Defense, rail, eco-plant
Hyundai Rotem Company
Hyundai Rotem combines K2-centered Defense Solutions with high-speed and metro Rail Solutions. First-half 2026 revenue was KRW 3.0635tn and operating profit KRW 456.6bn, with Defense at 56.8% of revenue. Polish K2 exports and rail orders drive growth, transmitting demand to component suppliers such as Hyundai Wia's main-gun business.
Business categories Defense Primes · Defense · primary
064350.KS Updated Oct 10, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Hyundai Rotem Company is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 9 companies within two hops; the links are backed by 15 dated sources, 5 of them primary filings (as of 2026-10-10).
Financials & Segments
- Total revenue · First-half 2026 revenue KRW 3.0635tn, operating profit KRW 456.6bn, operating margin 14.9%
- Segments · Defense (K2 tank, APCs) · Rail (high-speed, metro) · Eco-Plant (hydrogen, steel)
Revenue from
- 국내외 철도 운영사·발주처 (고속철·전동차) High confidence· contract 391,446,000,000원 · 에드먼턴 경전철(2026.7) · DART supply-contract filing
Rail Solutions: Canada's Edmonton high-floor LRT at KRW 391.4bn (8.9% of revenue), Sinansan Line rolling stock at KRW 235.3bn (POSCO E&C), SR high-speed EMU-320, GTX-B/C PPP, and the Daejang-Hongdae metro. - 폴란드 군비청 (K2 전차) High confidence· Count 210대 (EC3) · 2026~2034
K2 tanks for Poland: the third execution contract (210 units - 120 Korean-built, 90 local) targeted within the year, running 2026-2034; Iraq (250 units, ~KRW 9tn) and Peru (54 K2s plus 141 wheeled APCs) in parallel talks.Confirms KO Financial News Published Jul 9, 2026: Hyundai Rotem's third Polish K2 contract takes shape - 폴란드 군비청 (K2 전차 수출) High confidence· Count 210대 (EC3 추진) · 2026~2034
K2 tank exports to Poland: the first contract (180 units) is in delivery and a second execution contract is underway; a third (EC3) of 210 units (120 Korean-built, 90 local) is targeted for 2026-2034. The annual report lists the Poland K2 supply and its second execution contract.Confirms KO Financial News Published Jul 9, 2026: Hyundai Rotem's third Polish K2 contract takes shapeMentions KO Samsung Securities Published Apr 13, 2026: Hyundai Rotem: A defense stock that can still be called inexpensive - 방위사업청 (K1/K2 창정비·PBL·장갑차) High confidence
DAPA is the top domestic ground-weapons customer: K1/K1A1 overhaul, K2 overhaul development, K1-series performance-based logistics, and 30mm wheeled AA gun and wheeled APC production. A 2026 K-1 recovery/bridge-tank maintenance contract. - 국내외 철도 운영사 (레일솔루션) Medium confidence
Rolling stock (metro, high-speed) runs alongside defense as the second pillar.Mentions KO Financial News Published Jul 9, 2026: Hyundai Rotem's third Polish K2 contract takes shape - 페루 (K2 전차·차륜형장갑차) Medium confidence
A framework agreement with Peru for K2 tanks and wheeled APCs, plus preferred-bidder status on the wheeled-APC program - a Latin America export beachhead.
Pays to
- Hyundai Wia High confidence· component 120 mm · K2 production · K2 tank main-gun caliber
Hyundai Wia manufactures the 120 mm 55-caliber smoothbore main gun mounted on Hyundai Rotem's K2 tank, directly tying K2 production volumes to gun demand.Confirms EN The Asia Business Daily Published Aug 13, 2025: Hyundai Wia Significantly Expands Research Organizations to Target Exports - K2 파워팩 (엔진·변속기, HD현대인프라코어·SNT다이내믹스) Medium confidence
The K2 tank powerpack (engine and transmission) has been localized - engine from HD Hyundai Infracore, transmission from the SNT Dynamics line; as integrator, Rotem sources the core driveline. - 철도차량 부품·강재 (대차·의장·알루미늄 차체) Medium confidence
Assembles rolling stock from bogies, fit-out parts, aluminum car bodies and steel sourced from domestic and overseas partners - an integrator model.
Investors
- Hyundai Motor Company High confidence· Market share 33.8% · 2025 year-end · Hyundai Rotem 2025 shareholder status
Hyundai Motor is Hyundai Rotem's largest shareholder with 36,856,636 common shares, or 33.8%, creating a long-term capital link to its defense and rail investment cycle.Confirms KO Hyundai Rotem Published Dec 31, 2025: Hyundai Rotem stock information: 2025 shareholder status
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Hyundai Rotem Company | node | -3.4 | +48.4 | +3.1 | +108.8 | +290.1 | -54.2 |
| Hyundai Motor Company | benef1 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -34.2 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| SK Innovation (SK On) | benef2 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | +23.5 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| PPG Industries | benef2 | +21.3 | -25.7 | +21.2 | -18.5 | -12 | +3.4 |
| CATL | benef2 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +2.2 |
| LG Energy Solution | benef2 | · | · | -26.9 | -7.6 | +13.1 | +0.8 |
| Kia | benef2 | +3.1 | -13.8 | +54 | +3.7 | +60.1 | -26.9 |
YTD as of 2026-10-08 · source: Yahoo Finance
Hyundai Rotem is a defense integrator whose K2 export expansion reached earnings and the share price early. Annual returns moved 108.8% in 2024 and 290.1% in 2025 before changing -54.2% in 2026. Hyundai Motor, the group capital link, moved from 158.8% in 2025 to -34.2% in 2026, while K2 main-gun supplier Hyundai Wia moved from 125.1% to -31.7%. The sequence from sovereign export demand to the integrator and then component suppliers is visible, but Rotem's 2026 pullback shows the risk of expectations running ahead of delivery. The lagging section is Hyundai Wia, still a baseline node, plus the non-node engine and transmission suppliers.
Analysis generated from returns as of 2026-10-08← All companiesMarkdown · JSON · Customers · Suppliers · Ripple