Iljin Electric일진전기

Iljin Electric's revenue and profit have grown strongly over five years, but its share price has fallen sharply over the past month.

Iljin Electric, a Korean maker of power cables, transformers and switchgear, reported trailing twelve-month revenue of ₩2.2T and operating income of ₩202B to H1 2026, up from ₩1.6T and ₩80B in 2024. The shares closed at ₩54,800 on 2026-10-26, down 32.9% over one month but up 7.7% over one year, and the company's balance sheet shows liabilities at 161% of equity and negative free cash flow of about ₩12B on a trailing basis.

What stands out

• Revenue rose from ₩932B in 2021 to ₩2.04T in 2025, and operating margin improved from 2.2% to 7.4% over the same period.
• Trailing free cash flow is negative at about -₩12B, while cash of ₩189B exceeds borrowings of ₩143B.
• The company disclosed a major sales or supply contract on 2026-10-02, with amendments to earlier contracts in June and July 2026.
• The share price is well below its 52-week high of ₩147,900, and foreign ownership fell from 10.1% to 8.9% over about 60 days.
• A house fair value model in the data gives a base case of ₩28,415, below the current price; the bear and bull cases are ₩12,705 and ₩52,554. The data gives no analyst ratings or price targets.

What to watch

• The next quarterly or annual results and whether margins hold near the H1 2026 level of 9.2%.
• Further major contract disclosures and any changes to the shares held by the largest shareholder.
• Cash flow and debt levels, given negative trailing free cash flow and liabilities at 161% of equity.