Dy

DY converted into a holding company structure in 2020 by spinning off its industrial machinery division into DY Innovate, and has since been reorganized as a diversified manufacturing holding company overseeing auto parts subsidiary DY Auto and hydraulic equipment subsidiary DY Power.

Core unlisted subsidiary DY Auto accounts for a substantial share of consolidated revenue and produces automotive motor components including power window motors, wiper systems, cooling fan motors, sunroof motors, EPS motors, and steering column motors.

Roughly 60% of DY Auto's revenue comes from Hyundai Motor and Kia, and the company has been broadening its customer base to include GM, Ford, and EV startup Rivian.

Listed subsidiary DY Power manufactures hydraulic cylinders and pneumatic equipment used in excavators, forklifts, and aerial work platforms, while DY Innovate handles industrial machinery products such as concrete pump trucks, automatic car washers, cargo cranes, and golf carts.

Overseas production bases are spread across China, India, and Mexico, and DY Auto has built a dual production system in India with plants in Gurgaon (2010) and Chennai (2018) to strengthen its push into the electric motor market.

More recently, the group has pursued higher value-added electrification and autonomous-driving products, including a sensor cleaning system co-developed with Hyundai for autonomous vehicles and motors for Electro-Mechanical Brake (EMB) systems.

At the holding company level, DY also participated in a Pre-Series A funding round for Korea Digital Asset Custody in November 2025, indicating parallel investment activity outside its core manufacturing business.

The group comprises 12 affiliated companies including HS Technology and local units in China and Mexico, giving it a diversified business portfolio.

Consolidated revenue in 2025 rose 6.6% year over year to KRW 1.2448 trillion from KRW 1.1683 trillion in 2024, while operating profit grew 34.9% to KRW 48.1 billion from KRW 35.6 billion, lifting the operating margin from 3.0% to 3.9%.

Net profit attributable to owners, however, fell to KRW 14.1 billion from KRW 22.0 billion in 2024, a divergence related to the capital structure in which equity attributable to owners (roughly KRW 392.3 billion) and non-controlling interests (roughly KRW 208.3 billion) are closely split, meaning a meaningful portion of consolidated net income accrues to minority shareholders of subsidiaries.

The company posted a net loss attributable to owners of -KRW 4.3 billion in 2022 before turning profitable with KRW 18.2 billion in 2023 and KRW 22.0 billion in 2024, before moderating to KRW 14.1 billion in 2025.

On a quarterly basis, 2Q25 revenue of KRW 318.4 billion and operating profit of KRW 14.5 billion produced only KRW 0.2 billion in net profit attributable to owners, before 3Q25 improved to revenue of KRW 299.3 billion, operating profit of KRW 13.1 billion, and net profit of KRW 8.0 billion.

By contrast, 4Q25 revenue of KRW 314.9 billion came with operating profit sharply lower at KRW 4.0 billion and a net loss attributable to owners of -KRW 1.8 billion, suggesting seasonal or one-off factors.

Results partially recovered in 1Q26 with operating profit of KRW 8.4 billion and net profit of KRW 2.5 billion, before 2Q26 posted the strongest results in the period shown, with revenue of KRW 370.5 billion, operating profit of KRW 24.0 billion, and net profit of KRW 13.9 billion.

Over the most recent four quarters (3Q25-2Q26), cumulative revenue totaled roughly KRW 1.3163 trillion, operating profit about KRW 49.3 billion, and net profit attributable to owners about KRW 22.5 billion.

On the cash flow side, operating cash flow of KRW 37.9 billion in 2025 edged up from KRW 34.3 billion in 2024, but remained below the KRW 55-61 billion levels seen in 2022-2023.

DY's businesses split broadly into auto parts (DY Auto), which tracks the finished-vehicle end market, and hydraulic equipment (DY Power) and industrial machinery (DY Innovate), which track construction and industrial machinery end markets, exposing the group to distinct industry cycles.

The auto parts segment showed improved results for the nine months through 3Q25 amid a global market recovery, price stabilization, and interest rate cuts.

The industrial machinery segment, meanwhile, has been raising competitiveness through product improvements and stronger marketing while expanding its Chennai plant in India and setting up a joint venture to strengthen its eco-friendly auto business, positioning it in a structural growth-building phase.

Within the broader shift toward electrification and autonomous driving, DY Auto is expanding its portfolio from conventional motor parts toward higher value-added products such as EMB brake motors and autonomous-driving sensor cleaning systems, an area seen as offering room for price and margin improvement relative to legacy lower-margin parts.

That said, according to Thinkpool data, DY's operating margin ranks on the lower side versus peers, leaving cost structure improvement as an ongoing task. The OEM supply structure also means results are heavily influenced by Hyundai/Kia's production plans and pricing leverage.

The hydraulic equipment and industrial machinery segments are affected by domestic and overseas construction machinery demand cycles, with infrastructure investment growth in emerging markets such as India cited as a medium-to-long-term demand driver.

The Korea IR Council stated in a November 27, 2025 report that DY has secured a stable growth structure based on a diversified business portfolio spanning industrial machinery, auto parts, and hydraulic equipment, and forecast a shift toward revenue growth driven by recovery across major business segments and stronger overseas market efforts.

DY Auto has said it is strengthening the production capacity of its Indian subsidiary, DY AUTO India, while accelerating development of motors for next-generation EMB systems building on its brake motor mass-production system (per Hankyung Business, November 2025).

The company has stated that India is a key strategic market combining domestic growth potential and manufacturing infrastructure, and that it plans to expand production to enhance global supply chain stability and customer responsiveness.

On autonomous driving, the sensor cleaning system co-developed with Hyundai for robotaxis entered mass production from August 2023, leaving future expansion in applied models and volumes as a key variable.

At the holding company level, DY announced participation in a Pre-Series A funding round for Korea Digital Asset Custody in November 2025, signaling a move to broaden its investment scope into digital asset custody.

Following the 1Q26 recovery, 2Q26 showed a clear improvement in both revenue and operating profit, making the persistence of this trend into the second half a key point to watch.

However, whether the company has disclosed specific full-year revenue or profit guidance figures could not be confirmed as of the search date, warranting confirmation through future disclosures.