Sanil Electric (062040.KS) Q1 2026: Revenue Surges 52% to ₩150.3B on US Grid Supercycle
A ₩477.4 billion order backlog growing at a book-to-bill ratio of 1.19, combined with 93.6% plant utilization, confirms that America's power infrastructure buildout has become Sanil Electric's most durable structural tailwind yet.
Source: Q1 2026 Quarterly Report (33rd Fiscal Year) — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Sanil Electric delivered Q1 2026 revenue of ₩150.3 billion — a 52.1% year-on-year increase — while sustaining a 36.9% operating margin at 93.6% plant utilization, a combination that is genuinely rare in industrial manufacturing. Operating profit reached ₩55.5 billion (+47.9%) and net income came in at ₩45.9 billion (+46.9%), lifting basic earnings per share to ₩1,506 from ₩1,028 a year earlier. The quarter-end order backlog of ₩477.4 billion — equivalent to roughly 0.95 times full-year FY2025 consolidated revenue — provides approximately eleven months of forward revenue visibility, and new orders of ₩179.0 billion against ₩150.3 billion in revenue produced a book-to-bill ratio of approximately 1.19, signaling that the backlog is still accumulating. Behind these headline numbers, three variables will determine whether the trajectory holds: raw material cost inflation (aluminum and copper) that has already compressed operating margins by 110 basis points; a revenue concentration exceeding 87% in the United States that ties results directly to U.S. infrastructure policy; and foreign currency forward mark-to-market swings that can add or subtract billions of won from quarterly reported profit without any change in operational performance.
This analysis is based on consolidated financial statements including Sanilpartners Co., Ltd. (100%-owned) and its subsidiary The Summit Solar One Co., Ltd. Income statement and cash flow comparisons cover Q1 FY33 (January 1 – March 31, 2026) against Q1 FY32 (January 1 – March 31, 2025). Balance sheet comparisons are between the quarter-end (March 31, 2026) and fiscal year-end (December 31, 2025).
