PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩400 per share · Prices as of the 2026-10-02 close
IDIS saw margin pressure in 2024 before lifting its operating margin back into the mid-single digits in 2025, and while quarterly results in the first half of 2026 fluctuated, the broader earnings recovery trend continued.
2025 consolidated revenue reached KRW 327.6bn with operating profit of KRW 21.2bn (6.5% margin), a marked improvement from the prior year.
The estimated operating margin hit roughly 10.2% in Q2 2026, the highest in recent quarters, while Q1 2026 fell to about 4.3%, underscoring quarter-to-quarter volatility.
Core businesses center on CCTV recorders (DVR/NVR), IP cameras, and video management software (VMS), with IDIS holding the distinction of having developed Korea's first DVR.
The acquisitions of IDIS Powertel and Link Genesis expanded the company's scope toward a total video security solutions provider.
Overseas public infrastructure wins such as the Indian Railways project and the broader de-China shift in the CCTV supply chain are cited as medium-term growth variables.
IDIS is a video security specialist focused on CCTV recorders (DVR/NVR), IP cameras, and video management software (VMS). The company's original DVR is credited with shifting Korea's video security market from analog to digital.
More recently, IDIS has expanded deep-learning-based AI boxes and AI cameras that perform on-device intelligent analytics such as person/vehicle recognition, loitering, falls, and fire detection directly at the camera level.
The 2023 acquisitions of IDIS Powertel and Link Genesis broadened the company's reach beyond standalone camera and recorder sales into total solution offerings.
Its customer base spans public safety (control centers, police), transportation (rail, parking), healthcare (operating-room safety solutions), and industrial safety (hazard detection on factory floors).
Domestic sales run through directly operated stores, dealers, and SI project consortia, while overseas sales rely on large distributors and installers.
Internationally, IDIS supplies AI deep-learning and facial-recognition video security solutions for the Indian Railways project in partnership with local system integrator M2M Cybernetics.
The global video security market includes large integrated vendors as well as lower-cost Chinese camera makers, and the recent de-China sourcing shift amid security and data-leakage concerns has been cited as an opportunity for domestic players.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩79.9B | ₩4.9B | 6.1% |
| 2025Q3 | ₩78B | ₩5.5B | 7.0% |
| 2025Q4 | ₩89B | ₩6.5B | 7.3% |
| 2026Q1 | ₩78.8B | ₩3.4B | 4.3% |
| 2026Q2 | ₩83.8B | ₩8.6B | 10.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩269.9B | ₩27.8B | ₩12.2B | 10.3% | 6.2% | 28.9% |
| 2023 | ₩278.2B | ₩22.6B | ₩20.2B | 8.1% | 9.2% | 31.9% |
| 2024 | ₩313.6B | ₩16.1B | ₩12.9B | 5.1% | 5.6% | 32.8% |
| 2025 | ₩327.6B | ₩21.2B | ₩17B | 6.5% | 7.2% | 32.9% |
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
On an annual basis, revenue grew from KRW 269.9bn in 2022 to KRW 278.2bn in 2023, but operating margin slipped from 10.3% to 8.1% as operating profit fell to KRW 22.6bn.
In 2024, revenue rose further to KRW 313.6bn, yet operating profit actually declined to KRW 16.1bn (5.1% margin), suggesting integration costs from acquisitions weighed on profitability; owner-attributable net income also dropped sharply to KRW 12.9bn from KRW 20.2bn in 2023.
In 2025, both revenue and profit improved together—revenue reached KRW 327.6bn and operating profit KRW 21.2bn (6.5% margin)—with owner-attributable net income recovering to KRW 17.0bn.
On a quarterly basis, operating profit expanded to KRW 5.5bn (7.0% margin) in Q3 2025 and KRW 6.5bn (7.3% margin) in Q4 2025, before easing to KRW 3.4bn (4.3% margin) on revenue of KRW 78.8bn in Q1 2026, then rebounding to KRW 8.6bn (10.2% margin) on revenue of KRW 83.8bn in Q2 2026, the highest margin of the recent window.
Owner-attributable net income in Q2 2026, however, came in at KRW 4.5bn, proportionally smaller than the jump in operating profit, likely reflecting non-operating items such as minority interests at subsidiaries.
Taken together over the trailing four quarters (Q3 2025–Q2 2026), the profit trajectory appears to be recovering from the 2024 trough.
Korea's video security (CCTV) industry is undergoing a structural shift from analog to IP- and AI-based systems, and the government appears to be pushing a project to convert local government CCTV networks to intelligent monitoring by 2027.
The Korea Internet & Security Agency (KISA) grants performance certification to products that detect abnormal behaviors—loitering, intrusion, abandonment, falls, fights, and arson—with over 90% accuracy, and holding this certification is often a requirement in public-sector procurement.
Globally, Chinese vendors such as Hikvision and Dahua have expanded share on price competitiveness, but growing security and data-leakage concerns have strengthened a shift away from Chinese products, particularly in Western markets, which has been cited as a tailwind for domestic Korean makers.
In the domestic market, large integrated video security vendors compete alongside specialist players such as IDIS, which has built a position in specialized segments including public safety, transportation, and healthcare on the strength of having developed Korea's first domestic DVR.
Overseas, expanding infrastructure investment in emerging markets such as India and Southeast Asia underpins demand, with India in particular allocating large budgets to rail infrastructure alongside related safety and security equipment spending.
That said, given the industry's heavy reliance on public and systems-integration projects, earnings can fluctuate depending on the timing and scale of individual project awards.
IDIS took part in SECON 2026 in March 2026 to showcase integrated AI solutions, following its debut a year earlier of the 'NOVA Line,' a new CCTV lineup built around 1-inch-class image sensors aimed at enhancing low-light performance and on-device AI recognition.
Overseas, the company has reportedly won orders covering 3,682 stations across the Indian Railways network, with initial deployment prioritized in roughly 230 high-traffic stations in the eastern region, making the pace of expansion to remaining stations a point to watch.
IDIS has also signed an MOU with quantum computing and quantum security specialist Norma to develop post-quantum cryptography (PQC) video security solutions, so the commercialization progress of that technology is worth monitoring.
In healthcare, the company continues sales efforts around its operating-room safety solution developed in response to mandatory operating-room CCTV installation rules.
Should the government's push to convert local CCTV networks to intelligent monitoring continue through 2027, public-sector demand could provide support, though revenue recognition timing may remain uneven quarter to quarter depending on budget allocation and order timing.
Taken together, an expanding product lineup, overseas infrastructure projects, and potential policy tailwinds are cited as growth drivers, while uncertainty around the timing and execution of individual project awards remains a constant variable.
The current share price trades below the company's net asset value, meaning the price-to-book relationship sits in a discounted zone relative to book value. On earnings, the trajectory shows recovery in 2025 and recent quarters following the margin compression of 2024, an improvement relative to that prior trough.
Dividends have been paid consistently in recent years, though the yield level changes daily with the share price, so readers should refer to the real-time figure shown on screen.
Valuation multiples such as PER and PBR are likewise constantly moving figures, so it is more useful to consider their position relative to the trading band formed over recent years and the persistence of the earnings recovery than to fix on an absolute number at any single point in 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
Operating margin, which had fallen to 5.1% in 2024, improved to 6.5% in 2025 and rose further to an estimated 10.2% in Q2 2026, showing recovery signals even on a quarterly basis. If margin improvement continues alongside revenue growth, the sustainability of the owner-attributable net income recovery could strengthen.
Growing procurement exclusion of Chinese CCTV products amid security and data-leakage concerns has been cited as a potential tailwind for domestic Korean vendors. As the originator of Korea's domestic DVR technology, IDIS could be relatively well positioned within this shift.
IDIS is reported to have secured orders covering 3,682 stations across the Indian Railways network, with initial deployment underway at a subset of eastern-region stations. Expansion of installation to the remaining stations could broaden the company's overseas revenue base.
Quarterly profitability has shown wide swings, with the estimated operating margin falling to 4.3% in Q1 2026 before jumping to 10.2% in Q2 2026. Given the business's heavy reliance on public and systems-integration projects, extrapolating a single quarter's results into an annual trend carries risk.
In 2024, despite revenue growth, both operating profit and net income declined, a margin compression interpreted as reflecting integration costs and cost-structure changes following prior acquisitions. Similar margin pressure could recur if further business expansion or acquisitions take place.
In Q2 2026, despite a large increase in operating profit, the increase in owner-attributable net income was proportionally smaller. It will be important to continue monitoring how non-operating factors, such as minority interests at subsidiaries, affect owner-attributable net income each quarter.
Given the heavy weighting toward public-sector and SI projects, revenue recognition can swing significantly by quarter depending on individual project order timing and budget allocation. Delays or cancellations of specific large projects could directly affect near-term results.
The global video security market features competition from both large integrated vendors and low-cost Chinese camera makers, and intensifying price competition could pressure margins.
While the de-China sourcing shift may benefit domestic vendors, the possibility of alternative suppliers from other competing countries or companies filling the gap cannot be ruled out.
Large overseas infrastructure wins such as the Indian Railways project are sizeable, but installation and operation through local partners expose the company to variables including exchange rates, local policy, and the pace of budget execution. The timing and speed of actual revenue realization may differ from initial plans.
This is the expected timing for the Q3 2026 earnings disclosure; it will be worth checking whether the Q2 margin improvement continues or whether volatility similar to Q1 reappears.
It will be worth checking for follow-up disclosures or reports on whether installation under the Indian Railways project expands beyond the eastern region to remaining stations.
It will be useful to check budget execution and new order trends related to the government's push to convert local CCTV networks to intelligent monitoring (targeted for 2027) to gauge the public-sector demand base.
Participation in the next SECON exhibition and any unveiling of follow-up products to the NOVA Line would offer a check on the progress of the company's product roadmap.
IDIS is a video security specialist with originator technology in domestic DVRs, having broadened its scope through 2023 acquisitions into a total solutions provider spanning cameras, recorders, and VMS.
Financially, after margin compression in 2024, operating margin showed a recovery trend through 2025 and the first half of 2026, though quarterly volatility remains notable.
On the industry side, the government's intelligent monitoring conversion project and the de-China sourcing shift in CCTV procurement are cited as potential demand drivers, with overseas infrastructure wins such as the Indian Railways project also flagged as a growth variable.
That said, the business's heavy weighting toward public and SI projects means results can swing with individual project order timing, and intensifying global competition along with overseas project execution risk remain present.
The share price appears to trade below net asset value, and the persistence of the earnings recovery together with the pace of overseas project progress are likely to be key variables going forward. Readers should weigh these bullish and bearish factors together in forming their own judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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