Worth reading
85Important
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
90000
¥ million (consolidated net sales target for the fiscal year ending March 2030)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+21.6%
基準 74,000Target90,000million
Operating profit+67.4%
基準 4,300Target7,200million
Operating profit margin+4.0pt
基準 2,026Target2,030%
Net income for the current fiscal year+65.6%
基準 3,200Target5,300million
ROE-2,011.0pt
基準 2,026Target15%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planNet sales of 74,000, operating income of 4,300, ordinary income of 4,500 and net income attributable to owners of the parent of 3,200 (consolidated targets for the fiscal year ending March 2029) → Net sales of 69,245, operating income of 4,758, ordinary income of 5,108 and net income attributable to owners of the parent of 3,696 (consolidated actual results for the fiscal year ending March 2026)（Net sales 93.6%, operating income 110.7%, ordinary income 113.5% and net income attributable to owners of the parent 115.5%）-6.4%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe company will implement progressive dividends, targeting a consolidated payout ratio of 50% and DOE of 7.5%. The target period is not specified.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company will explore opportunities for growth investment that contribute to expanding corporate value. If no investment opportunities are expected to contribute to expanding the positive equity spread, it will seek to optimize its capital structure through share buybacks and other measures while maintaining an equity ratio of approximately 50% to 60%.
Cost of capitalShareholders’ equity cost of approximately 8%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Strengthening human capital: strengthening human capital by expanding employee engagement and recruitment
02Rebuilding comprehensive technical capabilities: rebuilding comprehensive capabilities, including on-site response, management, proposal, negotiation and administrative processing capabilities
03Formulating and implementing capital policies: promoting integrated management aimed at maximizing corporate value
Plan assumptionsAchieving an 8% operating margin based on sustained growth in net sales, A shareholders’ equity cost of approximately 8%, as assumed based on dialogue with investors and other factors, Increasing the value of human capital capable of providing high-quality services at appropriate prices
Segment targetSegment name Overseas Business / Sales Target Overseas sales of ¥4.5 billion / Profit Target Overseas operating income of ¥225 million / Target period Not disclosed
Non-financial targetsIndicator Average salary level / Target value Increase of approximately 5% on average / Timing Not disclosed, Indicator Engagement score / Target value At least 75 points / Timing Not disclosed, Indicator Net increase in employees / Target value +100 people per year / Timing Annual trends, Indicator Percentage of female employees among permanent employees / Target value 17％ / Timing Not disclosed, Indicator Core technology capability index / Target value CAGR of at least 3% / Timing Not disclosed, Indicator Employee stock ownership plan participation rate / Target value 60％ / Timing Not disclosed
Risks identified by the company
A substantial reliance on an improving external environment, while establishing a robust earnings base that does not depend on it is an urgent priority
Reason for revision or withdrawal
Some numerical targets were achieved in the fiscal year ending March 2026. Since the COVID-19 pandemic, demand for heat-mitigation measures aimed at improving working environments, particularly at manufacturing plants, has remained strong. Both explicit and latent needs related to energy savings and cost reductions have also remained high, while supply-side shortages relative to customers’ demand for capital investment have continued. Winning orders at appropriate prices based on the provision of high-quality services has been successful. Establishing a robust earnings base that does not depend on the external environment is an urgent priority.
| Item | Details |
|---|---|
| Plan name | 2026 Medium-Term Four-Year Management Plan |
| Plan period | Fiscal year ending March 2027 to fiscal year ending March 2030 |
| Progress against the plan | Partially revised |
| Sales Target | 74,000 (consolidated target for the fiscal year ending March 2029) → 90,000 (consolidated target for the fiscal year ending March 2030)（+21.6% (reference comparison because the target years differ)） |
| Operating profit target | 4,300 (consolidated target for the fiscal year ending March 2029) → 7,200 (consolidated target for the fiscal year ending March 2030)（+67.4% (reference comparison because the target years differ)） |
| Operating profit margin target | 6.9% (actual for the fiscal year ending March 2026) → 8% (target for the fiscal year ending March 2030)（+15.9%） |
| Net income target | 3,200 (consolidated target for the fiscal year ending March 2029) → 5,300 (consolidated target for the fiscal year ending March 2030)（+65.6% (reference comparison because the target years differ)） |
| ROE target | 13.1% (actual for the fiscal year ending March 2026) → 15% (target)（+14.5%） |
| Payout ratio / DOE policy | The company will implement progressive dividends, targeting a consolidated payout ratio of 50% and DOE of 7.5%. The target period is not specified. |
| Treasury share acquisition policy | The company will explore opportunities for growth investment that contribute to expanding corporate value. If no investment opportunities are expected to contribute to expanding the positive equity spread, it will seek to optimize its capital structure through share buybacks and other measures while maintaining an equity ratio of approximately 50% to 60%. |
| Cost of capital | Shareholders’ equity cost of approximately 8% |
| Segment target | Segment name Overseas Business / Sales Target Overseas sales of ¥4.5 billion / Profit Target Overseas operating income of ¥225 million / Target period Not disclosed |
| Non-financial targets | Indicator Average salary level / Target value Increase of approximately 5% on average / Timing Not disclosed, Indicator Engagement score / Target value At least 75 points / Timing Not disclosed, Indicator Net increase in employees / Target value +100 people per year / Timing Annual trends, Indicator Percentage of female employees among permanent employees / Target value 17％ / Timing Not disclosed, Indicator Core technology capability index / Target value CAGR of at least 3% / Timing Not disclosed, Indicator Employee stock ownership plan participation rate / Target value 60％ / Timing Not disclosed |
| Plan assumptions | Achieving an 8% operating margin based on sustained growth in net sales, A shareholders’ equity cost of approximately 8%, as assumed based on dialogue with investors and other factors, Increasing the value of human capital capable of providing high-quality services at appropriate prices |
| Key initiatives | Strengthening human capital: strengthening human capital by expanding employee engagement and recruitment, Rebuilding comprehensive technical capabilities: rebuilding comprehensive capabilities, including on-site response, management, proposal, negotiation and administrative processing capabilities, Formulating and implementing capital policies: promoting integrated management aimed at maximizing corporate value |
| Results under the previous plan | Net sales of 74,000, operating income of 4,300, ordinary income of 4,500 and net income attributable to owners of the parent of 3,200 (consolidated targets for the fiscal year ending March 2029) → Net sales of 69,245, operating income of 4,758, ordinary income of 5,108 and net income attributable to owners of the parent of 3,696 (consolidated actual results for the fiscal year ending March 2026)（Net sales 93.6%, operating income 110.7%, ordinary income 113.5% and net income attributable to owners of the parent 115.5%） |
| Reason for revision or withdrawal | Some numerical targets were achieved in the fiscal year ending March 2026. Since the COVID-19 pandemic, demand for heat-mitigation measures aimed at improving working environments, particularly at manufacturing plants, has remained strong. Both explicit and latent needs related to energy savings and cost reductions have also remained high, while supply-side shortages relative to customers’ demand for capital investment have continued. Winning orders at appropriate prices based on the provision of high-quality services has been successful. Establishing a robust earnings base that does not depend on the external environment is an urgent priority. |
| Risks identified | A substantial reliance on an improving external environment, while establishing a robust earnings base that does not depend on it is an urgent priority |
| Publication date | 13 May 2026 |
Items this document does not state (6)
ROIC targetSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSize of the Target MarketDate of board resolution
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 plan was reviewed because operating income, ordinary income and net income attributable to owners of the parent for the fiscal year ending March 2026 exceeded the previous plan’s targets for its final year. The company cited the continued demand for heat-mitigation measures, energy savings and cost reductions, ongoing supply shortages relative to customers’ demand for capital investment, and the success of winning orders at appropriate prices based on the provision of high-quality services. It also identified reducing reliance on an improving external environment and building a robust earnings base as key challenges.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.