PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
TSI Co., one of Korea's three leading battery mixing equipment makers, has continued to post improving operating profit and steady order flow in the first half of 2026 despite quarter-to-quarter earnings volatility since turning profitable in 2024.
Revenue reached 271.9 billion won with 15.6 billion won in operating profit in 2024, but both slowed to 264.7 billion won and 8.2 billion won in 2025.
Q1 2026 revenue fell year-on-year but operating and net profit improved sharply, while Q2 revenue surged to 116.6 billion won, the highest of the half.
Trailing four-quarter (Q3 2025-Q2 2026) net profit attributable to owners totaled about 18.0 billion won.
The debt ratio fell from 416% in 2022 to 140% in 2025, and operating cash flow swung to a net inflow of about 46.9 billion won in 2025.
The company continues to supply mixing systems to battery makers including LG Energy Solution while pursuing new businesses such as CNT dispersion and dry mixing technology.
TSI Co. started in 1996 as an individual business called Taesung Gigong, converted into a corporation in 2011 to design and manufacture secondary battery mixing systems, listed on KONEX in 2017, and moved to KOSDAQ in 2020.
Its core business is designing and selling mixing process equipment and systems that blend active materials, conductive agents, binders, and solvents, the first step in the electrode process for secondary batteries.
Its product lineup includes the Corona mixer, a cathode-dedicated mixer, the Conex mixer, the Solu mixer, and high-speed dispersers, developed through its dispersion technology center focused on next-generation mixing technology.
Its representative domestic customer is LG Energy Solution, and in December 2025 the company signed a roughly 26.7 billion won mixing system supply contract with LG Energy Solution for delivery in the United States.
Domestically, TSI is regarded as one of three leading mixing equipment makers alongside Yoosung F&C and Jeil M&E, while overseas competitors include Japan's PRIMIX, Asada, and Inoue.
The company is also pursuing new businesses including CNT (carbon nanotube) dispersion liquid, continuous mixers, dry mixing, and mixing technology for solid-state battery materials. Its largest shareholder changed in 2023 through a control sale to a fund affiliated with Anda H Asset Management.
The company has raised funds through multiple rounds of convertible bond issuance, with Anda H Asset Management participating as a subscriber in several rounds.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩55.7B | ₩2.3B | 4.1% |
| 2025Q3 | ₩76.6B | ₩2.6B | 3.4% |
| 2025Q4 | ₩67.9B | ₩1.4B | 2.0% |
| 2026Q1 | ₩50.9B | ₩3.8B | 7.5% |
| 2026Q2 | ₩116.6B | ₩7.1B | 6.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩148.8B | ₩4.9B | ₩3.1B | 3.3% | 7.0% | 416.4% |
| 2023 | ₩261.1B | ₩2B | -₩4.9B | 0.8% | −5.0% | 252.7% |
| 2024 | ₩272B | ₩15.6B | ₩29.4B | 5.7% | 23.4% | 192.0% |
| 2025 | ₩264.7B | ₩8.2B | ₩3.9B | 3.1% | 3.1% | 140.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
Consolidated revenue jumped from 148.8 billion won in 2022 to 261.1 billion won in 2023 and rose further to 271.9 billion won in 2024, before slipping slightly to 264.7 billion won in 2025.
Operating profit fell from 4.9 billion won in 2022 to 2.0 billion won in 2023, improved sharply to 15.6 billion won in 2024, then declined again to 8.2 billion won in 2025, pulling the operating margin down from 5.7% to 3.1%.
Net profit attributable to owners posted a 4.9 billion won loss in 2023, turned to a 29.4 billion won profit in 2024, then shrank to 3.9 billion won in 2025.
On a quarterly basis, Q2 2025 revenue was 55.7 billion won with 2.3 billion won of operating profit but a 1.5 billion won net loss, while Q3 revenue rose to 76.6 billion won with net profit improving to 3.0 billion won.
Q4 revenue fell to 67.9 billion won, with operating profit of 1.4 billion won and net profit of 0.7 billion won. In Q1 2026, revenue declined to 50.9 billion won year-on-year, yet operating profit reached 3.8 billion won and net profit jumped to 9.1 billion won, showing a marked improvement in profitability metrics.
Q2 2026 revenue surged to 116.6 billion won, the highest of the half, with operating profit rising to 7.1 billion won, though net profit fell to 5.2 billion won from the prior quarter.
As a result, trailing four-quarter (Q3 2025-Q2 2026) net profit attributable to owners totaled about 18.0 billion won, reflecting an order-driven revenue structure with substantial quarter-to-quarter swings.
On the cash flow side, operating cash flow was negative at -34.6 billion won and -22.0 billion won in 2023 and 2024 respectively, before swinging to a net inflow of 46.9 billion won in 2025, while the debt ratio fell from 416% in 2022 to 140% in 2025, pointing to gradually improving financial structure.
Many observers describe the secondary battery mixing equipment market as currently passing through a chasm phase in which major battery makers' new equipment orders remain limited.
Research Aleum analyst Choi Seong-hwan wrote in a February 2025 report that the mixing equipment market, previously contested by three companies including TSI, was expected to see structural change after one competitor posted a large loss in 2024, and noted the potential for TSI to benefit given its similar customer base.
NH Investment & Securities analyst Baek Jun-gi explained in an August 2024 report that TSI was researching dry mixing and solid-state battery technology beyond the currently dominant wet mixing method, and had also begun a CNT dispersion liquid business.
He expected new orders to expand beyond existing customers to additional clients, sustaining growth, and assessed that TSI's new-order momentum within the mixing sector was the strongest despite chasm concerns, with profitability also improving.
He added that because the electrode process has a large impact on battery performance, the negative effects of the chasm would likely be relatively smaller than for other processes.
Domestically, the competitive structure consists of three leading players—TSI, Yoosung F&C, and Jeil M&E—while Japanese companies are known to hold strong technological positions overseas.
Demand from downstream EV and ESS battery markets is progressing at different paces by region and customer, meaning individual companies' order timing and regional mix directly affect their results.
A company official has said TSI aims to build a pilot CNT dispersion liquid production line using its own equipment, targeting mass production in 2026 if the process proceeds smoothly.
Order disclosures continued in the second half of 2025, with a roughly 27.5 billion won mixing system contract (period: September 2025-April 2026) announced in September and a roughly 28.4 billion won contract (period: October 2025-September 2026) in October.
In December, the company signed a roughly 26.7 billion won contract with LG Energy Solution for U.S. supply running from December 2025 to December 2027, extending the revenue recognition horizon into 2027.
According to news coverage citing an NH Investment & Securities report, once a new plant under construction in Cheonan is completed, production capacity is expected to expand from the current roughly 250 billion won level to about 550 billion won.
The same coverage noted that the order backlog stood at 558.9 billion won as of end-June 2025, indicating a still-substantial volume of orders yet to be recognized as revenue.
Beyond CNT dispersion liquid, the company is simultaneously developing continuous mixers, dry mixing, and mixing technology for solid-state battery materials, broadening its capability for next-generation electrode processes.
For the October contract, the disclosure embargo on the counterparty's identity is set to expire on September 15, 2026, so whether the customer's identity is revealed should become clear shortly.
The share price has fluctuated in line with quarterly earnings volatility, swinging from a sharp net profit increase in 2024 to a smaller profit again in 2025.
The price-to-book ratio, whether calculated independently or on the official KRX basis, stands below 1x, indicating the stock trades at a discount to net asset value.
Based on trailing four-quarter combined earnings, the price-to-earnings ratio sits on the lower side relative to valuation bands the mixing equipment sub-sector has commanded in the past. The company has not paid a dividend in the most recent fiscal year, making a dividend-yield-based approach difficult to apply.
Some brokerage and research reports in the past highlighted potential benefits from a competitor's setback and new-business momentum, but as quarterly results grew more volatile afterward, market assessments also fluctuated accordingly.
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 2026-08-22
Both Q1 and Q2 2026 operating profit improved year-on-year, and Q2 revenue of 116.6 billion won marked the highest of the half. The sharp rise in Q1 net profit to 9.1 billion won despite lower revenue suggests cost reduction and efficiency gains are progressing.
Trailing four-quarter combined net profit reached 18.0 billion won, pointing to a recovery trend relative to full-year 2025 results.
Pilot CNT dispersion liquid production with a 2026 mass-production target, along with parallel development of dry mixing and solid-state battery mixing technology, reflects efforts to move beyond the existing wet-mixing-centered business.
Continuous mixer development is also underway, broadening capability for next-generation electrode processes. If these new businesses gain traction, they could contribute to revenue diversification.
The debt ratio falling from 416% in 2022 to 140% in 2025, along with operating cash flow swinging to a 46.9 billion won net inflow in 2025, indicates improving financial stability.
An order backlog of 558.9 billion won was reported as of end-June 2025, suggesting a substantial volume of orders yet to be recognized as revenue. The December 2025 contract with LG Energy Solution runs through 2027, potentially contributing to revenue visibility going forward.
Revenue swung sharply from 55.7 billion won in Q2 2025 to 76.6 billion won in Q3, 67.9 billion won in Q4, 50.9 billion won in Q1 2026, and 116.6 billion won in Q2 2026.
This reflects the order-based business model in which results hinge on the delivery and inspection timing of individual large contracts, making it difficult to judge trends from any single quarter. Full-year 2025 revenue and operating profit both declined from 2024, meaning growth has not proceeded smoothly.
The operating margin fell from 5.7% in 2024 to 3.1% in 2025, and net profit attributable to owners dropped sharply from 29.4 billion won to 3.9 billion won. Large equipment order businesses are sensitive to fluctuations in raw material and labor costs, meaning margins can vary significantly by contract.
If customers slow their order pace amid the industry chasm, this could add further pressure on utilization and profitability.
Since the largest shareholder changed to a private-equity-affiliated entity through a 2023 control sale, some governance-related friction has surfaced, and multiple past rounds of convertible bond issuance have left potential share overhang.
An NH Investment & Securities report identified a CB issue involving roughly 3 million shares as a risk factor. Should conversion proceed going forward, it could dilute existing shareholders.
If the temporary slowdown (chasm) in EV battery demand persists, major battery makers may delay or reduce new equipment orders. This could directly affect the pace at which TSI secures new orders and the timing of revenue recognition.
Given the structure's reliance on a concentrated set of customers, changes in those customers' investment plans can significantly affect results.
As shown by operating cash flow turning negative in 2023-2024 before swinging to a net inflow in 2025, working-capital burdens such as receivables and inventory can vary significantly year to year given the order-based business.
Although the debt ratio has declined, funding conditions could temporarily tighten depending on the timing of receiving advance and interim payments on large contracts. Should additional capital raising such as new convertible bond issuance become necessary, it could affect existing shareholder value.
Because the largest shareholder is structured as a private-equity-affiliated investment vehicle, the possibility of further governance changes such as additional stake sales or a resale cannot be ruled out.
Issues have previously been raised regarding board operations, including an outside director receiving high compensation despite low attendance, warranting continued attention to governance improvement.
Potential share overhang from multiple rounds of convertible bond issuance also remains a factor for shareholder value dilution.
The disclosure embargo on the counterparty of the roughly 28.4 billion won contract signed in October 2025 is set to expire, potentially revealing the customer's identity.
The Q3 2026 earnings release should be checked to see whether the Q2 revenue surge and operating margin improvement continue.
This is the period to check whether CNT dispersion liquid pilot production transitions to mass production, and to track the startup timing and capacity expansion progress of the new Cheonan plant.
Full-year 2026 results will be confirmed, allowing a check on the revenue recognition progress of the December 2025 U.S. supply contract with LG Energy Solution, which runs through December 2027.
TSI Co. is one of Korea's three leading makers of mixing equipment for the secondary battery electrode process, and its earnings trajectory has been uneven—turning sharply profitable in 2024, slowing in 2025, and improving again in the first half of 2026.
Revenue shows large quarter-to-quarter swings tied to the delivery and inspection timing of large contracts, with trailing four-quarter net profit attributable to owners at about 18.0 billion won.
A declining debt ratio and the 2025 swing to positive operating cash flow point to improving financial structure, but potential dilution from past convertible bond issuances and the private-equity-affiliated ownership structure remain factors to monitor continuously.
On the industry side, some observers assess that the electrode process is relatively less affected by the ongoing EV demand chasm given its importance to battery performance, and new businesses such as CNT dispersion liquid, dry mixing, and solid-state battery material mixing are likely to be key to future revenue diversification.
A series of order disclosures since the second half of 2025 and the planned capacity expansion at the new Cheonan plant support the possibility of medium-to-long-term production capacity growth, but the actual startup timing and customer order pace remain variables requiring confirmation.
Investors should weigh quarterly earnings volatility, the pace of new-business commercialization, and governance and capital-raising developments together when assessing the company.
Report written 2026-09-12 · Data as of 2026-09-11
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