A highly profitable, near debt-free branded-products company with a long record of generous cash dividends — but a very thin public float and recent payouts that use up almost all its profit.
Marico Bangladesh is a steady, high-quality earner: profits have roughly doubled in six years, it carries almost no debt, and it has paid cash dividends every year. It suits patient investors who want a financially strong, dividend-focused holding — provided they accept that only about 1.89% of the shares trade freely and that the very large recent dividends, which used up essentially all of a year's profit, may not stay that high. Whether the price is reasonable today is shown in the live value estimate beside this report.
Value today
Looks cheapToday
৳2,745
Rough estimate
৳4,013
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৳3,444
- Priced like similar companies (profit)৳5,962
- Its own usual price vs asset value৳1,806
- Based on the dividend it pays৳3,458
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 sponsor-controlled branded-products company, listed since 2009 — small in share count but a standout for how much profit it makes.
Marico Bangladesh Limited has traded on the Dhaka Stock Exchange since 2009 and is classified on the exchange under 'Pharmaceuticals & Chemicals'. It makes and sells branded everyday products. It is not a large company by share count — there are only about 3.15 crore shares, with paid-up capital of 31.5 crore taka — but it sits on large accumulated reserves of about 235.4 crore taka.
Ownership is very concentrated: sponsors and directors hold 90% of the shares, institutions about 6.2%, and only about 1.89% is in ordinary public hands (foreign holders about 1.91%). That 90% sponsor stake is typical of a company that is the local arm of a bigger parent group, and it means very few shares actually change hands in the market.
So by share count it is a small company, but by the numbers it is a heavyweight in profitability — relative to its size it earns far more than most companies around it, as the later sections show.
How does it make money?
It sells branded products and keeps an unusually large share of each taka of sales as profit — without heavy spending or borrowing.
The company earns its money by selling branded consumer products. Its sales have risen steadily — from about 1,303 crore taka in 2022 to 1,414 crore in 2023, 1,452 crore in 2024, and 1,631 crore in 2025.
What stands out is how much of those sales it keeps as profit. In 2025 it turned 1,631 crore taka of revenue into 709.6 crore of operating profit — it holds on to a large part of every taka it sells. It also spends very little on new equipment (capital spending was just 16.7 crore taka in 2025) and carries almost no debt, so profit is not eaten up by interest or heavy reinvestment.
In short, it is an 'asset-light' business: modest capital, strong brands (which its fat margins point to), and cash that flows straight through to its owners.
Is it actually making money?
Yes — profit has grown almost every year and roughly doubled over 2021–2026.
This is one of the company's clearest strengths. Net profit has climbed almost every year: 310.9 crore taka in 2021, 355.4 crore in 2022, 387.2 crore in 2023, 460.6 crore in 2024, 590.6 crore in 2025, and 649.2 crore in 2026. Over 2021–2026 profit rose about 109% — roughly doubling.
Profit per share tells the same story, rising from ৳98.69 in 2021 to ৳206.09 in 2026, also up about 109%. Operating profit (what the core business makes before side items) grew from 464.4 crore taka in 2022 to 709.6 crore in 2025.
The growth has been steady, year after year, rather than one lucky jump — which suggests the earnings are real and repeatable, not a fluke.
Is it financially safe?
Very safe on debt — it owes almost nothing and generates strong cash — though heavy dividends have thinned its equity cushion.
On debt, the company is about as safe as it gets. It reports no meaningful loans (total loans of essentially 0), and year-to-year borrowings have been tiny — 7.86 crore taka in 2022, 4.64 crore in 2023, 45.0 crore in 2024, and 11.6 crore in 2025 — a rounding error next to its own money (its debt has stayed at roughly 0.01 to 0.05 of its equity).
It also generates strong cash from simply running the business: operating cash flow of 360.5 crore taka in 2022, 539.4 crore in 2023, 615.0 crore in 2024, and 460.6 crore in 2025, with cash on hand growing to about 309.2 crore by 2025. A company with no debt and this much cash could comfortably survive a bad year.
The one caveat is self-inflicted: it has paid out so much in dividends that its net asset value per share fell from ৳260.64 in 2024 to ৳92.02 in 2026, and total equity slipped from 821.0 crore taka in 2024 to 753.3 crore in 2025. The balance sheet is still strong, but the cushion is thinner than the debt figures alone suggest.
How do we judge if it's fairly priced?
We weigh today's price against four yardsticks — its own past pricing, similar companies, the value of what it owns, and its dividend — with the live box carrying the verdict.
We do not fix a single 'right' price. Instead we look at four plain yardsticks. First, how the share has usually been priced against its own profit: over the years the market has, on average, paid roughly ৳1,671 for the share for every ৳100 of yearly profit per share — its own usual level. Second, how similar companies in its group are priced.
Third, the value of what the company owns — its net asset value was about ৳92.02 per share in 2026. Fourth, the dividend it pays relative to the price. The durable inputs here are its profit per share (৳206.09 in 2026) and its own usual pricing level; the rest depends on today's price.
Because the day's price keeps moving, whether the share currently looks cheap, fair, or expensive is shown in the live 'value today' box beside this report — not written into this durable text.
Value today
Looks cheapToday
৳2,745
Rough estimate
৳4,013
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৳3,444
- Priced like similar companies (profit)৳5,962
- Its own usual price vs asset value৳1,806
- Based on the dividend it pays৳3,458
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
A generous, every-year cash-dividend payer — but the latest payouts have used up essentially all (or more) of its profit.
Rewarding shareholders is where this company shines — and also where the main caution sits. It has paid a cash dividend every year in the record: 900% of face value in 2021, 800% in 2022, 750% in 2023, 200% in 2024, 3,840% in 2025, and 2,075% in 2026. On the ৳10 face value, those are cash payments of ৳90, ৳80, ৳75, ৳20, ৳384, and ৳207.5 per share.
The recent amounts are unusually large — but that generosity comes with a warning about how safe it is. In 2026 the company paid ৳207.5 per share while earning ৳206.09 — it handed out essentially its entire year's profit. In 2025 it paid ৳384 while earning only ৳187.49, paying out about twice what it made that year, funded from past reserves and cash.
So it is a strong, reliable dividend payer, but the very large recent dividends are at or above what it earns and may not stay this high year after year. The dividend income can also swing a lot — it dropped to ৳20 in 2024 before jumping to ৳384 the next year.
What makes it special?
Its edge shows up in the numbers — profitability far above its peers, steady growth, and a debt-free, cash-rich balance sheet.
Its real edge is visible in how much profit it squeezes from its size. In 2026 it earned ৳206.09 per share while the net asset value behind each share was only ৳92.02 — it earns more in a single year than the entire book value of each share. That is an extraordinary level of profitability.
Against peers in the same group it stands out. For every ৳100 of owners' money, the strongest peer, Reckitt Benckiser, earns roughly ৳45; Kohinoor Chemical about ৳26; Square Pharmaceuticals about ৳15; ACME Laboratories and Navana Pharmaceuticals about ৳9 each. Marico earns far more than any of them relative to its own money, and its profit has grown steadily while some peers' earnings have been flat or fallen.
Add near-zero debt, low capital needs, and strong brands (which its fat, stable margins point to), and you have a company with a genuine quality edge. Its main weakness on this front is not the business but the ownership — with 90% held by sponsors, it is closely tied to, and dependent on, its parent group.
Why it could do well
Growing profits, almost no debt, exceptional profitability, a long dividend record, and strong cash generation.
- Profits keep growing. Net profit rose from 310.9 crore taka in 2021 to 649.2 crore in 2026 — up about 109%, climbing almost every year.
- Almost no debt. Loans are essentially zero and its borrowings are a tiny fraction of its own money (about 0.01–0.05 of equity), so it does not depend on lenders.
- Unusually high profitability. In 2026 it earned ৳206.09 per share — more than double the ৳92.02 net asset value per share — and out-earns every peer relative to its size.
- Long, generous dividend record. It has paid cash dividends every year, including ৳384 per share in 2025 and ৳207.5 in 2026.
- Strong cash generation. Operating cash flow ran between 360.5 and 615.0 crore taka a year, and cash on hand grew to about 309.2 crore by 2025.
What could go wrong
Dividends now exceed earnings, the equity cushion is shrinking, the float is tiny, the payout is lumpy, and it leans on its parent.
- Dividends now exceed earnings. In 2025 it paid ৳384 per share while earning ৳187.49, and in 2026 it paid ৳207.5 versus ৳206.09 earned — payouts at or above profit cannot continue indefinitely.
- The equity cushion is shrinking. Heavy payouts pulled net asset value per share down from ৳260.64 in 2024 to ৳92.02 in 2026, and total equity fell from 821.0 crore taka in 2024 to 753.3 crore in 2025.
- Very thin public float. Sponsors hold 90% and only about 1.89% of shares are in public hands, so the share trades in tiny volumes and the price can move sharply.
- Lumpy dividend. The payout swung from ৳75 (2023) to ৳20 (2024) to ৳384 (2025) — the income is not a steady, predictable amount.
- Dependence on its parent. With 90% held by sponsors, ordinary shareholders have little say and the company's fortunes are tied to its controlling group.
So, is it for you?
A financially rock-solid, high-quality dividend payer for patient investors who can accept a very thin float and dividends that may not stay this generous.
On the numbers, Marico Bangladesh is a high-quality business: growing profits, almost no debt, strong cash generation, and unusually high profitability. For an investor who wants a financially solid, dividend-oriented, blue-chip-style holding and plans to hold patiently, it has a lot going for it.
The trade-offs are real, though. Only about 1.89% of the shares trade freely, so it can be hard to buy or sell in size and the price can be jumpy. And the recent bumper dividends used up essentially all — or more than all — of a year's profit, so the income may come down from these very high levels.
It suits steady, long-term, income-minded investors more than active traders who need easy liquidity or anyone counting on a fixed, guaranteed payout. Whether today's price is reasonable is shown in the live value estimate beside this report.
This is educational information, not investment advice.