Ghachar Under the Lens: Chaharmahal Sugar's Sales Rose 50% and Profit 43% in FY1404; But Through the Inflation Lens, Real Growth Is Near Zero (Saturday, 18 July 2026)

Chaharmahal Food & Sugar (ticker: Ghachar), on Iran's Farabourse, reported fiscal 1404 (to 20 March 2026) results with revenue up about 50% and net profit up 43%. But on any reasonable read of 1404 inflation, this nominal growth is at best in line with inflation and real growth is near zero. The figures are still unaudited and the ticker carries a supervisory flag; against that, its P/E of about 5.5 sits below the 8.27 sugar-group average. This analysis is not a buy or sell recommendation.