Maroon's 183 Percent Bonus Issue Did Not Change the Company's Value, but 13 Sessions of Buy Queues Lifted Its P/E From 5.4 to 7.9 (Saturday, 26 September 2026)

Maroon: a 183% bonus issue, 13 buy queues. At its extraordinary general meeting on Saturday, 29 August 2026, Maroon Petrochemical raised its capital by 183%, from 23 to 65 trillion rials, out of retained earnings; every 1,000 shares became 2,826 shares, without a single rial of new assets reaching shareholders. The stock reopened on 8 September at its adjusted price and, through Saturday, 26 September 2026, closed at the top of its daily band for 13 straight sessions: from a reference price of 18,950 rials to 26,930 rials on 23 September (42%) and 27,730 rials today (46%). This report shows what a bonus issue changes and what it does not, and what Maroon's price-to-earnings ratio beside the chemical products group says about the queue.

Background

Maroon trades on the Farabourse second market in the chemical products group. Its shares last traded before the meetings on Tuesday, 25 August 2026, closing at 57,900 rials, and were then halted (TSETMC price records). Two meetings were held on 29 August. The ordinary general meeting convened extraordinarily for the fiscal year ended 20 March 2026 approved earnings per share of 9,872 rials and a cash dividend of 4,350 rials, a 44% payout totalling 100,050 billion rials (meeting decisions on Codal, tracing number 1595861). The extraordinary meeting, under permit DPM-IOP-05A-084 dated 26 August, approved a 42-trillion-rial capital increase funded entirely from retained earnings; the cash contribution, reserves, revaluation and share premium columns in the minutes are all zero (tracing number 1594670). Per the same minutes, the increase will be registered with the companies registry before the next annual ordinary meeting.

Shareholders present at the extraordinary meeting held 82.66% of the shares; the largest were the Justice Shares brokerage (18.38%), Tamin Oil, Gas and Petrochemical Investment (16.54%), Mehregan Financial Group Investment (16.14%) and Taban Farda Petrochemical Group (15.73%).

The numbers

• Capital: from 23,000,000 to 65,000,000 million rials; an increase of 42,000,000 million rials, or 182.6%, recorded on Codal as 183% (Codal, 29 August 2026)
• Price adjustments on TSETMC: on 31 August from 57,900 to 53,550 rials for the 4,350-rial dividend, and on 7 September from 53,550 to 18,950 rials for the bonus shares (ratio 2.826)
• Reopening on 8 September 2026 at 19,510 rials on 21.3 million shares; close of 26,930 rials on 23 September and 27,730 rials on 26 September. In all 13 sessions the low and high trade prices were equal and at the top of the band.
• Buy queue on 26 September: 102.99 million shares from 1,249 buyers at 27,730 rials (board snapshot at 13:25), about 2,856 billion rials
• Total volume over the 13 sessions: 136.2 million shares, about 0.21% of the company's 65 billion shares; institutions sold 127.9 million shares (93.9%) and individuals net-bought 120.5 million shares, worth approximately 2,686 billion rials
• Net profit for fiscal 1404 (to 20 March 2026): 227,054 billion rials, up 59.3% from the year before; net margin 25.7% (audited consolidated statements, tracing number 1577845)
• Sales in the first five months of 1405, to 22 August 2026: 403,929,050 million rials against 278,807,778 million rials a year earlier, up 44.9% (monthly activity report, tracing number 1590670)
• Price to earnings on the board's EPS (3,493 rials): 7.9 at 27,730 rials, against 8.0 for the chemical products group (nightly reading of 25 September 2026)

Drivers

What the bonus issue did not change. A capital increase out of retained earnings is only an accounting transfer within equity: profit that had been held on the balance sheet moves into registered capital. No money enters the company and no one's share of it rises or falls. The board figures show exactly that: 1,000 shares at the post-dividend price (53,550 rials) were worth about 53.55 million rials, and 2,826 shares at the 18,950-rial reference price were worth the same, about 53.55 million rials. The company's total market value stayed at about 1,232 trillion rials before and after the adjustment. Earnings per share shrank in the same proportion: the 227-trillion-rial profit for fiscal 1404, which came to 9,872 rials a share over 23 billion shares, is 3,493 rials over 65 billion. So the bonus itself left the price-to-earnings ratio unchanged.

What did change. Since 8 September, Maroon's market value has risen from about 1,232 trillion rials to 1,802 trillion rials on 26 September. That 46% gain is the product of post-reopening trading, not of the share count. On the same 3,493-rial EPS, the price-to-earnings ratio at the 18,950-rial reference price was about 5.4, roughly 32% below the group's 8.0 today. At 27,730 rials it is 7.9, and the gap to the group is under 1%. Sahmino's nightly reading, based on trailing twelve-month earnings from the financial statements, put the ratio at 7.7 at the 23 September close.

Who sold. Over the 13 sessions since the reopening, 93.9% of the shares sold came from institutions, with individuals on the buying side. Total volume across these sessions is less than two tenths of a percent of the company's shares, so the queue has formed over a small slice of the stock. In Iran's market, institutions are not "smart money" and also sell for market-making, support mandates or redemptions; this report attributes no motive to the sellers.

The alternative: is the queue just bonus-issue excitement? The sales figures do not fully support that. Five-month sales for 1405 are nearly 45% above a year earlier, but most of it came from price, not volume: the domestic sale rate for polypropylene over five months was 2,025 million rials a ton against 775 million rials a year earlier, while tonnage sold fell from 79,555 to 61,227 tons. So there is backing for profit growth, but it depends on the products' rial prices.

Outlook

While the queue holds at the top of the band, each new session adds about 3% to the price and, in the same proportion, to the price-to-earnings ratio; one more limit-up close would take it above the group's 8.0 average. From here, the path can no longer be explained by a discount closing and depends on future earnings. The first test is the monthly activity report for the month to 22 September, which will show whether sales growth continued at the new prices. The balance sheet shows a current ratio of 0.64 and debt to equity of 0.79, which matter for any analysis of future dividends. On the same day the Tehran Stock Exchange's main index fell 103,955 points, Boursenews reported Maroon among the symbols with the most influence on the Farabourse index, which rose 49 points.

Our previous call on Fenoghreh (closing above 15,818 rials until 30 September 2026) still stands as of the 26 September close at 16,770 rials; its horizon has not yet arrived.

Conclusion

The 183% bonus issue created no value; the 46% rise after the reopening was the market's doing and took Maroon's price-to-earnings ratio from about 5.4 to 7.9, beside the group's 8.0. The discount has almost closed, and from here earnings have to do the talking. Our reading: Maroon holds above 26,930 rials, its 23 September close, until Wednesday, 30 September, as long as individuals stay net buyers in each session; a close below 26,930 rials before 30 September invalidates this reading. The reading is as of 26 September 2026.

What to watch

• Maroon's daily close relative to 26,930 rials, and whether the limit-up buy queue holds or breaks
• The board price-to-earnings ratio against the chemical products group average
• The institutional share of selling and individuals' net buying in each session
• Polypropylene and ethylene sales and rates in the monthly activity report for the month to 22 September 2026

To see the same readings side by side, open Maroon's symbol page in Rasad and compare its board price-to-earnings ratio with the chemical products group. Related reading: Maroon Petrochemical's annual net profit and Sahmino's screen of 1,699 TSE symbols.