Pashm-Shishe Iran (ticker: Kapshir) lifted revenue 54% and net profit 95% in fiscal 1404, pushing its net margin to 40.8%. But the sales charts show real volumes of both glass wool and Isogam falling for a third straight year, meaning the jump is almost entirely inflationary. At a Q ratio of about 0.79, the market is pricing the company slightly below its replacement cost.
