MRAM's Cash Rose 6,289 Billion Rials in Six Months, but Operating Cash Flow Was Only 773 Billion and Net Borrowing 10,088 Billion; Sahmino's Call Pays at Least as Much as It Risks Only Up to 22,727 Rials (Tuesday 10 November 2026)

Mahram Group's (MRAM) operating cash flow for the six months to 22 September 2026 was 773 billion rials, 7.5% of net profit of 10,364 billion, and 10,088 billion rials of net borrowing lifted cash from 1,716 to 8,005 billion rials. The P/E of 6.85 is below the industry's 7.63. Sahmino desk (9 November reading): target 23,995, invalidation 21,461…