The P/E ratio divides today's price by profit earned over the past twelve months in yesterday's rial. With year-on-year inflation at 87.9 percent in Tir 1405 (July 2026), numerator and denominator are two different currencies. Restated into today's purchasing power, Isfahan Oil Refining's P/E moves from 6.0 to about 11.3, National Iranian Copper's from 11.2 to about 21.0 and Bank Mellat's from 2.6 to about 5.0. Board figures: close of Monday, 3 August 2026.
