before.
For most of the period the company carried very little debt compared with its own money. Its debt against the owners' money — a simple gauge of how much it owes versus what shareholders have put in — was just 0.19 in 2022 and 0.16 in 2023, which is very comfortable.
That changed in 2025. The company borrowed heavily, pushing total debt to about 2,224 crore taka and the debt-against-owners'-money gauge up to 0.65, while cash on hand fell to 191.7 crore taka (from 907.4 crore taka back in 2022). The reason is a huge one-year jump in investment spending: capital expenditure leapt to about 1,635 crore taka in 2025, more than ten times the 125.3 crore taka spent in 2024, as it funds a major expansion.
Even so, the core still generates cash: operating cash flow was 730.7 crore taka in 2025, the company keeps large reserves of about 3,027 crore taka, and the owners' money (equity) grew to 3,405 crore taka. So it is not in danger — but it now carries more debt than it used to, and that expansion needs to pay off.
How do we judge if it's fairly priced?
We compare the price against four yardsticks — its own past pricing, similar firms, its asset value, and its dividend — and show the result live, not here.
We don't guess whether the share is cheap or dear. We line it up against four measuring sticks. First, its own history: in the past the market has typically paid roughly 6 to 7 taka of share price for each 1 taka of yearly profit per share, and it has usually priced the share a little below the book value of what the company owns for each share.
Second, how similar engineering and steel companies are priced. Third, the price against the value of what the company owns for each share — its net asset value was 90.52 taka per share in 2025, and has risen every year from 62.38 taka in 2021. Fourth, against the dividend it pays.
The durable building blocks are its profit per share (13.77 taka in 2025) and that asset value per share (90.52 taka). The live "value today" box on this page combines today's price with these yardsticks to show whether the price looks reasonable right now — we deliberately keep today's price and the verdict out of this lasting write-up so it never goes stale.
Value today
Looks cheapToday
৳96.7
Rough estimate
৳262
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳89.4
- Priced like similar companies (profit)৳618
- Its own usual price vs asset value৳73.3
- Based on the dividend it pays৳83.3
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
Yes — cash every year for five years, raised to 50% (5 taka a share) in 2025, and easily covered by profit.
This is a genuine dividend payer. It has paid a cash dividend every year for the last five years: 40% of face value in 2021, 30% in 2022, 25% in 2023, 32% in 2024, and 50% in 2025. On the 10-taka face value, the 2025 payout of 50% works out to 5 taka per share. It pays cash, not bonus shares.
Importantly, the dividend is comfortably covered by earnings. In 2025 the company earned 13.77 taka per share and paid out 5 taka — keeping the larger share of profit inside the business. A payout that uses only about a third of profit is generally safe and leaves room to keep paying even in a weaker year.
The amount has moved up and down a little year to year (it dipped to 2.5 taka in 2023 before recovering), so this is not a fixed, ever-rising dividend — but the record of paying every single year is reliable.
What makes it special?
Its edge is scale, a well-known steel business and committed owners — not pricing power, since steel is a commodity.
BSRM Steels' main strength is size and standing. With about 10,367 crore taka of sales and 517.6 crore taka of profit in 2025, it is one of the bigger names in its sector, and it is part of the larger BSRM steel group. Its founding owners hold 72.06% of the shares, so management's interests are closely tied to those of ordinary shareholders.
Against the engineering peers in our fact pack, its record stands out for growth and profitability. Its earnings per share climbed from 8.1 taka in 2021 to 13.77 taka in 2025, while some peers (such as Walton Hi-Tech) saw earnings fall over the latest year, and it earns a healthier return on its owners' money than most of the peers shown here.
But be honest about the limits: steel is a commodity, so the company has little control over its selling price, and only a thin slice of its huge sales becomes profit. Its advantage is scale, brand and financing muscle rather than the ability to charge more than rivals — a real but modest edge.
Why it could do well
Record profit, a dependable and growing dividend, a fresh expansion, and deeply committed owners.
- Record earnings: net profit rose to 517.6 crore taka and earnings reached 13.77 taka per share in 2025, up about 70% since 2021.
- Reliable, rising dividend: cash paid every year for five years, lifted to 50% of face value (5 taka a share) in 2025 and easily covered by profit.
- Big expansion underway: capital spending jumped to about 1,635 crore taka in 2025, which could grow future capacity and sales if it pays off.
- Strong operating cash and reserves: operating cash flow of 730.7 crore taka in 2025 and reserves of about 3,027 crore taka give it staying power.
- Committed owners: sponsors and directors hold 72.06% of the shares, keeping management aligned with shareholders.
What could go wrong
Freshly higher debt, thinner cash, thin commodity margins, and an expansion that still has to prove itself.
- Debt has jumped: its debt against owners' money rose from 0.16 in 2023 to 0.65 in 2025, and total debt reached about 2,224 crore taka — a heavier load if demand or interest costs turn against it.
- Cash has thinned: cash on hand fell to 191.7 crore taka in 2025 from 907.4 crore taka in 2022, largely because of the big investment spend.
- Commodity, thin-margin business: only a small part of very large sales becomes profit, and steel prices swing with raw-material costs and construction demand.
- Cyclical earnings: profit dipped in 2023 (to 297.9 crore taka) before recovering, so results can wobble from year to year.
- The expansion must deliver: the roughly 1,635 crore taka spent in 2025 has to earn a good return; if it disappoints, the added debt becomes a drag.
So, is it for you?
Best for patient, long-term investors who want a growing, dividend-paying steel maker and can accept more debt and a cyclical business.
BSRM Steels suits a patient, long-term investor who wants a stake in a large, established industrial company that keeps growing and pays a dependable cash dividend. The five-year record — rising profit, a record 2025, and a dividend every year — is the kind of steadiness income-minded holders look for.
It is less suited to someone who wants a debt-light, ultra-steady business, or who cannot tolerate the ups and downs of a commodity maker. The main caveat is clear: in 2025 the company took on much more debt and spent heavily to expand, so the next few years hinge on that investment paying off while the extra borrowing is carried.
Whether today's price is reasonable is a separate question — check the live "value today" box and the current Buy/Sell signal beside this report, which update with the market, rather than relying on any fixed verdict here.
This is educational information, not investment advice. Do your own research or consult a licensed adviser before making any decision.