Vomelal Under the Lens: A 14.3-Trillion-Toman Net Loss and Negative 59% Capital Adequacy; Why Conventional Valuation Tools Fail for Mellal Credit Institution (Saturday, July 18, 2026)

Mellal Credit Institution (Vomelal) posted a net loss of 14.3 trillion tomans and negative EPS of 7,169 rials for fiscal year 1404; its capital adequacy sank to negative 59% and shareholders' equity turned negative. The ticker has been halted since November 2025 and the institution is run by a Central Bank supervisory board. Why nominal lending-income growth does not solve a balance-sheet crisis, and why P/E and P/B are meaningless here. No buy or sell advice.