HD Hyundai Electric (267260.KS) Q1 2026: Revenue Up 2.2% but Operating Profit Surges 18.4% as ₩11.4T Backlog Meets 95% Utilization

Capacity, not demand, is the real ceiling — and the next one doesn't lift until late 2027.

Source: Q1 2026 Quarterly Report — Filed May 15, 2026 with DART | Consolidated Financial Statements (K-IFRS) | Unit: ₩ billions

Revenue reached ₩1,036.5 billion, up just 2.2% year-over-year, but operating profit jumped 18.4% to ₩258.3 billion and net profit climbed 35.4% to ₩207.7 billion. The operating margin printed at 24.9%, extending the upward trajectory from 20.1% in FY2024 to 24.4% in FY2025 to a fresh quarterly high this period. End-of-quarter order backlog stood at ₩11,437.6 billion — roughly 11 times quarterly revenue, or about 2.76 years of delivery capacity locked in against annualized revenue of ₩4.14 trillion. Headquarters transformer plant utilization sits at 95.0%, and the new U.S. and Ulsan plants do not come online until December 2027. The defining structural fact of this quarter is simple: demand is overflowing, but production capacity has become the ceiling on revenue.