Vakharazm Grew Annual Profit 75 Percent and Portfolio Dividend Income 71 Percent; Shares Hit a 9,200-Rial One-Year High as Rasad's MACD Signal Targets 10,012 Rials (Saturday, October 3, 2026)

Report

Khazar Investment Group, traded as "Vakharazm," grew its net profit 75 percent to 66,426 billion rials in the fiscal year ended June 21, 2026, mainly thanks to 71 percent growth in dividend income from its investment portfolio. The company's annual assembly approved a 400-rial dividend per share (48 percent of EPS), and now, with the stock hitting a 9,200-rial one-year high on a buy queue, its P/E stands 47 percent above the investment-company sector average.

Background

Vakharazm is one of Tehran Stock Exchange's large investment holding companies, earning its income mainly from dividends received from subsidiary companies and gains on selling portfolio holdings, not from goods or services. The audited, restated consolidated financial statements for the year ended June 21, 2026 were published on Codal on Thursday, September 25, 2026, and show the company's registered capital rose from 68,000 to 80,000 billion rials (18 percent) in the same period; that is why per-share profit growth (49 percent, from 557 to 830 rials) lagged net profit growth (75 percent). For the relationship between EPS and P/E, see Sahmino's explainer on EPS and P/E (Persian).

Key Numbers

• Total operating revenue: 70,842 billion rials, up 85 percent from 38,339 billion rials a year earlier.
• Dividend income from the portfolio: 50,698 billion rials (71 percent of operating revenue), up 71 percent.
• Gain on disposal of investments: 19,524 billion rials (28 percent of operating revenue), up 128 percent.
• Net profit: 66,426 billion rials, up 75 percent; net EPS of 830 rials versus 557 rials a year earlier.
• Return on equity: 32.9 percent; net margin: 93.8 percent; debt-to-equity: just 0.06x; current ratio: 6.2x.
• Closing price Tuesday, September 29, 2026 (Tehran's last trading session before the weekend fire): 9,200 rials (one-year high, a 343.9-million-share buy queue); P/E: 11.1x versus a 7.5x sector average for investment companies.

Drivers

The driver behind this profit was not new operating activity but Vakharazm's large portfolio returns from its subsidiaries: the "dividend income" line alone made up 71 percent of total operating revenue and itself grew 71 percent, while "gain on disposal of investments" grew 128 percent. In other words, Vakharazm both collected dividends paid out by its subsidiaries and sold part of its portfolio holdings at a profit. Alongside this, the balance sheet carries almost no debt (debt-to-equity of 0.06x) and a current ratio of 6.2x, which keeps financial risk very low.

The annual general assembly on Sunday, September 27, 2026 approved a 400-rial dividend per share (48 percent of EPS), handing shareholders part of this same profit; three sessions later, the stock traded on a buy queue of more than 343 million shares at 9,200 rials, hitting its highest level in a year for the first time. Sahmino's Rasad desk simultaneously logged an open bullish MACD-cross signal on Vakharazm: a 10,012-rial target, an 8,659-rial invalidation level, and a 15-session horizon. For a similar pattern of a dividend plus a Rasad buy signal, see Sahmino's report on Daroupakhsh.

Outlook

What separates this rally from a purely psychological run-up is its distance from the settled record of similar signals. Sahmino's own record of P/E-versus-sector comparisons shows how a premium multiple needs growth behind it, and on the signal side, of 303 settled bullish-MACD-cross claims filed in a "rising and calm" market regime (the same regime Vakharazm is in now), 216 (71.3 percent) reached their target, with an average return of 2.5 percent over fewer than five sessions on average. The caution: Rasad's own overall stance on Vakharazm, as of the September 29 session, was still "watch," not "buy" - the signal above is one of several open signals on the name, not the desk's formal call. On the other hand, Vakharazm's 11.1x P/E, the kind of dispersion also visible in Sahmino's report on Kaperspolis's own buy call, sits 47 percent above the 7.5x sector average for investment companies - the market has already priced in part of this profit growth, and further upside is tied to that profitability continuing in the reports ahead.

Bottom Line

With an almost debt-free balance sheet and profit up 75 percent, the evidence supports Vakharazm's short-term trend continuing, even though its P/E is no longer cheap. Rasad estimates Vakharazm's price will advance toward its MACD signal's 10,012-rial target as long as it does not close below 8,659 rials; that estimate is measured over 15 trading sessions from the September 29, 2026 session.

What To Watch

• A close below 8,659 rials, which would invalidate the MACD signal.
• Whether the stock reaches the 10,012-rial target within the next 15 sessions.
• Vakharazm's autumn monthly activity reports on Codal, to see whether portfolio dividend income keeps growing.
• The payment date for the 400-rial dividend approved at the September 27 assembly.