Interim Reports to Shahrivar 1405: Profit Gains and Declines

Fundai Fundamental Analysis Team · October 24, 2026 · 22 min read

An analysis of every listed company financial statement ending Shahrivar 1405, from six-month to annual, up to the end of Friday 1 Aban: profit and revenue growth, industries, exports, profit margins, earnings quality and the fall in market P/E after each report.

In the interim report for the period ending Shahrivar 1405, 584 listed companies had published their financial statements on Codal by the end of Friday 1 Aban: 442 with six-month statements, 115 with nine-month, 14 with three-month and 13 annual. The Fundai market desk went through the figures in these statements one by one. Each company is measured over its own period and against the same period last year. 493 of them have revenue, operating profit and net profit figures for both this year and last, and the total net profit of these 493 companies went from 477,628 billion tomans to 1,474,752 billion tomans: 208.8% growth. Operating revenue in the same group rose 99.8% and operating profit 204.6%.

This growth has to be read alongside the dollar. The average free-market dollar in the first six months of the year was 101.2% more expensive than last year (181,658 tomans against 90,298 tomans); so in dollar terms company revenue stayed roughly where it was, while net profit rose about 53%. The market felt the same: the market-wide TTM P/E at the end of Friday 1 Aban, with the new profits, was 7.06, whereas with the profits from before the reports it was 9.60.

How large were the profit, revenue and operating profit of listed companies in the interim report ending Shahrivar 1405?

First, a word on which companies these figures come from, because several populations sit side by side in this article. Every company that filed statements for the period ending Shahrivar 1405 is in the article, even if its fiscal year ends in Azar, like SARABIL and ZPARS, and its statement covers nine months. Each company appears with its own statement and against the same period last year: six months with six months, nine months with nine months. Of the 584 companies, 76, most of them investment companies, have no net profit figure in Fundai's data, and one company, SHESAKHT, has a figure that does not match its earnings per share and capital and was set aside; that leaves 507 companies. 13 of these 507 companies have no figure for the comparable period last year. The totals in this section and in the industries section are based on the 493 comparable companies.

The summer quarter is available for all companies: the cumulative statement minus the cumulative statement before it, that is, six months minus three months, nine months minus six months and annual minus nine months; for a three-month statement, it is the statement itself. This figure is calculated for the 484 companies that also have the earlier statement. Net profit in this summer was 981,711 billion tomans, which is 270.5% more than last summer, while revenue over the same span rose "only" 123.2%. When profit moves faster than revenue, margins have widened; we look at this more closely in the profit margin section.

The bottom of the table is worth a look too. Of these companies, 32 closed the period with a loss; last year, 51 companies in the same population were loss-making. The largest net losses were recorded by KHSAPA (33,796 billion tomans), VZAMIN (23,995 billion tomans) and VMELAL (10,140 billion tomans).

How is profit growth spread across companies?

The six-month profits of listed companies were not uniform, and the same goes for the nine-month ones and the rest. A growth percentage only means something for a company that made a profit last year, and most companies in this population did. The bar chart below counts them in bands of 50 percentage points. Growth below minus 50 percent is pooled in the first band and growth of 600 percent and above in the last, so a few extreme numbers do not stretch the chart: 9 companies below minus 100 percent and 46 companies above 600 percent.

The tallest bar belongs to the 100 to 150 percent band (71 companies), and the median growth is 147.6%. The bars rise up to this band and then fall, with a long tail to the right: growth has no ceiling, but as long as a company does not turn loss-making, its decline is limited to the size of all of last year's profit.

How many companies went from a loss to a profit, and how many the other way?

The donut chart counts 470 companies of this population. Another 23 companies are left out on purpose, because they had a loss both last year and this year, and "growth" has no clear meaning for a loss: 9 companies had a smaller loss (such as KHODRO and VMELAL) and 14 companies had a larger loss (such as KHSAPA and VZAMIN).

In the loss-to-profit group, VSIN, after a loss of 1,080 billion tomans last year, made a profit of 802.0 billion tomans, and VMOALEM went from a loss of 452.6 billion tomans to a profit of 901.0 billion tomans. 9 companies also went from profit to loss; the biggest is ZOB, with a loss of 9,300 billion tomans against a profit of 6,950 billion tomans last year. 28 companies stayed profitable, but earned less than last year.

What base did the biggest earners grow from?

High growth is not always a sign of strength, because a small base produces it. The table below sets the biggest earners next to their profit last year so the size of the base is visible.

These 10 companies alone made up 59.3% of total net profit. So the group's 208.8% growth has to be read next to the median: when a few large companies pull the total up, a company standing in the middle of the population is in a different position.

Which industries had the strongest revenue and profit growth?

The tables in this section show the 27 industries that have at least 5 comparable companies (474 companies of this population). The other 19 companies are scattered across smaller industries and are not shown separately. Each industry's growth is calculated from the total of its companies, and each company has its own period. Where the prior-year total was a loss, a short note replaces the percentage.

Each slice of the donut chart is one industry's share of the total net profit of these same companies. The seven larger industries are shown separately and "Other industries" counts the rest together, including loss-making industries such as automobiles, which reduce their share of the total. Refiners alone made up 33.1% of the total.

Period growth of industries against the same period last year

Seasonal growth of industries: this summer against last summer

Which industries pulled the total up?

Refiners have the largest share with 10 companies: their net profit went from 108,061 to 488,063 billion tomans (352% growth). Basic metals, with 41 companies (266%), and banks, with 16 companies (109%), come after them. Bigger percentages are found elsewhere, but on a small base: the total profit of the pharmaceutical industry rose 319% and that of computers 376%, from 16,150 and 3,565 billion tomans last year.

The seasonal table measures this summer against last summer, and most industries moved ahead. Only mass construction and real estate (14% lower), other financial intermediation (9% lower) and information and communications (51% lower) closed the quarter's net profit below last year. Automobile industry, with 33 companies, is still loss-making in total, and its net loss went from 23,000 to 41,914 billion tomans. And in computers, net profit in summer went from 1,619 to 11,208 billion tomans.

Company exports rose in rials, fell in dollars

We took exports from the "Total export sales" line of the monthly reports, because each month can be converted at that month's dollar rate. The population is 444 companies that filed a monthly report in all twelve months, Farvardin to Shahrivar 1404 and 1405. The dollar rate is the monthly average of the free-market dollar (tgju); the six-month average was 181,658 tomans in 1405 and 90,298 tomans in 1404.

The total sales of these same companies roughly doubled, but their exports rose 42%; the export share of total sales fell from 11.9% to 8.5%. The dollar had become 101% more expensive, so the dollar figure for exports fell: 4,390 million dollars last year, 3,089 million dollars this year. This cannot be explained from these figures; sales volume, global prices and delivery timing all play a part.

Which industries and which companies export the most?

Basic metals has the largest increase: its exports in rials went from 90,935 to 208,804 billion tomans and also rose in dollars (1,019 to 1,156 million dollars). FEMELY has 72,331 billion tomans of exports, which is 406 million dollars against 151 million dollars last year. By contrast, chemical companies exported less even in rials (223,890 to 206,203 billion tomans) and in dollars fell to less than half of last year. Of the 10 large exporters in the table, 4 companies also exported more in dollars and 6 exported less.

Gross, operating and net profit margins of the markets and industries in this report

Margins are calculated from total profit divided by total revenue , not from the average of company margins. The population is 412 non-financial companies that have their own gross, operating and net profit for both the 1404 and 1405 periods. Banks, insurers, investment companies, financial intermediaries and mass builders are left out, because their revenue is not the sale of goods at a cost of goods sold.

Profit margins of the markets

The Tehran Stock Exchange and Iran Fara Bourse are roughly in step, and the gross margin of both is about a quarter of revenue. The IFB Base Market, with 42 companies, has a different story: its gross margin went from 11.2% to 23.5%, but its net profit margin is still minus 7.6 percent, meaning the costs below gross profit ate all of it.

Profit margins of the industries

Which industries improved or worsened their gross margin?

The biggest jump in gross margin belongs to Basic metals (13.3 percentage points), fabricated metal products (11.8) and rubber and plastic (11.5). In 5 of the 22 industries in the table, the gross margin came in lower than last year; these include cement, lime and gypsum, supply of electricity, gas, steam and hot water, electrical machinery and apparatus, and transport, storage and communications. Cement, at 48.5%, is still one of the highest, but it is down 2.9 percentage points from last year; automobiles are at the other end of the range: their gross margin is only 3.8%, and later costs push it into a loss.

Key products whose gross margin improved the most

Key product means a product that makes up at least 20 percent of the company's sales. The company's sales base is the "Total" line in the notes to the financial statements for the same period, not the sum of the product lines. The gross margin of each product is calculated from that product's sales and cost of goods sold in these same notes, and only products that had at least 50 billion tomans of sales in both years are included, so that a small base does not fill the table. 449 products from 298 companies meet this condition.

Of the 449 products, the margin of 292 products rose, and the median change is only a few percentage points; so the jumps at the top of the table are exceptions, not the rule. 5 of the 12 rows at the top of the table are ingots, concentrate or metal rebar and belong to 4 companies: FAIRA, FTUSA, KIMIYA and DORPAD. On the other side, the margin of the X200 family (Tiba, Quick, Saina) at KHSAPA fell (minus 75.0 percentage points), day-old broiler chicks at ZMAHAN (minus 63.4 percentage points), and the tablets, dragees and capsules group at DABUR (minus 27.3 percentage points). KHSAPA even recorded a gross margin of minus 89.6 percent, meaning the cost of goods sold for the X200 family was higher than its sales.

Where did the market P/E and P/S stand after these reports?

P/E TTM of the market is total market value divided by the total net profit of the last four quarters, and P/S TTM, total market value divided by total revenue of four quarters. A loss-making company is not set aside and its negative profit is subtracted from the total, as the site calculates it. We set three points side by side: the end of 7 Mehr, that is, before the first statement for the period ending Shahrivar; the end of Friday 1 Aban with the profit and revenue from before the reports; and the same moment with the new profit and revenue, that is, with all the reports that had arrived by then. The market was closed on Thursday 30 Mehr and Friday 1 Aban; so the prices at the end of Friday 1 Aban are the closing prices of 29 Mehr.

At the end of 7 Mehr, the market-wide P/E was 8.98 . By the end of Friday 1 Aban, the total market value of symbols that have a P/E had risen 7.0%, and if profits had stayed what they were before the reports, the P/E would have reached 9.60. The new profits took it to 7.06 , meaning the P/E came down through the reports, not through prices. The P/S went from 1.89 to 1.52 by the same logic. The IFB Base Market moved the most of all (30.7 to 19.1), because its total profit is small and every report weighs heavily on it.

Earnings quality and financial position of the companies in this report

Accounting profit is half the truth until it turns into cash. For this section we used each company's balance sheet and cash flow statement for its own period. Banks, insurers, investment companies, financial intermediaries and mass builders are left out, because their cash flow and inventories are not comparable with a manufacturing company's. There are 418 non-financial companies in the population, and 417 of them have a cash flow statement. This section is presented at the whole-market level, at the industry level, and for the leading companies.

How much of the profit turned into cash?

Total operating cash flow of these 417 companies was 738,464 billion tomans, against 1,199,320 billion tomans of net profit; a ratio of 0.62. The gap between profit and cash came to 460,856 billion tomans. If we count only the 389 profitable companies, the ratio is 0.57, and the median company ratio is 0.45. 81 companies had negative operating cash flow despite a profit, 203 companies turned less than half of their profit into cash, and only 99 companies brought in cash equal to or above their profit.

To compare with last year, the population has to be held constant. In the 416 companies that have both net profit and cash flow figures for both years, operating cash flow in the 1404 period was about 1.03 times profit (356,566 against 345,628 billion tomans) and this year 0.60 times. The net profit of these companies rose 3.5 times and operating cash flow 2.0 times; profit got ahead of cash.

Which companies have the biggest gap between profit and cash?

At the top of the list sit the refiners : 5 of the 8 symbols in the table, with SHAPNA, SHEBANDAR and SHETRAN having the largest gaps. FEMELY, with a cash-to-profit ratio of 0.89, collected cash well and is in the table only because of the size of its profit. On the other side are companies whose cash exceeded their profit: MARON (33,793 billion tomans of cash against 7,806 billion tomans of profit), HAMRAH (27,164 billion tomans of cash against 5,188 billion tomans of profit), OFOGH (23,630 billion tomans of cash against 11,503 billion tomans of profit), JAM (15,498 billion tomans of cash against 4,774 billion tomans of profit).

Financial debt, inventories and receivables

The balance sheet at the start of each company's fiscal year (Esfand 1404 for most of them) can be compared with the end of Shahrivar 1405 and with the same span last year. Total financial facilities, short-term and long-term, grew 30.6% in this population (20.2% last year) and reached 895,966 billion tomans; the debt of 251 companies increased. Inventories of materials and goods rose 56.4% (23.7% last year) and trade and non-trade receivables 55.5%. Payables rose 54.8%; the increase in payables covers about 57% of the increase in inventories and receivables, and the increase in financial loans about 13% of it.

Working capital and the gap between profit and cash

Operating working capital, that is, inventories plus receivables minus payables, went from 1,212,024 to 1,932,108 billion tomans in these companies; 720,084 billion tomans more. This is roughly what separated profit from cash: for the same companies, net profit was 1,194,132 and operating cash flow 711,300 billion tomans, a gap of 482,831 billion tomans. Net working capital (current assets minus current liabilities) also went from 356,206 to 672,446 billion tomans.

Earnings quality at the industry level

Refiners, chemicals and pharmaceuticals: three different patterns

A few industries stand out. Chemical companies, with a ratio of 1.06, collected more cash than their profit, while the refiners , with profit of 488,063 billion tomans, collected only 0.23 in cash, and their inventories and receivables more than doubled. Pharmaceuticals, with profit of 67,697 billion tomans, had negative operating cash flow (minus 6,943 billion tomans), and at the same time financial debt rose 82%, inventories 107% and receivables 83%. That is, pharmaceutical profit mostly stayed on paper, and the growth in inventories and receivables came with debt.

The share of non-operating items in profit growth

The net profit of these same non-financial companies went from 348,816 to 1,199,563 billion tomans; 850,747 billion tomans more. In this increase, operating profit contributed 1,028,442 billion tomans, non-operating items (financial expense and other income and expenses) only 8,503 billion tomans, and tax subtracted 186,198 billion tomans from it. So the growth of the total came from operating profit. The exceptions are at the company level: 11 companies with net profit of at least 50 billion tomans got more than half of their pre-tax profit from non-operating items.

The financial statements do not let us separate "one-off" items with confidence, so we have separated only non-operating income and expenses. SEPIDAR (86 percent), AKHABER (82 percent) and SYSTEM (58 percent) get a large part of their profit from these items, and BEFAJR , with an operating loss of 236.0 billion tomans, built its net profit of 1,282 billion tomans entirely from non-operating items.

How much did each report ending Shahrivar move the market P/E?

For each of the 491 companies we took the moment when the first version of its statement for the period ending Shahrivar (six-month, nine-month, three-month or annual) was published on Codal; from 7 Mehr at 16:33 to 1 Aban at 23:57 (times are Tehran time). We split the market in two at that moment, before and after the report. We do not have an intraday price, only the daily price; so each symbol's market value stays fixed at the end of the last trading day up to that moment (for reports on Thursday and Friday, when the market was closed, that same last trading day), and it is the same before and after. Only the denominator changes: the company's TTM profit goes from the previous four quarters to the four quarters including the new statement. "Reduction" means the group's P/E with that company's previous profit minus the same group's P/E with its new profit, while the other companies are in whatever state they had reached up to that moment. A positive number means the P/E came down and a negative number means it went up. A loss-making company's own P/E has no number and is written "Loss-making", but its negative profit is added into the group's denominator, as on the site.

The 15 symbols that pulled the market-wide P/E down the most

The 15 symbols' share of the total reduction

Together these 15 symbols took 1.80 units off the whole-market P/E, out of the total of 2.53 units that all the reports took off; that is, 71% of the total reduction was made by 15 companies. The five refiners (SHAPNA, SHEBANDAR, SHETRAN, SHABRIZ and SHERAZ) and two large metals companies (FEMELY and FOULAD) alone account for 57% of it. SHAPNA is a clear example: its own P/E went from 7.5 to 3.7 and the whole-market P/E fell by 0.50 units.

Symbols that pushed the whole-market P/E up

Only 64 reports raised the whole-market P/E, and the largest of them, KHSAPA, by only 0.055 units. The mechanism is the same in all: the company's TTM profit fell or its loss grew. "Loss-making" in the table means that company's TTM profit is negative.

Industries that produced the largest reductions

What reductions did the industries produce in each market?

Refiners alone took 1.07 units off the whole-market P/E and Basic metals 0.56 units; together these two are 64% of the total reduction. Banks are third with 0.23 units. The reports of Tehran Stock Exchange companies took 2.12 units off the whole-market P/E, those of Iran Fara Bourse companies 0.37 and those of the base market 0.046 units.

The reduction in each market's own P/E is larger: Tehran Stock Exchange 2.39, Iran Fara Bourse 2.93 and the base market 12.08 units. On the Tehran Stock Exchange, refiners (1.18) and basic metals (0.56) produced the largest reduction. On Iran Fara Bourse, basic metals (0.50), banks (0.39) and chemical companies (0.35) lead. On the IFB Base Market, banks (4.08), chemical companies (3.85) and insurance (3.54) produced reductions; because the total profit of that market is small, the base market P/E jumps sharply with every report and went from 30.7 to 19.1.

The sum of the reductions from the individual reports is roughly the same as the gap between the P/E before and after the reports in the markets table; that is, the order in which the reports were published had almost no effect. From 7 Mehr to the end of Friday 1 Aban, the whole-market P/E came down 1.92 units, and prices rose over the same period; so the reduction came from profits, not from prices.

How were the figures in this report calculated?

Profit, revenue, operating profit and gross profit are from the six-month interim financial statements of 1405 and the nine-month, three-month and annual statements ending Shahrivar 1405 of the companies on Codal , in billion tomans. The population is every company that had filed a statement ending Shahrivar 1405 by the end of Friday 1 Aban, from six-month to annual. Each company is measured over its own period against the same period last year. Summing unequal periods has a flaw, so we also gave the summer quarter figure, which exists for all companies and is obtained by subtracting the earlier cumulative statement. The prior-year figure is the one the company filed last year; if it has been restated in the new statement, it may differ. Exports and total sales are from the "Total export sales" and "Grand total" lines of the monthly reports, not from the sum of the product lines. The publication time of each report is taken from the letter records on Codal, and market value and closing prices of symbols are from TSETMC . This article contains only reports published by the end of Friday 1 Aban; a report or correction that arrived after that is not in the figures.

The populations are not identical: companies with a positive profit last year are in the growth chart; 412 non-financial companies are in the margin table; non-financial companies with a cash flow statement are in the earnings quality section; and companies with a monthly report in all twelve months are in the exports section. In the analysis of the effect on P/E, 491 of the reporting companies are included. 93 companies are not: 82 companies are not in the market ratios list, one had an inconsistent figure and 10 companies had no reliable TTM profit.

TTM profit of each company is built from its own period: the latest annual statement minus the same cumulative period last year plus this year's cumulative period, and for an annual statement, the statement itself. For six months, twelve months of 1404 minus six months of 1404 plus six months of 1405; for nine months, as with SARABIL and ZPARS with an Azar fiscal year, annual Azar 1404 minus nine months 1404 plus nine months 1405. The TTM profit before the report is the same formula with the company's latest earlier statement, that is, the one that closed in Khordad. We checked the TTM profit of these same companies against the profit implied by the site's P/E and daily market value. The post-report profit was the same within rounding for 482 companies. For the pre-report profit we saw a difference in 35 companies; in 27 cases the site's row of 6 Mehr already carried the date of the Shahrivar report, meaning it had been recalculated after the report was published. The example we checked by hand was FEMELY: the site shows the post-report P/E as 13.941 and our calculation gives 13.94.

Summary of the interim report ending Shahrivar 1405 of listed companies

Putting the sections side by side shows three patterns. First, this year's profit was made by prices and margins , not just volume: revenue rose in step with the dollar, exports fell in dollars, and wider margins were concentrated in a few high-volume industries.

The second pattern is earnings quality . The industry that made the most profit, that is, the refiners, got the least cash from it, and pharmaceuticals, whose profit rose several times over, moved forward with more debt and inventory and negative cash flow. Profit growth in the table is one thing, and cash that reaches the company's account is another.

The third pattern is for anyone who looks at P/E: the lower market P/E is more the news of profit reaching prices than news of cheapening, because prices rose over the same period. To see each company's figure, open its income statement on its page on Fundai and compare the 1405 period with the same period last year.

Frequently asked questions about the interim report ending Shahrivar 1405

Answers to a few more questions about populations, method and the Nima dollar follow.

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