Kafpars Under the Lens: A 1,519% Revaluation-Based Capital Increase and the Fundamental Root of a Decade of Shareholder Frustration at Pars Refractories (July 13, 2026)

A reader told us they held Kafpars for ten full years and only ever lost money on it Let us check whether this decade of stagnation is truly real or just an illusion here Kafpars, based in Yazd, makes refractory materials for the steel and cement furnaces On July thirteenth the last traded price was three thousand seven hundred rials, slightly lower The first root is real weakness: thin earnings and two way currency exposure both ways The market value stands at about nine hundred twenty five billion tomans, with modest earnings The second root is a one thousand five hundred nineteen percent revaluation capital increase In that capital increase no fresh money enters, and only bonus shares are issued to holders The ticker trades near ten and a half, while the group sits near nine point seven The unadjusted chart ignores this huge capital increase and fakes a long price decline Real return means the adjusted price plus all the years of cash dividends actually paid out Still one honest truth remains: Kafpars clearly lagged the whole market's rise over these years The future depends on currency, steel and cement demand, and the cost of energy at home To track it, follow operating profit gains kept apart from any revaluation accounting effect So was this a chart illusion or a real weakness? Please tell us your own honest view