PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
Dilli, a KOSDAQ electronics-parts maker centered on UV inkjet printing equipment with a high export share, has shown a clear recovery in operating margin in the first half of 2026 after a slowdown in 2025.
In Q2 2026, revenue reached KRW 11.06 billion and operating profit KRW 1.20 billion, lifting the operating margin into the double digits.
Full-year 2025 revenue fell to KRW 32.31 billion from KRW 38.21 billion a year earlier, with operating profit sharply lower at KRW 0.80 billion.
Operating cash flow turned negative at KRW -3.69 billion in 2025 despite a positive net profit, signaling weaker cash generation.
Exports account for the bulk of revenue, leaving the company exposed to trade-protection and tariff policy shifts, notably in the United States.
The March 2026 annual general meeting approved a cash dividend and a share consolidation, followed by a trading halt in April tied to the consolidation.
Dilli was founded in 1996 as Illi Precision, changed its name to its current form in 2010, and listed on KOSDAQ in 2011 as a maker of industrial digital printing equipment.
The company develops, manufactures, and sells digital printers based on proprietary UV inkjet technology, characterized by instant curing that enables high productivity and broad substrate versatility.
Its main product lines include the UV flatbed, roll-to-roll, and hybrid printers in the NEO TITAN, NEO SUN, and NEO JUPITER series, the digital label press NEO PICASSO, and the eco-friendly water-based printer NEO GALAXY.
More recently, in response to rising demand for water-based printing amid an eco-friendly shift, the company has continued developing water-based flexible-packaging and box printers.
Its revenue structure is marked by a very high share of overseas exports, supported by a global sales network and overseas subsidiaries in Mexico and Belgium.
Since its early listing years it has maintained an OEM/ODM relationship with Germany's AGFA, and the competitive landscape includes global majors such as HP, EFI, Durst, and Mimaki alongside emerging Chinese manufacturers.
The company is also focused on website renewal, expanded online marketing channels, stronger customer engagement through exhibitions and seminars, and data-driven customized sales activity.
In May 2025, it held an open house at its Dongducheon headquarters to showcase its latest wide-format UV printer, digital label press, and eco-friendly water-based book printer lineup to key customers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.7B | ₩400M | 4.6% |
| 2025Q3 | ₩7.1B | ₩200M | 2.5% |
| 2025Q4 | ₩10.1B | ₩100M | 1.2% |
| 2026Q1 | ₩8.3B | ₩400M | 5.3% |
| 2026Q2 | ₩11.1B | ₩1.2B | 10.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩37.2B | ₩2.3B | ₩2.6B | 6.1% | 4.5% | 20.1% |
| 2023 | ₩25.7B | -₩900M | ₩700M | −3.5% | 1.2% | 15.1% |
| 2024 | ₩38.2B | ₩2.3B | ₩4.8B | 6.0% | 7.6% | 13.5% |
| 2025 | ₩32.3B | ₩800M | ₩1.8B | 2.5% | 2.9% | 7.0% |
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
Dilli's annual results show considerable volatility. Revenue was KRW 37.18 billion with operating profit of KRW 2.28 billion (6.1% margin) in 2022, but revenue plunged to KRW 25.71 billion in 2023 with an operating loss of KRW 0.89 billion (-3.5% margin), though net profit still came in positive at KRW 0.68 billion.
In 2024, revenue rebounded to KRW 38.21 billion with operating profit of KRW 2.31 billion (6.0% margin) and net profit sharply higher at KRW 4.81 billion. In 2025, however, revenue fell back to KRW 32.31 billion, operating profit shrank to KRW 0.80 billion (2.5% margin), and net profit came in at just KRW 1.85 billion.
On a quarterly basis, revenue was KRW 7.66 billion with operating profit of KRW 0.35 billion in Q2 2025, then KRW 7.08 billion and KRW 0.18 billion in Q3, and while Q4 revenue rose to KRW 10.07 billion, operating profit stayed compressed at KRW 0.12 billion.
The trend then turned higher, with Q1 2026 revenue of KRW 8.30 billion and operating profit of KRW 0.44 billion, followed by Q2 2026 revenue of KRW 11.06 billion and operating profit of KRW 1.20 billion, pushing the operating margin above 10% for a clear recovery.
Notably, net profit in several recent quarters has far exceeded operating profit — Q4 2025 net profit of KRW 0.83 billion was several times operating profit of KRW 0.12 billion, and Q1 2026 net profit of KRW 1.18 billion also far outpaced operating profit of KRW 0.44 billion — suggesting non-operating items, likely including foreign-exchange-related gains, had a meaningful impact on net income.
Meanwhile, operating cash flow reversed to KRW -3.69 billion in 2025 from KRW +1.79 billion in 2024, highlighting a gap between reported profit and actual cash generation.
The industrial digital printing equipment market in which Dilli operates is undergoing two structural shifts: digital conversion across advertising, packaging, labeling, and industrial printing, and rising demand for eco-friendly inks.
The migration from solvent-based to UV and water-based inkjet technology continues alongside tightening environmental regulation, and Dilli is positioned as a company holding both technologies.
The competitive landscape is led by large global players such as HP, EFI, Durst, and Mimaki, with price-competitive Chinese manufacturers also entering the market. Given its heavily export-oriented business structure, Dilli is highly sensitive to global economic conditions, exchange rates, and trade-policy shifts.
According to FnGuide, cumulative standalone revenue through the third quarter of 2025 fell 19.6% year over year, a decline attributed to greater uncertainty in global trade stemming from stronger U.S. trade protectionism and additional tariffs.
The company reportedly sought to stabilize sales in key export markets through proactive countermeasures. Industrial printing equipment also carries a strong capital-expenditure character for customers, meaning order timing is closely tied to the global economic cycle.
In response to the eco-friendly printing shift, Dilli continues developing water-based inkjet flexible-packaging and box printers, and at its May 2025 open house it showcased its latest lineup — including new wide-format UV printers, a digital label press, and an eco-friendly water-based book printer — to customers.
The company has stated it is pursuing revenue recovery through website renewal, expanded online marketing channels, stronger customer engagement via exhibitions and seminars, and data-driven customized sales activity.
At its March 2026 annual general meeting, shareholders approved the financial statements along with a cash dividend, an amendment to the articles of incorporation, and a share consolidation, which led to a trading halt from April 24 until the day before the new shares were listed.
Recent quarterly results show revenue and operating margin improving together in the first and second quarters of 2026, which could be read as a sign of emerging from the 2025 earnings slowdown.
Whether this recovery reflects sustained demand growth or one-off factors such as a specific large order or currency effects, however, will require confirmation through subsequent quarterly results and segment disclosures.
Tariff and trade-policy shifts in major export markets, particularly the United States, remain a key variable that could continue to drive earnings volatility.
Dilli's shares appear to trade at a level well below per-share net asset value, a characteristic similar to prior periods of weaker earnings.
On a trailing four-quarter basis, net profit shows a clear recovery in the first half of 2026 following a soft second half of 2025, meaning the earnings base underlying price-to-earnings measures is itself improving.
The company has a track record of approving cash dividends at its annual general meetings, and a cash dividend was again approved at the March 2026 meeting.
That said, full-year 2025 operating cash flow was negative even as net profit was positive, so whether the earnings recovery translates into improved cash generation warrants further observation. The debt ratio stood at a low 7.0% in 2025, suggesting the balance sheet carries relatively limited financial risk.
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
The operating margin, which had been compressed to 1.2% in Q4 2025, improved consecutively to 5.3% in Q1 2026 and 10.8% in Q2 2026. Revenue also expanded to KRW 11.06 billion in Q2 2026 from the prior quarter, showing revenue and margin recovering together. Whether this trend continues will need confirmation in coming quarters.
The debt ratio remained very low at 7.0% in 2025, with shareholders' equity holding around KRW 63.8 billion. The company has a track record of approving cash dividends at its annual general meetings, including again in March 2026. This balance-sheet stability could provide a buffer during periods of earnings volatility.
In addition to UV inkjet technology, the company continues developing water-based flexible-packaging and box printers, and unveiled new products including an eco-friendly water-based book printer at its 2025 open house.
This product diversification aligned with the shift toward eco-friendly printing could form a basis for broadening its customer base over time.
In 2023, revenue fell to KRW 25.71 billion with an operating loss of KRW 0.89 billion, and in 2025 revenue again declined 15.4% year over year with operating profit shrinking to KRW 0.80 billion. Given the nature of industrial equipment orders, year-to-year swings tend to be large.
According to FnGuide, cumulative standalone revenue through the third quarter of 2025 fell 19.6% year over year, with stronger U.S. trade protectionism and additional tariffs cited as key factors. Given the company's heavily export-dependent revenue structure, it remains repeatedly exposed to such policy shifts.
Operating cash flow in 2025 was KRW -3.69 billion, moving in the opposite direction from the KRW 1.85 billion net profit. This marks a sharp reversal from KRW +1.79 billion in 2024, suggesting a possible increase in working-capital burden such as inventory or receivables.
A substantial portion of revenue comes from overseas exports, making the company sensitive to currency fluctuations and shifts in tariff or trade policy among major economies.
Several recent quarters saw net profit far exceed operating profit, suggesting the influence of non-operating factors such as FX-related gains, which could also move in the opposite direction.
Industrial printing equipment carries a strong capital-expenditure character for customers, meaning order timing and size can vary significantly with the global economic cycle. The earnings slowdowns in 2023 and 2025 may have been influenced by such capex-cycle dynamics.
As a small-cap KOSDAQ stock, Dilli can exhibit relatively high liquidity and price volatility. In March-April 2026, a shareholder-approved share consolidation led to a trading halt for a period, and such capital-structure changes can affect the continuity of share price and per-share metrics.
This is when third-quarter 2026 results are expected to be disclosed; it will be important to check whether the operating-margin improvement seen in Q1-Q2 continues.
This is the expected timing for the FY2026 annual report disclosure and annual general meeting, when confirmed full-year results and dividend decisions will be released.
Ongoing monitoring of tariff and trade-policy developments in the United States and other major export markets is warranted, as such policy shifts could directly affect the revenue and margins of the export-heavy Dilli.
It will be worth checking for new product unveilings or major customer order announcements at future trade shows. Market reception of new lineups such as the eco-friendly water-based printers could serve as an indicator of whether the recent revenue recovery is sustainable.
Dilli is an export-oriented KOSDAQ electronics-parts company centered on UV inkjet printing equipment, whose annual results have swung considerably through an operating loss in 2023 and an earnings slowdown in 2025.
However, revenue and operating margin improved together across the first and second quarters of 2026, which could be read as a sign of passing an earnings trough.
On the other hand, the shift to negative operating cash flow in 2025 and the company's sensitivity to tariff and trade-policy changes in major markets such as the United States, given its high export share, remain ongoing challenges.
On the balance-sheet side, the low debt ratio and a track record of approving cash dividends each year represent points of stability.
The capital-structure event of the share consolidation in March-April 2026 has already passed; going forward, third-quarter results and any shifts in trade policy will be the key items to watch. This report is provided for informational purposes only and does not include a buy or sell recommendation or a target price.
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.