IGCZ Raised Its Capsule Shell Price 79 Percent and Grew First Half Sales 68 Percent; Another 25 Percent Hike Took Effect in October

IGCZ (Iran Gelatin Capsule Production) reported, in its monthly activity filing for the period ending September 22, 2026 (published on Codal Thursday, September 27, 2026), first-half domestic sales of 12,733 billion rials, up 67.6 percent from 7,598 billion rials in the same six months of the prior Iranian year. But the same filing carries a less-noticed number: unit volume of capsule shells sold fell 6.4 percent year on year, meaning the entire sales gain came from a 79 percent jump in the average per-shell rate, from 2,042 to 3,655 rials.

Background

IGCZ is one of Iran's makers of gelatin medicine capsule shells, listed on the Farabourse first market board. By its own latest rate disclosure, more than 96 percent of its revenue comes from selling this single product to domestic pharmaceutical manufacturers. Unlike most industrial goods, the shell's sale price is not freely discovered in the market: the board petitions for a rate increase citing raw-material costs, the exchange rate and overhead, and once approved, discloses it as a tier-A material disclosure on Codal. That structure makes this stock's price changes unusually traceable.

The numbers

From IGCZ's monthly activity report, tracing number 1602950 on Codal (published October 1, 2026 Gregorian / 5 Mehr 1405):

• First-half 1405 domestic sales (Farvardin through Shahrivar): 12,733 billion rials, versus 7,598 billion rials in the same period of 1404 (up 67.6 percent).
• Unit volume for the same period: 3.484 billion capsule shells, versus 3.721 billion a year earlier (down 6.4 percent).
• Average rate per shell: up from 2,042 to 3,655 rials (up 79 percent).
• In Shahrivar (the single month ending September 22, 2026) alone, sales reached 2,036 billion rials at a rate of 3,656 rials per shell.

Those are first-half figures. Per a separate tier-A disclosure, tracing number 1591925 (board approval dated August 16, 2026, published September 8, 2026), the board raised the per-shell rate again from October 1, 2026 (the first day of Mehr), from 3,575 to 4,475 rials, a further 25 percent. That increase has not yet shown up in any monthly report, because its first month is not yet finished.

In the income statement for the three months ending June 21, 2026 (tracing number 1547486, published July 21, 2026), operating revenue grew 64 percent year on year to 6,264 billion rials and net profit grew 44 percent to 2,390 billion rials; gross margin that quarter was 58 percent. On Sahmino's own trailing-twelve-month calculation as of the same date, net margin is 35.7 percent, return on equity is 48.1 percent and debt to equity is just 0.21. At the September 30, 2026 closing price of 180,700 rials, the stock's P/E is 8.9, against a 9.8 sector average for pharmaceutical materials on Farabourse, roughly a 9 percent discount. The share is up 63.6 percent over the past year and now trades just 3 percent below its 52-week high of 186,400 rials.

Drivers

This stock has one real driver: the approved rate, not demand. Two rate increases landed this year, one mid-year and a 25 percent hike from the start of Mehr, both arriving through the same board-approval channel. At the same time, unit volume fell 6.4 percent, meaning the company sold fewer shells and grew its rial sales purely on a higher rate. The pattern resembles the recent sales growth at Sepahan Industrial Group (Fespa) and Daroupakhsh, both of which recently grew profit through approved rate hikes, and the rate-tier upgrade at Kaperspolis.

Outlook

The first real test of the new rate comes in IGCZ's Mehr 1405 monthly activity report, typically filed by late Aban (mid-to-late November): if the average sale rate clears 4,000 rials, revenue growth continues; if unit volume falls further, part of the new rate's benefit is offset. Rasad's desk has carried a buy call on IGCZ since the September 30, 2026 session, targeting 199,651 rials with an invalidation at 172,949 rials over a 15-session horizon; the call rests on two open signals, a bullish MACD cross and a volatility breakout, and in a sample of 281 similar calls, 200 reached their target (a 71.1 percent hit rate). Live price and P/E detail for this ticker can be tracked on Sahmino's IGCZ price page.

Bottom line

IGCZ's 68 percent sales growth is real and filed, but it is rate-driven rather than demand-driven, and the stock trades just 3 percent below its one-year high. As long as the price holds above 172,949 rials, Rasad's invalidation level, the buy call targeting 199,651 rials over a 15-session horizon (through roughly late Aban 1405) stands; a close below that level voids it.

What to watch

• IGCZ's Mehr monthly activity report on Codal, due by late Aban 1405.
• This stock's P/E against the pharmaceutical sector average on Sahmino's price page.
• The call's 199,651-rial target and 172,949-rial invalidation level.
• The monthly unit-volume trend; continued volume decline is this stock's main risk.