PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩2,650 per share · Prices as of the 2026-10-02 close
Sebang Global Battery, holder of a 39% share of the domestic lead-acid battery market, is broadening its portfolio through high-value AGM products and its subsidiary Sebang Lithium Battery's EV and ESS businesses.
Held a 39% share of the domestic lead-acid battery market as of Q1 2026, ranking first
Owner-attributable net profit has improved for four consecutive quarters after bottoming in Q3 2025
Subsidiary Sebang Lithium Battery secured battery pack assembly work for Hyundai Motor's next-generation Kona hybrid
A KRW 100 billion capital injection into Sebang Lithium Battery in June 2026 funded a new US ESS subsidiary
The EV battery (lithium) segment continues to post operating losses amid weaker residential ESS demand
Founded in 1952, Sebang Global Battery is South Korea's leading lead-acid battery maker, producing automotive and industrial batteries under the 'Rocket Battery' brand. As of the first quarter of 2026, the company held a 39% share of the domestic lead-acid battery market, ranking first.
It exports to roughly 130 countries and is regarded as one of the world's top ten lead-acid battery makers.
Its product lines are split between OEM supply to automakers and the aftermarket (AS) channel through repair shops and parts retailers, with further categories for automotive, industrial, two-wheeler, and specialty use.
Automotive customers include Hyundai Motor and Kia among domestic automakers, alongside European brands such as Volkswagen and BMW, while industrial customers span electronics and telecom majors including Samsung Electronics, LG Electronics, KT, and SK Telecom.
Its largest shareholder is holding company Sebang, while Japan's GS Yuasa International holds a 16% stake, reflecting a long-standing technology partnership.
The company has recently been increasing the share of high-value AGM (Absorbent Glass Mat) batteries used in hybrid and stop-start vehicles, while also expanding into lithium-ion battery modules and packs through its subsidiary Sebang Lithium Battery.
Sebang Lithium Battery began with auxiliary batteries for dashcams and has expanded into automotive powertrain components, including battery pack assembly for Hyundai Motor's next-generation Kona hybrid project, and is now also preparing to enter the US energy storage system (ESS) market through a newly established local subsidiary.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩551.6B | ₩36.2B | 6.6% |
| 2025Q3 | ₩527.9B | ₩26.8B | 5.1% |
| 2025Q4 | ₩535.4B | ₩40.2B | 7.5% |
| 2026Q1 | ₩525.4B | ₩33.3B | 6.3% |
| 2026Q2 | ₩530.2B | ₩35.3B | 6.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.5T | ₩81.1B | ₩42.8B | 5.5% | 3.5% | 34.6% |
| 2023 | ₩1.7T | ₩129.9B | ₩116.9B | 7.7% | 9.0% | 37.2% |
| 2024 | ₩2.1T | ₩179.7B | ₩169.4B | 8.7% | 11.5% | 38.9% |
| 2025 | ₩2.1T | ₩153.8B | ₩141.1B | 7.2% | 8.7% | 34.9% |
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
Sebang Global Battery's consolidated revenue rose from KRW 1.4731 trillion in 2022 to KRW 1.6848 trillion in 2023 and KRW 2.0595 trillion in 2024, reaching KRW 2.1421 trillion in 2025.
Operating profit expanded from KRW 81.0 billion in 2022 to KRW 129.9 billion in 2023 and KRW 179.7 billion in 2024, but declined to KRW 153.8 billion in 2025, pulling the operating margin down from 8.7% to 7.2%.
Owner-attributable net profit improved markedly from KRW 42.8 billion in 2022 to KRW 116.9 billion in 2023 and KRW 169.4 billion in 2024, before easing slightly to KRW 141.1 billion in 2025.
On a quarterly basis, operating profit slowed to KRW 26.8 billion in Q3 2025 before recovering to KRW 40.2 billion in Q4, then held in the KRW 30 billion range for two consecutive quarters at KRW 33.3 billion in Q1 2026 and KRW 35.3 billion in Q2 2026.
Owner-attributable net profit rose from KRW 23.7 billion in Q2 2025 to KRW 29.8 billion in Q3, KRW 40.1 billion in Q4, and further to KRW 36.6 billion in Q1 2026 and KRW 35.9 billion in Q2 2026, marking four consecutive quarters of improvement since the Q3 2025 trough.
Revenue fluctuated in a KRW 520–550 billion band, at KRW 551.6 billion in Q2 2025, KRW 527.9 billion in Q3, KRW 535.4 billion in Q4, KRW 525.4 billion in Q1 2026, and KRW 530.2 billion in Q2 2026.
Externally compiled figures also showed Q1 2026 consolidated revenue down 0.3% and operating profit down 34.2% year-on-year, a direction broadly consistent with the company's own reported numbers.
Operating cash flow reached KRW 157.3 billion in 2025, up from KRW 152.7 billion in 2024 but below the KRW 183.4 billion recorded in 2023, while the debt ratio rose from 34.6% in 2022 to 38.9% in 2024 before easing to 34.9% in 2025, keeping the financial structure on a relatively stable footing.
The lead-acid battery market continues to see modest growth even amid the shift toward electric vehicles, supported by demand for auxiliary power in internal-combustion and hybrid vehicles as well as emergency backup power for data centers, telecom networks, and hospitals.
The spread of hybrid vehicles and stop-start systems is cited as a factor boosting demand for higher-priced AGM batteries relative to conventional MF batteries.
Sebang Global Battery held a 39% share of the domestic market as of the first quarter of 2026, keeping it in first place, and it is also regarded as a top-tier maker globally.
Domestic competitors include Delco, Hankook & Company, and Hyundai Sungwoo Solite, while globally the company competes with, among others, Japan's GS Yuasa, with which it has an equity partnership.
On the lithium-ion side, Korea's three major cell makers—LG Energy Solution, Samsung SDI, and SK On—are converting US production lines to ESS use to meet renewable-energy and data-center demand, while module and pack firms such as Hanjung NCS and Suzhou Jinsheng Systems are also building US bases, forming a competitive landscape with Sebang Lithium Battery.
The US ESS market is forecast by BloombergNEF to grow from 51 GWh in 2023 to 485 GWh by 2030 and 976 GWh by 2035, with policies excluding Chinese batteries cited as an opportunity for Korean firms.
However, as of Q1 2026 the EV battery (lithium) segment saw revenue decline and widening operating losses amid weaker residential ESS demand, indicating that profitability in the new business lines has yet to take hold.
In June 2026, Sebang Global Battery decided on a KRW 100 billion third-party capital raise for subsidiary Sebang Lithium Battery and disclosed that the proceeds would fund the newly established US subsidiary Sebang Lithium Battery America's ESS business base.
The new-share allocation included Sebang Group Chairman Lee Sang-woong and his elder son, Sebang Global Battery Managing Director Lee Won-seop, with the owning family taking direct equity stakes to signal commitment to the new business.
Sebang Lithium Battery has been selected to handle battery pack assembly for Hyundai Motor's next-generation Kona hybrid project (codenamed 'SX3k HEV'), with mass production expected to begin around the end of 2026 in line with the new Kona's launch schedule.
To support this, the company may expand production not only at its Gwangju plant but also at the former SolarEdge factory in Eumseong, North Chungcheong Province, which it acquired in August 2025.
It has completed development of a 12V lithium battery and is also developing a 48V version aimed at next-generation vehicle architectures, broadening its lineup of auxiliary power products for electrified vehicles.
In its core lead-acid business, the company is reportedly expanding AGM battery production capacity for hybrid and stop-start vehicles by more than 20%.
The company has previously outlined, in its sustainability report, a direction to restructure its business portfolio around eco-friendly mobility and ESS in response to decarbonization regulations.
The stock has recently traded within a band established over the past several years, and it trades below book value per share, indicating a discount relative to net asset value.
Profit levels have clearly recovered from the 2022 trough, and although the 2025 profit level eased from the prior year, it still remains above 2022–2023 levels.
The fact that quarterly net profit improved for four consecutive quarters after bottoming in the third quarter of 2025 is a relevant data point for assessing earnings stability.
Dividends have been paid consistently each year, though the dividend yield itself is understood to run below that of other high-yield names in the sector.
This valuation pattern can be read as reflecting both the stable cash flow of the core lead-acid battery business and the fact that earnings contributions from the newer lithium and ESS businesses have not yet been confirmed.
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
Owner-attributable net profit improved for four consecutive quarters after bottoming at KRW 29.8 billion in Q3 2025, reaching KRW 35.9 billion in Q2 2026. Operating cash flow also rose to KRW 157.3 billion in 2025 from the prior year, underpinning financial soundness. The debt ratio remained at a low 34.9%, leaving room to fund new business investment.
The company is expanding production capacity for high-value AGM batteries used in hybrid and stop-start vehicles by more than 20%, and subsidiary Sebang Lithium Battery has won battery pack assembly work for Hyundai Motor's Kona hybrid, extending into automotive powertrain components.
A KRW 100 billion investment to enter the US ESS market has also been finalized, giving concrete shape to its new-business execution.
The company maintains a 39% share of the domestic lead-acid battery market, ranking first, with a broad customer base across industrial and automotive segments. The fact that the owning family directly participated in the lithium subsidiary's capital raise is also a notable indicator of commitment to the new business.
As of Q1 2026, the EV battery (lithium) segment saw revenue decline and widening operating losses amid weaker residential ESS demand. The US ESS market entry is also still at an early investment stage, and it may take time before results become visible.
The operating margin fell to 7.2% in 2025 from 8.7% in 2024, and profitability in the lead-acid segment reportedly worsened again in Q1 2026 due to raw material price swings. Lead prices, which account for a significant share of production cost, and currency fluctuations are factors that add volatility to earnings.
If the share of pure battery electric vehicles rises, the demand structure for auxiliary batteries could change relative to internal-combustion vehicles, posing a longer-term challenge to a lead-acid-centered business model. Whether the new lithium business can grow enough to offset this remains to be confirmed.
Fluctuations in raw material prices (lead, sulfuric acid) and the KRW/USD exchange rate directly affect export and overseas subsidiary performance, which account for a significant share of revenue. Rising raw material prices have already been cited as a factor behind weaker profitability in 2025 and Q1 2026.
Investment continues into Sebang Lithium Battery via capital raises and the establishment of a US subsidiary, but converting the ESS and battery pack businesses into earnings contributions may require further investment and time. The EV battery segment continues to post operating losses.
Price competition from domestic and overseas rivals, shifts in the trade environment such as policies excluding Chinese batteries, and product-transition pressure from tightening decarbonization regulations could all affect the business structure.
Competition in the lithium module and pack market is intensifying as Korea's major cell makers and numerous module/pack firms build out US bases.
Watch the Q3 2026 (July–September) earnings release to check whether the EV battery segment's losses narrow and how the AGM revenue mix evolves.
A period to confirm whether mass production of the battery pack for Hyundai Motor's next-generation Kona hybrid has begun and the scale of initial production volumes.
Monitor whether Sebang Lithium Battery America discloses concrete order backlogs and an operating timeline for its ESS business.
The FY2026 dividend policy and confirmed full-year results, expected in early 2027, will show whether the earnings recovery trend continued.
Sebang Global Battery maintains a dominant 39% share of the domestic lead-acid battery market as its stable core business, while broadening its growth axis through high-value AGM products and the EV/ESS new businesses of subsidiary Sebang Lithium Battery.
On the earnings side, the 2025 operating margin declined from the prior year, but owner-attributable net profit has shown four consecutive quarters of improvement after bottoming in Q3 2025.
In new businesses, the company has moved into concrete execution stages with the Hyundai Kona hybrid battery pack order and the establishment of a US ESS subsidiary, though the EV battery (lithium) segment itself continues to post operating losses, leaving the timing of its earnings contribution still to be confirmed.
The financial structure remains stable with a debt ratio of 34.9%, and it is notable that the owning family directly participated in the new-business capital raise. On valuation, the stock trades below its net asset value, while the dividend yield is understood to run below that of other high-yield names in the sector.
Going forward, Q3 earnings, the start of Kona hybrid mass production, and concrete progress in the US ESS business are likely to be key variables in assessing the success of the company's diversification efforts.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.