Worth reading
50Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
29.8
% (year-on-year change in operating profit)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales286,127¥ millionYear on year +3.6%Progress 93.2%
Operating profit23,320¥ millionYear on year +29.8%Progress 98.0%
Ordinary income24,790¥ millionYear on year +24.3%Progress 99.2%
Net income attributable to owners of the parent15,594¥ millionYear on year +41.4%Progress 86.6%
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¥245.14
Operating Margin8.2
Financial position at period-end
Total assets286,820¥ million
of which net assets 170,232 ¥ millionEquity ratio 56.1%vs. prior year-end +0.9pt
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+64,700
Investment+748
Financials-23,475
Net change+41,973
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).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¥86,359 million
Segment profit
Environmental Systems Business20,82082.7%
Coating systems business4,36517.3%
Regional sales
Japan142,09624.8%
North America33,1155.8%
Thailand17,7323.1%
Other Southeast Asia32,0125.6%
China11,7672.1%
Other East Asia5,3500.9%
India32,5665.7%
Other11,4862.0%
Total286,12750.0%
Segment revenueEnvironmental Systems Business Net sales to external customers ¥183,043 million / Sales, including intersegment transactions ¥183,176 million (YoY +8.1%) / Coating systems business Net sales to external customers ¥103,084 million / Sales, including intersegment transactions ¥103,088 million (YoY -3.6%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥307,000 million (YoY +7.3%)
Operating profit¥23,800 million (YoY +2.1%)
Ordinary income¥25,000 million (YoY +0.8%)
Net income¥18,000 million (YoY +15.4%)
Annual Dividend Forecast¥110 → ¥119
Payout ratioActual results for the current fiscal year 44.9 % / Next-year forecast 41.6 %
Factors Behind Changes in Business Performance
Capital investment in Japan and overseas remained firm, resulting in higher overseas construction revenue. Revenue in the Environmental Systems Business increased in areas including building air conditioning, while revenue in the Painting Systems Business increased in India, Europe and other regions, despite a decline due to the reaction to large domestic projects in the previous fiscal year.
Disclosure regarding the going concern assumption
Not applicable (no matters to report in the notes on the going concern assumption)
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 0 / Company name Not disclosed / Excluded Number of companies 0 / Company name Not disclosed
Material subsequent eventsNo applicable matters.
Impairment loss¥402 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on disposal of fixed assets ¥166 million / Gain on sale of investment securities ¥1,442 million / Extraordinary loss Losses on disposal of fixed assets ¥17 million / Impairment loss ¥402 million / Impairment loss on investment securities ¥30 million / Provision for losses related to factory closure ¥473 million
Depreciation and amortization¥2,145 million
Orders received and order backlogOrders received ¥351,740 million / Order backlog Not disclosed
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingEvent Yes / Subject person Institutional investors and analysts
Issued Shares at Period-End63,464,018 Shares
Treasury Shares at Period-End464,423 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥286,127 million (YoY +3.6%) |
| Operating profit | ¥23,320 million (YoY +29.8%) |
| Ordinary income | ¥24,790 million (YoY +24.3%) |
| Profit attributable to owners of the parent | ¥15,594 million (YoY +41.4%) |
| Net income per share | ¥245.14 |
| Operating Margin | 8.2 |
| Equity ratio | End of the current fiscal period 56.1 / End of previous period 55.2 |
| Total assets | ¥286,820 million |
| Net assets | ¥170,232 million |
| Cash flows from operating activities | ¥64,700 million |
| Cash flows from investing activities | ¥748 million |
| Cash flows from financing activities | ¥-23,475 million |
| Cash and cash equivalents at end of period | ¥86,359 million |
| Full-year earnings forecast | Net Sales ¥307,000 million (YoY +7.3%) / Operating profit ¥23,800 million (YoY +2.1%) / Ordinary income ¥25,000 million (YoY +0.8%) / Net income ¥18,000 million (YoY +15.4%) |
| Annual Dividend Forecast | ¥110 → ¥119 |
| Payout ratio | Actual results for the current fiscal year 44.9 % / Next-year forecast 41.6 % |
| Segment revenue | Environmental Systems Business Net sales to external customers ¥183,043 million / Sales, including intersegment transactions ¥183,176 million (YoY +8.1%) / Coating systems business Net sales to external customers ¥103,084 million / Sales, including intersegment transactions ¥103,088 million (YoY -3.6%) |
| Segment profit | Environmental Systems Business ¥20,820 million / Coating systems business ¥4,365 million |
| Regional sales | Japan ¥142,096 million / North America ¥33,115 million / Thailand ¥17,732 million / Other Southeast Asia ¥32,012 million / China ¥11,767 million / Other East Asia ¥5,350 million / India ¥32,566 million / Other ¥11,486 million / Total ¥286,127 million |
| Orders received and order backlog | Orders received ¥351,740 million / Order backlog Not disclosed |
| Depreciation and amortization | ¥2,145 million |
| Impairment loss | ¥402 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on disposal of fixed assets ¥166 million / Gain on sale of investment securities ¥1,442 million / Extraordinary loss Losses on disposal of fixed assets ¥17 million / Impairment loss ¥402 million / Impairment loss on investment securities ¥30 million / Provision for losses related to factory closure ¥473 million |
| Disclosure regarding the going concern assumption | Not applicable (no matters to report in the notes on the going concern assumption) |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 0 / Company name Not disclosed / Excluded Number of companies 0 / Company name Not disclosed |
| Material subsequent events | No applicable matters. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Event Yes / Subject person Institutional investors and analysts |
| Issued Shares at Period-End | 63,464,018 Shares |
| Treasury Shares at Period-End | 464,423 Shares |
| Factors Behind Changes in Business Performance | Capital investment in Japan and overseas remained firm, resulting in higher overseas construction revenue. Revenue in the Environmental Systems Business increased in areas including building air conditioning, while revenue in the Painting Systems Business increased in India, Europe and other regions, despite a decline due to the reaction to large domestic projects in the previous fiscal year. |
Items this document does not state (2)
Revision to Earnings ForecastShareholder Return Policy
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.Capital investment by semiconductor-related companies, data centers and automakers remained firm in Japan and overseas, resulting in higher overseas construction revenue. In the Environmental Systems Business, revenue increased in areas including building air conditioning, while the Painting Systems Business saw increases in India, Europe and other regions.
How to read this page
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