PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩360 per share · Prices as of the 2026-10-02 close
Iljin Power posted sharply higher revenue and operating profit in 2025, moving past a prior earnings trough while expanding into nuclear, fuel cell, and overseas maintenance businesses.
2025 consolidated revenue reached KRW 251.98bn (+30.5% YoY) and operating profit KRW 24.12bn (+134.8% YoY), with operating margin recovering to 9.6%.
Second-quarter 2026 revenue hit a window-high of KRW 86.38bn, but the operating margin fell to 6.5% from 11.0% in the prior quarter, showing quarter-to-quarter margin variability.
New contracts with Doosan Enerbility (KRW 23.85bn, Cernavoda TRF) and Korea East-West Power (KRW 15.67bn) have kept order momentum going.
The domestic power plant maintenance market remains split roughly 44% KEPCO KPS versus 56% private operators including Iljin Power.
Frequent disclosure corrections and an auditor change have also drawn scrutiny over disclosure transparency.
Founded in 1990, Iljin Power specializes in maintenance and manufacturing for power generation and industrial plant equipment, organized into a Power Generation Business Division handling plant maintenance, a Nuclear Business Division covering nuclear plant maintenance and component manufacturing, and a Chemical Equipment Division producing petrochemical and plant components.
The company stations personnel at operating plants such as Hadong Thermal, Ilsan Combined Cycle, and Dangjin Thermal power stations for routine maintenance, and deploys technical staff at the Wolsong and Hanbit nuclear power plants.
Its subsidiaries include Iljin Energy, which handles chemical and plant businesses, and Jincheon Green Energy and Goyang Green Energy, which operate in the fuel cell and hydrogen segment.
In March 2024 the company established a local entity in Abu Dhabi, ILJIN POWER PLANTS MAINTENANCE LLC, to participate in maintenance work at the UAE's Barakah nuclear plant, marking a step toward overseas expansion.
The domestic power plant maintenance market is split roughly 44% for KEPCO KPS and around 56% for private operators including Iljin Power, with Geumhwa PCS, Korea Plant Service, and Susan Industry as key competitors.
In the most technically demanding large overhaul segment, KEPCO KPS still leads by job count, indicating a persistent capability gap in the highest-complexity work.
At its March 2026 annual general meeting, the company expanded its articles of incorporation to add power generation business, electricity production, supply and sales, renewable energy facility installation and operation, and plant EPC and O&M services.
This suggests an attempt to broaden the business scope beyond pure maintenance services into the wider power generation value chain. The company describes itself as a 'Green & Clean Energy' company spanning nuclear and hydro maintenance to hydrogen refueling station commissioning.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩75.8B | ₩6.3B | 8.3% |
| 2025Q3 | ₩64.7B | ₩7.4B | 11.5% |
| 2025Q4 | ₩70.4B | ₩8.1B | 11.5% |
| 2026Q1 | ₩63.8B | ₩7B | 11.0% |
| 2026Q2 | ₩86.4B | ₩5.6B | 6.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩196B | ₩17.9B | ₩15.7B | 9.1% | 12.5% | 51.9% |
| 2023 | ₩190.8B | ₩13.1B | ₩9.6B | 6.9% | 7.3% | 47.7% |
| 2024 | ₩193.1B | ₩10.3B | ₩9.9B | 5.3% | 7.5% | 97.2% |
| 2025 | ₩252B | ₩24.1B | ₩18.6B | 9.6% | 12.8% | 117.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
2025 consolidated revenue reached KRW 251.98bn, up 30.5% from KRW 193.09bn a year earlier, while operating profit surged 134.8% to KRW 24.12bn from KRW 10.27bn, lifting the operating margin sharply from 5.3% to 9.6%.
Net income attributable to owners rose 87.6% to KRW 18.56bn from KRW 9.89bn, a slower pace than the operating profit growth, suggesting non-operating items partially offset the operating gains.
Operating cash flow also improved markedly, from KRW 2.50bn in 2024 to KRW 37.00bn in 2025, indicating better cash conversion of earnings.
Looking back at 2023-2024, however, revenue edged up from KRW 190.83bn to KRW 193.09bn while operating profit fell from KRW 13.12bn to KRW 10.27bn, pulling the operating margin down from 6.9% to 5.3%; the 2025 rebound can be seen as a recovery from that trough.
Within the most recent four-quarter window (Q3 2025 through Q2 2026), revenue moved from KRW 64.73bn to KRW 70.41bn to KRW 63.78bn to KRW 86.38bn, showing significant quarter-to-quarter swings, and notably in Q2 2026 revenue rose sharply from the prior quarter while operating profit declined to KRW 5.60bn from KRW 7.00bn, pulling the operating margin down from 11.0% to 6.5%.
Net income attributable to owners also fell from KRW 6.21bn in Q1 2026 to KRW 3.74bn in Q2 2026, illustrating that revenue growth and profitability improvement have not always moved in the same direction.
Such quarterly margin variation may stem from differences in project-level revenue recognition timing and cost ratios, though the specific causes have not yet been disclosed in detail.
The debt ratio jumped from 47.7% in 2023 and 97.2% in 2024 to 117.6% in 2025, a notable point given that top-line growth has coincided with increased reliance on liabilities in the balance sheet.
The power plant maintenance industry is an essential service supporting continuous 24-hour plant operation, where equipment must run without interruption and inadequate maintenance can lead to lower generation efficiency and supply disruptions.
The recent expansion of AI data centers and rising semiconductor capital expenditure has driven a surge in industries with heavy power consumption, underscoring the importance of stable power supply and structurally increasing maintenance demand.
The government's 11th Basic Plan for Long-term Electricity Supply and Demand maintains a policy stance of using nuclear power as a stable baseload source, with expectations of a boost from expanding global small modular reactor (SMR) investment.
Because nuclear plants require decades of maintenance after construction, an expanding nuclear ecosystem is seen as a potential driver of long-term growth in the maintenance market.
The domestic power plant maintenance market is split roughly 44% for KEPCO KPS and around 56% for private operators including Iljin Power, and among private players, a technology gap with KEPCO KPS is still considered to persist in the large overhaul segment requiring advanced maintenance capability.
Expanding cooperation with a major nuclear equipment maker (Doosan Enerbility) through supply of specialized nuclear components such as tritium removal facilities can be read as an attempt by a private maintenance operator to broaden its technology portfolio.
That said, nuclear, fusion, and hydrogen-related thematic trading frequently influences share price movements independent of fundamentals, an industry characteristic that can create short-term volatility driven by market attention rather than earnings.
On August 26, 2026, the company signed a KRW 23.85bn supply contract with Doosan Enerbility for a Cernavoda TRF (tritium removal facility) LPCE System, with a disclosed contract period running through January 21, 2027.
Around the same time, it also entered into a KRW 15.67bn sales and supply contract with Korea East-West Power, indicating continued contract activity with the country's power generation utilities.
At its March 2026 annual general meeting, the company expanded its articles of incorporation to include power generation business, electricity production, supply and sales, renewable energy facility installation and operation, and EPC and O&M services, which can be interpreted as procedural groundwork for future business diversification.
Its attempt to participate in maintenance at the UAE's Barakah nuclear plant through the Abu Dhabi entity established in March 2024 remains at an early stage of overseas market entry.
Independent research firm Research Areum stated in a June 16, 2026 report that fuel cell revenue could rise 81.6% year-on-year to KRW 44.3bn and nuclear segment revenue could rise 27.8% to KRW 35.3bn as new plants come online, projecting 2026 consolidated revenue of KRW 330.3bn and operating profit of KRW 37.5bn.
These are estimates from an external research house and may differ from actual reported quarterly and annual results.
While the company is pursuing a structural shift from maintenance-centric operations toward power generation, EPC, and O&M, the timing and scale of new business revenue contribution have not yet been detailed in disclosures.
Since its 2007 KOSDAQ listing, Iljin Power has experienced substantial share price swings tied to nuclear and fusion-related themes, resulting in a fairly wide historical trading band.
In terms of fundamentals, the company passed through an operating margin trough in 2023-2024 and has entered a profit recovery phase since 2025, a trend also reflected in valuation metrics based on the most recent four quarters of net income.
The share price relative to net assets has moved between premium and discount ranges versus its own history, which can be interpreted as reflecting both the pace of earnings improvement and expectations around new businesses simultaneously.
Dividends have been paid annually, though the absolute dividend yield level is considered modest given the growth-oriented characteristics within its sector.
Research Areum, in a June 16, 2026 report, presented a 'Positive' share price outlook and a target price of KRW 22,200 for Iljin Power; this reflects a specific external research house's assessment at a point in time, and the gap between such estimates and actual results may widen over time.
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 2026-08-21
2025 revenue and operating profit grew 30.5% and 134.8%, respectively, lifting the operating margin sharply from 5.3% to 9.6%. Operating cash flow also surged from KRW 2.50bn to KRW 37.00bn, improving the quality of earnings conversion into cash. The company has clearly moved past the profit trough seen in 2023-2024.
The company secured a KRW 23.85bn tritium removal facility (Cernavoda TRF) contract with Doosan Enerbility and a KRW 15.67bn supply contract with Korea East-West Power in quick succession.
It has also already established a local entity in Abu Dhabi to participate in maintenance at the UAE's Barakah nuclear plant, giving it a foothold in overseas maintenance markets. This diversified order flow can help the company move beyond a maintenance-only revenue structure.
Surging power consumption driven by AI data center expansion and rising semiconductor capital expenditure is elevating the importance of stable power supply.
Government policy favoring nuclear as a baseload source and expanding global SMR investment are also cited as long-term growth drivers for the nuclear maintenance market.
With private operators holding around 56% of the domestic power plant maintenance market, Iljin Power stands to be a participant in this structural demand expansion.
Second-quarter 2026 revenue hit a window-high of KRW 86.38bn, but the operating margin fell to 6.5% from 11.0% in the prior quarter. Net income attributable to owners also declined from KRW 6.21bn to KRW 3.74bn, showing that revenue growth and profitability have not always moved together. The specific cause of the margin decline has not yet been detailed in disclosures.
There were repeated disclosure corrections to the 2025 annual report and the March 2026 shareholder meeting notice, and the auditor changed from Lian Accounting Corp. to Samil PwC over the past three years.
Ongoing litigation has also been noted, prompting calls for closer scrutiny of management stability and information transparency behind the growth. While the audit opinion itself was 'unqualified,' the frequency of corrections is a point worth monitoring from an investor confidence standpoint.
In the domestic power plant maintenance market, KEPCO KPS holds around a 44% share and still leads by job count in the technically demanding overhaul segment.
Nuclear, fusion, and hydrogen-related themes tend to drive repeated short-term inflows and outflows of trading interest, an industry characteristic that can generate share price volatility unrelated to fundamentals. Given its small market capitalization, the stock may be more sensitive to such thematic swings.
Differences in project-level revenue recognition timing and cost ratios can produce large quarterly earnings swings. The debt ratio jumped sharply from 47.7% in 2023 to 117.6% in 2025, a factor to weigh alongside the top-line growth given the increased reliance on liabilities in the balance sheet. Future cost increases or delays in large contracts could affect earnings stability.
There is a history of repeated corrections to key disclosures such as the annual report and shareholder meeting notices, and the auditor has changed within the past three years. Ongoing litigation has also been confirmed, remaining a source of management uncertainty. These factors can affect the predictability of accounting information and investor confidence.
The domestic power plant maintenance market continues to be led by KEPCO KPS with about a 44% share, and a technology gap persists in the technically demanding overhaul segment. Entry into overseas maintenance markets such as the UAE remains at an early stage, with uncertain scale and timing of earnings contribution.
Policy changes related to nuclear or hydrogen, as well as potential delays in maintenance contract renewals by utility clients, are also cited as latent risks.
The Q3 2026 quarterly report is due around this time; it will be important to check whether the operating margin, which fell in Q2 2026, recovers and whether revenue volatility eases.
This is the contract period for the Cernavoda TRF (tritium removal facility) agreement with Doosan Enerbility; progress and revenue recognition on this contract are worth monitoring.
It will be worth checking for disclosures of new routine maintenance or equipment supply contracts, and their scale, with utilities such as Korea East-West Power.
It will be worth monitoring whether additional contracts or earnings contributions related to the Abu Dhabi entity's Barakah nuclear maintenance work are disclosed.
It will be useful to compare external research estimates for 2026 consolidated results (revenue of KRW 330.3bn, operating profit of KRW 37.5bn, as projected by Research Areum) against the actual reported figures.
Iljin Power entered a recovery phase in 2025, with both revenue and operating profit rising sharply and moving past the earnings trough seen in 2023-2024, while operating cash flow also improved.
However, within the most recent four-quarter window, Q2 2026 revenue reached its highest level even as the operating margin and net income declined, showing pronounced quarter-to-quarter margin variability.
On the business side, the company is diversifying its growth drivers by adding nuclear equipment, fuel cell and hydrogen, and overseas (UAE) maintenance to its core power plant maintenance business, supported by new contracts with Doosan Enerbility and Korea East-West Power.
At the same time, there are notable disclosure transparency and governance concerns, including frequent disclosure corrections, an auditor change, and ongoing litigation.
On the industry side, there are structural tailwinds from rising maintenance demand tied to AI data center and semiconductor capex expansion and a growing nuclear ecosystem, but a technology gap versus larger rivals such as KEPCO KPS and short-term supply-demand volatility tied to nuclear and fusion themes also warrant consideration.
The debt ratio's jump from 47.7% to 117.6% within two years is another balance-sheet factor worth continued observation.
Overall, the company appears to sit at a juncture where a positive trend of earnings recovery and new business expansion coexists with notable considerations around quarterly volatility, disclosure issues, and competitive positioning.
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.