Iran’s Ad Market Is 32 Thousand Billion Toman. One Seller Publishes What It Earns.

Yektanet filed audited consolidated accounts on 4 November 2026, and it also publishes its own estimate of the market it sells into, covering the same twelve months. Group operating revenue for the year to 20 March 2026 was 2,689.5 billion toman, up 43.0 per cent, on an operating margin of 15.2 per cent in both years, through a war, a nationwide internet shutdown and the start of a second war. The market, on the company's own estimate, was 32,200 billion toman, so the revenue is about 8.4 per cent of it, and whether that is a share of advertiser spend turns on a revenue note nobody has read. Of 4,212 public facts across 370 public company records, 200 sit on the ten advertising and adtech records in the registry, and Yektanet is the only one of the ten that publishes what it earns. The filing also names twenty five group entities, one of which closes a gap on our own record.

On 4 November 2026 Yektanet filed audited consolidated accounts for the year to 20 March 2026 on Codal, the disclosure system of Iran’s securities regulator. The same company also publishes its own estimate of how big Iran’s digital advertising market is, in a report covering the same twelve months. Nobody appears to have put the two documents side by side in English, and they are the only pair of their kind in this industry: an Iranian ad seller’s audited revenue, and that seller’s own measurement of the market it sells into, over the same year.

Group operating revenue was 2,689.5 billion toman, up 43.0 per cent. The market, on Yektanet’s own estimate, was 32,200 billion toman. The first number is about 8.4 per cent of the second, and the single most useful thing to say about that ratio is what it does not yet mean.

The reason this is worth doing at all is that almost nothing else in Iranian advertising is measurable. The Tehran Index registry holds 4,212 public facts across 370 public company records. Ten of those records are advertising and adtech businesses and they carry 200 of those facts between them. Exactly one of the ten publishes what the company earns. Tapsell, which carries more public facts than any advertising record on the registry except Yektanet’s, has 47 of them, and one is a list of what the company does not disclose. Revenue and profit are on that list.

The year, line by line

The audit opinion is unqualified. Revenue rose 43.0 per cent on a restated prior year and operating profit rose 42.1, which is the kind of symmetry that usually means a business grew without anything unusual happening to its cost base. Net profit grew 25.3 per cent, well behind both, and the income statement says plainly why.

It is tax. The current-year income tax charge went from 9.7 billion toman to 48.2, a rise of 397 per cent, which is the largest single movement anywhere in the statement. As a share of profit before tax that is 3.3 per cent in the earlier year and 11.9 per cent in this one. Hold the earlier rate and net profit would have grown about 38 per cent rather than 25. The filing does not explain the change, and the gap between the two rates is large enough that it is worth saying the explanation is not in the sheets we have read.

Finance costs are the other line worth naming, mostly because of how small they are. The bill was 41.7 billion toman against operating profit of 407.5, which is 0.10 toman of interest for every toman earned from operating. Set that beside the seven listed technology and telecom companies whose latest filings we read together on 27 October, where the same ratio ran from nil to 3.56, and Yektanet sits at the quiet end of the range. It is also sitting on 86.5 billion toman of cash and 283.4 billion of short-term investments, together 21.6 per cent of total assets.

The margin held. The gross margin did not.

The year to 20 March 2026 contained the twelve-day war of June 2025, the nationwide internet shutdown of January 2026, and the first three weeks of the conflict that began on 28 February 2026. Yektanet’s own report tracks its advertisers through the whole of it, month by month. The weakest year-on-year growth in the twelve falls in the window just after the June war, and the only month in which the count of active advertisers fell was the last month of the year. On the first of the three we have written already: campaign budgets bottomed 79 per cent below the pre-war fortnight on day ten.

Operating margin was 15.2 per cent in the year that held all three, and 15.2 per cent in the year before it. The shocks moved the months. They did not move the year.

Underneath that, something did move. Cost of revenue grew faster than revenue, 45.2 per cent against 43.0, so gross margin fell from 29.0 per cent to 27.9. What held the operating line steady was the expense below it: selling, administrative and general costs grew 32.4 per cent, slower than revenue. A business that buys more expensively and administers more cheaply ends up in the same place, and that is what this statement describes.

Eight point four per cent of what, exactly

Page 53 of Yektanet’s report puts Iran’s digital advertising market at 32.2 thousand billion toman for the same twelve months and splits it eight ways.

Four channels make close to three quarters of it, and the largest of them is social networks at 31 per cent. The segment Yektanet’s own network was built on, display and native advertising across websites and apps, is 12.4 per cent of the market, about 3,993 billion toman. Yektanet’s group revenue is about two thirds of that segment, which sounds like a share and is not one, because the group sells well beyond that segment and because of the problem in the next paragraph.

The problem is gross against net, and it is unresolved. An ad network can book the advertiser’s whole spend as revenue and pay publishers out of cost of sales, or it can book only the slice it keeps. On the first reading, 8.4 per cent is a share of what Iranian advertisers spent. On the second, the share of spend is larger, possibly much larger. Cost of revenue is 72.1 per cent of revenue, which is the shape you would expect from the first reading, and the interpretive report filed with the accounts puts essentially all of the parent’s revenue under a single contract line it calls intelligent content publishing, with production overhead carrying almost the entire cost. That is suggestive and it is not evidence. The revenue recognition note in the attachment to the filing decides it, we have not read it, and so the ratio above is printed as arithmetic rather than as a market share.

Revenue per advertiser, on the company’s own two numbers

Page 47 of the same report gives the only advertiser figure Yektanet publishes. It counts an active advertiser as one spending more than 50 million toman in a month, it does not print the count itself, and it says the monthly average for the year ran about 15 per cent above the year before, with year-on-year growth of 7 to 47 per cent in nine of the twelve months. The only month that fell was the last one.

Revenue grew 43.0 per cent and the advertiser base grew about 15. Revenue per active advertiser therefore rose about 24 per cent in nominal toman. That is the company’s own two numbers divided by each other and nothing else, and it is nominal in a year of high inflation, so it is not a claim about real prices or real volume.

The company is twenty five companies

The last two sheets of the filing are the ones nobody reads, and in this case they are the most interesting thing in it. Yektanet consolidates fifteen subsidiaries and reports ten associates. The entities are numbered one to twenty five with no gaps across the two sheets.

Seven of the subsidiaries filed their own audited statements for the year, between 31 October and 3 November 2026: Imazh E-Commerce, Yekta Tejarat Jarian, Najva E-Commerce, Imen Samaneh Sepehr, Yara Tejarat Farda, Jurchin E-Commerce and Yekta Financial Innovation. Two associates and one more subsidiary carry audited statements for the year before. Three subsidiaries are marked inactive, and one carries a note saying its shares were transferred at the end of the year to 19 March 2024. Every one of the twenty five is registered as a services company and none is registered with the securities regulator.

One of the seven closes a gap on our own record. The Tehran Index entry for Najva, the push-notification and retention-marketing service, has said since 9 October 2026 that its legal entity was not identified, while noting that Yektanet’s annual report for the year to 20 March 2022 says the group built it. This filing names Najva E-Commerce among the consolidated subsidiaries. Two documents from the same group, one of them audited, is a reading we are willing to make and to label as one. It is not on the record as a fact yet.

What none of the twenty five does is explained. The filing gives no ownership percentage, no revenue and no line of business for any of them beyond the single word services, so a reader learns that Yektanet is a group of twenty five companies and nothing about what twenty four of them sell. We are not going to infer it from the names, which is how records get broken rather than built.

What we do not know

Whether the revenue is gross or net, which is the first question anyone should ask of the 8.4 per cent and the one thing in this piece we could not settle today. The revenue note in the attachment to the filing decides it.

How the group’s revenue splits. There is no segment note in the sheets we read, so we cannot say how much of 2,689.5 billion toman is advertising at all, let alone which channel. Twenty five entities sit inside this number and the filing prices none of them.

How the market estimate was built. Yektanet gives no method for 32,200 billion toman and publishes no comparable figure for any earlier year in the reports we hold. So there is no market growth rate here, and we do not compare Yektanet’s 43 per cent with a market that has no measured rate of change. It is also an estimate produced by a seller about its own market, which is a reason to attribute it rather than to adopt it.

Why tax quadrupled, and what the restatement of the prior year was for. Neither is explained in the sheets we read.

What any of this is worth in dollars. Nothing here is converted. The desk does not publish a rate, a conversion or anything computed from its own currency series, and the figures above are printed as the filings print them, in toman after dividing rial by ten. Every figure is nominal in a year of high inflation, and nothing above should be read as real growth.

There is no second reading to set against this one. Tapsell, which reported 617 billion ad impressions for the year to 19 March 2024, has no audited accounts the desk has found, and nor does any other company in the ten. One company is not a sector.

The earlier read of what Yektanet charged advertisers, from its own published price list, is What a Click Costs in Iran, From the Networks’ Own Price Lists. What its advertisers did during the twelve-day war is in Six Iranian Companies Measured the Same Twelve Days. Yektanet’s sourced figures, with their periods and evidence, sit on the Yektanet record.

Cite as: Tehran Index, “Iran’s Ad Market Is 32 Thousand Billion Toman. One Seller Publishes What It Earns.”, 10 November 2026. Audited figures from Noavaran Yekta Net’s consolidated statements for the year to 20 March 2026 on Codal, tracing 1622645. Market estimate from Yektanet’s own digital marketing report, page 53. tehranindex.com