MAPNA Group Is Up 177 Percent in a Year and Still Its Sector's Cheapest Stock; Its P/E Sits at 4.83 (Wednesday, October 7, 2026)

MAPNA Group's stock (MAPN) has climbed 176.73 percent over the past year and is trading around 11,870 rials as of 10:20am Tehran time on Wednesday, October 7, 2026, yet its price-to-earnings ratio is still just 4.83, the lowest of any of the seven tickers in Tehran's technical-engineering sector. The reason the rally has not made the stock look expensive is simple: trailing twelve-month profit is up 51 percent too, and return on equity has reached 43.92 percent.

Background

MAPNA Group (MAPN) is the main holding company of Iran's power-plant industry, listed on the Tehran Stock Exchange's main board; its last closing price was 12,020 rials on Tuesday, October 6, 2026. On September 17, 2026, an extraordinary general meeting approved a 200 percent capital increase, from 60,000 billion rials to 180,000 billion rials. Half of that increase (60,000 billion rials) came from cash and claims owed to shareholders, which dilutes anyone who did not take part; the other half came from retained earnings, which does not dilute. MAPNA's share count now stands at 180 billion shares, and every P/E and per-share figure in this report is calculated on that basis. Details of that meeting are on Sahmino's calendar.

At the same time, Bank Pasargad, which holds a 5.57 percent stake in MAPNA, held an auction on September 28, 2026 to sell that stake, which produced no result for lack of bidders. The bank has said the sale remains on its board's agenda, so the possibility of a fresh block sale on the stock still stands.

The Numbers

Under the financial statement for the three months ended June 21, 2026 (filed July 22, 2026, Codal tracing number 1572849), MAPNA's operating revenue for the quarter reached 106,703 billion rials, up 107 percent from 51,540 billion rials in the same quarter of the prior year. Net profit for the quarter rose from 12,044 billion rials to 21,870 billion rials, up 82 percent, and earnings per share rose from 212 to 365 rials.

On a trailing-twelve-month basis (summer 2025 through spring 2026), MAPNA's revenue reached 1,024,286 billion rials and net profit reached 426,426 billion rials, up 99.33 percent and 51.02 percent respectively from the prior twelve months. Gross margin is 45.77 percent, operating margin 40.85 percent, and return on equity 43.92 percent (Sahmino's own calculation from the same filings, updated October 7, 2026).

MAPNA's board P/E stood at 4.83 on October 7, 2026, against a 4.92 sector average for technical engineering. Among the seven tickers in that sector screened by Sahmino overnight, MAPNA, with a composite score of 69 out of 100 (ranked first in its sector by Sahmino), is the cheapest profitable name:

The closest profitable peer, Ranik, trades at a P/E of 8.03 with a negative 4.16 percent one-year return, meaning that even though MAPNA has risen 176.73 percent over the same year, it is still valued at roughly half of Ranik's multiple. The sector's other two names, Tapola and Taba, are outright loss-making, with negative P/Es (screen data: 1,817 Tehran-listed tickers, as of October 7, 2026).

Drivers

• The 107 percent jump in quarterly revenue has tracked rising national electricity demand and new power-plant projects at MAPNA Group subsidiaries.
• Part of MAPNA's profit swings come from its "other income and expenses" line: in fiscal year 2025-26 the company booked 310,707 billion rials of other income and 333,351 billion rials of other expense, figures that typically stem from revaluing foreign-currency and rial-denominated items; part of MAPNA's profit, in other words, rides on the rial's path, not only operating sales.
• September 2026's 200 percent capital increase brought the share count to 180 billion; because it is already reflected in today's figures, it explains part of the low P/E rather than signalling extra cheapness.
• Bank Pasargad, holder of 5.57 percent of MAPNA, tried and failed to sell that stake on September 28, 2026; a future block sale remains an overhang risk on the stock.
• Over the last 20 sessions retail investors were net sellers of 7,231 billion rials, but over the last 5 sessions retail turned net buyers of about 87 billion rials, suggesting retail selling pressure is easing (Sahmino data, October 7, 2026).

Outlook

Sahmino's desk holds a buy call on MAPNA from its Tuesday, October 6, 2026 session (reference price 12,020 rials), with a target of 14,023 rials (about 17 percent higher) and a stop at 11,401 rials, over a 20-session horizon. In the "calm uptrend" regime, this type of call has hit its target 853 times out of a similar sample of 1,286 cases, a 66.36 percent hit rate. Today, Wednesday, October 7, MAPNA's price had slipped to 11,870 rials as of 10:20am Tehran time, down 1.25 percent from the prior close, and still stands about 4 percent above the stop level.

Verdict

Despite a 176.73 percent one-year rally, MAPNA, at a P/E of 4.83, remains the cheapest profitable name in the technical-engineering sector, because its trailing twelve-month profit has also climbed 51 percent. Sahmino's desk holds a buy call from its October 6 session with a 14,023-rial target and an 11,401-rial stop over a 20-session horizon, a call type that has hit its target 66 percent of the time across a sample of 1,286 similar cases. That ratio should be checked against the stock's actual price by the end of that horizon, and a close below 11,401 rials is the line that would invalidate the call.

What to Watch

• The fate of Bank Pasargad's 5.57 percent stake in MAPNA; a future auction could bring fresh supply pressure.
• MAPNA's monthly activity report for the month ending October 2026, usually published near month end, to see whether the revenue growth trend continues.
• Whether the price holds above 11,401 rials, the level that would invalidate Sahmino desk's buy call.
• You can run the same P/E comparison on any other sector with Sahmino's own screener. For a similar case in the chemicals sector, read this report on Mashey South.