PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩70 per share · Prices as of the 2026-10-02 close
Pangrim posted an operating profit turnaround in fiscal 2025 with further quarterly improvement, while its old Gumi factory site is emerging as a key target for a regional redevelopment project.
FY2025 consolidated revenue reached KRW 122.5bn with operating profit turning positive at KRW 1.12bn and owners' net income of KRW 6.72bn.
The most recently disclosed FY2026 third quarter showed revenue of KRW 31.5bn, operating profit of KRW 1.58bn, and owners' net income of KRW 5.51bn, the largest quarterly profit in the disclosed set.
Pangrim's roughly 130,000-square-meter former factory site in the Gumi national industrial complex has been designated as the key landmark site for the city's culture-led industrial complex project.
Vietnamese subsidiary Pangrim Neotex provides integrated spinning-to-weaving production to support cost competitiveness, alongside continued efforts to secure orders in the EU, Middle East, and Japan.
Revenue and profit have fluctuated over the past four fiscal years, so whether the recent improvement is sustained needs confirmation in coming quarterly disclosures.
Pangrim was established in 1962 for cotton spinning and weaving and listed on the KOSPI in 1989, giving it a long history in Korea's cotton textile industry.
It operates an integrated production system that processes raw cotton, gray fabric, and yarn into cotton fabrics and dyed textiles, supplying domestic and overseas apparel, sewing, and bedding companies.
Its Ansan plant produces dyed fabrics, while Vietnamese subsidiary Pangrim Neotex performs the full upstream process from spinning to weaving to support cost competitiveness. Silver Free, based in Dangjin, is also a subsidiary.
Its materials range across cotton and cotton blends, eco-friendly cotton, recycled polyester, Tencel, and nylon, and the company has recently focused on developing eco-friendly and functional materials to meet global buyers' sustainability requirements.
Korea's cotton spinning industry involves competition among several long-established domestic spinners, and the sector as a whole has undergone repeated restructuring amid cost disadvantages versus low-wage producing countries and softening demand.
Pangrim holds idle real estate in several domestic locations including Seoul, Ansan, and Gumi, and its former Gumi factory site has recently emerged as a key target for a regional redevelopment project.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q3 | ₩29.6B | ₩1B | 3.4% |
| 2025Q4 | ₩34.2B | ₩400M | 1.1% |
| 2026Q1 | — | — | — |
| 2026Q2 | — | — | — |
| 2026Q3 | ₩31.5B | ₩1.6B | 5.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩155.8B | ₩2.1B | ₩5.6B | 1.4% | 2.8% | 31.2% |
| 2023 | ₩131.9B | -₩4.1B | -₩4.1B | −3.1% | −2.1% | 25.7% |
| 2024 | ₩110.6B | -₩3.3B | ₩800M | −3.0% | 0.4% | 22.1% |
| 2025 | ₩122.5B | ₩1.1B | ₩6.7B | 0.9% | 3.7% | 26.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Pangrim's FY2025 (fiscal year ending September) consolidated revenue was KRW 122.5bn, up from KRW 110.6bn a year earlier, while operating profit turned positive at KRW 1.12bn versus an operating loss of KRW 3.27bn the prior year. The operating margin improved from -3.0% in 2024 to 0.9% in 2025.
Owners' net income rose sharply to KRW 6.72bn from KRW 0.77bn a year earlier.
Looking at the past four fiscal years, however, performance has swung considerably: from a 2022 profit (revenue KRW 155.8bn, operating profit KRW 2.15bn, net income KRW 5.57bn) to a 2023 loss (revenue KRW 131.9bn, operating loss KRW 4.12bn, net loss KRW 4.14bn), followed by another operating loss of KRW 3.27bn in 2024.
On a quarterly basis, the third fiscal quarter of 2025 posted an operating profit of KRW 1.01bn but an owners' net loss of KRW 1.51bn, before the following quarter improved to an operating profit of KRW 0.36bn and net income of KRW 2.63bn.
The most recently disclosed quarter, the third quarter of FY2026, recorded revenue of KRW 31.5bn, operating profit of KRW 1.58bn, and owners' net income of KRW 5.51bn, the largest quarterly profit figure in the disclosed data.
Individual figures for the first and second quarters of FY2026 are not reflected in this data set, and the sum of owners' net income across the most recent four quarters from Q3 2025 through Q2 2026 stands at around KRW 6.78bn.
Korea's cotton spinning industry depends entirely on imported raw cotton, so cotton prices and the won-dollar exchange rate directly affect production costs.
Long-term price competitiveness has weakened due to the rise of low-wage producing countries such as Vietnam alongside cotton-growing nations like China, India, and Pakistan, prompting many domestic cotton textile firms to restructure.
Pangrim responded by winding down spinning and weaving facilities at its domestic Gumi plant and relocating production to Vietnam. Downstream demand from global apparel and sewing markets is highly cyclical, causing periodic swings in revenue and margins for spinners and fabric makers.
Pangrim's Vietnamese spinning operations, which comply with yarn-forward rules of origin, are considered a structural advantage over competitors in terms of tariff benefits.
As pressure for ESG and eco-friendly material transitions grows, expanding the share of materials such as recycled polyester and Tencel has become a common industry challenge.
Pangrim's near-term earnings momentum will hinge on whether the profit improvement seen through the third quarter of FY2026 continues into the second half. The company is pursuing revenue growth by securing orders in overseas markets including the EU, Middle East, and Japan.
On the asset side, Pangrim's roughly 130,000-square-meter former factory site in the Gumi national industrial complex has been designated the key landmark site for Gumi city's culture-led industrial complex project, with plans to redevelop it into cultural facilities, advanced-industry R&D facilities, and residential support facilities.
This project is one of ten packages under a total budget of KRW 270.5bn, including KRW 18.9bn in national funding, reported to be moving into full-scale execution from 2026. In parallel, Pangrim has been proceeding with the acquisition of a new site in Gumi's Gongdan-dong area for relocating its logistics warehouse.
However, the specific sale price and timing for the Gumi site remain at the stage of negotiation and administrative procedure with local authorities, and how and when this would be reflected in Pangrim's financial statements is not yet determined. The company also continues to develop eco-friendly materials.
Pangrim's shares tend to trade in a range without a large premium or discount to net asset value, and over the past several years the earnings-based price multiple has alternated between higher and lower periods.
This reflects the volatility of results between 2022 and 2025, when operating profit and loss alternated and net income levels varied considerably from year to year.
With operating results turning from loss to profit in the most recent fiscal year and quarterly performance also improving, attention has turned to whether this recovery continues over the coming quarters. The company has a history of paying cash dividends at each fiscal year-end.
Given the ongoing event around the Gumi site highlighting real estate asset value, it appears useful to consider both the operating recovery and the asset value angle together.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
FY2025 operating profit turned positive at KRW 1.12bn, and owners' net income rose sharply to KRW 6.72bn from the prior year. The most recently disclosed third quarter of FY2026 showed continued improvement with revenue of KRW 31.5bn, operating profit of KRW 1.58bn, and net income of KRW 5.51bn. Sustained margin improvement could provide grounds for further earnings recovery.
Pangrim's roughly 130,000-square-meter former factory site in the Gumi national industrial complex has been selected as the key landmark site for Gumi city's culture-led industrial complex project, reported to carry a total budget of KRW 270.5bn including national funding.
If a sale or development participation is finalized, it could serve as an opportunity to realize the company's real estate asset value.
Vietnamese subsidiary Pangrim Neotex performs the full process from spinning to weaving, supplementing costs with lower labor expenses than in Korea. Under rules of origin, using yarn spun in Vietnam qualifies for tariff benefits, providing a structural advantage. Efforts to secure orders in the EU, Middle East, and Japan are also underway in parallel.
Revenue over the past four fiscal years fluctuated from KRW 155.8bn (2022) to KRW 131.9bn (2023) to KRW 110.6bn (2024) to KRW 122.5bn (2025) without showing structural growth.
Continued softening in downstream apparel and sewing demand and intensifying competition from low-wage countries could constrain revenue recovery.
The 2025 operating margin was only 0.9%, and the company posted operating losses for two consecutive years in 2023-2024. Margins are highly sensitive to raw cotton prices and exchange rate movements, resulting in considerable earnings volatility.
Development of the Gumi site remains at the planning and negotiation stage with local authorities, and the actual sale timing, terms, and the portion of proceeds accruing to Pangrim have not been finalized.
If development is delayed or terms differ from expectations, the asset-value-highlighting effect could be limited.
Since raw cotton is 100% imported, international cotton prices and won-dollar exchange rate movements simultaneously affect costs and revenue. Depending on the direction of currency moves, the impact on results can be either favorable or unfavorable.
Korea's cotton spinning industry has undergone repeated restructuring amid long-standing cost disadvantages versus low-wage producing countries, and many domestic peers have seen shrinking revenue. If downstream apparel demand softens, industry-wide earnings pressure could recur.
In the process of acquiring a new site in Gumi's Gongdan-dong area, the settlement date was revised once, indicating that development- and acquisition-related schedules may not always proceed as planned. Local government budget and administrative procedure variables could also affect the pace of the project.
The FY2026 (fiscal year ending September) fourth-quarter and annual results disclosure will show whether the profit improvement seen earlier in the year continued through the second half.
Watch for any concrete contract or disclosure regarding the purchase or compensation of Pangrim's Gumi site as Gumi city's culture-led industrial complex project advances.
Subsequent quarterly disclosures can be checked to see whether order-securing efforts in the EU, Middle East, and Japan translate into actual revenue or order figures.
The effect of raw cotton prices and won-dollar exchange rate trends on cost and margin should be re-checked in upcoming quarterly results.
Pangrim recorded an operating profit turnaround and a sharp increase in owners' net income in FY2025, and the most recently disclosed third quarter of FY2026 also showed improvement in both revenue and profit.
However, given that revenue and profit have fluctuated over the past four fiscal years, whether this recent improvement is a sustained trend needs confirmation in subsequent quarterly results.
On the business side, the company is pursuing cost competitiveness through its Vietnamese production base and developing eco-friendly materials amid a structurally contracting domestic cotton spinning industry.
On the asset side, an event is underway highlighting real estate value as Pangrim's former Gumi factory site has been designated a key target for a regional redevelopment project, though the sale timing and terms are not yet finalized.
The persistence of the earnings recovery and the concrete progress of the Gumi site development appear to be the two key variables for understanding this company going forward. This report is for informational purposes only and does not include a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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