HD Hyundai Electric (267260)
HD Hyundai Electric (267260) makes power-grid equipment, from large power transformers to switchgear and rotating machinery, and is a leading exporter of high-voltage transformers to the US grid. In ETFpedia it represents the Korea Manufacturing Core Alliance theme as a supplier of long-lead hardware that AI data centers and grid upgrades cannot source fast enough at home.
| Ticker | 267260 |
|---|---|
| Exchange | KOSPI |
| Sector | Industrials · Power Grid Equipment (Transformers & Switchgear) |
| Country | South Korea |
| Wikidata | Q131187949 |
| Last updated | 2026-06-04 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-15. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)
HD Hyundai Electric posted Q1 2026 revenue of ₩1.04 trillion, up 2% year over year, with operating profit of ₩258.3 billion (+18%) and net income of ₩207.7 billion (+35%), as a rich transformer order book and firmer pricing lifted margins.
| Revenue | ₩1.04T+2%YoY |
|---|---|
| Operating profit | ₩2,583억 (KRW 258.3 billion)+18%YoY |
| Net income | ₩2,077억 (KRW 207.7 billion)+35%YoY |
Recent & upcoming events
- · FY2025 annual results filed.Full-year 2025 revenue of ₩4.08T (+23%), operating profit ₩9,953억 (KRW 995.3 billion, +49%), and net income ₩7,318억 (KRW 731.8 billion, +47%), driven by the US transformer export boom. (source)
- · Record ₩277.8 billion US transformer order.Won a 765kV ultra-high-voltage transformer supply contract worth about ₩277.8 billion in the US, the largest single order in the company's history. (source)
Consolidated quarterly and annual figures are from the DART 분기보고서/사업보고서. Order-backlog figures cited in prose are company/press disclosures, not consolidated statement line items.
Figures are as of 2026-05-15 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does HD Hyundai Electric do?
HD Hyundai Electric makes the heavy electrical equipment that moves power across a grid. Its core products are large power and distribution transformers, the steel-and-copper boxes that step voltage up for transmission and down for use. It also makes gas-insulated and medium- and low-voltage switchgear, high- and low-voltage motors and generators, circuit breakers, and marine electrical systems for ships. The highest-value product is the large power transformer, a custom-built unit that can take well over a year to manufacture. The company reported ₩4.08 trillion of revenue in FY2025 (DART 사업보고서). Like the rest of its theme, its value is physical: foundries, winding lines, and high-voltage test halls that cannot be spun up overnight.
Why is HD Hyundai Electric a Korea manufacturing company?
The Korea Manufacturing Core Alliance theme is about Korean firms selling hardware a US-aligned economy needs but cannot make fast enough at home, and the power transformer is a textbook bottleneck. The US grid is straining under new demand from AI data centers and electrification, while domestic transformer capacity is limited and lead times for large units stretch for years. Korean makers have stepped into that gap, and HD Hyundai Electric is among the marginal suppliers of large power transformers to the US grid. In September 2025 it won its largest-ever order, a roughly ₩277.8 billion 765kV ultra-high-voltage transformer contract in the US (Hankookilbo).
“South Korean power equipment makers are riding a wave of export growth, with their transformers in high demand amid a global rush to reinforce power grids and connect new data centers.”
What did HD Hyundai Electric report most recently?
In Q1 2026 (the quarter ended March 31, 2026), HD Hyundai Electric posted revenue of ₩1.04 trillion, up 2% year over year, with operating profit of ₩258.3 billion, up 18%, and net income of ₩207.7 billion, up 35% (DART 분기보고서). Revenue growth was modest, but profit rose faster as a backlog of higher-priced transformer orders flowed through and lifted margins. For full-year 2025 the company reported revenue of ₩4.08 trillion (+23%), operating profit of ₩995.3 billion (+49%), and net income of ₩731.8 billion (+47%) (DART 사업보고서), with the US export boom the main driver.
What are the risks for HD Hyundai Electric?
- Order-cycle dependence. The current strength rests on a transformer shortage. If US grid spending slows or domestic capacity catches up, new-order momentum and pricing power would fade.
- Capacity ceiling. Transformers are slow to build, so even strong demand is gated by plant capacity; expansions take time and capital and can arrive late in a cycle.
- Trade and tariff exposure. As a Korean exporter heavily tied to the US market, earnings are sensitive to tariffs, local-content rules, and trade policy.
- Input costs and FX. Margins depend on steel and copper prices and on the won, all of which can move against the company between order and delivery.
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Frequently asked questions about HD Hyundai Electric
What does HD Hyundai Electric do?
HD Hyundai Electric makes power-grid equipment: large power and distribution transformers, gas-insulated and MV/LV switchgear, high- and low-voltage motors and generators, and circuit breakers, plus marine electrical solutions. Its highest-value product is the large power transformer. It is a leading exporter of high-voltage transformers to the US grid and reported ₩4.08 trillion of revenue in FY2025 (DART 사업보고서).
Why is HD Hyundai Electric part of the Korea manufacturing theme?
HD Hyundai Electric supplies the long-lead grid hardware a supply-constrained US grid cannot make fast enough at home. Large power transformers have multi-year lead times, and Korean makers are among the marginal suppliers to the US grid as AI data centers and grid upgrades drive demand. In September 2025 it won its largest-ever order, a roughly ₩277.8 billion 765kV transformer contract in the US (Hankookilbo).
What was HD Hyundai Electric's latest revenue?
HD Hyundai Electric reported Q1 2026 revenue of ₩1.04 trillion, up 2% year over year, with operating profit of ₩258.3 billion (+18%) and net income of ₩207.7 billion (+35%) (DART 분기보고서). For full-year 2025 it reported ₩4.08 trillion of revenue and operating profit of ₩995.3 billion (+49%).
When does HD Hyundai Electric next report earnings?
Korean issuers do not pre-announce earnings dates. The next regulatory filing is the H1 2026 반기보고서 (semi-annual report), due around August 14, 2026 under Korea's 45-day semi-annual deadline. That date is estimated, not company-confirmed. The company last filed its Q1 2026 분기보고서 on May 15, 2026 (DART).
Sources & references
- HD현대일렉트릭 분기보고서 (2026.03) · Q1 2026 quarterly report · HD Hyundai Electric / DART (FSS), 2026-05-15
- HD현대일렉트릭 사업보고서 (2025.12) · FY2025 annual report · HD Hyundai Electric / DART (FSS), 2026-03-16
- HD현대일렉트릭, 미국 초고압 변압기 2778억원 수주로 역대 최대 실적 달성 (record US 765kV transformer order) · Hankookilbo, 2025-09-22
- S.Korea's power transformer exports soar as global supply shortage bites · KED Global (Korea Economic Daily), 2025-06-16