TUPRS Energy & Petrochemicals
🏢 Company Profile
With four refineries in İzmir, İzmit, Kırıkkale and Batman, 28.1 million tons of annual refining capacity; Turkey's leading industrial enterprise with 79.98% DİTAŞ and 40% Opet affiliates. Source: Midas company cards, 24.10.2026.
- ENERJİ YATIRIMLARI AŞ — 46.40%
- KOÇ HOLDİNG ANONİM ŞİRKETİ — 3.70%
- Last quarter (2026/6): sales 662788010000 TL, net profit margin 7.6% (normal)
- Sales growth: YoY %+42.8 (increase).
- Net profit growth: YoY +319.6% (increase).
- Owners' Equity Growth: YoY %+28.7 (increase)
- Asset turnover 2.9 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 14.7% (low leverage); total liabilities (short+long) / owners' equity 85.6%.
- Net financial debt NONE - cash 129079896000 TL more than gross debt.
- Current ratio (current assets / short-term debt) 1.4 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.4 — balanced liquidity.
- Multiples: P/E 10.6 · P/B 1.6 · EV/EBITDA 5.5 · dividend yield 4.4.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 860.0 mlr TL | Total Debt | 396.7 mlr TL |
| Current Assets | 439.5 billion TL | Equity | 463.3 billion TL |
| Financial Debt | 68.2 billion TL | Net Profit | 50.3 mlr TL |
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 662.8 (+ 42.8% YoY) | 50.3 (+ 319.6% YoY) | 7.6% | 860.0 | 463.3 | 68.2 | 14.7% |
| 2026/3 | 258.3 (+ 24.4% YoY) | 3.8 (+ 2.326.8% YoY) | 1.5% | 704.7 | 360.1 | 55.2 | 15.3% |
| 2025/12 | 977.8 (- 7.8% YoY) | 35.2 (+ 41.2% YoY) | 3.6% | 697.1 | 435.5 | 59.2 | 13.6% |
| 2025/9 | 598.3 (- 25.1% YoY) | 22.0 (+ 19.0% YoY) | 3.7% | 610.1 | 348.5 | 42.7 | 12.2% |
| 2025/6 | 464.1 (- 7.1% YoY) | 12.0 (+ 60.7% YoY) | 2.6% | 545.6 | 311.5 | 41.4 | 13.3% |
| 2025/3 | 207.6 (- 9.2% YoY) | 0.2 (- 72.6% YoY) | 0.1% | 475.9 | 286.5 | 21.1 | 7.4% |
| 2024/12 | 1,060.7 | 24.9 | 2.3% | 594.4 | 374.7 | 24.9 | 6.6% |
| 2024/9 | 798.9 | 18.5 | 2.3% | 452.6 | 245.1 | 45.4 | 18.5% |
| 2024/6 | 499.8 | 7.5 | 1.5% | 418.1 | 235.3 | 32.8 | 13.9% |
| 2024/3 | 228.5 | 0.6 | 0.3% | 403.5 | 230.2 | 38.9 | 16.9% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 1097.35 billion TL, EBITDA 113.72 billion TL — EBITDA margin 10.4% (low EBITDA margin).
- Net profit margin 6.3% (normal net profit margin).
- EV/EBITDA 4.9 (4.9) — low EV/EBITDA — cheap zone.
- Net financial debt NONE - cash 129.08 billion TL more than gross debt.
- Current ratio 1.35 — balanced liquidity.
- Dividend yield 4.8%.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: +0.8%
| Market value | 680.2 billion TL |
| Equity (2026/6) | 463.3 billion TL |
| Net profit (last 12 months) | 73.5 billion TL |
| P/E (last 12 months) | 9.3 |
| P/B | 1.47 |
| ROE (last 12 months) | 15.9% |
| Financial debt / equity | 15% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 113.7 billion TL |
| EBITDA margin | 10.4% |
| EV / EBITDA | 4.9 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Energy & Petrochemicals sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | negative |
| Score | -1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | BEKLE |
| Long term (EMA 89-144) | BUY |
| Wave Trend (indicator) | SELL |
| Channel position | 15% |
| Trend strength (r) | 0.09 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Energy cooperation between Tüpraş and the U.S. Trade and Development Agency — Habertürk · 26.10
- Highlights of the day: ASELS, KLNMA, TUPRS, ARCLK, EREGL — Midas · 26.10
- Tüpraş and the U.S. Trade and Development Agency cooperate on low-carbon energy technologies — Anadolu Agency · 24.10
- Tüpraş signed a major partnership: SMR agreement with the U.S. Trade and Development Agency — CNBC-e · 24.10
📋 KAP Notifications
- 23 Ekim 16:54 — Announcement of Conversion to Traded Type→
- 22 Ekim 11:48 — Default Transaction→
- 22 Ekim 10:12 — Default Transaction→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 20 Ekim 09:40 — Company General Information Form→
- 20 Ekim 09:39 — Export Document→
- 20 Ekim 09:36 — Notification Regarding Export Ceiling→
- 19 Ekim 17:49 — Circuit Breaker Notification on a Share Basis→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Tüpraş rose to 411.00 TL with a 3.53% increase on September 23, 2026, renewing its 60-day peak. The short, medium and long-term EMA sequence is in BUY position; Wave Trend returned to SELL in the overbought zone, so the chart is summarized as 3/4 BUY. Trend strength (r) 0.96 makes it the strongest trend in the scan; the channel position at 11%, appearing at the lower end of the band, indicates that the steepness of the rise has exceeded the channel slope. The stock is 103% above the 60-day low of 202.60 TL, with a 60-day return of 80.66%, showing a strong positive divergence from the index; it is the driving force behind the energy sector's intraday rise approaching 4.9%. Despite a broker's decision to remove it from the model portfolio, the stock maintains its price strength, showing that the buying side is fed by institutional demand.
🌍 Macroeconomic Evaluation
Refinery margins are the primary derivative of global product supply-demand balance: capacity exits in Europe and the low trajectory of intermediate distillate stocks support crack spreads; Tüpraş's high complexity coefficient maximizes benefit from this environment. The decline in oil prices reduces raw material costs while product prices remain resilient, working in favor of margins; the energy sector's intraday rise approaching 4.9% prices in this expectation. USD/TL's level at 48.83 provides strong natural protection for the company, whose revenues are effectively dollar-based. Although the decline in inflation to 31.5% and interest rate cut expectations change the financial income composition of the company with net cash position, operating margins continue to be the main determinant. The stability of domestic fuel demand and growth in aviation fuel maintain high capacity utilization. Main risks; sharp normalization in global crack spreads, oil price shock and broker sell recommendations creating short-term price pressure.
🧾 Balance Sheet Evaluation
Tüpraş increased its sales by 42.8% and net profit by 319.6% in the first half of 2026; in the second quarter, it recorded 404.5 billion TL in sales (+57.7%) and 46.5 billion TL in net profit (+292.9), fully reflecting the strong trend in refinery margins. Quarterly net margin was 11.5%, far above the 2.6% in the first half of last year; stock gains and expanding crack spreads are driving profitability. The company, which generated 1.18 trillion TL in sales and 73.5 billion TL in net profit over the last four quarters, has a market value of ~792 billion TL; with P/E ~10.8x, P/B ~1.7x and EV/EBITDA ~5.9x, it trades below global refinery thresholds. Balance sheet structure is strong: financial debt/equity is low at 14.7% and the company has ~131 billion TL in net cash position; this maintains high dividend capacity even in scenarios where margins normalize. ROE is 15.9% with a recovery trend; 3.4% dividend yield is supported by a regular distribution policy. The main debate is whether we are at the peak of the refinery cycle; as part of the Q2 profit is from stock gains, P/E should be read somewhat higher on a normalized profit basis. In summary, Tüpraş is the clearest example of a value+growth profile with its strong cash position, reasonable multiples and high dividend capacity; the main risk is the cyclical normalization of margins.
This section is manually updated; for informational purposes only, not investment advice.