PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Ilshin Stone posted a consolidated net loss in 2025 as its core stone-contracting revenue shrank for a third straight year, and the company completed a 5-for-1 par value consolidation and relisted on October 1, 2026 in response to a new low-price delisting rule.
2025 consolidated revenue fell to about KRW 54.5 billion, down for a fourth straight year from the 2022 peak of roughly KRW 137.7 billion.
Core stone-contracting revenue collapsed from about KRW 62.7 billion in 2023 to roughly KRW 16.4 billion in 2025, while the stone manufacturing and distribution segment held comparatively steady in the KRW 38–42 billion range.
2025 annual operating profit shrank to about KRW 680 million (operating margin 1.2%), and following a third-quarter operating loss the company posted a full-year net loss of roughly KRW 690 million.
A 5-for-1 par value consolidation (from KRW 500 to KRW 2,500) decided in July 2026 and approved at the August shareholder meeting took effect on September 5 and the shares relisted on October 1.
The company signed back-to-back stone-contracting supply deals with GS Construction in July and September, but an August investor-caution filing and repeated auditor focus on revenue recognition as a key audit matter remain governance-related points of caution.
Ilshin Stone is an integrated stone products company established in 1971 and listed on the KOSPI in 1986, covering the full value chain from quarrying to stone processing, sales, import/export trade, and on-site stone construction work.
The company operates a granite quarry in Pocheon, Gyeonggi Province with annual output of roughly 2 million 'jae' (a traditional stone-volume unit), providing a stable material base for large and public construction projects.
Its business is split mainly between a stone manufacturing/distribution segment handling granite and marble, a stone-contracting (construction) segment, and a small leasing segment; in 2025 stone-contracting revenue stood at about KRW 16.4 billion versus roughly KRW 37.4 billion for manufacturing/distribution, meaning the distribution segment now carries a larger weight.
The company differentiates its product lineup through exclusive domestic supply of the natural premium stone brand 'Ilsolle' and the Italian porcelain tile brand 'Infinity.' Its customer base consists mainly of private apartment developers and public-sector construction clients, and it recently signed consecutive stone-contracting supply deals with GS Construction for residential complexes in Cheonan and Asan, South Chungcheong Province.
Export revenue in 2025 amounted to only about KRW 6 million out of total sales, meaning the business is overwhelmingly domestic-market driven.
The largest shareholder is reported to be a foundation affiliated with the Unification Church, and the company is a small-to-mid-cap player with a relatively unique business structure within Korea's building materials sector, where listed stone specialists are rare.
Because revenue is highly sensitive to the construction cycle, housing starts, pre-sales activity, and public-works order volumes are the key variables driving performance.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩15.4B | ₩800M | 5.0% |
| 2025Q3 | ₩10.6B | -₩900M | −8.2% |
| 2025Q4 | ₩13.2B | ₩600M | 4.6% |
| 2026Q1 | ₩12.4B | ₩100M | 0.8% |
| 2026Q2 | ₩14.3B | ₩400M | 2.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩137.7B | ₩3.9B | ₩2.3B | 2.8% | 4.3% | 110.3% |
| 2023 | ₩101.2B | ₩4.6B | ₩1.7B | 4.6% | 2.9% | 72.6% |
| 2024 | ₩78.7B | ₩3.8B | ₩1.4B | 4.8% | 2.4% | 65.0% |
| 2025 | ₩54.5B | ₩700M | -₩700M | 1.2% | −1.2% | 56.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Ilshin Stone's consolidated revenue declined for four consecutive years, from about KRW 137.7 billion in 2022 to KRW 101.2 billion in 2023, KRW 78.7 billion in 2024, and KRW 54.5 billion in 2025.
Over the same period, operating profit moved from roughly KRW 3.9 billion (2.8% margin) to KRW 4.6 billion (4.6%), KRW 3.8 billion (4.8%), and then sharply down to about KRW 680 million (1.2%) in 2025, showing that profitability deteriorated even faster than the top line in the most recent year.
Net income fell steadily from about KRW 2.35 billion in 2022 to KRW 1.66 billion in 2023 and KRW 1.42 billion in 2024, before swinging to a net loss of roughly KRW 690 million in 2025, the company's first annual loss in four years.
On a quarterly basis, the second quarter of 2025 remained profitable with revenue of about KRW 15.4 billion, operating profit of KRW 770 million, and net income of KRW 540 million, but the third quarter saw revenue drop sharply to roughly KRW 10.6 billion with an operating loss of about KRW 880 million and a net loss of KRW 1.14 billion, marking the turning point into losses.
The fourth quarter recovered partially to revenue of KRW 13.2 billion, operating profit of KRW 600 million, and net income of KRW 320 million, but the first quarter of 2026 weakened again to revenue of KRW 12.4 billion, operating profit of KRW 100 million, and net income of just KRW 30 million, before the second quarter improved modestly to revenue of KRW 14.3 billion, operating profit of KRW 380 million, and net income of KRW 100 million.
Summed over the most recent four quarters (Q3 2025 through Q2 2026), owner net income totaled roughly negative KRW 680 million, reflecting continued loss-making conditions amid elevated quarter-to-quarter volatility.
Operating cash flow was about KRW 3.14 billion in 2025, exceeding operating profit, and was also solid in 2024 (KRW 2.02 billion) and 2023 (KRW 8.66 billion), but turned negative at about KRW 2.89 billion in 2022, indicating significant year-to-year swings.
The debt ratio steadily declined from 110.3% in 2022 to 72.6% in 2023, 65.0% in 2024, and 56.6% in 2025, showing that financial leverage eased even as the revenue base contracted.
Ilshin Stone's earnings trajectory is directly tied to the domestic construction cycle.
According to media reports, Korea's building-finish-materials and stone-contracting industry has simultaneously faced sustained high exchange rates, rising raw material costs, and a construction downturn, with the stone-contracting segment in particular seeing a sharp revenue decline as construction projects shrank and new orders fell.
This aligns with the drop in Ilshin Stone's own stone-contracting revenue from about KRW 62.7 billion in 2023 to roughly KRW 16.4 billion in 2025.
By contrast, the stone manufacturing and distribution segment held relatively steady in the KRW 38–42 billion range over the same period, playing a defensive role within the revenue mix.
At the industry level, a new KOSPI delisting requirement for stocks trading below KRW 1,000 took effect from July 2026, triggering a sharp increase in par-value consolidations among low-priced stocks, which was also the backdrop for Ilshin Stone's own consolidation decision.
Because listed stone specialists are rare in Korea, directly comparable peers are limited, and within the broader building materials sector the company is classified as a relatively small-cap name by revenue scale.
The company has stated that the par value consolidation is 'a measure to more clearly reflect corporate value in the market and expand the investor base,' expressing hope for greater share price stability and increased participation from institutional and long-term investors, and has outlined plans to pursue shareholder value enhancement through future business growth, earnings improvement, strengthened internal management systems, and active investor-relations activity.
CEO Cho Yong-cheol stated that, building on a global supply network spanning more than 20 countries and its own Pocheon quarry production base, the company aims to supply a diverse range of products including natural stone, big slabs, porcelain tile, engineered stone, and acoustic solutions to grow into an eco-friendly building materials and space solutions company.
In the near term, a stone-contracting contract signed with GS Construction on July 30, 2026 for the Cheonan Seongseong Xi Lake Park project (about KRW 4.11 billion, roughly 7.5% of revenue) and another signed on September 2 for the Asan Tangjeong Xi Central City project (about KRW 2.84 billion, roughly 5.2% of revenue) are each scheduled to be recognized as revenue through February 2028, securing a partial revenue base for the next one to two years.
However, an investor-caution notice filed on August 5, 2026 and the repeated flagging of revenue-recognition adequacy as a key audit matter in audit reports are factors that warrant continued scrutiny of future quarterly and annual earnings reliability.
The 2026 semiannual report was filed on August 12, and with third-quarter results not yet disclosed, the actual pace of revenue recognition from the stone-contracting order backlog and any recovery in profitability will need to be confirmed in the next quarterly disclosure.
Ilshin Stone went through a trading halt for falling below the minimum price threshold in August 2026 before completing a 5-for-1 par value consolidation in response to the new delisting rule, which changed the basis on which per-share value is calculated.
With owner net income remaining in loss territory over the most recent four quarters, earnings-based trading multiples are difficult to compute, and the fact that profit-based multiples were relatively elevated during the profitable 2022–2024 period makes the recent swing to losses a complicating factor for valuation interpretation.
On an asset basis, the shares trade below book value per share, reflecting a discount relative to net assets. The company has not paid dividends in recent years, placing it below the sector average on that measure.
Overall, the current valuation picture can be read as a transitional phase shaped simultaneously by the contraction in revenue scale, the swing to losses, and the structural capital adjustment from the share consolidation.
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 2026-08-23
Despite a sharp contraction in scale in 2025, annual operating profit remained positive at about KRW 680 million. The debt ratio fell for four consecutive years from 110.3% in 2022 to 56.6% in 2025, indicating improving financial stability even as revenue shrank.
Operating cash flow also exceeded operating profit in most years from 2023 to 2025, suggesting underlying cash-generation capacity was maintained.
The company signed two separate stone-contracting supply deals with GS Construction on July 30 and September 2, 2026, with combined contract value of about KRW 6.95 billion, equivalent to roughly 12.7% of recent revenue.
Contract terms extending through February 2028 provide some visibility into revenue over the next one to two years. The repeated transaction relationship with a major builder supports the continuity of the order channel.
The company preemptively addressed the new delisting requirement by completing a 5-for-1 share consolidation, describing it as a measure to 'clearly reflect corporate value in the market.' It has publicly stated plans to pursue shareholder value enhancement through future business growth, earnings improvement, strengthened internal management systems, and expanded IR activity.
This can be read as management's stated commitment to maintaining its listing and restoring investor confidence.
Stone-contracting revenue shrank from about KRW 62.7 billion in 2023 to KRW 36.4 billion in 2024 and KRW 16.4 billion in 2025, falling to roughly a quarter of its prior level within three years.
This directly reflects the shrinkage of construction projects and declining new orders, showing that the central pillar of the company's revenue structure has been destabilized.
The stone manufacturing and distribution segment held up comparatively well, but was not enough to offset the steep drop in contracting revenue.
Consolidated revenue declined for four consecutive years, from about KRW 137.7 billion in 2022 to KRW 54.5 billion in 2025, shrinking to less than half its prior level. In 2025 the company posted an annual net loss of roughly KRW 690 million, its first annual loss in four years. Both scale contraction and profitability deterioration are occurring simultaneously.
After posting an operating loss of about KRW 880 million in the third quarter of 2025, operating profit remained in a low KRW 100 million to KRW 600 million range through the fourth quarter of 2025 and the first and second quarters of 2026.
Owner net income summed over the most recent four quarters is also negative, at roughly KRW 680 million, indicating losses have persisted. High quarter-to-quarter variability has reduced near-term earnings predictability.
An investor-caution notice was filed on August 5, 2026, and media reports have noted that the adequacy of revenue recognition has repeatedly been flagged as a key audit matter in audit reports. This suggests an ongoing need to scrutinize financial statement reliability and internal control systems. Frequent governance changes have also been cited as an accompanying factor.
Ilshin Stone's shares were halted from trading on August 13–14, 2026 for falling below the minimum price threshold, and the company subsequently underwent a share consolidation in response to the new delisting requirement.
How trading patterns and liquidity settle following the consolidation remains an unconfirmed variable. The broader trend of tightened exchange regulation on low-priced stocks itself poses a structural burden across small-cap names generally.
Recent stone-contracting orders have been concentrated on specific projects from a small number of major builders such as GS Construction. A further construction-cycle slowdown or delays in client project schedules could create gaps in the order backlog.
Given the domestically focused revenue structure, sensitivity to fluctuations in Korea's construction cycle remains high.
Check how trading volume, quotes, and liquidity patterns stabilize following the share consolidation and relisting.
Review the Q3 2026 report for the extent to which the two new GS Construction contracts are reflected in recognized revenue, and check whether operating margin is recovering.
Continue monitoring whether new clients beyond GS Construction emerge and track progress on existing contracts running through February 2028.
Check the 2026 annual business and audit reports for whether revenue-recognition concerns are flagged again as a key audit matter, the audit opinion rendered, and any administrative-issue designation.
Ilshin Stone has undergone a structural contraction in which its core stone-contracting revenue fell to roughly a quarter of its prior level within three years, contributing to a net loss for full-year 2025.
At the same time, operating profit avoided turning negative and the debt ratio has steadily declined, showing improvement in some balance-sheet stability metrics.
The company completed a 5-for-1 par value consolidation in response to a new delisting requirement and relisted on October 1, while consecutive order wins from GS Construction secured a partial near-term revenue base.
However, the investor-caution filing and repeated flagging of revenue-recognition concerns as a key audit matter remain factors warranting continued scrutiny of financial statement reliability.
With losses persisting on a trailing four-quarter basis as well, confirming the pace of any recovery and the volatility of quarterly results in upcoming disclosures will be important.
On balance, the company appears to be in a transitional phase marked simultaneously by revenue contraction, a swing to losses, and structural capital adjustment.
Report written 2026-10-02 · Data as of 2026-10-01
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