Bama Disclosed a Single Export Shipment Worth 41.83 Percent of Its Entire Prior Year Sales, and the Next Day the Stock Closed at the Floor at 5,060 Rials With a 125 Million Share Sell Queue (Tuesday, 22 September 2026)

On Monday, 21 September 2026, the Tehran-listed miner Bama (ticker Kama) published a material disclosure on Codal recording the sale of one shipment of its products to a foreign customer for 10,229,137 million rials. The form itself states that this amount equals 41.83 percent of the company's entire prior year sales revenue, meaning a single transaction the size of more than four tenths of a year of sales. The next day, Tuesday, 22 September 2026, the same stock closed at the floor of its band at 5,060 rials, on a sell queue of 125,368,974 shares and without a single buy order.

Background

Kama is the ticker of Bama, in the metal ore mining group on the second board of the Tehran Stock Exchange. The company's free float is 38 percent, and its market capitalisation at the close on 22 September 2026 was about 215 thousand billion rials. The filing is a disclosure of transactions under Article 129 of the amended Commercial Code, classified in group B, with tracing number 1601761. The transaction date is 19 September 2026 and the letter was published on 21 September 2026. The form says the disclosure was required because sales to a single customer passed the 30 percent threshold of the period's sales, and it identifies the counterparty only as a "foreign customer", without naming it.

The stock was already retreating before this letter. On 12 September 2026 Kama recorded its highest 52 week closing price at 6,080 rials, and by 22 September it had moved 16.8 percent away from that peak. Seven consecutive lower closes had been recorded through 21 September, and the 22 September session is the eighth consecutive lower close. That decline sits on top of a very large run: Kama's six month return through 22 September was 178.8 percent and its one year return 260.5 percent.

The numbers in this transaction

• Transaction amount: 10,229,137 million rials (Codal form, transaction date 19 September 2026)
• Book value of the assets transacted: 3,633,927 million rials (same form)
• Transaction as a share of prior year total sales revenue: 41.83 percent (same form)
• Book value of the goods as a share of total company assets: 3.71 percent (same form)
• Sales revenue for the twelve months to 21 June 2026: 22,712,462 million rials (unaudited interim financial statement)
• Closing price on 22 September 2026: 5,060 rials, down 2.88 percent
• Sell queue at the close on 22 September: 125,368,974 shares at 5,060 rials
• Turnover on 22 September: about 169 billion rials across 763 trades

One board detail from this session deserves reading on its own: the low, the high and the opening trade price on 22 September were all 5,060 rials. The stock traded all day only at the floor of its band, and no trade at all was done above it.

Drivers

The margin on the deal itself is higher than the company's margin. The form gives both the sale amount and the book cost of the goods sold, and the distance between them, 6,595,210 million rials, is the gross profit on this one shipment. That is a gross margin of 64.5 percent on this transaction, against the company's own gross margin of 49.2 percent for the twelve months to 21 June 2026. The difference is 15.3 percentage points, which in plain terms means this shipment was sold dearly relative to the company's usual record.

The currency from this sale returns through the official channel, and that channel is cheaper. In the settlement mechanism field, the form says settlement is made "on international terms and with currency transferred through the defined mechanisms of the gold and currency exchange system". That sentence decides the rate at which every dollar of this shipment converts into rials. On 22 September 2026 the Exchange Centre remittance dollar was 1,683,754 rials, and the free market dollar the same day was 2,326,000 rials. The gap between the two rates is 642,246 rials per dollar, meaning the remittance rate is about 27.6 percent below the free rate. Every export dollar returning by that route makes proportionally fewer rials for the company, and that difference is applied before anything reaches the shareholder as profit.

Retail money was leaving before this letter. Over the twenty sessions to 21 September 2026, net retail trading in Kama was 4,497 billion rials of selling, the retail share of trading was 70.2 percent, and retail buyer strength was 0.82, meaning the average retail sale was larger than the average retail purchase. This reading predates the letter and does not explain the disclosure, but it shows the letter landed on a board whose seller was already retail.

Alongside these three sits a valuation point that stands against the direction of the price. Kama's price to earnings ratio on the exchange's published EPS is 6.44, while the same ratio for the whole metal ore mining group is 14.15 (nightly reading of 20 September 2026). Our own trailing twelve month price to earnings ratio, computed from the financial statements, is 6.6. On Sahmino's composite score, Kama ranks first among its 35 sector peers.

Outlook

Two things will decide this file in the coming weeks. First, which financial statement recognises this sale and at what exchange rate; until the next period's statement is published, this shipment's contribution to profit for the shareholder is an estimate rather than a recorded figure. Second, the behaviour of the board itself: a sell queue that closes at the floor with no buy order either reopens the next session with heavier supply or is absorbed by returning buyers, and which of the two happens is read off the same two columns, volume and retail per capita buying.

It is worth being explicit about what these data do not say. Nothing above says Kama's eight session decline was caused by this disclosure; the letter was published on 21 September and the decline began on 13 September. The two facts stand side by side, and there is no data in hand that establishes a causal relationship between them.

Conclusion

Our assessment is that Kama stays above its fifty day moving average at 4,362 rials through the end of Mehr 1405 (about 23 October 2026), as long as the daily sell queue stays under 125 million shares; a close below 4,362 rials invalidates that assessment. The basis of this reading is 22 September 2026. A shipment the size of 41.83 percent of a year's sales, at a 64.5 percent margin, carries real weight, but the currency returning through the exchange system converts into rials at about 27.6 percent below the free rate, and part of that weight is lost before it reaches the shareholder.

What to watch

• The volume and opening price of the next session, and on what volume the 125 million share sell queue clears or grows heavier
• Kama's retail per capita buying and selling, and whether buyer strength rises above 0.82
• The first financial statement in which this sale is recognised, and the exchange rate applied in it
• The gap between the Exchange Centre remittance rate and the free market dollar, which today is 642,246 rials per dollar
• Any further Kama disclosure about sales to this same foreign customer

Related reading: Sahmino's screen of 1,699 TSE symbols and its 50 cheap, profitable stocks, the free market dollar's path from August to September 2026 and DARA's discount to its redemption value.