Worth reading
62In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
12.2
% (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026 to 30 September 2026ConsolidatedJapanese GAAPNet Sales14,665¥ millionYear on year +0.4%Progress 42.5%
Operating profit1,524¥ millionYear on year -12.2%Progress 28.2%
Ordinary income1,741¥ millionYear on year -7.1%Progress 30.5%
Net income attributable to owners of the parent1,072¥ millionYear on year -12.2%Progress 28.2%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥69.19
Financial position at period-end
Total assets39,501¥ million
of which net assets 27,680 ¥ millionEquity ratio 68.6%vs. prior year-end +1.1pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+2,352,289
Investment-842,304
Financials-740,789
Net change+769,196
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ thousand).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥11,109,621 thousand
Segment revenue
Environmental Systems Business9,361,23663.8%+1.4%
Piping and Equipment Materials Business5,304,63436.2%-1.2%
Segment profit
Environmental Systems Business2,380,855+4.3%
Piping and Equipment Materials Business-171,477
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥34,500 million (YoY +2.3%)
Operating profit¥5,400 million (YoY +6.2%)
Ordinary income¥5,700 million (YoY +6.4%)
Net income¥3,800 million (YoY +4.8%)
Revision to Earnings ForecastNo revision
Annual Dividend Forecast¥82 → ¥98
Factors Behind Changes in Business Performance
The Environmental Systems business reported higher revenue and profit due to an increase in completed construction revenue from existing projects. The Piping Materials and Equipment business reported lower revenue and an operating loss of ¥171.477 million (an operating loss of ¥200.673 million in the same period of the previous year). Externally, construction material prices and labour costs continued to rise, while shortages of skilled workers persisted.
Disclosure regarding the going concern assumption
None applicable
Change in accounting policy
基準改正に伴う変更 Noneそれ以外の変更 None見積りの変更 None修正再表示 None
Changes in the scope of consolidationCover page No material changes (0 additions, 0 exclusions) / Notes 有限会社ケー・ティー・エス became a subsidiary as of 6 April 2026, and its trade name was changed to 株式会社ケー・ティー・エス as of 23 July 2026.
Material subsequent eventsThe shares held by non-controlling shareholders of 株式会社道東オーテック were additionally acquired on 1 October 2026, making it a wholly owned subsidiary. The company also entered into a capital and business alliance agreement with Azbil Corporation. Azbil Corporation is scheduled to acquire 2,387,000 of the company's shares and is expected to become a major shareholder and other affiliated company.
Impairment loss¥45,971 thousand
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of membership rights ¥50 thousand / Extraordinary loss Loss on sale of property, plant and equipment ¥98 thousand, Loss on disposal of property, plant and equipment ¥5,609 thousand, Impairment loss ¥45,971 thousand
Depreciation and amortization¥156,887 thousand
Orders received and order backlogOrders received ¥16,021,701 thousand / Carried-forward construction orders ¥19,942,046 thousand
Availability of Supplementary Financial Results MaterialsAvailable
Availability of Financial Results BriefingYes (for institutional investors and analysts)
Issued Shares at Period-End17,100,000 shares
Treasury Shares at Period-End1,591,483 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026 to 30 September 2026 |
| Net Sales | ¥14,665 million (YoY +0.4%) |
| Operating profit | ¥1,524 million (YoY -12.2%) |
| Ordinary income | ¥1,741 million (YoY -7.1%) |
| Profit attributable to owners of the parent | ¥1,072 million (YoY -12.2%) |
| Net income per share | ¥69.19 |
| Equity ratio | End of the current fiscal period 68.6 / End of previous period 67.5 |
| Total assets | ¥39,501 million |
| Net assets | ¥27,680 million |
| Cash flows from operating activities | ¥2,352,289 thousand |
| Cash flows from investing activities | ¥-842,304 thousand |
| Cash flows from financing activities | ¥-740,789 thousand |
| Cash and cash equivalents at end of period | ¥11,109,621 thousand |
| Full-year earnings forecast | Net Sales ¥34,500 million (YoY +2.3%) / Operating profit ¥5,400 million (YoY +6.2%) / Ordinary income ¥5,700 million (YoY +6.4%) / Net income ¥3,800 million (YoY +4.8%) |
| Revision to Earnings Forecast | No revision |
| Annual Dividend Forecast | ¥82 → ¥98 |
| Segment revenue | Environmental Systems Business ¥9,361,236 thousand (YoY +1.4%) / Piping and Equipment Materials Business ¥5,304,634 thousand (YoY -1.2%) |
| Segment profit | Environmental Systems Business ¥2,380,855 thousand (YoY +4.3%) / Piping and Equipment Materials Business ¥-171,477 thousand |
| Orders received and order backlog | Orders received ¥16,021,701 thousand / Carried-forward construction orders ¥19,942,046 thousand |
| Depreciation and amortization | ¥156,887 thousand |
| Impairment loss | ¥45,971 thousand |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of membership rights ¥50 thousand / Extraordinary loss Loss on sale of property, plant and equipment ¥98 thousand, Loss on disposal of property, plant and equipment ¥5,609 thousand, Impairment loss ¥45,971 thousand |
| Disclosure regarding the going concern assumption | None applicable |
| Change in accounting policy | Changes due to revisions to standards None / Other changes None / Change in accounting estimate None / Restatement None |
| Changes in the scope of consolidation | Cover page No material changes (0 additions, 0 exclusions) / Notes 有限会社ケー・ティー・エス became a subsidiary as of 6 April 2026, and its trade name was changed to 株式会社ケー・ティー・エス as of 23 July 2026. |
| Material subsequent events | The shares held by non-controlling shareholders of 株式会社道東オーテック were additionally acquired on 1 October 2026, making it a wholly owned subsidiary. The company also entered into a capital and business alliance agreement with Azbil Corporation. Azbil Corporation is scheduled to acquire 2,387,000 of the company's shares and is expected to become a major shareholder and other affiliated company. |
| Availability of Supplementary Financial Results Materials | Available |
| Availability of Financial Results Briefing | Yes (for institutional investors and analysts) |
| Issued Shares at Period-End | 17,100,000 shares |
| Treasury Shares at Period-End | 1,591,483 shares |
| Factors Behind Changes in Business Performance | The Environmental Systems business reported higher revenue and profit due to an increase in completed construction revenue from existing projects. The Piping Materials and Equipment business reported lower revenue and an operating loss of ¥171.477 million (an operating loss of ¥200.673 million in the same period of the previous year). Externally, construction material prices and labour costs continued to rise, while shortages of skilled workers persisted. |
Items this document does not state (4)
Operating MarginPayout ratioShareholder Return PolicyRegional sales
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The Environmental Systems business reported higher revenue and profit due to an increase in completed construction revenue from existing projects. The company explained that public investment and private-sector capital investment are recovering, while construction material prices and labour costs continue to rise and skilled-worker shortages persist. It is also strengthening equipment proposals for sustainable buildings and enhancing its specialist trading company functions.
How to read this page
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