Twenty-two companies listed on the capital market have decided not to pay dividends to shareholders for the 2025-26 financial year, with several reporting substantial losses.

The decisions were taken by the companies boards after reviewing their audited financial statements for the year ended June 30, 2026.

According to the Dhaka Stock Exchange (DSE), some of the companies reported losses of more than Tk 72 per share, while a few decided against paying dividends despite remaining profitable.

The companies are Aziz Pipes, Zeal Bangla Sugar Mills, Shyampur Sugar Mills, Usmania Glass, Bangladesh Building Systems (BBS), Information Services Network (ISN), Investment Corporation of Bangladesh (ICB), Rahima Food Corporation, Stylecraft, Zahin Spinning, The Peninsula Chittagong, Safko Spinning, Apex Tannery, Deshbandhu Polymer, Bashundhara Paper Mills, Meghna Cement, Renwick Jajneswar, Shepherd Industries, Munnu Agro, Jute Spinners, Miracle Industries and Central Pharmaceuticals.

Meanwhile, four companies have been downgraded from the ‘B’ to the ‘Z’ category for failing to declare dividends for two consecutive years. They are Bangladesh Building Systems, Information Services Network, Investment Corporation of Bangladesh and Deshbandhu Polymer.

BBS and ISN were transferred to the ‘Z’ category on October 28, while ICB was downgraded on October 29.

Under DSE rules, companies that fail to declare dividends for two consecutive years are placed in the ‘Z’ category. Investors cannot avail themselves of margin loan facilities when purchasing shares of these companies. Currently, 17 companies are traded in the ‘Z’ category on the DSE.

More than 100 listed companies have published their financial results for FY26. Of them, 82 recommended cash dividends, stock dividends or both, while 22 decided against distributing any dividends.

Zeal Bangla Sugar Mills recorded the highest loss per share at Tk 72.32 in FY26, followed by Meghna Cement with Tk 63.68.

Shyampur Sugar Mills reported a loss of Tk 42.94 per share, while Bashundhara Paper Mills posted a loss of Tk 42.74.

Jute Spinners’ loss per share increased to Tk 40.20 from Tk 36.32 in the previous financial year. Renwick Jajneswar also saw its loss widen to Tk 10.63 per share from Tk 7.76.

Usmania Glass and Aziz Pipes reported losses of Tk 4.79 and Tk 3.77 per share, respectively.

The state-owned Investment Corporation of Bangladesh reported a consolidated loss of Tk 7.52 per share, down from Tk 14 in the previous year. Despite reducing its losses, the company’s net asset value (NAV) per share declined to Tk 30.26 from Tk 37.45.

Bangladesh Building Systems’ loss per share increased to Tk 0.91 from Tk 0.59, while its NAV fell to Tk 10.69 per share.

Information Services Network reported a loss of Tk 0.51 per share, compared with Tk 0.43 in the previous year. Its NAV declined to Tk 1.91 per share.

Rahima Food Corporation shifted from profit to loss, reporting a loss of Tk 0.25 per share against earnings of Tk 0.56 in the previous year. Shepherd Industries also posted a loss of Tk 1.60 per share, compared with earnings of Tk 0.04 a year earlier.

Deshbandhu Polymer posted earnings of Tk 3.15 per share in FY26, while Munnu Agro reported earnings of Tk 0.04 per share. Despite making profits, both companies’ boards decided not to recommend any dividends for shareholders.