Ilji Technology일지테크

Ilji Technology's profits have held up over the past year, but its shares have fallen sharply over the last three months and the balance sheet carries heavy debt.

Ilji Technology is a Korean auto parts maker that supplies body panel assemblies on an OEM basis, mainly to Hyundai Motor, with the United States as its largest export market. For the trailing twelve months to H1 2026 it reported revenue of ₩862B, operating income of ₩46.8B and net income of ₩47.9B, but free cash flow was negative at ₩68.2B. The share price is ₩4,570, down 26.5% over three months, and the data shows a 1.3 P/E and 0.3 P/B.

What stands out

• Revenue grew 12.9% in 2025 to ₩855B, and operating margin was 5.6%, similar to 2023 levels after a weak 2022.
• Trailing liabilities are 234.8% of equity and borrowings total ₩271B against cash of ₩72B, so leverage is a key feature of the balance sheet.
• Free cash flow was negative at ₩68.2B on a trailing basis, so reported profits are not yet turning into cash in the data provided.
• Recent filings include several 'Decision on Guarantee of Debt for Another Party' notices (July, September and October 2026), plus a May 2026 rights offering and a share acquisition in another company.
• Foreign ownership fell from 9.2% to 7.9% over the last 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• Upcoming filings on the debt guarantees and the rights offering, including their size and terms, which the data does not fully describe.
• Whether free cash flow turns positive in the next reported period, given the trailing negative figure and ₩271B of borrowings.
• The company's dependence on automaker production plans, particularly Hyundai Motor, which the profile identifies as a major customer risk.