A large, long-listed energy company with a steady dividend record and rising profit — but its borrowing has been climbing fast.
MJL Bangladesh is a large, established company in the country's fuel-and-energy sector that has grown its profit over the years and paid a cash dividend every year in our records. It fits patient, income-focused investors who value a reliable dividend and a top-grade AAA credit rating — provided they are comfortable with its steadily rising borrowing and the very small slice of shares held by the general public.
Value today
Looks cheapToday
৳94.8
Rough estimate
৳145
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৳119
- Priced like similar companies (profit)৳220
- Its own usual price vs asset value৳104
- Based on the dividend it pays৳86.7
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?
MJL Bangladesh is a large, long-established company in the Fuel & Power (energy) sector, listed on the Dhaka Stock Exchange since 2011.
MJL Bangladesh is a private-sector energy company that makes its money selling fuel, lubricant and related petroleum products. It sits in the Dhaka Stock Exchange's Fuel & Power group and has been listed since 2011, so it has a long public track record. It is one of the bigger names in its sector: in its 2025 financial year (the year ending in June) it took in 4,483 crore taka of sales and earned 359.8 crore taka of profit.
The company is divided into about 31.7 crore shares, each with a face value of 10 taka. Its paid-up capital is 316.8 crore taka and it has built up reserves of 988.4 crore taka over the years — money kept back inside the business.
Ownership is tightly held. The sponsors and directors — the founding owners — hold 71.52% of the shares, institutions hold 22.77%, and ordinary public investors hold only 5.69%. It trades in the exchange's top 'A' category.
How does it make money?
It earns by selling large volumes of fuel and energy products; sales have grown every year, but the final profit is a modest slice of those big sales.
The money the company brings in from selling its products — its sales — has risen steadily every year: from 2,642 crore taka in 2022 to 3,316 crore in 2023, 3,895 crore in 2024 and 4,483 crore in 2025. That is a business that keeps growing its top line.
From those sales, its day-to-day operating profit was 346.1 crore taka in 2022, 559.8 crore in 2023, 581.6 crore in 2024 and 748.8 crore in 2025. After paying interest on its loans and its taxes, the final profit that belongs to shareholders was 188.3 crore, 276.9 crore, 276.6 crore and 359.8 crore over the same years.
So the final profit is a fairly small slice of the very large sales — which is normal for a fuel-trading business, where the cost of the products themselves eats most of the money coming in. The company's strength here is volume and scale: it buys and sells a lot, and small improvements in selling volume or margins add up.
Is it actually making money?
Yes — profit grew about 51% over five years and hit a record 11.36 taka per share in 2025, though there was a dip in 2022 and this year's interim figures are running softer.
Profit has grown well over the long run. Earnings per share were 7.53 taka in 2021, dipped to 6.36 taka in 2022, recovered to 8.73 taka in 2023, held at 8.71 taka in 2024, then jumped to a record 11.36 taka in 2025. The total profit followed the same path: 238.5 crore, 188.3 crore, 276.9 crore, 276.6 crore and 359.8 crore taka. Across 2021 to 2025 both the profit and the per-share earnings are up about 51%.
It also turns shareholders' money into a healthy return: in 2025 it earned 359.8 crore taka of profit on the 1,919 crore taka of shareholders' money sitting in the business. That is a solid result for its size.
One thing to watch: the most recent nine-month update came in below the year before. The company reported nine-month earnings of 5.91 taka per share for July 2025 to March 2026, against 8.09 taka in the same nine months a year earlier — so the current year has started softer, even though its cash generation improved over that period. It is worth keeping an eye on how the full year lands.
Is it financially safe?
Reasonably solid and top-rated by lenders, but its debt has more than doubled in a few years and now slightly exceeds its own equity — the main caution.
The clearest caution is the rising debt. Total borrowing climbed from 981.4 crore taka in 2022 to 1,324 crore in 2023, 1,542 crore in 2024 and 1,986 crore in 2025 — more than doubling in four years. Measured against shareholders' own money, its debt went from 0.66 times in 2022 to 1.03 times in 2025, meaning it now owes slightly more than the owners have in the business. Its total loans (about 1,984 crore taka) are more than twice the reserve cushion it has built up (988.4 crore taka), which the data flags as a warning.
The positives are real, though. Shareholders' money in the business grew from 1,489 crore to 1,919 crore taka, total assets rose from 3,551 crore to 4,792 crore, and the value of what the company owns for each share climbed from 39.69 taka to 54.06 taka. On top of that, the rating agency CRISL gave it a top-grade AAA long-term rating with a Stable outlook — lenders view it as very safe.
But two things to weigh: the cash it holds is small (33.7 crore taka in 2025) next to nearly 2,000 crore taka of debt, and its year-to-year operating cash flow is lumpy (145.0, 59.6, 468.6 and 274.5 crore taka). It funds its growth partly with borrowing, so it depends on its profits and cash staying strong enough to keep covering the interest.
How do we judge if it's fairly priced?
We compare today's price (shown live) against four durable yardsticks — the company's own past pricing, similar companies, its asset value, and the dividend it pays.
To judge whether the price is high or low, we hold today's price — which sits in the live "value today" box beside this report — against a few steady anchors, rather than guessing. The first anchor is how the market has usually priced this share against its yearly profit: over the past years it has typically paid somewhere around 10 to 11 taka of share price for each 1 taka of yearly per-share profit. In 2025 the company earned 11.36 taka per share.
The second anchor is how similar energy companies are priced. The third is the value of what the company owns for each share — that was 54.06 taka per share in 2025 — and the market has, in its own past, tended to pay a little under two times that. The fourth anchor is the dividend the share pays relative to its price.
Putting today's price against these four anchors gives the value estimate shown live beside this report. We do not print a fixed "fair price" number here, because it moves with the daily share price — the live box always carries the up-to-date figure and the current stance.
Value today
Looks cheapToday
৳94.8
Rough estimate
৳145
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৳119
- Priced like similar companies (profit)৳220
- Its own usual price vs asset value৳104
- Based on the dividend it pays৳86.7
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
Yes — a dependable cash payer, giving around 5 taka a share (roughly half of face value) every year, comfortably covered by profit.
This is one of the company's strongest points for an income-minded investor. It has paid a cash dividend every year in our records: 55% of face value in 2021, 50% in 2022, 50% in 2023, 52% in 2024 and 52% in 2025. With a face value of 10 taka, that works out to 5.5, 5.0, 5.0, 5.2 and 5.2 taka per share. It is all cash — there have been no bonus shares — so shareholders receive real money in hand.
The payout also looks safe. In 2025 the company earned 11.36 taka per share and paid out 5.2 taka of it as cash — less than half of its earnings — so the dividend is comfortably covered, and it keeps the rest to reinvest in the business. Paying steadily for at least four to five years running is a reassuring sign of discipline.
The 52% cash dividend for the year ending June 2025 was recommended by the board in October 2025. How much that dividend is worth against today's price changes daily, so that figure is shown live beside this report rather than fixed here.
What makes it special?
Its edge is scale, a long track record, a top credit rating and steady demand for energy products — though its final margin is thin and some larger peers earn more per share.
MJL's main advantage is scale and reliability. It is one of the larger private companies in the Fuel & Power sector, with sales of 4,483 crore taka and profit of 359.8 crore taka in 2025, and a business built on energy products that are always in demand. Its top-grade AAA credit rating and the fact that its founding owners hold 71.52% of the shares both point to a stable, committed company.
Against its peers, though, it is solid rather than the standout. It shares its sector with big state-linked oil-marketing companies such as Meghna Petroleum, Padma Oil and Jamuna Oil, and power producers like United Power. Some of those peers earn a higher return on shareholders' money and grew their earnings faster in the latest year.
Its weaker point is the thin final margin: it keeps only 359.8 crore taka of profit out of 4,483 crore taka of sales. That is typical of a fuel-trading business, where the cost of the products takes most of the money — so its moat rests on size, brand and dependable payouts rather than on fat profits per sale.
Why it could do well
A growing, dividend-paying energy business with a top credit rating and owners who hold most of the shares.
- Profit is growing. Over 2021 to 2025 both profit and per-share earnings rose about 51%, reaching a record 11.36 taka per share and 359.8 crore taka in 2025.
- Sales keep rising. Revenue grew every year, from 2,642 crore taka in 2022 to 4,483 crore taka in 2025 — a business that is expanding, not shrinking.
- A dependable dividend. It has paid cash every year in our records, around 5 taka a share (52% of face value in 2025), and the payout uses less than half of its profit.
- Top credit rating. The rating agency CRISL gave it the highest AAA long-term grade with a Stable outlook — a strong sign of financial safety in lenders' eyes.
- Owners are aligned. Sponsors and directors hold 71.52% of the shares, so the people running it have a large personal stake in it doing well; the value of what the company owns per share has also risen from 39.69 to 54.06 taka.
What could go wrong
Fast-rising debt, a thin cash cushion, softer interim earnings, an auditor note and very few freely-traded shares are the main watch-outs.
- Debt has climbed fast. Borrowing more than doubled, from 981.4 crore taka in 2022 to 1,986 crore taka in 2025, and now slightly exceeds shareholders' own money in the business (debt went from 0.66 to 1.03 times equity).
- Loans dwarf the reserve cushion. Total loans of about 1,984 crore taka are more than twice the 988.4 crore taka of reserves — a warning flagged in the data — while cash on hand is only 33.7 crore taka.
- This year has started softer. The latest nine-month earnings were 5.91 taka per share, down from 8.09 taka a year earlier, so the current year is running below last year so far.
- An auditor caution. The company's auditor added an "Emphasis of Matter" note to the accounts for the year ending June 2025 — the kind of note worth reading closely before investing.
- Very little free float. Ordinary public investors hold only 5.69% of the shares, and foreign holders have almost fully exited (from 2.26% down to 0.02%); a thin float can make the share's trading bumpy.
So, is it for you?
A steady, dividend-paying energy company for patient income seekers — as long as you accept its rising debt and very thin public float.
MJL Bangladesh suits long-term, income-minded investors who want a reliable cash dividend, a business whose sales and profit have been growing, and the comfort of a top AAA credit rating. If a dependable yearly payout matters more to you than fast share-price action, this is the kind of company that fits.
Think twice if you want a lightly-borrowed balance sheet or a large, easily-traded public float. Its debt has more than doubled in four years and now slightly tops its own equity, and most of the shares sit with sponsors and institutions, leaving little in public hands.
The main things to keep watching are that rising debt and this year's softer interim earnings. Whether today's price looks reasonable — and the company's current buy-or-sell standing — is shown in the live box beside this report, since those move with the daily price. This write-up covers the durable story; the live box carries the moment-to-moment judgement.
This is educational information, not investment advice.