ISU Specialty Chemical (457190)
ISU Specialty Chemical (457190) is a KOSPI-listed Korean fine-chemicals maker spun off from ISU Chemical in 2023. In ETFpedia it represents the solid-state battery theme as an upstream materials supplier, scaling lithium sulfide (Li2S), the essential raw material for the sulfide solid electrolytes that anchor the leading all-solid-state cell chemistry.
| Ticker | 457190 |
|---|---|
| Exchange | KOSPI |
| Sector | Specialty Chemicals · Solid-State Battery Materials |
| Country | South Korea |
| Wikidata | Q131188642 |
| Last updated | 2026-06-04 |
Next event:Next report · H1 2026 반기보고서, 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)
Revenue rose 10% year over year to ₩1,086억 (about ₩108.6 billion), but operating profit fell 43% to ₩35억 and net income fell 50% to ₩19억 as price competition in the core specialty-chemicals business squeezed margins while the lithium sulfide ramp is still pre-scale.
| Revenue | ₩1,086억+10%YoY · Consolidated (CFS) |
|---|---|
| Operating profit | ₩35억-43%YoY |
| Net income | ₩19억-50%YoY |
Recent & upcoming events
- · FY2025 results: revenue up, profit down sharply.Full-year 2025 revenue rose 24% to ₩4,115억 (about ₩411.5 billion), but operating profit fell 89% to ₩16억 and net income fell 93% to ₩8억, as a major scheduled maintenance turnaround and aggressive price competition from North American and European rivals compressed margins. (source)
- · Q1 2026 분기보고서 filed.Revenue grew 10% YoY to ₩1,086억 while operating profit fell 43% to ₩35억; the lithium sulfide (Li2S) expansion remains a pre-scale ramp ahead of the planned mother-plant operation. (source)
All figures are consolidated (연결, CFS) as reported to DART. Separate-statement (별도) figures cited in some Korean media differ; the snapshot uses the consolidated set for consistency.
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 ISU Specialty Chemical do?
ISU Specialty Chemical makes sulfur-based specialty and fine chemicals (intermediates such as TDM and related products), high-purity gases used in semiconductor processes, and lithium sulfide (Li2S). The company was carved out of ISU Chemical in 2023 and listed on the KOSPI. The bulk of revenue still comes from its established specialty-chemicals lines, which is why the page treats the solid-state angle as optionality on top of a cash-generating core rather than the whole story.
The reason ISU shows up in a battery basket is Li2S. Sulfide solid electrolytes are widely seen as the front-runner chemistry for all-solid-state EV cells because they conduct lithium ions well and can be processed at scale, and lithium sulfide is their irreplaceable raw material. ISU has been building out Li2S capacity, with Korean trade press describing the company moving from pilot output toward a dedicated production system (전자신문, Aug 2024).
Shinhan Securities named ISU Specialty Chemical a top pick within the solid-state value chain on the strength of its lithium sulfide (Li2S) build-out, while flagging that profitability from the new business is not yet in sight.
Why is ISU Specialty Chemical a solid-state battery company?
Solid-state batteries swap the flammable liquid electrolyte in a conventional lithium-ion cell for a solid one, which raises energy density and improves safety. The sulfide route is the leading path to a commercial all-solid-state EV cell, and it runs on lithium sulfide. ISU is one of the few Korean firms scaling Li2S, which places it upstream in the solid-state battery supply chain, several steps before the cell makers. That position is a double-edged sword: it gives ISU early exposure to the theme, but the revenue depends on cell makers actually reaching mass production, which most roadmaps put late this decade.
What did ISU Specialty Chemical report most recently?
In Q1 2026 (the quarter ended March 31, 2026), revenue rose 10% year over year to ₩1,086억 (about ₩108.6 billion), but operating profit fell 43% to ₩35억 and net income fell 50% to ₩19억 (DART 분기보고서). The pattern continued from full-year 2025, when revenue grew 24% to ₩4,115억 but operating profit dropped 89% to ₩16억 and net income fell 93% to ₩8억 (DART 사업보고서). Management and analysts attribute the margin squeeze to a scheduled maintenance turnaround and aggressive price competition from North American and European rivals in the core specialty-chemicals business. The Li2S ramp is still pre-scale, so it is a cost line rather than a profit driver for now.
What are the risks for ISU Specialty Chemical?
- Solid-state timing risk. The Li2S thesis depends on cell makers reaching mass production. Most all-solid-state roadmaps sit late this decade, and timelines have a history of slipping, so meaningful Li2S revenue may be years away.
- Core-margin pressure. FY2025 operating profit fell 89% and Q1 2026 fell 43% on maintenance downtime and overseas price competition. The established chemicals business, not the battery story, drives near-term earnings.
- Pre-scale new business. Lithium sulfide is still ramping; capacity additions add fixed costs before they add profit.
- Customer concentration. Demand for Li2S is tied to a small set of solid-state developers, so order timing can be lumpy and binary.
Related securities, concepts & terms
Related indices & ETFs
- Akros Korea Solid-State Battery ESS TOP2 Plus Index · AkrosKorean companies tied to solid-state battery and ESS; includes this company. No licensed tracking ETF.
Frequently asked questions about ISU Specialty Chemical
What does ISU Specialty Chemical do?
ISU Specialty Chemical is a Korean fine-chemicals company that makes sulfur-based specialty chemicals and intermediates, high-purity gases for semiconductors, and lithium sulfide (Li2S), the key raw material for sulfide solid electrolytes used in next-generation solid-state batteries. It was spun off from ISU Chemical in 2023 and trades on the KOSPI. Full-year 2025 revenue was ₩4,115억 (DART 사업보고서).
Why is ISU Specialty Chemical part of the solid-state battery theme?
Sulfide solid electrolytes are the leading chemistry for all-solid-state EV cells, and lithium sulfide (Li2S) is their essential raw material. ISU is one of the few Korean suppliers scaling Li2S production, which makes it an upstream materials play on the theme rather than a cell maker. Shinhan Securities has named it a top pick within the solid-state value chain, while cautioning that meaningful solid-state revenue is unlikely before around 2030 (데일리인베스트).
What was ISU Specialty Chemical's latest revenue and profit?
In Q1 2026, revenue rose 10% year over year to ₩1,086억 (about ₩108.6 billion), but operating profit fell 43% to ₩35억 and net income fell 50% to ₩19억 (DART 분기보고서). For full-year 2025, revenue grew 24% to ₩4,115억 while operating profit dropped 89% to ₩16억 on maintenance downtime and price competition (DART 사업보고서).
When does ISU Specialty Chemical next report earnings?
Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual filing deadline, ISU Specialty Chemical's H1 2026 반기보고서 is expected around August 14, 2026. That date is estimated, not company-confirmed; it last filed its Q1 2026 분기보고서 on May 15, 2026 (DART).
Sources & references
- 이수스페셜티케미컬 분기보고서 (2026.03) · Financial Supervisory Service (DART), 2026-05-15
- 이수스페셜티케미컬 사업보고서 (2025.12) · Financial Supervisory Service (DART), 2026-03-19
- '가시화되는 전고체 체인'…이수스페셜티케미컬, 원재료 황화리튬 시생산 · Electronic Times (전자신문), 2024-08-12
- [Hot 종목 체크] 이수스페셜티케미컬, 황화리튬 생산 체계 구축으로 주가 동력? · Daily Invest (데일리인베스트), 2026-04-08
- ISU Specialty Chemical · Investor Relations · ISU Specialty Chemical, 2026-03-20