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
Nara Cellar returned to operating profit in 2025, but quarterly earnings remain volatile and the company faces a separate market-cap listing-maintenance risk on KOSDAQ.
Consolidated operating profit reached KRW 0.98bn in 2025, turning positive after two years of losses, though the scale remains small.
Revenue held up at KRW 22.29bn and KRW 21.47bn in Q1 and Q2 2026 respectively, but the Q2 owner net loss widened to KRW 0.88bn.
Subsidiary Soju Story completed the Pungsan distillery in Andong, North Gyeongsang Province, and is preparing to launch a new distilled-soju product around November 2026.
The KOSDAQ market-cap listing-maintenance threshold steps up to KRW 20bn in July 2026 and KRW 30bn in January 2027, with the company's market capitalization sitting close to these levels.
Costco entry and expansion into offline channels such as GS The Fresh, along with a premium brand portfolio including Caymus and Duckhorn from the US, underpin the revenue base.
Founded in 1990, Nara Cellar is a wine import and distribution specialist that became the first Korean wine company to list on KOSDAQ in 2023.
As of the first quarter of 2026, the company imports and distributes 252 brands and roughly 1,613 SKUs sourced from the United States, France, Chile, Italy and other countries, with US wine accounting for about 36% of quarterly revenue, followed by France (23%), Chile (13%), Italy (7%) and other countries (21%).
Its key brands include Chile's Montes, often described as Korea's most popular wine, along with Caymus and Duckhorn from the US, Donnafugata from Italy, and French negociant wines.
Distribution runs through On-channel outlets such as hotels and restaurants and Off-channel outlets including department stores, hypermarkets, convenience stores and its own Wine Pix shops; the company recently secured its first Costco listing and is expanding supply to stores nationwide while also broadening its presence in SSM and convenience-store networks such as GS The Fresh, Homeplus Express and Emart Everyday.
It operates a logistics warehouse in Gwangju with capacity for up to 1.1 million bottles.
More recently, the company has expanded into distilled spirits: through its 88.89%-owned subsidiary Soju Story, it completed the Pungsan distillery in Andong, North Gyeongsang Province, described as the largest distilled-soju production facility in Korea, with an annual capacity of 600,000 liters, or roughly 1.6 million bottles of soju, and is upgrading product quality through technical cooperation with Japan's Nishi Shuzo distillery and a joint research partnership with Kyungpook National University's fermentation biotechnology institute.
The competitive landscape features wine importers affiliated with large retail groups such as Shinsegae L&B alongside numerous smaller importers, and Nara Cellar seeks to differentiate itself through a diversified brand and price-tier portfolio.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩18.5B | -₩500M | −2.9% |
| 2025Q3 | ₩20.7B | ₩200M | 1.1% |
| 2025Q4 | ₩22B | ₩1.2B | 5.5% |
| 2026Q1 | ₩22.3B | ₩500M | 2.4% |
| 2026Q2 | ₩21.5B | ₩200M | 1.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩107.2B | ₩12B | ₩8.9B | 11.2% | 18.2% | 146.8% |
| 2023 | ₩85.3B | ₩200M | -₩1.1B | 0.2% | −1.6% | 87.4% |
| 2024 | ₩82.7B | -₩3.5B | -₩5.7B | −4.2% | −9.0% | 102.8% |
| 2025 | ₩82.1B | ₩1B | ₩85,003,410 | 1.2% | 0.1% | 83.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Nara Cellar's earnings have traced a clear cycle since the end of the pandemic-era wine boom.
Revenue peaked at KRW 107.16bn with operating profit of KRW 11.96bn (an 11.2% operating margin) in 2022, before revenue fell to KRW 85.33bn in 2023, operating profit collapsed to KRW 0.196bn, and the company posted an owner net loss of KRW 1.10bn.
In 2024, losses deepened further, with revenue of KRW 82.71bn, an operating loss of KRW 3.48bn (a -4.2% operating margin), and an owner net loss of KRW 5.71bn.
In 2025, revenue slipped slightly further to KRW 82.11bn, yet operating profit turned positive at KRW 0.98bn (a 1.2% margin) and owner net income turned positive at KRW 0.085bn. Operating cash flow improved markedly to KRW 6.87bn in 2025 from KRW 3.68bn in 2024, signaling a recovery in cash generation as well.
On a quarterly basis, results improved from a KRW 18.55bn revenue and KRW 0.53bn operating loss in the second quarter of 2025 to KRW 20.68bn revenue and KRW 0.22bn operating profit in the third quarter, and further to KRW 21.95bn revenue, KRW 1.22bn operating profit, and KRW 0.38bn owner net income in the fourth quarter.
However, in 2026 the pattern turned mixed: first-quarter revenue reached KRW 22.29bn with operating profit of KRW 0.53bn, yet the company posted an owner net loss of KRW 0.15bn, and in the second quarter revenue of KRW 21.47bn and operating profit of KRW 0.21bn were accompanied by a widened owner net loss of KRW 0.88bn.
This growing gap between operating profit and bottom-line results points to increased volatility in non-operating items that warrants continued monitoring.
Korea's wine market grew rapidly from 2018 to 2022, driven by home-drinking trends and pandemic-era demand, but growth stalled after the transition to the post-pandemic period as consumption cooled.
Wine import volumes surged from 40,000 tons in 2018 to 71,000 tons in 2022 during the pandemic boom, but subsequent declines in home-drinking demand combined with an economic slowdown have led to a broader stagnation in industry revenue.
Against this backdrop, wine importers including Nara Cellar are competing to diversify across both On-channel outlets such as hotels and restaurants and Off-channel outlets such as hypermarkets and convenience stores, while rising foreign tourist arrivals and domestic consumption-stimulus policies have recently been cited as positive variables for the industry.
At the same time, Korea's traditional distilled-spirits market is seeing a premiumization trend under the "K-soju" banner, with Andong soju regarded as a category with global potential given its status as a nationally registered geographical indication product.
In terms of competitive intensity, the market features a mix of large retail-affiliated importers such as Shinsegae L&B and numerous smaller players, making exclusive brand supply rights and diversified price-tier portfolios key determinants of market position.
Still, with domestic alcohol consumption structurally subdued, a key industry question is how much the new distilled-spirits expansion can offset stagnation in the core wine business.
The company has said it expects earnings momentum to accelerate in the second half as seasonal demand tied to Korean holidays combines with rising tourist spending and government consumption-coupon policies.
In offline channels, following the sell-out of its initial Costco supply, the company plans to expand distribution to Costco stores nationwide and continue growing its presence in SSM and convenience-store channels such as GS The Fresh, Homeplus Express and Emart Everyday.
In its new distilled-soju business, subsidiary Soju Story completed the Pungsan distillery in Andong and has said it plans to launch 25-degree and 43-degree products around November 2026 following equipment stabilization and production preparation.
The company has stated that some of the soju will be aged for at least three months before release, while select products will undergo longer aging of three years or more in oak barrels for a premium line.
Management has also said it is examining reverse-export options through its existing wine import network and partnerships with overseas Korean restaurants to pursue global markets.
That said, no confirmed disclosed figures yet exist for the timing or scale of the new business's revenue contribution, meaning post-launch sales performance still needs to be observed.
In addition, as the KOSDAQ market-cap listing-maintenance threshold rises in stages, whether the company's stated earnings-turnaround strategy translates into meeting that threshold is a variable that also needs to be tracked.
Nara Cellar's shares have traded in a range that has fallen substantially since listing amid earnings weakness, with the price-to-book ratio sitting near the lower end of its five-year band, reflecting a discount to net asset value.
This pattern broadly tracks the direction of earnings, which swung from profit in 2022 to losses in 2023-2024 before returning to a modest profit in 2025. However, with quarterly net results in 2026 alternating between profit and loss, the direction of earnings has not yet settled into a clear trend.
On dividends, no payout was made for the most recent fiscal year, leaving dividend appeal limited relative to sector peers.
Separately from valuation, the market has flagged the possibility of administrative-issue designation tied to the rising KOSDAQ market-cap listing-maintenance threshold as a variable affecting trading.
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 2026-09-05
Operating profit reached KRW 0.98bn in 2025, ending two consecutive years of losses, while operating cash flow rose sharply to KRW 6.87bn from KRW 3.68bn a year earlier. The sequential improvement in revenue and operating profit from the third to fourth quarter of 2025 is also a positive signal.
Cost efficiency measures combined with channel diversification are seen as laying the groundwork for a profitability recovery.
Successful entry into Costco with plans for nationwide store expansion, along with growth in SSM channels such as GS The Fresh, Homeplus Express and Emart Everyday, is broadening the offline revenue base.
Rising tourist inflows and domestic consumption-stimulus policies are also cited as favorable variables for premium wine and spirits demand. New brand introductions continue in On-channel outlets such as hotels and restaurants as well.
Subsidiary Soju Story has completed the Pungsan distillery, described as Korea's largest distilled-soju production facility, and is preparing to launch new products around November 2026.
Technical cooperation with Japan's Nishi Shuzo and joint research with Kyungpook National University aim to build quality competitiveness. If paired with a reverse-export strategy leveraging the existing wine import network, this could become a new revenue source.
The KOSDAQ market-cap listing-maintenance threshold rises in stages to KRW 20bn in July 2026 and KRW 30bn in January 2027, and the company's market capitalization sits close to these levels.
Recovery requirements after administrative-issue designation have also tightened, requiring the threshold to be exceeded for at least 45 consecutive trading days to avoid delisting. This represents a structural pressure in which the share price level itself, separate from earnings, directly affects listing continuity.
Both the first and second quarters of 2026 posted operating profit, yet the owner net loss actually widened to KRW 0.15bn and KRW 0.88bn, respectively. The growing gap between operating profit and bottom-line results reduces earnings predictability due to non-operating volatility. If this pattern persists, it may take time for the market to build confidence in the earnings trajectory.
The company's revenue declined steadily from KRW 107.16bn in 2022 to KRW 82.11bn in 2025 over three years and has since plateaued. Home-drinking demand that surged during the pandemic has reversed in the post-pandemic period, weakening growth momentum across the industry.
Until the new distilled-spirits business begins contributing meaningfully to revenue, stagnation in the core wine business may continue to cap the upper bound of results.
As the KOSDAQ market-cap listing-maintenance threshold is raised on an accelerated schedule, the company's market capitalization remains close to the threshold, keeping the possibility of administrative-issue designation persistent.
Recovery requirements after such designation have also tightened to at least 45 consecutive trading days above the threshold, making it harder to avoid delisting through a temporary share-price rebound alone. This is a structural variable investors need to monitor continuously, separate from earnings improvement.
Given the business structure's heavy reliance on wine imports, exchange-rate movements such as the won-dollar and won-euro rates directly affect costs. A company representative has cited high inflation and exchange-rate volatility as external variables affecting results. This currency exposure can act as a factor amplifying volatility in non-operating income.
The Andong soju business is still in the pre-launch stage, and the possibility that the planned November 2026 launch could be delayed or that market reception could fall short of expectations cannot be ruled out.
There is a precedent in which a logistics-center investment planned at the time of listing was delayed due to weak industry conditions, suggesting the new-business investment plan could also change during execution. Initial production and distribution cost burdens could also weigh on profitability in the near term.
Check whether Soju Story's 25-degree and 43-degree Andong soju products are formally launched as planned and monitor initial market reception.
Check whether holiday-season and tourist-driven demand translated into actual revenue and operating-profit improvement, and whether volatility in net income has eased.
Ahead of the KOSDAQ market-cap listing-maintenance threshold rising to KRW 30bn, check whether the company's market capitalization stays above the threshold and whether administrative-issue designation occurs.
Check whether the plan to expand to around 20 Costco stores nationwide is actually progressing, along with related metrics such as volume and repeat-purchase rates.
After peaking in 2022, Nara Cellar posted losses in 2023-2024 before turning both operating profit and net income positive in 2025, though results in the first half of 2026 showed operating profit alongside a widening net loss, suggesting the earnings trajectory has not yet fully settled.
Offline channel expansion, the Costco listing, and the new distilled-soju (Andong soju) business represent attempts to diversify the revenue base.
However, structural stagnation in domestic wine demand and market risk from the rising KOSDAQ market-cap listing-maintenance threshold exist as variables separate from earnings-improvement efforts.
The new Andong soju business is planned for formal launch around November 2026, so the initial market reception and its impact on future results warrant observation.
Management has said it expects the pace of earnings improvement to accelerate in the second half on the back of seasonal demand and policy effects, but this remains the company's own outlook rather than a confirmed outcome.
Ahead of any investment decision, it is necessary to comprehensively check whether the listing-maintenance threshold is met, the degree of quarterly earnings volatility, and the timing of the new business's actual revenue contribution.
Report written 2026-09-05 · Data as of 2026-09-04
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