Ghachar Under the Lens: Chaharmahal Sugar's Sales Rose 50% and Profit 43% in FY1404; But Through the Inflation Lens, Real Growth Is Near Zero (Saturday, 18 July 2026)

Ghachar grew sales fifty percent and profit forty-three percent, but real growth after inflation is near zero. Ghachar published its fiscal fourteen oh four results with striking growth in sales and profit. Net profit rose forty-three percent to about six hundred three billion tomans. The model is simple but administered: the state prices the beet, and the state prices the sugar. A look at the year's numbers: revenue, gross, operating and net profit all grew, but nominally. Yet average annual inflation to June twenty twenty-six had reached about fifty-seven percent. So this growth is mostly the same sales in cheaper money, not more real sales. The net margin also compressed slightly, from about nineteen to eighteen percent. The company raised its capital in two steps, so earnings per share get diluted. This year, beet and sugar prices were both raised by decree, and the margin hangs on their ratio. The main risks: unaudited figures and a supervisory flag, administered pricing, and water. The share is three thousand six hundred sixty rials; market cap is near three thousand five hundred billion tomans. Its P/E of about five and a half sits below the group's eight; the market has priced the risk. Watch the audited statements, the meeting's dividend, and the monthly reports. Full analysis on Sahmino.com. Is Ghachar's discount an opportunity, or a risk the market already sees? Comment below.