Hate speech has become increasingly prevalent on social media, raising concerns about its detection, interpretation, and moderation. Persian, a relatively low-resource language, lacks sufficient annotated data and computational resources for fine-grained hate speech analysis. In this study, we introduce a fine-grained, multi-hop benchmark for explainable Persian hate speech analysis, covering content triage, target identification, hate tactic and moral foundation analysis, textual evidence extraction, harmful narrative inference, and severity assessment. By evaluating state-of-the-art large language models (LLMs), we find that performance generally declines as tasks require more fine-grained semantic and inferential reasoning. Proprietary models generally outperform open-weight models, while reasoning-oriented models show no consistent advantage. Incorporating intermediate reasoning steps substantially improves severity prediction compared with one-shot assessment. Our analysis further reveals that Incitement to Violence or Harm is most strongly associated with higher severity, while political-affiliation targets are particularly associated with subversion-based moral framing. Overall, this work provides insights into LLM-based hate speech analysis and supports more accountable moderation of Persian-language social media. The benchmark is publicly available at https://github.com/kalhorghazal/From-Triage-to-Impact.

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