Kermanshah Petrochemical (Karmasha) Is About to Reopen After Its AGM: a 97% Capital Increase, a 1,227-Rial Dividend, and the Global Urea Shock in the Background (Saturday, July 11, 2026)

Karmasha has been halted for ten days; let's look at what's behind the suspension. Karmasha is one of the few urea and ammonia producers on the Tehran Stock Exchange. In its last trade before the halt, it closed at twenty five thousand and seventy rials, up about two percent. The symbol has been closed since July first and will reopen with price discovery after its meeting. Its price to earnings ratio is about eight point two, roughly in line with the chemicals group average. In other words, the market prices Karmasha neither cheaper nor more expensive than its own group. The company just registered a ninety seven percent capital increase from retained earnings. At its meeting on July seventh, it approved a dividend of one thousand two hundred twenty seven rials. Its capacity is about six hundred eighty six thousand tons of urea a year, and its major holder is Parsian. In the background, the World Bank says global urea topped eight hundred fifty dollars a ton in April. India's tender hit nine hundred fifty nine dollars, and Persian Gulf FOB passed four hundred sixteen dollars. Nearly a quarter of global urea exports pass through Hormuz, and fresh tension has disrupted traffic again. The company's costs are in rials while its revenue is in dollars, so a stronger dollar lifts its rial profit. But the risks are real: winter gas cutoffs, the government set domestic urea price, and an unknown reopening direction. Watch three things: the reopening and price discovery, urea and Hormuz, and monthly production reports. Do you think Karmasha's reopening will be positive or negative? Tell us in the comments.