Vomelal Under the Lens: A 14.3-Trillion-Toman Net Loss and Negative 59% Capital Adequacy; Why Conventional Valuation Tools Fail for Mellal Credit Institution (Saturday, July 18, 2026)

In fiscal 1404, Mellal's revenue doubled, but one number changes everything. Mellal is Iran's only active non-bank credit institution, halted since November 2025. Its net loss last year was fourteen point three trillion tomans, a loss per share of about seven thousand rials. Since November 2025, a Central Bank supervisory board has run the institution. The cost of deposit profit topped all operating income; that gap is what creates the loss. It pays more for deposits than it earns from lending, so nominal revenue growth cannot fix the crisis. Its capital adequacy ratio is negative fifty-nine percent, while the Central Bank's legal minimum is eight percent. That ratio fell from negative seventeen percent at the end of 1402 to negative fifty-nine percent at the end of 1404. Based on Central Bank data, about sixty-seven percent of the institution's large loans went to its own subsidiaries. In a healthy bank inflation can lift asset values; in an imbalanced one, it deepens the loss. On July fifteenth, the free-market dollar was near one hundred eighty-eight thousand tomans. Because both EPS and equity are negative, conventional tools like P/E and P/B are useless here. The share's fate hinges on one choice: reform under the Central Bank, or resolution like Bank Ayandeh. Watch for the audited statements, the reform-program reports, and any new ticker notice. Read the full analysis on Sahmino.com; should the Central Bank reform Mellal or let it go to resolution? Comment below.