Fmelli (NICICO)

Fmelli Under the Microscope: National Iranian Copper Industries' Net Profit Hit 149.6 Trillion Tomans in FY1404 (Fundamental Analysis, Sunday, July 5, 2026)

National Iranian Copper Industries Co. (TSE: Fmelli), Iran's largest copper producer, reported a net profit of 149.6 trillion tomans for fiscal year 1404 (ended March 20, 2026), up 98% year on year. With a P/E ratio of about 22.4 as of the last trading session before the Tehran bourse's three-day closure (July 1, 2026), this report reviews the company's value chain, financials, mineral reserves, and risks, with no buy or sell recommendation.