Tapsi’s finance bill fell from five times its operating profit to 1.7

In the three months to 21 June 2026 Tapsi's operating profit was 3.9 times the same quarter of 2025, and its finance costs were still 1.67 times that profit, against 4.97 a year earlier. Monthly filings through 22 September show revenue 63 percent above last summer. The debt has not come down: at 20 March 2026, 94 percent of the company's borrowing carried 39 percent, and its largest lender was a fund, not a bank.

In August we measured what it cost Tapsi, Iran’s only listed startup, to borrow. In the year to 20 March 2026 its consolidated finance costs were 3.43 times its consolidated operating profit and turned a profitable business into a loss; on the company-only basis used below, the year’s ratio was 2.56. We could not then say what rate it paid or who lent the money. A filing we had not then read answers both: the notes to the year-end statements, published on Codal on 17 June 2026. Later filings add the first quarter of the new year and monthly revenue through 22 September 2026.

The short version: the operating business recovered faster than its debt bill grew. In the three months to 21 June 2026, Tapsi was charged 1.67 in finance costs for every 1 of operating profit. In the same quarter a year earlier the figure was 4.97. It still made a loss.

A smaller quarter with nearly four times the operating profit

Revenue in the quarter fell 19.9 percent, to 726.4 billion toman from a restated 906.6. Operating profit went the other way, to 137.2 billion toman from 35.4, 3.9 times as much. Finance costs rose 30.5 percent to 229.3 billion toman, a charge of about 2.5 billion toman for every day of the quarter, and the net loss nearly halved, to 73.8 billion toman.

Two other lines in the same filing changed. Staff fell from 959 at 20 March 2026 to 763 at 21 June, a fifth fewer in three months. And a revenue line that did not exist a year earlier, advertising inside the super app, brought in 71.1 billion toman, 9.8 percent of the quarter’s revenue. The filing gives no cause for any of it: it does not explain the fall in revenue, the rise in operating profit, or why the 2025 quarter was restated.

Then the summer

The monthly reports since the quarter end show revenue climbing every month, to 418.0 billion toman in the month to 22 September 2026. That is 65 percent above the 253 billion toman of monthly revenue that Tapsi’s own management report prints for the year to March 2026, one twelfth of that year’s revenue. The three months to 22 September 2026 brought in 1,098.8 billion toman, against 673 billion toman for the same quarter of 2025 in the company’s own chart: 63 percent more.

Two cautions. The monthly reports and the statements are prepared differently; for the first quarter the monthly figures came in 3.7 percent below the statements, so the summer comparison sets two bases side by side. And a line the reports call other operating revenue, 58.0 billion toman of September’s 418.0, has no counterpart in the statements, which carry the new advertising line instead: in the first quarter the statements booked 71.1 billion toman of advertising revenue while the monthly reports showed 44.0 on their other line, which is most of the gap between the two bases.

Management’s forecast for the year to 20 March 2027 is 4,156.5 billion toman of company revenue. Six months delivered 1,798.1 on the monthly reports’ basis, 43.3 percent of it. A second half no better than the first would leave the year about 14 percent short.

The part that has not improved: the debt

Company borrowing stood at 2,615.3 billion toman on 21 June 2026, up from 2,509.3 at 20 March. The notes to the year-end statements show what that money costs: 2,366.5 billion toman of it, 94 percent, carried a 39 percent rate, and 142.8 billion toman carried 23 percent. The largest single lender was not a bank but the Setaregan rapid entrepreneurship development fund, at 1,896.0 billion toman on the lender list, before future interest is deducted. The quarter’s own statement lists all borrowing at 23 percent, which the year-end note contradicts; we use the note.

The rest of the balance sheet points the same way. At 20 March 2026 the group’s net debt was 37.2 times its equity, and it owed its parent, Noavaran Tejarat Electronic Hasti Group, 1,518.3 billion toman net. Hasti holds 69 percent of Tapsi and the Tavazon Kourosh investment fund 13 percent.

The company has proposed its own way out. Its board approved, on 25 February 2026, a proposal to raise registered capital from 246.3 billion toman to 2,000 billion toman, 1,490.7 billion toman of it by converting shareholders’ claims on the company into shares and 263.1 billion toman in cash. The claims to be converted, 1,490.7 billion toman, are close to the 1,518.3 billion toman the group owed its parent at 20 March 2026, but the proposal does not say whose claims they are, and the borrowing at 39 percent is a separate line. Tehran Index has not seen the proposal approved by a general meeting or by the regulator.

What this does not tell you

The quarter is unaudited and covers the company alone; Tapsi filed no consolidated statements with it. The reason revenue fell in the quarter and the reason the 2025 quarter was restated are not in any filing we hold. The rate on the balance added since March is given only as the quarter’s blanket 23 percent, which the year-end note contradicts, and most of the rise is not new cash borrowing. The summer comparison rests on monthly reports that are not audited. None of this changes the direction of the numbers; all of it limits how precisely they can be read.

For buyers

The free Tapsi dossier, regenerated from the record this week, carries every figure here with the filing’s own words beside it. Tehran Index also sells a full company dossier for USD 3,000, and a registry check of who legally owns and runs an Iranian company for USD 750.

Cite as: Tehran Index, “Tapsi’s finance bill fell from five times its operating profit to 1.7”, 10 October 2026. Figures from Tapsi’s own Codal filings as recorded in the Tehran Index facts layer. tehranindex.com