Worth reading
62In focus
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
573
Millions of yen (year-on-year change in operating profit)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Financial Results PresentationSecond quarter of the fiscal year ending March 202715 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales23,731 Millions of yen+5.4%
Operating profit1,534 Millions of yen+59.7%
Ordinary income1,531 Millions of yen+27.5%
Net income¥1,062 million +42.0%first-half net income attributable to owners of the parent
Operating profit margin6.5 %
Full-year earnings forecast
Net Sales
47,000 Millions of yen
Operating profit
1,940 Millions of yen
Ordinary income
2,060 Millions of yen
Profit attributable to owners of the parent
1,670 Millions of yen
Earnings per share
79.45 Yen
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales50.5
Operating profit79.1
Ordinary income74.4
Profit attributable to owners of the parent63.6
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is slightly ahead of expectations. At this point, performance is expected to remain broadly in line with the plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Operating profit, second quarter of fiscal year ending March 2026960 Millions of yen
- Packaging Materials revenue1,223 Millions of yen
- Packaging Materials cost of sales (variable costs)-426 Millions of yen
- Packaging systems sales revenue21 Millions of yen
- Cost of packaging systems sales (variable costs)-30 Millions of yen
- Cost of sales (fixed costs)-140 Millions of yen
- Selling, general and administrative expenses and other items-74 Millions of yen
- Operating profit, second quarter of fiscal year ending March 20271,534 Millions of yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The company expects higher raw material prices and other costs, base pay increases and inflation, higher depreciation expenses associated with the new overseas factory, and an impact from the situation in the Middle East; numerical assumptions: Not disclosedNew initiatives
- Obtaining SBT certification
- Production commenced in some processes at the new factory of the Malaysian subsidiary
- Absorption-type merger of 株式会社ニッポー (scheduled for 1 July 2027)
- Change to a dividend policy targeting progressive dividends and DOE of 2.4%
- Share repurchase limit of ¥500 million and 580,000 shares
Key KPIsA metric the company considers important as a management benchmark.
- ROE (annualized)5.9 %Year on year against the same period last year+1.5pt
- Domestic share of printed packaging materials for the pharmaceutical market38.1 %
- Domestic share of printed packaging materials for the cosmetics market27.5 %
- Consolidated headcount1,803 people
Segment results
Printed packaging materials business
Net Sales
21,341 Millions of yen+6.1%
Segment profit
5,235 Millions of yen+14.4%
Domestic revenue
19,699 Millions of yen+4.7%
Overseas revenue
1,641 Millions of yen+26.6%
Packaging systems sales business
Net Sales
2,155 Millions of yen+1.0%
Segment profit
345 Millions of yen-2.7%
Other (staffing services business)
Net Sales
234 Millions of yen-9.3%
Segment profit
70 Millions of yen+5.4%
Medium-term management plan targets
Plan nameMedium-Term Management Plan 2030
Target fiscal yearFiscal year ending March 2031
ROE8%
Operating profit margin8%
Total asset turnover0.75x
Financial targets
ROE
Target8% (fiscal year ending March 2031)
Actual results5.9% (second quarter of the fiscal year ending March 2027, annualized)
Operating profit margin
Target8% (fiscal year ending March 2031)
Actual results6.5% (second quarter of the fiscal year ending March 2027)
Equity ratio
Actual results52.0%
Market Size / Share
Domestic share of printed packaging materials for the pharmaceutical market38.1% (company estimate)
Domestic share of printed packaging materials for the cosmetics market27.5% (company estimate)
Orders received and order backlog
Stated as maintained at a high level. Amount: Not disclosedNumber of stores and locations
19 domestic sales locations and 5 domestic manufacturing locations. Number of locations opened or closed during the period: Not disclosedNumber of employees
Number of Employees1,803 people
Reference dateAs of September 2026
Capital expenditures
¥30 100 million investment in the new factory in Malaysia
Annual Dividend
Annual dividend per share38 Yen
Interim18 Yen
End of period20 Yen
Acquisition of treasury shares
Total acquisition price¥5 100 million maximum
Number of shares acquired¥58 100 million maximum
Share unit10,000 shares (maximum)
Acquisition period22 July 2026–31 March 2027
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | 23,731 Millions of yen (YoY +5.4%) |
| Operating profit | 1,534 Millions of yen (YoY +59.7%) |
| Ordinary income | 1,531 Millions of yen (YoY +27.5%) |
| Net income | ¥1,062 million (first-half net income attributable to owners of the parent) (YoY +42.0%) |
| Operating profit margin | 6.5 % |
| Full-year earnings forecast | Net Sales 47,000 Millions of yen / Operating profit 1,940 Millions of yen / Ordinary income 2,060 Millions of yen / Profit attributable to owners of the parent 1,670 Millions of yen / Earnings per share 79.45 Yen |
| Progress against full-year forecast | Net Sales 50.5 / Operating profit 79.1 / Ordinary income 74.4 / Profit attributable to owners of the parent 63.6 |
| Self-assessment against the plan | Progress is slightly ahead of expectations. At this point, performance is expected to remain broadly in line with the plan. |
| Segment results | Printed packaging materials business Net Sales 21,341 Millions of yen (YoY +6.1%) / Segment profit 5,235 Millions of yen (YoY +14.4%) / Domestic revenue 19,699 Millions of yen (YoY +4.7%) / Overseas revenue 1,641 Millions of yen (YoY +26.6%) / Packaging systems sales business Net Sales 2,155 Millions of yen (YoY +1.0%) / Segment profit 345 Millions of yen (YoY -2.7%) / Other (staffing services business) Net Sales 234 Millions of yen (YoY -9.3%) / Segment profit 70 Millions of yen (YoY +5.4%) |
| Breakdown of Factors Affecting the Change | Factors Operating profit, second quarter of fiscal year ending March 2026 / Amount 960 Millions of yen, Factors Packaging Materials revenue / Amount 1,223 Millions of yen, Factors Packaging Materials cost of sales (variable costs) / Amount -426 Millions of yen, Factors Packaging systems sales revenue / Amount 21 Millions of yen, Factors Cost of packaging systems sales (variable costs) / Amount -30 Millions of yen, Factors Cost of sales (fixed costs) / Amount -140 Millions of yen, Factors Selling, general and administrative expenses and other items / Amount -74 Millions of yen, Factors Operating profit, second quarter of fiscal year ending March 2027 / Amount 1,534 Millions of yen |
| Key KPIs | Indicator name ROE (annualized) / Value 5.9 % / Year on year against the same period last year +1.5pt, Indicator name Domestic share of printed packaging materials for the pharmaceutical market / Value 38.1 % / Year on year against the same period last year Not disclosed, Indicator name Domestic share of printed packaging materials for the cosmetics market / Value 27.5 % / Year on year against the same period last year Not disclosed, Indicator name Consolidated headcount / Value 1,803 people / Year on year against the same period last year Not disclosed |
| Number of stores and locations | 19 domestic sales locations and 5 domestic manufacturing locations. Number of locations opened or closed during the period: Not disclosed |
| Number of employees | Number of Employees 1,803 people / Reference date As of September 2026 / Changes during the period and hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | The company expects higher raw material prices and other costs, base pay increases and inflation, higher depreciation expenses associated with the new overseas factory, and an impact from the situation in the Middle East; numerical assumptions: Not disclosed |
| Medium-term management plan targets | Plan name Medium-Term Management Plan 2030 / Target fiscal year Fiscal year ending March 2031 / ROE 8% / Operating profit margin 8% / Total asset turnover 0.75x |
| Financial targets | ROE Target 8% (fiscal year ending March 2031) / Actual results 5.9% (second quarter of the fiscal year ending March 2027, annualized) / Operating profit margin Target 8% (fiscal year ending March 2031) / Actual results 6.5% (second quarter of the fiscal year ending March 2027) / Equity ratio Actual results 52.0% |
| Annual Dividend | Annual dividend per share 38 Yen / Interim 18 Yen / End of period 20 Yen |
| Acquisition of treasury shares | Total acquisition price ¥5 100 million (maximum) / Number of shares acquired ¥58 100 million (maximum) / Share unit 10,000 shares (maximum) / Acquisition period 22 July 2026–31 March 2027 |
| Capital expenditures | ¥30 100 million (investment in the new factory in Malaysia) |
| Orders received and order backlog | Stated as maintained at a high level. Amount: Not disclosed |
| Market Size / Share | Domestic share of printed packaging materials for the pharmaceutical market 38.1% (company estimate) / Domestic share of printed packaging materials for the cosmetics market 27.5% (company estimate) / Market Size Not disclosed |
| New initiatives | Obtaining SBT certification, Production commenced in some processes at the new factory of the Malaysian subsidiary, Absorption-type merger of 株式会社ニッポー (scheduled for 1 July 2027), Change to a dividend policy targeting progressive dividends and DOE of 2.4%, Share repurchase limit of ¥500 million and 580,000 shares |
Items this document does not state (7)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsRisk amount incorporated into the outlookPayout ratioKey points of the Q&A
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.In the printed packaging materials business, a review of selling prices, the recovery of overseas orders, cost reduction measures and productivity improvements contributed to results. Although costs increased due to higher raw material prices and labor costs, the increase was absorbed by higher sales and cost improvements. The packaging systems sales business posted higher revenue but lower profit due to changes in the project mix.
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