Hyundai Rotem (064350.KS) Q1 2026: Revenue Surges 24% to ₩1.46T as Poland K2 Deliveries Hit Stride

A ₩31.2 trillion order backlog, a tripling of cash on hand, and a simultaneous upgrade to AA- by all three domestic credit agencies mark a structural step-change — but a ₩95 billion FX gain masks underlying margin pressure.

Source: Q1 2026 Quarterly Report (28th Fiscal Year) — Filed May 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions

Hyundai Rotem posted consolidated revenue of ₩1,457.5 billion in Q1 2026, a 23.9% year-on-year advance anchored by accelerating deliveries of K2 tanks under the first tranche of its landmark Polish export contract (EC1/K2GF). Operating profit climbed 10.5% to ₩224.2 billion and net income surged 29.0% to ₩202.7 billion, though operating margin compressed 1.8 percentage points to 15.4% as materials cost inflation and export logistics expenses outpaced the revenue ramp. Cash and cash equivalents nearly tripled within the quarter — from ₩908.4 billion to ₩2,681.7 billion — as mass collection of trade receivables tied to Poland delivery milestones produced operating cash flow of ₩2,156.1 billion, nearly 15× the prior-year figure. Three domestic credit rating agencies moved in concert in April 2026, upgrading Hyundai Rotem to AA- (Stable), the third upgrade in three years, completing a remarkable re-rating cycle from A- in 2023.