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United Power Generation

DSE: UPGDCL

Power · United Group

United Power Generation & Distribution Company (UPGDCL) is the power-generation and captive-distribution arm of United Group, supplying electricity notably to economic/export zones, and is one of the most highly valued power companies on the Dhaka bourse.

Business: Generation and distribution of electricity, including dedicated supply to export processing zones and industrial enclaves, alongside grid-connected independent power generation.

Market data

Market capitalisation

68,462 mn BDT

Paid-up capital

5,797 mn BDT

Outstanding shares

579,695,270

Last price

117.7 BDT

Listed

2015

Market category

A

Source: Dhaka Stock Exchange, fetched 2026-05

Policy exposure

Embedded/captive supply to export processing zones outside the standard grid-tariff regime Zone-dedicated private power arrangements affect both export competitiveness and the equity of who bears the national grid's costs. Source: analysis

Very high market capitalisation relative to paid-up capital, signalling strong investor expectations of regulated returns Persistently rich valuations on a power IPP focus policy attention on whether returns reflect genuine efficiency or favourable contract terms. Source: Dhaka Stock Exchange, fetched 2026-05

PPA renewal and gas-allocation risk as primary fuel supply tightens Future earnings and grid reliability hinge on government decisions over gas allocation and contract extensions, a core energy-security policy lever. Source: analysis