Shavan Shares Rose 77.6% Over 22 Straight Sessions While Quarterly Profit Fell 90% (Saturday, September 5, 2026)

Shavan (Lavan Oil Refining Co.), traded on Iran Fara Bourse's second market, closed with a buy queue on Saturday, September 5, 2026 (14 Shahrivar 1405) for a 22nd consecutive higher close, reaching 38,570 rial, its highest price in a year. The stock is up 77.6% since August 1, 2026 (10 Mordad 1405), its last red session before this run began. Meanwhile, the company's latest quarterly financial statement, published a month before this rally started, shows net profit down 90% from the same quarter a year earlier.

Background

Shavan's run followed a turbulent stretch. The stock was halted from February 28, 2026 (9 Esfand 1404) and, after roughly 87 halted sessions, reopened on July 14, 2026 (23 Tir 1405) at exactly its pre-halt closing price of 22,100 rial. A few sessions later it was halted again for two sessions, reopened on July 25 (3 Mordad), and traded in a 21,000-22,000 rial range until August 1, when it closed its last red session at 21,720 rial. From the next session, August 2 (11 Mordad), the stock began an unbroken run of higher closes that has continued through today: 22 sessions that took the price from 21,720 to 38,570 rial, a 77.6% gain. For comparison, Iran Fara Bourse's own benchmark index rose 25.6% over the same window, from 40,937 points on August 1 to 51,410 points today, meaning Shavan's rally ran roughly three times faster than the market it trades on, a company-specific move rather than a market-wide one.

The numbers

Per the company's unaudited interim financial statement for the three months ended June 21, 2026 (31 Khordad 1405), filed with Codal (Iran's official corporate disclosure system) on July 22, 2026, tracing number 1572989:

• Operating revenue for the quarter reached 259,126 billion rial, up 8% from the same quarter a year earlier (240,128 billion rial).
• Cost of sales, however, rose 12%, pulling gross profit down 35%, from 21,216 billion to 13,858 billion rial.
• Net profit for the quarter fell to 1,513 billion rial, down 90% from 15,182 billion rial in the same quarter last year.
• Quarterly earnings per share fell from 1,902 rial to 190 rial, the same 90% drop.

Despite that profit decline, the company's market capitalisation stands at 308,560 billion rial at today's price, putting its trailing twelve-month P/E at 6.3 (on trailing EPS of 6,145 rial), slightly below the 6.8 average P/E of its own sector, petroleum products (as read by Sahmino's systems on the evening of September 4, 2026 / 13 Shahrivar). In other words, the market still does not price Shavan as expensive relative to its peers, though that ratio is built on trailing profit, not the sharply lower profit just reported. You can follow this stock's live price on its dedicated Shavan page.

Drivers

Sahmino's own retail-versus-institutional flow data shows this rally has been overwhelmingly a retail (individual investor) story: over the last 20 trading sessions, retail buyers accounted for 86.3% of Shavan's total traded value, with roughly 2,493 billion rial of net retail money flowing into the stock over that window. This has largely been a retail-led rally, not an institutional one.

On the event side, on August 1, 2026, the exact session that preceded the rally's start, the company filed a "clarification regarding a rumour" notice with Codal (tracing number 1579732), referencing an online rumour about a "directive on feedstock and petroleum-product pricing." The filing's wording is standard boilerplate that neither confirms nor denies the specifics of the rumour, but its timing, right before consecutive buy queues began, makes it plausible that market expectations of a possible change to the crude-feedstock or product pricing formula played a role in buyer interest. Sahmino has not found any subsequent official disclosure in Shavan's Codal file confirming such a formula change.

Outlook

The following is a reading of available data, not a price forecast. With P/E still below the sector average and the buy queue still standing at today's close, the short-term technical picture looks positive. But that P/E is built on trailing twelve-month profit, a period that does not yet fully reflect the latest quarter's 90% profit drop. If the next quarter (summer 1405) also comes in with compressed margins, Shavan's P/E on forward filings will read higher than today's figure, unless global crude prices, the allocated feedstock rate, or product sale prices move in the refiner's favour.

Bottom line

Shavan has risen 77.6% over 22 consecutive sessions to a one-year high, even as the company's latest quarterly report shows net profit down 90% year-on-year. The key point is that this price jump has been driven mainly by retail buying and coincided with a rumour about a possible change to refiners' feedstock-pricing formula, not by any profit improvement reported so far. Someone who only looks at the price chart sees a very different picture from someone who has opened the income statement.

What to watch

Shavan's six-month financial statement (for the period ending September 22, 2026 / 31 Shahrivar 1405), normally filed with Codal within a month of the period's end, will be the first real test of whether the refiner's margins have recovered or the spring quarter's decline repeated. Until then, whether the buy queue holds and net retail inflow continues are the shorter-term gauges for this stock. You can track upcoming filings and assemblies on Sahmino's market calendar.