KAPRUR Fundamental Analysis, Mehr 1405: Profit Forecast and Valuation

Fundai Fundamental Analysis Team · October 19, 2026 · 17 min read

Last updated: October 22, 2026, 18:49

This article is updated as new reports come in.

Fundamental analysis of KAPRUR (Parvadeh Tabas Coal Processing) with monthly reports, profit margin, earnings per share, the estimate the company published on Codal and a valuation comparison with the industry.

In this article, the fundamental analysis of KAPRUR means a look at the fundamentals of Parvadeh Tabas Coal Processing, which trades under the symbol KAPRUR. KAPRUR also publishes consolidated reports, but every figure in this article comes from the standalone financial statements of the parent company. Using the monthly reports published on the Codal system, we assess the revenue and profitability trend, the profit margin, the factors that affect future performance, and the company's valuation ratios. Finally, based on the financial information published up to 30 Mehr 1405, we review the profit outlook and the main opportunities and risks of this symbol.

3 key points in the fundamental analysis of KAPRUR

1. Introduction to Parvadeh Tabas Coal Processing and its industry

Parvadeh Tabas Coal Processing (KAPRUR) operates in the coal mining group, and according to its articles of association its business is producing coal concentrate. Its symbol trades on the Iran Fara Bourse, and according to databourse.ir it is registered in the coal mining industry. Its fiscal year closes at the end of Esfand. The starting point of the fundamental analysis of KAPRUR is this understanding of the company's business and industry.

In the monthly reports the company's sales basket has only one item: coking coal concentrate. In the first 6 months of fiscal year 1405 this product made up 100.0% of sales, and sales in the same period were recorded entirely in the domestic market. So KAPRUR's profitability depends above all on the price and sales volume of a single product, and product diversification offers no shield against swings in it.

On the cost side the picture is just as concentrated. All raw material purchases in the 6 months ending Shahrivar 1405 were raw coal and reached 1,737.3 billion tomans; so the price of this input feeds directly into cost of goods sold, and the gap between the concentrate price and the raw coal price makes up the profit margin.

According to data on the KAPRUR page on Fundai, the company's market value on 29 Mehr 1405 was about 4,272 billion tomans and the company has 1.71 billion shares.

2. Review of the monthly reports and KAPRUR's sales trend

Sales in the first 6 months of fiscal year 1405 exceeded KAPRUR's sales for the whole previous fiscal year. According to the KAPRUR monthly reports, by the end of Shahrivar 1405 the company had sold a total of 2,745.6 billion tomans; 150.0% growth over the same period last year (1,098.0 billion tomans). Sales for the whole previous fiscal year were 2,454.1 billion tomans, so the first half of this year overtook all of last year. All of these sales were recorded in the domestic market, and there were no exports.

Sales in Shahrivar 1405 reached 734.8 billion tomans; 72.9% more than Mordad (424.9 billion tomans) and 176.3% more than Shahrivar 1404 (265.9 billion tomans). All six months this year were higher than the same month last year, so the growth does not rest on a single high-sales month. The chart above compares each month's sales with the same month last year.

The next table orders the products by their share of cumulative sales and compares the Shahrivar price with Mordad 1405 and Shahrivar 1404. The price is obtained by dividing the month's sales amount by the same month's sales volume. The price of coking coal concentrate (domestic) in Shahrivar 1405 reached 23.2 million tomans per ton; 14.6% above the previous month and 124.9% above Shahrivar 1404.

The cumulative sales volume of this product in the first 6 months was 138,912 tons, against 112,248 tons in the same period last year; so volume rose about 24%, but the sales amount grew 150%. This gap shows that the main part of the jump in sales came from the rise in price, and the increase in volume played a smaller part.

KAPRUR alongside the coal mining industry

To see how much of KAPRUR's sales growth belongs to the company itself, we have set its monthly sales next to the coal mining industry. "Industry" in this section means the 5 companies in this industry that filed that month's monthly report and had positive sales in the same month last year; industry growth is the growth of these companies' combined sales. In each of the three months KAPRUR had the industry's second-largest sales, and its share of industry sales fell from 36.7% in Tir to 27.8% in Mordad and rose to 39.5% in Shahrivar.

In all three months KAPRUR's sales growth lagged that of the whole industry (134.0%, 96.5% and 176.3% against 160.7%, 184.1% and 237.1%), but it moved ahead relative to the median company: in Tir it was below the median, in Mordad equal to it, and in Shahrivar above the 170.0% median. Its growth rank also went from fourth to third and then second. The industry is small and its total growth is more affected by one large company; a large part of every company's growth is also a price effect, so the meaningful signal for KAPRUR is the improvement of its position relative to the median.

In Shahrivar KEZOGHAL, the industry's largest company, with sales of 831.0 billion tomans and 467.0% growth, contributed most to industry growth, and KAPRUR followed with 734.8 billion tomans. Compared with Mordad, however, KAPRUR's sales rose 72.9% and the whole industry's 22.0%; whether this jump continues will become clear in the Mehr monthly report.

3. Analysis of KAPRUR's financial statements and profit margin

KAPRUR's income statements for the last 5 years show that the company's revenue has grown much faster than its profit. According to the KAPRUR income statement (standalone statement of the parent company), annual operating revenue rose from 970.6 billion tomans in fiscal year 1400 to 2,454.1 billion tomans in fiscal year 1404. Net profit over the same period went from 235.0 to 267.1 billion tomans. In 1404 revenue grew 26.2%, but net profit fell 10.8%.

The annual gross profit margin ranged between 13.6% and 22.2% over these 5 years. Operating revenue rose 152.8% and cost of goods sold rose 180.9%; costs ran faster than operating revenue and pulled the margin down. In 1404, out of every 100 tomans of operating revenue, 13.6 tomans remained as gross profit.

A look at the components of cost of goods sold shows the production cost mix. The cost of goods manufactured in fiscal year 1404 was 2,311.9 billion tomans, and direct materials consumed (raw coal) made up 92.2% of it at 2,130.6 billion tomans. Direct labor was 20.3 and production overhead 160.9 billion tomans; so most of the cost of goods manufactured depends on the price and volume of raw coal.

Quarterly and period profit margin

The gross profit margin for the quarter ending Shahrivar 1405 reached 23.9%; it was 24.5% in the previous quarter and 18.1% in the same quarter last year. In the history of this same quarter, the highest value is 37.1% (year 1397) and the lowest 10.6% (year 1403), with a 12-year average of 24.0%; this quarter is about in line with the average and slightly below it.

The net profit margin for the same quarter was 18.8%; it was 18.0% in the previous quarter and 13.2% in the same quarter last year. The highest value for this quarter is 28.2% (year 1395), the lowest 13.2% (year 1404) and the 12-year average 21.9%; so the net margin of this quarter has stayed below the average.

KAPRUR's latest interim report covers 6 months, and the period comparison is made against the same period last year: the 6-month gross margin went from 13.6% to 24.1% and the net margin from 9.9% to 18.5%. The full history is on the KAPRUR profit margin and cash dividend page.

Gross profit margin of products

The gross margin of coking coal concentrate (domestic) in the quarter ending Shahrivar 1405 was 23.9%, identical to the company's overall gross margin, because this product is the company's only sales item.

What changed since the previous report?

The 6-month Shahrivar report made the picture of KAPRUR's profitability clearer. 6-month sales reached 2,745.6 billion tomans and net profit 508.7 billion tomans; in the same period last year sales were 1,098.0 and net profit 108.6 billion tomans, so net profit rose 368.4%. The Shahrivar quarter alone had 1,678.3 billion tomans of revenue and 316.3 billion tomans of net profit; 57.2% more revenue and 64.4% more net profit than the Khordad quarter. Earnings per share for this quarter were 1,850 rials, against 1,126 rials in the previous quarter. The quarter's gross margin dipped slightly (from 24.5% to 23.9%) and the net margin rose slightly (from 18.0% to 18.8%).

The drop in P/E from 9.0 to 6.4 times came from profit growth, not a falling price: the price rose 6.5% and twelve-month EPS rose 50.3%. On the other hand, the debt to assets ratio rose from 47.6% to 59.1%; it is still below the industry's 63.6%, but the gap to the industry has narrowed. The revision of the full-year forecast is covered in section 4.

4. KAPRUR profit forecast for fiscal year 1405

According to the company's own forecast, KAPRUR's gross profit in fiscal year 1405 will reach 1,050.0 billion tomans. This estimate was published on Codal along with the 6-month financial statements ending Shahrivar 1405, and its latest version comes from the letter of 30 Mehr 1405. For the remaining 6 months the company estimated the sales volume and amount of each product, the cost of goods sold and general expenses, and the "12-month estimate" column is the sum of actual performance in the first 6 months and the estimate for these 6 months. All of these figures are the company's own estimate.

Estimated operating revenue

The company has estimated full-year operating revenue at 6,039.6 billion tomans, 146.1% growth over the previous fiscal year. KAPRUR sold 2,745.6 billion tomans in the first 6 months, so 3,294.0 billion tomans remain to be sold over the remaining 6 months to reach this estimate; that is 549.0 billion tomans a month. This is below Shahrivar sales (734.8 billion tomans) and close to the monthly average of Tir to Shahrivar (559.8 billion tomans).

Estimated cost of goods sold

Direct materials consumed are the largest component of cost of goods sold, and the company has estimated them at 4,929.5 billion tomans for the full year. Total estimated cost of goods sold is 4,989.6 billion tomans, which is 135.3% above the previous fiscal year. In this estimate costs rise more slowly than revenue, which is why the estimated gross profit margin becomes 17.4%, against 13.6% in fiscal year 1404.

Estimated profit and loss

The company's forecast goes as far as gross profit and general expenses and does not include other income and expenses, finance costs or tax. For this reason the full-year KAPRUR earnings per share cannot be derived from this estimate. Realized trailing twelve-month (TTM) EPS is 3,902 rials; you can read how this number is calculated in What is earnings per share (EPS) and how is it calculated?

The company has assumed a price of about 27.0 million tomans per ton for coking coal concentrate (domestic) over the remaining 6 months, while the Shahrivar 1405 price was 23.2 million tomans. The current price is below the company's assumption; if it stays at this level, actual revenue could fall short of the company's estimate.

New forecast versus previous forecast

The most important change in this version of the KAPRUR fundamental analysis is the revision of the forecast. With the 6-month report (letter of 30 Mehr 1405), the company changed its estimate for the year; the table below sets out the main lines next to the version that came with the 3-month report (letter of 30 Tir 1405).

Estimated revenue rose 29.0% and estimated cost of goods sold 19.5%; because revenue grew faster than cost, estimated gross profit more than doubled (108.2% growth), going from 504.2 to 1,050.0 billion tomans. The estimated gross margin also went from 10.8% to 17.4%. Selling, general and administrative expenses were estimated 20.7% higher, but the figure is small next to gross profit.

KAPRUR has one product, so the whole change comes from coking coal concentrate, and it did not come from volume: the full-year sales volume in the new estimate is slightly lower (from 264,640 to 260,912 tons). The jump came from price: the implied price for the remaining months went from 17.5 million tomans per ton in the previous version (9 months remaining) to 27.0 million tomans in the new one (6 months remaining), while the actual Shahrivar price was 23.2 million tomans. In other words, the previous estimate lagged the current price and the new one is ahead of it; if the price stays near the Shahrivar level, actual revenue could fall short of this estimate, and if the price rises, the new estimate becomes easier to reach.

5. Valuation of the KAPRUR symbol and comparison with the industry

With a twelve-month P/E of 6.4 times, KAPRUR trades cheaper than the whole coal mining industry, which stands at 10.7 times. According to data from the Tehran Securities Exchange Technology Management Co. (TSETMC), on 29 Mehr 1405 KAPRUR's closing price was 24,980 rials and its market value 4,272 billion tomans. Valuation in the fundamental analysis of KAPRUR starts from these ratios and their comparison with the industry.

According to the KAPRUR financial ratios, the company's price to trailing twelve-month earnings (P/E TTM) is 6.4 times, against 10.7 times for the whole industry and 8.4 times for the whole Iran Fara Bourse market. The company's P/S TTM is 1.0 times (industry 1.7 and market 1.4) and its P/B 3.4 times (industry 4.8 and market 4.5). KAPRUR stands below the industry and market figure on all three ratios. The industry and market figures are the ratio of the whole group's market value to the whole group's earnings, sales or equity, not a simple average of the companies' ratios.

The chart above puts the KAPRUR P/E ratio next to the 5 largest companies in the group that have a P/E. KAPRUR's TTM net profit margin is 16.3%, against 15.9% for the industry; that is, out of every 100 tomans of twelve-month operating revenue the company kept slightly more net profit than the industry. Monthly reports after Shahrivar 1405 are not yet in TTM EPS.

KAPRUR's PEGY (P/E divided by operating profit growth plus cash yield) is 0.05. A figure below one means that, at the current operating profit growth, the P/E does not look high; but this growth may not repeat. We have not calculated a forward P/E, because the company did not forecast the year's net profit.

6. Investment opportunities and risks in KAPRUR

In the fundamental analysis of KAPRUR, four points favor the company and three could put pressure on profitability. Each item goes back to a figure in the earlier sections and may change with the company's next report.

Opportunities: With the 6-month report the company raised its estimated gross profit for the year by 108.2%, to 1,050.0 billion tomans. Cumulative sales for the first 6 months were also more than two and a half times the same period last year. The debt to assets ratio is 59.1%, against 63.6% for the industry; that is, KAPRUR still finances a smaller share of its assets with debt. The twelve-month P/E of 6.4 times is also below the industry figure (10.7 times).

Risks: All sales come from one product, coking coal concentrate; any change in the price or demand of this product feeds straight into profit. The second risk is price: the company's new estimate for the remaining 6 months assumes a price of 27.0 million tomans per ton, above the Shahrivar price of 23.2 million tomans. The third risk is debt: the debt to assets ratio has gone from 47.6% in the previous report to 59.1%.

7. Summary of the fundamental analysis of KAPRUR

The fundamental analysis of KAPRUR shows that the company's profitability depends above all on the price and sales volume of its main product and on its profit margin. Sales in the first 6 months of fiscal year 1405 were more than two and a half times the same period last year and overtook the whole of the previous fiscal year's sales.

The gross profit margin of the latest quarter (23.9%) is about in line with the historical average for this quarter (24.0%) and remains well short of its historical peak of 37.1%.

In its new forecast on Codal (letter of 30 Mehr 1405), the company estimated fiscal year 1405 gross profit at 1,050.0 billion tomans (equal to 6,140 rials of gross profit per share on the current capital); more than double the estimate in the letter of 30 Tir. The estimated gross profit margin is 17.4%; above the previous fiscal year's 13.6% but below the company's long-run average annual margin (25.5% over 13 years). Reaching this estimate depends on a price higher than the Shahrivar price.

On valuation, KAPRUR's twelve-month P/E is below the whole-industry figure. This gap only shows the stock's relative position and says nothing about its cause. The data come from KAPRUR's monthly activity reports, standalone interim and annual financial statements and published forecast on Codal up to 30 Mehr 1405, and market figures and ratios are as of 29 Mehr 1405. Past performance is no guarantee of the future.

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