Q1 2026 Financial Highlights
Iljin Electric Co. (103590.KS) reported first-quarter 2026 consolidated operating profit of KRW 50.8 billion (approximately USD 36 million), up 49.1% year-over-year from KRW 34.0 billion in Q1 2025, as surging demand for ultra-high-voltage power cables and heavy electrical equipment drove the strongest quarterly operating margin in recent years.
Revenue for the January–March period rose 10.6% year-over-year to KRW 506.1 billion (approximately USD 361 million), from KRW 457.4 billion in the year-earlier quarter. The operating margin expanded to 10.0% from 7.4%, reflecting improved pricing on high-voltage cable and a higher-margin product mix within the heavy electrical segment.
Net profit attributable to shareholders reached KRW 35.9 billion, a 57.0% increase from KRW 22.9 billion in Q1 2025. Basic earnings per share came in at KRW 753.
| Metric | Q1 2026 | Q1 2025 | YoY Change |
|---|---|---|---|
| Revenue | KRW 506.1B | KRW 457.4B | +10.6% |
| Operating Profit | KRW 50.8B | KRW 34.0B | +49.1% |
| Operating Margin | 10.0% | 7.4% | +260 bps |
| Net Income | KRW 35.9B | KRW 22.9B | +57.0% |
| EPS (Basic) | KRW 753 | KRW — | — |
Source: DART Q1 2026 quarterly report (2026.05.15). All figures consolidated. 1 USD ≈ KRW 1,400.
Segment Performance
Wire Division (76.0% of Revenue)
The wire division generated KRW 384.7 billion in Q1 2026, anchored by copper and aluminum conductor rod (SCR Rod) at KRW 224.7 billion (44.4% of group revenue). Ultra-high-voltage power cables — rated at 400KV, 345KV, 220KV, and 132KV — contributed KRW 99.8 billion (19.7% of revenue), with export-market unit prices rising to KRW 64,887 per metric ton in Q1 2026, up from KRW 60,697 in full-year 2025 and KRW 38,752 in 2024, reflecting strong international grid investment appetite.
Heavy Electrical Equipment (23.9% of Revenue)
The heavy electrical segment — encompassing gas-insulated switchgear (GIS), power transformers, and protection switchgear — generated KRW 120.7 billion (23.9% of total), underpinned by domestic grid modernization programs and overseas project execution. The segment saw broad-based volume growth in substation equipment as energy transition capex accelerates.
Balance Sheet
Consolidated total assets stood at KRW 1.64 trillion as of March 31, 2026, up from KRW 1.53 trillion at end-FY2025, driven by receivables and inventory expansion as the order backlog deepens. The company carries significant current liabilities (KRW 854.0 billion), largely from trade payables and short-term borrowings tied to copper procurement.
Full-Year 2025 Context
Iljin Electric posted FY2025 consolidated revenue of KRW 2.04 trillion, a 29.6% increase versus FY2024's KRW 1.58 trillion, while operating profit nearly doubled to KRW 151.2 billion from KRW 79.7 billion. Net income rose to KRW 103.9 billion, yielding full-year EPS of KRW 2,179. The Q1 2026 momentum — with a 10.0% operating margin versus the FY2025 full-year rate of 7.4% — indicates continued margin expansion heading into the second quarter.
Market Position
In the Korean domestic wire market, Iljin Electric held a 12.65% market share by volume in 2025, ranking fourth among domestic producers. LS Cable & System leads at 46.94%, followed by Daehan Electric Wire at 22.49% and Gaon Cable at 15.75%. Iljin Electric's share has expanded steadily from 8.93% in 2021 to 10.19% in 2024 and 12.65% in 2025, reflecting capacity utilization gains and premium product mix shift toward high-voltage cable.
Cost Pressures
Copper, the primary raw material, rose to KRW 19,036 per metric ton domestically in Q1 2026 versus KRW 14,389 in FY2025 and KRW 12,585 in FY2024. Aluminum ingot prices similarly increased to KRW 5,068 per metric ton domestically from KRW 4,078 in FY2025. Despite rising input costs, the company expanded its operating margin — suggesting pricing power in the high-voltage cable segment currently outpaces raw material inflation.
Outlook
Management has not issued formal FY2026 guidance in this filing. Analysts expect power grid investment to accelerate through 2026–2027 as South Korea's grid renewal program and global data-center-driven transmission demand continue to expand. Iljin Electric's breadth — spanning conductors through GIS and transformers — positions it to capture capex across the full transmission and distribution value chain.
Data source: DART electronic disclosure (dart.fss.or.kr), Q1 2026 quarterly report filed 2026.05.15. All financial data consolidated unless otherwise stated.
