FY2027 Earnings Forecast, Overview of FY2026 Financial Results, and Initiatives Toward Management Conscious of Capital Costs and Share Price (May 2026 Update) | TOKYO PRINTING INK MFG.CO.,LTD. (4635) timely disclosure

Worth reading

79Important

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

1026

¥ million (decrease in FY2027/3 revenue from the previous fiscal year)

Wording

Conditional

How definitive the wording is.

Contents of this document

Financial results presentationFY2026/3 results and FY2027/3 earnings forecast14 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥49,926 million+6.7%

Operating profit¥2,217 million+69.4%

Ordinary income¥2,454 million+247.6%

Net income¥1,867 million+58.2%

Operating profit margin

RateFY2026/3 actual: 4.4%; FY2027/3 forecast: 3.7%; FY2028/3 target: 4.2%

Results for the three months of the current quarterShows quarterly trends in revenue and the operating margin on revenue for FY2026/3. Operating profit and other figures for the individual quarter: not disclosed.

Full-year earnings forecast

Net Sales

¥48,900 million

Operating profit

¥1,800 million

Ordinary income

¥1,950 million

Profit attributable to owners of the parent

¥1,950 million

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

Results above and below plan coexisted across segments and products. FY2026/3 revenue and operating profit both exceeded the revised forecast.

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Revenue for the fiscal year ended March 2026+¥1,710 million
FactorsSales volume
Revenue for the fiscal year ended March 2026+¥1,364 million
FactorsSales price revisions
Revenue for the fiscal year ended March 2026+¥55 million
FactorsSubsidiaries
Revenue for the fiscal year ended March 2026-JPY 10 million
FactorsConsolidation adjustments
Operating profit, fiscal year ended March 2026+¥1,364 million
FactorsSales price revisions
Operating profit, fiscal year ended March 2026-¥319 million
FactorsRising raw material prices
Operating profit, fiscal year ended March 2026+¥1,044 million
FactorsTerms of trade
Operating profit, fiscal year ended March 2026+¥289 million
FactorsSales volume
Operating profit, fiscal year ended March 2026+¥324 million
FactorsInventories
Operating profit, fiscal year ended March 2026-¥467 million
FactorsIncrease in fixed costs
Operating profit, fiscal year ended March 2026-¥366 million
FactorsIncrease in variable costs
Revenue forecast for the fiscal year ending March 2027-¥1,724 million
FactorsSales volume
Revenue forecast for the fiscal year ending March 2027+¥911 million
FactorsSales price revisions
Operating income forecast for the fiscal year ending March 2027+¥688 million
FactorsTerms of trade
Operating income forecast for the fiscal year ending March 2027-¥378 million
FactorsSales volume
Operating income forecast for the fiscal year ending March 2027-¥197 million
FactorsInventories
Operating income forecast for the fiscal year ending March 2027-¥627 million
FactorsIncrease in fixed costs
Operating income forecast for the fiscal year ending March 2027-¥64 million
FactorsIncrease in variable costs
Operating income forecast for the fiscal year ending March 2027+¥162 million
FactorsSubsidiaries and consolidation adjustments

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

Domestic naphtha price¥65,000 /kL
USD exchange rate¥155
Naphtha sensitivity¥300 million impact on profit of a ¥10,000 change per kL
Foreign exchange sensitivity¥6 million impact on operating profit of a ¥1 move in the yen, either weaker or stronger

New initiatives

Streamlining low-profitability products and shifting to high-profitability products
Strengthening maintenance of major production facilities
Restructuring the production system and preparing to build a new plant
Revising product selling prices
Developing new products and preparing to launch new businesses
Acquiring new customers and increasing share among existing customers
Share split, share repurchases, and expansion of the shareholder benefits program (completed)

Key KPIsA metric the company considers important as a management benchmark.

ROEFY2026/3 actual: 6.1%; FY2027/3 forecast: 6.1%; FY2028/3 target: 5.5%
Payout ratioFY2026/3 planned: 42.7%; FY2027/3 planned: 41.7%
Total Payout RatioFY2026/3 planned: 60.6%; FY2027/3 planned: 72.0%

Unit price and quantity metricsThese figures show sales broken down by price and volume.

Discloses sales volume and the amount of selling price revisions as factors affecting changes in revenue. Customer numbers, average spend per customer, and similar metrics: not disclosed.

Segment results

Ink Business
Net Sales¥18,368 million (YoY +12.4%)
Segment profit¥1,001 million (YoY +77.8%)
Chemical Products Business
Net Sales¥23,887 million (YoY +5.9%)
Segment profit¥801 million (YoY +32.3%)
Processed Products Business
Net Sales¥7,579 million (YoY -3.1%)
Segment profit¥484 million (YoY +44.4%)
Real Estate Leasing Business
Net Sales¥90 million (YoY +1.4%)
Segment profit¥52 million (YoY -6.5%)

Medium-term management plan targets

Plan nameTOKYOink 2027

Target fiscal yearFiscal year ending March 2028

Net Sales

¥48,000 million

Operating profit

¥2,000 million

Operating Margin

4.2 %

Net income for the current fiscal year

¥1,500 million

ROE

5.5 %

Comparison with actual resultsFY2026/3 results and FY2027/3 forecast shown alongside the targets

Financial targets

ROE

Actual results for the fiscal year ending March 20266.1%

Forecast for the fiscal year ending March 20276.1%

Target for the fiscal year ending March 20285.5%

Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.

Not disclosed. The impact of the situation in the Middle East is not included in the FY2027/3 earnings forecast.

Market Size / Share

Not disclosed. High-market-share products are mentioned, but no figures are provided.

Annual Dividend

Fiscal year ending March 2026

Annual¥63 per share

Interim¥26 per share

End of period¥37 per share

Fiscal year ending March 2027

Annual¥65 per share

Interim¥30 per share

End of period¥35 per share

Payout ratio

Payout ratioBasic policy of at least 40% or DOE of at least 1.0%. Trend: FY2026/3 planned 42.7%; FY2027/3 planned 41.7%

Total payout ratioFY2026/3 planned: 60.6%; FY2027/3 planned: 72.0%

Acquisition of treasury shares

Completed. The amount, number of shares, and period of the repurchase authorization: not disclosed.

Contents of this document
Item	Details
Document type	Financial results presentation
Fiscal Period Covered	FY2026/3 results and FY2027/3 earnings forecast
Net Sales	¥49,926 million (YoY +6.7%)
Operating profit	¥2,217 million (YoY +69.4%)
Ordinary income	¥2,454 million (YoY +247.6%)
Net income	¥1,867 million (YoY +58.2%)
Operating profit margin	Rate FY2026/3 actual: 4.4%; FY2027/3 forecast: 3.7%; FY2028/3 target: 4.2% / Year-on-year change (points) Not disclosed
Results for the three months of the current quarter	Shows quarterly trends in revenue and the operating margin on revenue for FY2026/3. Operating profit and other figures for the individual quarter: not disclosed.
Full-year earnings forecast	Net Sales ¥48,900 million / Operating profit ¥1,800 million / Ordinary income ¥1,950 million / Profit attributable to owners of the parent ¥1,950 million
Self-assessment against the plan	Results above and below plan coexisted across segments and products. FY2026/3 revenue and operating profit both exceeded the revised forecast.
Segment results	Segment Ink Business / Net Sales ¥18,368 million (YoY +12.4%) / Segment profit ¥1,001 million (YoY +77.8%), Segment Chemical Products Business / Net Sales ¥23,887 million (YoY +5.9%) / Segment profit ¥801 million (YoY +32.3%), Segment Processed Products Business / Net Sales ¥7,579 million (YoY -3.1%) / Segment profit ¥484 million (YoY +44.4%), Segment Real Estate Leasing Business / Net Sales ¥90 million (YoY +1.4%) / Segment profit ¥52 million (YoY -6.5%)
Breakdown of Factors Affecting the Change	Subject Revenue for the fiscal year ended March 2026 / Factors Sales volume / Amount +¥1,710 million, Subject Revenue for the fiscal year ended March 2026 / Factors Sales price revisions / Amount +¥1,364 million, Subject Revenue for the fiscal year ended March 2026 / Factors Subsidiaries / Amount +¥55 million, Subject Revenue for the fiscal year ended March 2026 / Factors Consolidation adjustments / Amount -JPY 10 million, Subject Operating profit, fiscal year ended March 2026 / Factors Sales price revisions / Amount +¥1,364 million, Subject Operating profit, fiscal year ended March 2026 / Factors Rising raw material prices / Amount -¥319 million, Subject Operating profit, fiscal year ended March 2026 / Factors Terms of trade / Amount +¥1,044 million, Subject Operating profit, fiscal year ended March 2026 / Factors Sales volume / Amount +¥289 million, Subject Operating profit, fiscal year ended March 2026 / Factors Inventories / Amount +¥324 million, Subject Operating profit, fiscal year ended March 2026 / Factors Increase in fixed costs / Amount -¥467 million, Subject Operating profit, fiscal year ended March 2026 / Factors Increase in variable costs / Amount -¥366 million, Subject Revenue forecast for the fiscal year ending March 2027 / Factors Sales volume / Amount -¥1,724 million, Subject Revenue forecast for the fiscal year ending March 2027 / Factors Sales price revisions / Amount +¥911 million, Subject Operating income forecast for the fiscal year ending March 2027 / Factors Terms of trade / Amount +¥688 million, Subject Operating income forecast for the fiscal year ending March 2027 / Factors Sales volume / Amount -¥378 million, Subject Operating income forecast for the fiscal year ending March 2027 / Factors Inventories / Amount -¥197 million, Subject Operating income forecast for the fiscal year ending March 2027 / Factors Increase in fixed costs / Amount -¥627 million, Subject Operating income forecast for the fiscal year ending March 2027 / Factors Increase in variable costs / Amount -¥64 million, Subject Operating income forecast for the fiscal year ending March 2027 / Factors Subsidiaries and consolidation adjustments / Amount +¥162 million
Key KPIs	Indicator name ROE / Value FY2026/3 actual: 6.1%; FY2027/3 forecast: 6.1%; FY2028/3 target: 5.5% / Year on year against the same period last year Not disclosed, Indicator name Payout ratio / Value FY2026/3 planned: 42.7%; FY2027/3 planned: 41.7% / Year on year against the same period last year Not disclosed, Indicator name Total Payout Ratio / Value FY2026/3 planned: 60.6%; FY2027/3 planned: 72.0% / Year on year against the same period last year Not disclosed
Unit price and quantity metrics	Discloses sales volume and the amount of selling price revisions as factors affecting changes in revenue. Customer numbers, average spend per customer, and similar metrics: not disclosed.
Assumptions Underlying the Business Outlook	Item Domestic naphtha price / Value ¥65,000 /kL, Item USD exchange rate / Value ¥155, Item Naphtha sensitivity / Value ¥300 million (impact on profit of a ¥10,000 change per kL), Item Foreign exchange sensitivity / Value ¥6 million (impact on operating profit of a ¥1 move in the yen, either weaker or stronger)
Risk amount incorporated into the outlook	Not disclosed. The impact of the situation in the Middle East is not included in the FY2027/3 earnings forecast.
Medium-term management plan targets	Plan name TOKYOink 2027 / Target fiscal year Fiscal year ending March 2028 / Net Sales ¥48,000 million / Operating profit ¥2,000 million / Operating Margin 4.2 % / Net income for the current fiscal year ¥1,500 million / ROE 5.5 % / Comparison with actual results FY2026/3 results and FY2027/3 forecast shown alongside the targets
Financial targets	ROE Actual results for the fiscal year ending March 2026 6.1% / Forecast for the fiscal year ending March 2027 6.1% / Target for the fiscal year ending March 2028 5.5% / Other Not disclosed
Annual Dividend	Fiscal year ending March 2026 Annual ¥63 per share / Interim ¥26 per share / End of period ¥37 per share / Fiscal year ending March 2027 Annual ¥65 per share / Interim ¥30 per share / End of period ¥35 per share
Payout ratio	Payout ratio Basic policy of at least 40% or DOE of at least 1.0%. Trend: FY2026/3 planned 42.7%; FY2027/3 planned 41.7% / Total payout ratio FY2026/3 planned: 60.6%; FY2027/3 planned: 72.0%
Acquisition of treasury shares	Completed. The amount, number of shares, and period of the repurchase authorization: not disclosed.
Market Size / Share	Not disclosed. High-market-share products are mentioned, but no figures are provided.
New initiatives	Streamlining low-profitability products and shifting to high-profitability products, Strengthening maintenance of major production facilities, Restructuring the production system and preparing to build a new plant, Revising product selling prices, Developing new products and preparing to launch new businesses, Acquiring new customers and increasing share among existing customers, Share split, share repurchases, and expansion of the shareholder benefits program (completed)

Items this document does not state (8)

Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesCapital expendituresOrders received and order backlogKey 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.

The forecast incorporates a contraction in the offset ink market, lower demand for inkjet inks in Europe, and lower sales volumes resulting from the streamlining of low-profitability contract-manufactured products, as well as higher imported raw material costs due to the weaker yen and increases in inflation, utility, logistics, personnel, and equipment maintenance costs. The Company characterizes the decline in earnings as strategic, as it advances structural reforms to shift to a more profitable business profile.

How to read this page

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