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Analysis

Kimia Polyester's Trailing Profit Rose 2,856%; Its P/E Still Sits 26.5% Below the Chemicals Sector (Sunday, October 4, 2026)

Kimia Polyester Qom (TSE: Shekimia) grew revenue 99.5% and net profit 2,856% over the twelve months to June 21, 2026. The stock, which began active trading on September 30 after a major shareholder's 9% block sale, closed today, Sunday October 4, with a 570-million-share buy queue and zero sellers. Its P/E of 6.57 sits about 26.5% below the chemica…
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Sahmino editorial· 4 October· 7 min read· Stocks

POLQup2.9%6,830rials7 October

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Kimia Polyester Qom, Nine Days Into Active Trading

Kimia Polyester Qom (TSE: Shekimia) grew revenue 99.5 percent and net profit 2,856 percent year on year over the twelve months to June 21, 2026 (31 Khordad 1405), per the interim financial statement filed on Codal on September 28, 2026 (6 Mehr 1405). The stock, which entered active trading on September 30 (8 Mehr) after a major shareholder's 9 percent block sale on Iran Fara Bourse, closed today, Sunday, October 4, 2026 (12 Mehr 1405), with a buy queue of 570,052,370 shares and zero sellers. At Saturday's close of 6,090 rials (October 3), the company's P/E is 6.57, about 26.5 percent below the chemicals sector's 8.94 average, per Sahmino's own nightly calculation dated October 2 (10 Mehr).

Background

Kimia Polyester Qom is a "knowledge-based" chemicals producer whose capital grew in two steps. An extraordinary assembly on February 17, 2026 (28 Bahman 1404) raised capital from 2,000 billion to 6,500 billion rials, a 225 percent increase, funded entirely from retained earnings, a route that dilutes no shareholder. A second extraordinary assembly on September 19, 2026 (28 Shahrivar 1405) then raised capital to 15,000 billion rials, a further 130.7 percent increase, funded from shareholders' matured claims; the increase was registered with Qom's companies registry on September 27 (5 Mehr). In the pre-offering press conference, whose Q&A was published on Codal on September 29 (7 Mehr), the company named Omid Investment Bank as the offering's valuer. On September 30 (8 Mehr), a major shareholder sold 1.35 billion shares, 9 percent of the company's 15 billion shares, in a block trade on Fara Bourse's second market; volume that day matched the block size and the stock closed at 5,922 rials, in a 5,701 to 6,465 rial range. Because the seller was a shareholder, not the company, none of the proceeds reached Kimia Polyester's own treasury; Sahmino covered that offering's mechanics the same week.

The Numbers

Twelve-month revenue through June 21, 2026 reached 42,942 billion rials, up 99.5 percent year on year; net profit over the same period was 14,322 billion rials, up 2,856 percent. Operating margin reached 40.4 percent and net margin 33.4 percent; return on equity is 67.6 percent and return on assets 34.8 percent, all from the same filing. The exchange board lists trailing EPS at 955 rials and P/S at 0.43. An ordinary assembly on July 22, 2026 (31 Tir 1405) approved a cash dividend of 1,539 rials per share against EPS of 1,721 rials for the fiscal year ended March 20, 2026, an 89.4 percent payout ratio and a total payout of 10,003.5 billion rials on the company's then capital of 6,500 billion rials (6.5 billion shares). After the subsequent capital increase to 15 billion shares, Sahmino's own screen puts the stock's trailing dividend yield at about 10.95 percent at the 6,090 rial close. Today, October 4, the board recorded a buy queue of 570,052,370 shares at 6,270 rials with no sellers at all; individual investors bought 57,408,625 shares while institutions sold 55,003,735 shares, a session led by retail buying against institutional selling.

What Is Driving It

Profit growth has clearly outrun revenue growth, the classic signature of operating leverage: with fixed costs held roughly flat, each unit of higher polyester selling price flows straight into operating margin. That pattern tracks the broader move in Tehran's chemicals sector this year, where dollar-linked product pricing has moved with the exchange rate; but that link for Shekimia specifically still needs confirmation from the company's next official filing. The second driver is the newly built capital structure itself: two capital increases within eight months turned a small, 2-billion-share company into a 15-billion-share name with fresh float on Fara Bourse, just as the filings showing this profit surge arrived.

Outlook

The weak point in this picture is thin history: Shekimia has only three active trading sessions behind it, and the current price formed in the shadow of that 9 percent block sale rather than a broader market vote. A buy queue with no sellers means the price has not yet been discovered two-sided; that kind of queue can reflect genuine demand or simply limited float right after an offering. On the other side, the company's distress models read healthy: an Altman Z2 of 6.9 (well clear of the distress zone), a Grover score of 1.9, debt to equity of 0.6 and a current ratio of 1.65; Article 141 of the Commercial Code is not triggered. Sahmino saw the same sector-discount pattern last week in Pars International (Shepars), where a below-sector P/E also came paired with surging quarterly profit.

Bottom Line

With a P/E of 6.57, about 26.5 percent below the chemicals sector's 8.94 average, and twelve-month profit up 2,856 percent, Shekimia still looks cheap; but a buy queue with no sellers and only three active sessions keep that read thin on data. Shekimia has room to run until its price reaches about 8,540 rials, the level implied by the chemicals sector's average P/E; that reading holds as long as its P/E stays below the sector average, through the end of Mehr (late October), and is voided by a close below 5,701 rials, the low of the September 30 offering session. This is Sahmino's own call built on the evidence above, not a Rasad desk call: as of the October 3 session, Rasad's own stance on this stock is still "watch," not "buy."

What to Watch

Shekimia's six-month report, through September 22, 2026 (31 Shahrivar 1405), will show whether the profit growth held through summer or whether this was a one-off leverage effect. How the buy queue behaves in coming sessions, and when real two-sided selling first appears, will decide price discovery. Any further assembly or capital increase deserves close attention, given two increases inside eight months already.

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Sources

  1. Codal · Securities and Exchange Organization of IranInterim financial statement for the three-month period ended 1405/03/31: twelve-month revenue and profit for ShekimiaCited Oct 4, 2026
  2. Codal · Securities and Exchange Organization of IranOrdinary assembly decision: cash dividend of 1,539 rials per share, EPS 1,721 rials, 89.42 percent payout ratioCited Oct 4, 2026
  3. Codal · Securities and Exchange Organization of IranCapital increase from 6,500 to 15,000 billion rials, up 130.7 percent, funded from shareholders' matured claims, registered October 5 (5 Mehr)Cited Oct 4, 2026
  4. Codal · Securities and Exchange Organization of IranCapital increase from 2,000 to 6,500 billion rials, up 225 percent, funded from retained earningsCited Oct 4, 2026

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