Insan인산가

Insan's shares have fallen sharply and the company now faces a rights offering, with trailing profit thin and cash flow negative.

Insan sells bamboo salt and bamboo-salt-based foods, largely through membership sales, with expansion into home shopping, supermarkets, convenience stores and online channels. On trailing figures to H1 2026 it reported revenue of ₩39.6B, operating income of ₩2.0B and net income of ₩2.0B, well below its 2021 and 2023 levels. The share price closed at ₩5,270, down 56.4% over one year, and the filings show a recent rights offering and warrant activity.

What stands out

• Trailing revenue is ₩39.6B, but operating margin is about 5% against 21.5% in 2021, so profitability has compressed sharply.
• Annual net income fell from ₩6.3B in 2021 to ₩0.7B in 2025, although 2025 revenue grew 10.2%.
• Trailing free cash flow is about -₩14.3B, with borrowings of ₩3.5B against cash of ₩4.4B.
• Filings from July to September 2026 include a rights offering decision, amendments to it, and warrant exercise price adjustments.
• The company's own DCF base value is ₩7,980, against a close of ₩5,270, but the data gives no analyst ratings or price targets.

What to watch

• Details and timing of the rights offering, including its size and price, as amended in September 2026.
• Full-year 2026 results and whether margins recover from the trailing level of about 5%.
• Free cash flow and borrowings, given the negative trailing cash flow and the warrant-linked bond activity in the filings.