Nuriplan누리플랜

Nuriplan is a small urban-infrastructure contractor that is only just profitable, with a heavily indebted balance sheet and a share price down about 38% over the past year.

Nuriplan makes urban construction products, landscape lighting, bridge parts and pollution-control systems, mainly for public and construction customers. For the first half of 2026 it reports revenue of about ₩123.4B, operating income of about ₩4.2B and net income of about ₩0.5B, leaving very thin margins. The share price closed at ₩1,781 on 2026-10-23, well below its 52-week high of ₩3,400.

What stands out

• Trailing profit is small: operating margin of 3.4% and net margin of 0.4%, with return on equity of 1.3%.
• Borrowings of about ₩47.3B are large against cash of about ₩8.4B, and liabilities are 164.5% of equity.
• Free cash flow over the trailing period was negative at about -₩2.2B.
• Annual revenue has been roughly flat to slightly down since 2021, and 2023 and 2022 both had operating losses.
• Foreign ownership fell from 1.7% to 1.4% over the last 60 days, and the 20-day flows show foreign and institutional net selling with retail buying.
• Recent filings are routine (half-year report, shareholding reports, AGM results); no news headlines were in the data.

What to watch

• The full-year 2026 results and whether the operating margin holds near the first-half level.
• Debt levels and cash flow, since borrowings are high relative to cash and free cash flow was negative.
• Any further 5%+ holding or insider shareholding changes, which appeared in July and May 2026 filings.