Jeil M&S제일엠앤에스

Jeil M&S remains loss-making and is in a court-approved rehabilitation process, with large recapitalisation and shareholder changes under way.

Jeil M&S, a Korean maker of battery slurry mixing equipment, posted trailing twelve-month revenue of about ₩157.5B but an operating loss of ₩9.2B and a net loss of ₩11.7B through H1 2026. Its balance sheet is weak, with borrowings of ₩18.9B against cash of ₩3.7B and negative equity implied by a liabilities-to-equity ratio of -357.9%. Recent filings show a court-approved rehabilitation plan, a change of largest shareholder, and rights offerings and debt-to-equity conversions.

What stands out

• Revenue was roughly flat: ₩151.3B in 2025 versus ₩149.5B in 2024, a growth rate of 1.2%.
• Losses narrowed sharply from 2024 (operating loss ₩87.8B) to 2025 (operating loss ₩7.2B), but the company remained unprofitable on both measures.
• Free cash flow over the trailing period was negative at about -₩0.3B, and the data gives no detail on how the company funds its operations.
• Filings from October 2026 include a court approval of a rehabilitation plan, a capital reduction, third-party allotment rights offerings and a debt-to-equity conversion involving Industrial Bank of Korea, per a Yonhap News Agency headline.
• The share price was ₩3,935 on 2026-10-27, flat over 1 month, 3 months and 1 year, with the 52-week high and low both at that level. Foreign ownership is 0.8%, and 20-day flows show net institutional and foreign selling offset by retail buying.

What to watch

• Terms and timing of the rehabilitation plan and the rights offerings, including how much new capital is issued and at what price.
• Identity and intentions of the new largest shareholder, and any lock-up obligations flagged in the filings.
• Next periodic results, to see whether operating losses continue to narrow and whether revenue growth holds.