DY Deokyang 2026 Q1: Op. Profit 26.2B KRW, Net Profit 37.7B KRW, but high debt ratio 430% and subsidiaries' losses continue


  • [Consolidated] Q1 2026 (50th fiscal): Revenue KRW 428.1B, Operating profit KRW 26.2B (significant improvement YoY), Net profit KRW 37.7B (vs KRW 12.4B in FY2025). EPS KRW 116.
  • [Financial Stability] Debt ratio 430% (consolidated, debt KRW 506.5B / equity KRW 117.9B). Interest expense impact KRW 4.3B per 1%p rate hike. Total loan commitments KRW 143.0B (drawn KRW 41.5B).
  • [Subsidiaries] Beijing Deokyang (China) under liquidation (assets KRW 19.0B, liabilities KRW 35.1B). US DY DEOKYANG AMERICA Q1 net loss KRW 1.6B (capital increase KRW 4.3B). Two domestic subsidiaries (DSS Energy Cell, D&C Battery Solution) small net losses.
  • [Shareholder Return] FY2025 cash dividend KRW 60 per share (10% of par value).
  • [Others] 76 patents held. R&D cost 1.13% of sales (FY2025). Supply contracts with Hyundai Motor Group for Cockpit Module etc. remaining over KRW 2 trillion (contract basis).
  • [Risks]10% FX appreciation reduces pre-tax profit by KRW 4.5B. Director/auditor compensation KRW 0.27B in Q1 2026. Frequent management changes (3 CEOs resigned in 2025).

KOSPI Filing Information


  • Filing: Quarterly Report (2026.03)
  • Company: DY DEOKYANG (024900)
  • Submission: DY DEOKYANG Co.,Ltd.
  • Receipt: 05-15-2026