Hasananoo Lifts Its Easy-Open Tomato Paste Price 31.2%; P/E of 7.76 Sits Near the Sector and the Reading's Stop Is 16,950 Rials (Saturday 14 November 2026)

Hasananoo Manufacturing, maker of the Zeshk tomato paste brand (ticker ZSHK), said in a Group A disclosure (tracing no. 1634534) at 16:56 on Saturday 14 November 2026, after the session had ended, that it raised the price of its main product, the 800-gram easy-open tomato paste, from 1,690,909 to 2,218,182 rials: 31.2% higher. It is the company's second increase in 82 days after the board's decision of 24 August, yet the share is up 81.9% since its first trade and its P/E of 7.76 is almost level with the sector's 7.92. The question is what the new price has not yet put into the share price.

Background

Hasananoo has traded on the second market of the Tehran Stock Exchange since 5 October 2026, when 7% of its shares (351,615,600) were offered and the first trade printed 9,954 rials (the offering file). The first increase was approved by the board on 24 August 2026: the average price per tonne across all products rose from 1,948 million to 2,572 million rials, or 32%, and the same decision provided for revising prices at one-month intervals (tracing no. 1607375).

Today's increase is reported on a different measure: the price of the main product, the 800-gram easy-open and plain tomato paste, which the form says made 7,606,493 million rials of sales in the prior financial year and 41% of revenue (7,606,493 of 18,333,541 million rials of 2025/26 standalone revenue, or 41.5%). An all-product average per tonne and the price of one product cannot be multiplied together, so it would be wrong to say the price is up 73%. The company's stated reason on the form is higher raw material prices and cost of goods, "to control and maintain the profit margin". Prices of the other products are in an attachment that our structured data does not carry.

The numbers

Standalone, unaudited statements for the six months to 22 September 2026 (tracing no. 1619722; comparison column restated; amounts are printed in million rials and shown here in billion rials): revenue 15,791 against 8,064 (96% higher); gross profit 6,760 against 2,858, with the gross margin at 42.8% against 35.4%; operating profit 6,457 against 2,709 (138% higher); net profit 8,215 against 2,794 (194% higher); earnings per share 1,635 against 556 rials.

Part of that profit is one-off. The non-operating line is 3,362 billion rials (648 in the same half a year earlier), and separately the company disclosed that on 20 September it recognised a gain of 1,395 billion rials from transferring its shares in Shirin Khorasan Sugar to major shareholders in settlement of debts (tracing no. 1603183). That is 14.3% of pre-tax profit of 9,749 billion rials and about 278 rials per share on 5,023.1 million shares. Our own data does not show whether the gain sits on that same line. To be cautious, Sahmino's calculation deducts all of it, with no tax effect, from earnings per share of 2,334 rials: 2,056 rials remain, and the P/E at the 18,110-rial close rises from 7.76 to 8.81.

The balance sheet for the same date: trade and other receivables of 6,117 billion rials against 1,310 at 20 March 2026 (367% higher); inventory 8,793 against 6,372; borrowings of 924 billion rials, which is 5.8% of equity of 16,038 billion. Net operating cash flow for the six months was 4,815 billion rials against 859 a year earlier, or 58.6% of net profit; in the spring quarter the company had reported operating cash flow of minus 1,192 billion rials (tracing no. 1607944).

Price: the close on 14 November 2026, read at 17:35, is 18,110 rials. With earnings per share of 2,334 rials (nightly reading of 12 November) the P/E is 7.76, and the sector average for food and beverages other than sugar was 7.92 in the same reading. The first trade on 5 October was 9,954 rials, so 18,110 is 81.9% higher over 29 sessions. Free float is 15% and the daily band is about 3%. Today individual investors were net sellers of about 7.1 million shares and institutions net buyers of the same amount. The Sahmino desk's stance on this share for the 11 November session is "watch", not buy, so the reading below is this report's own and not a desk call.

Drivers

The mechanism is straightforward: the new price applies only to sales from 14 November and reaches revenue if tonnage holds. If only the main product's price rises and volume and the other prices stay put, revenue is about 12.9% higher (0.415 times 31.2%); if every product rises by the same amount, up to 31.2%. This is Sahmino's arithmetic, not a forecast. Inventory is 8,793 billion rials, equal to 97% of the six-month cost of sales (9,030 billion), so the new price lands on goods already made, although the statements do not say at what raw material cost.

The earlier increase shows why volume matters. In the Mehr monthly report (the month to 22 October 2026, tracing no. 1620571) the company sold 802 tonnes of paste at an average of 2,589 million rials a tonne for 2,077 billion rials of revenue; the Shahrivar report (the month to 22 September) showed 926 tonnes, 2,171 million rials a tonne and 2,011 billion rials. The price rose 19.3%, tonnage fell 13.4% and paste revenue grew only 3.3%. Over the seven months to 22 October, paste tonnage was 5,307, 19.6% below the 6,597 tonnes of a year earlier, at an average of 1,822 million rials a tonne against 787 million (131.4% higher) and sales of 9,668 against 5,193 billion rials (86.1% higher). The listed rival Chin Chin (CHCH) had already shown the same pattern, a doubled price and halved tonnage.

Outlook

Three risks sit side by side. First, price: an 81.9% rise in 29 sessions with a P/E near the sector means the market already treats Hasananoo as a high-profit company. Second, receivables: 6,117 billion rials, 39% of six-month revenue, against 1,310 at year-end; credit sales that are not collected eat into profit. Third, volume: if tonnage falls another 13%, as it did from the Shahrivar month to the Mehr month, the price increase loses much of its effect. Against that, six-month operating cash flow covered 58.6% of profit and borrowing is small.

The 5 October reading on this same file has to be settled too. It said that if the summer quarter's earnings per share stayed above the spring quarter's 816 rials and receivables growth was contained, the earnings trend would be credible. Six months give 1,635 rials, so the second quarter, after subtracting spring's 816, is 819 rials; the earnings-per-share condition held by three rials. The receivables condition did not hold: they are 6,117 billion rials against 1,310 at year-end. What made up for it was the positive six-month cash flow.

Summary

On the 14 November close Hasananoo is not cheap: a P/E of 7.76 is almost level with the sector's 7.92 and rises to 8.81 without the one-off gain on Shirin Khorasan shares. This report's own reading, not a Sahmino desk call: ZSHK holds above 16,950 rials until the Aban monthly report. Condition: paste sales in the Aban report (the month to 21 November) do not fall below the Mehr figure of 2,077 billion rials. Horizon: until the Aban monthly report. Invalidation: a close below 16,950 rials; the basis is the 14 November 2026 close, and 18,110 rials is 6.8% above the invalidation level.

What to follow

The Aban monthly report (the month to 21 November), expected in the first ten days of Azar (22 November to 1 December), covers only eight days at the new price (14 to 21 November), so it mostly tests volume: paste tonnage against 802 tonnes and paste sales against 2,077 billion rials. The price test is the Azar report. In the next financial statements compare receivables with 6,117 billion rials. Compare the P/E with the sector average right now on the ZSHK page in Sahmino and take the same comparison again once the Aban report appears.