Vomodir, the ticker of Value Capital Management Group of the Government Employees Pension Fund on the main board of the Tehran Stock Exchange, is one of the few holdings that closed its audited annual accounts and held its general meeting earlier than most of its peers.
Net profit for the fiscal year ended 30 Azar 1404 (21 December 2025) was about 17,346 billion rial (close to 1,735 billion toman), with earnings per share of 667 rial and a 220 rial cash dividend. In this report, in the spirit of Sahmino's fundamental analyses, we go behind the figures: where the engine of this holding's profit sits, how much of it is recurring, and why the market prices it at one of the lowest price to earnings ratios in the investment sector. Financial figures are verified from the Codal disclosure system and market data from the exchange's own data source, with a reference date on every number. This analysis is not a buy or sell recommendation.
The company at a glance
Value Capital Management Group of the Government Employees Pension Fund (a public joint stock company) is one of the investment arms of the Government Employees Pension Fund ecosystem, the fund responsible for the pensions of state employees, which holds a broad presence in Iran's capital market through its investment companies. Vomodir's business model is the classic investment company model: holding a portfolio of shares and assets, collecting dividends from investees, and recognizing gains from buying and selling investments.
Among its subsidiaries and related companies, based on official Codal filings, are Noavaran Modiriat Saba, the Support Services company of the pension fund, and the leasing company Vasepari Atieh Saba; the quarterly portfolio statements of the first two are published under Vomodir. One calendar note matters: the company's fiscal year ends on 30 Azar, so its "1404 year" covers Dey 1403 to Azar 1404 (December 2024 to December 2025) and does not include the turbulent first half of 1405, including the Tir (June to July 2026) war.
Market snapshot
The figures below refer to the last trading session before the weekend, Wednesday 24 Tir 1405 (15 July 2026); the exchange is closed on Thursday and Friday. They were taken directly from the market's own data source.
| Item | Value | Reference date |
|---|
| Closing price | 2,129 rial (down 0.28%; last trade 2,120 rial) | 24 Tir 1405 |
| 52 week range | 1,670 to 2,698 rial | 24 Tir 1405 |
| Registered capital | 26,000 billion rial (26 billion shares) | 24 Tir 1405 |
| Market capitalization | about 55,354 billion rial (about 5,535 billion toman) | 24 Tir 1405 |
| EPS (fiscal 1404, audited) | 667 rial | Financial statements 5 May 2026 |
| Price to earnings (Vomodir) | about 3.2 | 24 Tir 1405 |
| Price to earnings (investment sector) | 5.80 | 24 Tir 1405 |
| Approved dividend (fiscal 1404) | 220 rial per share | AGM 16 May 2026 |
| Dividend yield on 24 Tir close | about 10.3% | calculated |
| Free float | about 17% | 24 Tir 1405 |
| Last session volume | about 32.3 million shares (731 trades, about 69 billion rial) | 24 Tir 1405 |
At the Saturday 27 Tir 1405 (18 July 2026) reopening the ticker eased slightly, closing near 2,085 rial (about 2% lower); you can see the latest live price on the Vomodir price page on Sahmino. The analysis below rests on the audited fiscal 1404 accounts, not on the daily price move.
Fiscal year ended 30 Azar 1404 (audited)
The figures below are drawn from the parent company's income statement in the audited financial statements published on Codal on 5 May 2026 (15 Ordibehesht 1405). The auditor (Hoshyar Momayez, report dated 20 April 2026) issued an unqualified (clean) opinion on these statements. All amounts are in million rial.
| Item | Fiscal 1404 | Share of operating revenue |
|---|
| Dividend income | 6,973,899 | 38.8% |
| Gains on sale of investments | 10,856,610 | 60.5% |
| Other income | 125,071 | 0.7% |
| Total operating revenue | 17,955,580 | 100% |
| Total operating expenses | minus 936,290 | 5.2% |
| Operating profit | 17,019,290 | 94.8% |
| Finance costs | minus 267,679 | n/a |
| Other non operating items | plus 596,543 | n/a |
| Profit before tax | 17,348,154 | n/a |
| Tax | minus 2,027 | n/a |
| Net profit | 17,346,127 | n/a |
| EPS (on 26,000 billion rial capital) | 667 rial (655 operating, 12 non operating) | n/a |
For scale: the fiscal 1404 net profit is about 1,735 billion toman. The comparative fiscal 1403 column was not fully available in our extract, and to avoid printing an unsourced number we refrain from stating a year on year growth rate; the interested reader can find the comparative column in the same Codal disclosure.
The profit mechanism: how much of this is recurring?
For an investment company, "how much" profit was made matters, but "how" it was made matters more. Vomodir's 1404 revenue mix carries three clear messages.
First, about 60% of operating revenue comes from "gains on sale of investments," that is, recognizing profit from selling assets carried at historical cost on the books. In an economy with official inflation above 50% (average annual inflation of 57.7% and a year on year rate of 83.1% per the Central Bank, June 2026), a large part of this kind of profit is really "cashing in the inflation embedded in asset prices," not the creation of genuine new value; and repeating it next year depends on fresh sales and market conditions. This is exactly the split between nominal and real return that Sahmino sets out in its education hub.
Second, about 39% of revenue is "dividend income" from investees, the relatively more stable and recurring part of a holding's income, which itself of course depends on the payout policy of the portfolio companies and market conditions.
Third, the cost structure is very light: total operating expenses are about 5% of revenue, and tax is near zero (because dividend income and gains on share sales are tax exempt for investment companies). The result is a net margin close to 97%, a figure that is normal for holdings and should not be compared with the margins of manufacturing companies.
Dividend and general meeting
The extraordinary ordinary general meeting was held on 16 May 2026 (26 Ordibehesht 1405) and approved the statements for the year ended 30 Azar 1404. According to the official report of the Government Employees Pension Fund, the meeting approved a distribution of 5,720 billion rial, equal to 220 rial per share, a payout ratio of about 33%. The dividend payment schedule (with several amendments, the latest on 10 June 2026) has been published on Codal. At the 24 Tir close of 2,129 rial, the dividend yield is about 10.3%, a number that must be weighed against Iran's risk free rates above 30%, not on its own.
Auditor findings and corporate governance
The auditor's opinion is clean, no "key audit matter" was reported, the capital adequacy ratios for financial institutions were met, and no material weakness in internal controls was reported. But the legal paragraphs of the report contain several governance points an investor should know.
- The representatives of two board members resigned or were absent, and the financial statements carry only three signatures, which is not consistent with articles 32 and 34 of the bylaws and article 112 of the amended Commercial Code.
- The obligations of the 17 March 2025 (27 Esfand 1403) meeting regarding the settlement of dividends payable, and the sale of the Khashayar Tower building to the subsidiary Vasepari Atieh Saba, were not carried out.
- Most important from a holding's standpoint, the auditor states that the requirement to "allocate at least 70% of assets to investments with significant influence or control" (clause 2 of article 7 of the financial institutions directive) was not met, meaning the asset mix diverges from the regulatory definition of a "holding."
Delays in disclosing interim statements and some corporate governance requirements are also listed, and the cash financing of the subsidiary Vasepari Atieh Saba is noted as an exception among related party transactions.
Risks
Profit quality and repeatability risk: the 60% reliance on gains from selling investments means next year's profit is tied to sale decisions and market conditions; in a market under the pressure of systematic risk, as we discussed for another investment holding in Separdis and its discount to asset value, there is both more opportunity to recognize nominal profit (through inflation and the currency) and the risk of a fall in portfolio value.
Governance risk: dominant state and fund ownership, a free float of only about 17%, empty board seats and unfulfilled meeting obligations all dilute the control rights of the retail shareholder.
Regulatory risk: failure to meet the 70% holding asset threshold could draw regulatory action.
Macro risk: the 1404 accounts closed before the war escalated, and the current value of the portfolio since Azar 1404, with the overall index at 4,893,834 points on 24 Tir 1405 and in a tense environment, is not necessarily aligned with the books.
Analytical limitation: without a verified net asset value (NAV) figure in this report, the main valuation gauge for investment companies cannot be presented here, and that is itself a limitation we state honestly.
Valuation in context; observation, not advice
At the 2,129 rial close on 24 Tir 1405, Vomodir's market capitalization is about 5,535 billion toman, meaning the market prices the whole holding at about 3.2 times its audited 1404 net profit, while the investment sector average is 5.80. Part of this striking discount can be attributed to the same risk factors: profit quality reliant on selling investments, low free float and limited liquidity, fund ownership structure, and governance ambiguities.
The roughly 10% dividend yield, compared with risk free rates, is not attractive on its own, and the market is effectively counting on growth in portfolio value. The 24 Tir close is about 27% above the one year low and 21% below the high. We repeat that the reference gauge for this group is price to net asset value; as we showed in the analysis of Separdis and its discount to the current value of its assets, that ratio was not verified in this report, and any decision without it is incomplete. All of this is "observation" and none of it is a buy, hold or sell recommendation.
What to watch
- Vomodir's monthly activity reports (the latest for Khordad 1405, published 27 June 2026) and the quarterly portfolio statements of its subsidiaries, to track portfolio value and mix in the tense 1405 environment.
- Filling the empty board seats and executing the meeting obligations, a test of the will to fix governance.
- The company's steps to resolve the breach of the 70% holding asset threshold.
- The progress of the 220 rial dividend payment on the announced schedule and the status of overdue dividends payable.
- The interim statements of the new fiscal year (the quarter ended Esfand 1404 onward) and the effect of market turbulence on gains from selling investments.
- The broad backdrop of the Tehran market and upcoming events on the Sahmino economic calendar.
Bottom line
In fiscal 1404 Vomodir presented an audit clean scorecard: a 17,346 billion rial profit with an unqualified opinion, near zero tax, a light cost structure and a 220 rial dividend. But beneath the surface, two thirds of the profit came from selling investments, which in an inflationary economy is more "cashing in inflation" than the creation of real value, and a set of governance points (an incomplete board, unfulfilled obligations, an unmet holding threshold) is recorded in the auditor's report. The price to earnings of 3.2 versus 5.8 for the sector shows the market has largely priced in these considerations; the final judgment, however, is not possible without a reliable net asset value figure and without seeing the path of the portfolio in the high risk year 1405. This analysis is not a buy or sell recommendation and is merely a framework for better understanding this ticker.
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