KS IndustryKS인더스트리

KS Industry is loss-making, its share price has fallen sharply over the past year, and it is planning a ₩5B rights offering amid a change of largest shareholder.

KS Industry makes marine and offshore cranes, deck machinery and LPG/LNG tanks, mostly built to order for shipyards, with about 82% of shipbuilding parts sales exported. On trailing twelve months to H1 2026 it reported revenue of ₩39.1B, an operating loss of ₩3.0B and a net loss of ₩2.0B, with cash of ₩0.7B against ₩12.0B of borrowings. The data shows a rights offering decision, amendments, lawsuits and a change of largest shareholder in recent filings.

What stands out

• Revenue was about ₩39.1B on a trailing basis, with operating margin of -7.6% and net margin of -5.1%, following losses in 2024 and 2025.
• FY2025 revenue was ₩39.4B, up 59.8%, but the operating loss widened to ₩4.6B and the net loss to ₩7.3B.
• Free cash flow was negative at about -₩1.3B on a trailing basis, and liabilities were 71.5% of equity.
• Share price closed at ₩1,101 on 2026-10-19, down 46.9% over one month and 60% over one year; market cap is about ₩10.9B.
• Filings include several rights offering decisions and amendments, a change of largest shareholder on 2026-10-01, and multiple lawsuit filings or rulings. News reports a controversy over the new major shareholder's finances.

What to watch

• Terms and completion of the ₩5B rights offering, including the amended filings, and how it affects the share count and dilution.
• Next periodic results and whether losses narrow from the trailing figures, given the company's negative cash flow and ₩12.0B of borrowings.
• Outcomes of the pending lawsuits and any further changes in control or governance following the largest shareholder change.