Kapshir Under the Lens: Pashm-Shishe Iran's Net Profit Leapt 95%, but Real Sales Have Been Shrinking for Three Years (Friday, 17 July 2026)

The ninety-five percent jump in Pashm-Shishe Iran's profit is not the good news it seems. In fiscal year fourteen-oh-four, the company lifted net profit but actually sold less. Net profit grew ninety-five percent, pushing the margin to about forty percent. To read it right, separate real growth from rial growth driven by inflation. Revenue rose fifty-four percent and gross profit sixty-four percent. But sales volumes of glass wool and Isogam fell for a third straight year. So a bigger number is not a bigger business; this growth is mostly inflation. Pricing outran costs, and the mix shifted toward the higher-margin product. Meanwhile net-debt-to-equity dropped from a hundred fifteen to fifty-two percent. The Q ratio is about zero point seven nine, just below replacement value. Price to earnings is around eleven, a little above the group average. Adjusting assets for inflation, price to net asset value falls from five and a half to about three. Four risks: capacity saturation, dilution, import reliance, and under-insured inventory. Now watch whether the fall in sales volume stops in the new year. Read the full analysis on Sahmino dot com; do you think this growth is durable, or just inflation? Tell us.