Ilshin Stone일신석재

Ilshin Stone is a small Korean stone firm whose shares have fallen sharply, with 2026 half-year results showing a thin operating profit and a net loss.

Ilshin Stone sells granite, marble and tiles and does stone finishing construction, mainly in Korea. Trailing results to H1 2026 show revenue of ₩54.5B, operating income of ₩0.2B and a net loss of ₩0.7B, after revenue fell sharply from ₩137.7B in 2022. The share price is ₩2,510, down 75.7% over one year, with a market cap of about ₩38.9B.

What stands out

• Revenue has dropped every year since 2022, and TTM revenue of ₩54.5B equals the full-year 2025 figure, so the data shows little recovery in the latest period.
• Operating margin has fallen from 4.8% in 2024 to 0.4% on a trailing basis, and the company reported a net loss in both 2025 and the trailing period.
• Borrowings of ₩13.0B exceed cash of ₩9.4B, and trailing free cash flow was negative at about ₩-1.0B.
• The company's own press interview says it is pursuing a business restructuring to win a re-rating, but the data gives no detail on what that involves.
• Filings include a contract with a major sales or supply deal in September 2026, an amended half-year report and an Investment Caution Notice in August 2026; the data does not explain the caution notice.

What to watch

• Next periodic results and whether the trailing operating profit and net loss trend continues.
• Details of the restructuring plan and the September 2026 supply contract, which the data does not describe.
• Foreign ownership, which fell from 5.2% to 3.4% over about 60 days, and the negative 20-day foreign net flow.