PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩120 per share · Prices as of the 2026-10-02 close
Doall is undergoing a change of controlling shareholder from IHC to Motrex EFM in 2026, even as its operating margin shows a gradual recovery trend.
Operating margin improved from 2.3% in 2022 to 6.1% in 2025, extending a multi-year profitability recovery.
After a one-off net loss in Q4 2025, the company returned to profitability in both Q1 and Q2 2026.
In April 2026, controlling shareholder IHC and affiliates agreed to sell a 47.59% stake to Motrex EFM, and the deal was subsequently completed.
The company operates three business lines—fabric, seat covering, and airbag cushion—through a global production network of 24 subsidiaries across China, Europe, and the Americas.
In Q1 2026, operating profit and net profit fell sharply year-on-year due to weaker automaker demand.
Doall is a specialized automotive interior materials manufacturer producing fabric, seat covering, and airbag cushions. The fabric business relies on advanced textile processing technology and requires demanding production processes and long development cycles compared to general textiles.
The seat covering business processes natural leather, synthetic leather, and cloth materials for direct supply to seat assemblers and automakers. In the airbag segment, the company supplies airbag cushions to customers including Hyundai Mobis and Joyson Safety Systems.
Doall operates a global production and sales network through a total of 24 subsidiaries spanning Korea, China, Europe (Portugal, Romania, Turkey), and the Americas (Mexico, Brazil).
In 2017, the company acquired Sweden-based seat fabric maker Borgstena, expanding its global footprint and securing European automaker customers such as Volvo and Volkswagen.
In April 2026, controlling shareholder IHC and its affiliates signed a share purchase agreement to sell their 13,644,966-share stake (a 47.59% interest) to Motrex EFM for approximately KRW 111.8 billion.
That transaction was subsequently completed, making Motrex EFM the new controlling shareholder, with Motrex planning to combine its floor-carpet-centered interior business with Doall's seat, fabric, and seat-covering capabilities to expand into integrated in-cabin interior solutions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩202B | ₩12.8B | 6.3% |
| 2025Q3 | ₩198.4B | ₩15.8B | 8.0% |
| 2025Q4 | ₩193.7B | ₩2.9B | 1.5% |
| 2026Q1 | ₩201.3B | ₩6B | 3.0% |
| 2026Q2 | ₩209.2B | ₩8.3B | 4.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩566B | ₩13.3B | ₩7.3B | 2.3% | 3.8% | 133.2% |
| 2023 | ₩753.1B | ₩44.1B | ₩20.8B | 5.9% | 10.0% | 121.3% |
| 2024 | ₩773.3B | ₩42.9B | ₩16.1B | 5.6% | 6.9% | 113.9% |
| 2025 | ₩796.1B | ₩48.6B | ₩28.8B | 6.1% | 10.4% | 96.7% |
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
Doall's consolidated revenue rose for four consecutive years, from KRW 566.0 billion in 2022 to KRW 753.1 billion in 2023, KRW 773.3 billion in 2024, and KRW 796.1 billion in 2025.
Over the same period, operating profit increased from KRW 13.3 billion in 2022 to KRW 44.1 billion in 2023, KRW 42.9 billion in 2024, and KRW 48.6 billion in 2025, with operating margin trending from 2.3% to 5.9%, 5.6%, and 6.1%.
Net profit attributable to owners also recovered overall, rising from KRW 7.3 billion in 2022 to KRW 20.8 billion in 2023, then KRW 16.1 billion in 2024 and KRW 28.8 billion in 2025, despite some fluctuation.
On a quarterly basis, Q3 2025 posted the highest margin among the last five quarters with revenue of KRW 198.4 billion and operating profit of KRW 15.8 billion (roughly an 8.0% margin), while Q4 2025 slowed sharply to revenue of KRW 193.7 billion and operating profit of just KRW 2.9 billion (about 1.5% margin), with owners' net profit swinging to a one-off loss of KRW -1.4 billion.
Q1 2026 returned to profit with revenue of KRW 201.3 billion, operating profit of KRW 6.0 billion (about 3.0% margin), and owners' net profit of KRW 3.7 billion, though both operating and net profit were sharply lower year-on-year.
Q2 2026 showed revenue of KRW 209.2 billion, operating profit of KRW 8.3 billion (about 3.9% margin), and owners' net profit of KRW 7.6 billion, marking a second consecutive quarter of improvement. Summed over the trailing four quarters (Q3 2025 through Q2 2026), owners' net profit totals roughly KRW 21.1 billion.
Weaker automaker demand and softer consumer sentiment have been cited as key factors behind the slowdown in Q4 2025 and Q1 2026.
The automotive interior materials industry in which Doall operates is a classic parts supply chain structure directly linked to vehicle production volumes and new car sales cycles.
According to information disclosed about the company, a period of slowing global demand, weaker consumer sentiment, and employment uncertainty led to reduced automaker demand and an overall decline in interior materials segment revenue and profitability.
Industry trends include growing adoption of eco-friendly and recycled materials, and Doall is pursuing sustainable interior technology development, including recycled single-material, resource-circulating seat cover fabrics.
At the same time, R&D efforts are directed toward safety and lightweighting technologies such as high-strength polyester airbag coating fabric and headliner structures, aimed at strengthening responsiveness to future vehicle markets.
On the competitive front, the company's integrated supply capability from raw material sourcing through final product manufacturing is cited as a differentiating factor, along with a diversified customer base spanning Hyundai/Kia and European automakers built on multinational production sites across Europe, China, and the Americas.
The recent entry of Motrex, an infotainment and electronics specialist, into the interior materials market through its acquisition of Doall can also be viewed as one facet of industry consolidation.
Doall's forward direction is closely tied to the change of controlling shareholder completed in 2026.
Motrex EFM has stated plans to combine its existing floor-carpet-centered interior business with Doall's seat, fabric, and seat-covering capabilities to strengthen its ability to offer package-level interior proposals for entire vehicles, beyond individual component supply.
The Motrex group explained that the expansion of autonomous vehicles and purpose-built vehicles (PBVs) is broadening the functions of vehicle interior space into living, working, and rest areas, and that interior materials are similarly expanding into smart interior domains combining eco-friendliness, lightweighting, cabin quietness, and antibacterial functions.
Motrex has set a policy of leveraging Doall's global customer base and production network to expand its product range and customer touchpoints in the interior materials segment.
On its own, Doall continues to pursue eco-friendly material development and safety/lightweighting technology to strengthen its responsiveness to future vehicle markets.
However, detailed timelines for business integration, organizational restructuring, and new order plans following the ownership change have not yet been disclosed in detail to the market, leaving much to be clarified through future disclosures.
Whether automaker demand recovers and how quickly synergies with Motrex materialize are likely to be the key variables shaping future earnings trends.
Doall's valuation should be considered alongside its multi-year profit recovery trend. Operating margin passed through a trough in 2022 and showed a gradual improvement through 2023-2025, before recording a one-off loss in Q4 2025 and then swinging back to profit in both Q1 and Q2 2026.
The stock tends to trade at a discount relative to net asset value, a pattern often observed among small and mid-sized suppliers in the auto parts sector. Dividends have been paid consistently through the most recent fiscal year.
The change of controlling shareholder to Motrex EFM completed in 2026 is a variable that could bring changes to future business strategy and shareholder return policy, and is worth factoring into any valuation assessment.
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
Operating margin improved structurally from 2.3% in 2022 to 6.1% in 2025. Revenue also rose for four consecutive years, from KRW 566.0 billion in 2022 to KRW 796.1 billion in 2025. The return to profit in both Q1 and Q2 2026 following a one-off loss in Q4 2025 also demonstrates resilience in the profit base.
The 2026 change of controlling shareholder to Motrex EFM sets up a planned combination of the floor-carpet-centered interior business with Doall's seat, fabric, and airbag capabilities.
The Motrex group has stated intent to expand into integrated in-cabin solutions spanning the entire vehicle interior through this combination. The ability to offer package-level proposals beyond individual component supply could expand customer touchpoints.
Beyond Korea, Doall operates a global production system through 24 subsidiaries across China, Europe (Portugal, Romania, Turkey), and the Americas (Mexico, Brazil).
Its 2017 acquisition of Borgstena, which secured European automaker customers such as Volvo and Volkswagen, is also cited as a factor in regional and customer diversification.
Owners' net profit posted a one-off loss of KRW -1.4 billion in Q4 2025, and both operating and net profit fell sharply year-on-year in Q1 2026 as well. Quarterly margin swings have been wide (roughly 8.0% in Q3 2025 versus about 1.5% in Q4 2025), limiting visibility into earnings trends.
With the controlling shareholder change to Motrex EFM, specific details on future business integration methods, organizational restructuring, and continuity of existing customer and business relationships have not yet been fully disclosed to the market.
In the early stages of integration, the possibility of temporary costs or operational adjustments cannot be ruled out.
There have been periods in which slowing global demand, weaker consumer sentiment, and employment uncertainty reduced automaker demand, leading to an overall decline in interior materials segment revenue and profitability.
The structural characteristic of earnings being directly tied to the upstream automaker production and sales cycle remains in place.
Demand for finished vehicles is highly sensitive to global economic conditions and consumer sentiment, and a slowdown in demand could directly affect Doall's sales and profitability. The earnings slowdown in Q4 2025 and Q1 2026 illustrates this sensitivity.
High dependence on sales to specific automakers or new vehicle programs could also expose the company to production adjustments for those models.
With Motrex EFM becoming the largest shareholder in 2026, changes are expected in mid-to-long-term strategic direction, board composition, and the role of existing management.
If organizational and personnel reallocation or business unit adjustments occur during the integration process, short-term earnings volatility could increase. The process of redefining relationships between the new controlling shareholder and existing customers/partners also warrants monitoring.
Doall is exposed to raw material price fluctuations as it processes materials such as natural leather, synthetic leather, and textile yarns into products. As the company operates numerous overseas subsidiaries in China, Europe, and the Americas, exchange rate fluctuations can also affect consolidated results.
Check the Q3 2026 preliminary earnings disclosure to assess whether the profit improvement trend seen in Q1 and Q2 2026 continues.
Monitor for additional disclosures on board composition changes or business integration and synergy plans following the completion of the Motrex EFM ownership change.
The annual business report confirming FY2026 results and the dividend policy announcement will provide clarity on the annual profit recovery trend and shareholder return direction.
Continue monitoring for disclosures on new orders or customer contracts related to the integrated in-cabin solution being developed jointly by Doall and Motrex.
Doall is an automotive interior materials specialist that has shown steadily improving revenue and operating margins since 2022, operating three core business lines—fabric, seat covering, and airbag cushions—through a global production system of 24 overseas subsidiaries.
Despite a one-off loss in Q4 2025, the company demonstrated earnings resilience by returning to profit in both Q1 and Q2 2026. The most significant development is the 2026 change of controlling shareholder, completed when IHC and its affiliates sold their stake to Motrex EFM.
Motrex has stated a plan to combine its floor-carpet-centered interior business with Doall's seat and fabric capabilities to expand into integrated in-cabin solutions, though detailed integration timelines and strategy have not yet been fully disclosed.
Sensitivity to slowing automaker demand, short-term uncertainty from the governance change, and exposure to raw material costs and foreign exchange are factors that warrant continued attention. Ongoing monitoring of quarterly earnings and progress on business integration with Motrex will be important going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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