Worth reading
58In 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
23.4
% (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales177,738¥ millionYear on year +23.4%Progress 94.0%
Operating profit13,609¥ millionYear on year +2.5%Progress 104.7%
Ordinary income15,986¥ millionYear on year +17.1%Progress 123.0%
Net income attributable to owners of the parent26,071¥ millionYear on year +166.6%Progress 260.7%
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¥571.45
Operating Margin7.7％
Financial position at period-end
Total assets231,818¥ million
of which net assets 115,925 ¥ millionEquity ratio 46.1%vs. prior year-end +0.5pt
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+13,861
Investment+10,785
Financials-26,050
Net change-1,404
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¥26,213 million
Segment revenueRefractories ¥110,901 million (YoY +15.7%), Insulation materials ¥17,708 million (YoY -5.7%), Advanced equipment and materials ¥4,101 million (YoY -5.5%), Engineering ¥45,856 million (YoY +78.2%)
Segment profitRefractories ¥8,575 million (YoY +11.5%), Insulation materials ¥2,480 million (YoY -24.1%), Advanced equipment and materials ¥-115 million, Engineering ¥2,714 million (YoY +68.1%)
Regional sales¥101,420 million, ¥19,857 million, ¥9,699 million, ¥28,602 million, ¥13,201 million, ¥4,956 million
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥189,000 million (YoY +6.3%)
Operating profit¥13,000 million (YoY -4.5%)
Ordinary income¥13,000 million (YoY -18.7%)
Net income¥10,000 million (YoY -61.6%)
Annual Dividend Forecast¥90 per share (actual for the fiscal year ended March 2026) → ¥95 per share (forecast for the fiscal year ending March 2027)
Payout ratio15.7% (fiscal year ended March 2026)
Shareholder Return PolicyProgressive dividends based on a consolidated dividend-on-equity ratio (DOE) of at least 4%. Previously based on a payout ratio of 40%.
Factors Behind Changes in Business Performance
A full-year contribution from Gouda, a contribution from Reframax, expanded sales of high-value-added products, more appropriate pricing, an improved sales mix and cost reductions. Insulation materials were affected by a decline in renovation projects and a delay in the recovery of demand in the high-value-added products market, while advanced equipment was affected by the rescheduling of semiconductor-related investment and customer inventory adjustments. Net income increased because gains on the sale of non-current assets were recorded.
Disclosure regarding the going concern assumption
None ("There are no applicable matters").
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 3 / Company name Reframax Engenharia S.A., Shinagawa Danieli Advanced Materials S.p.A., Dynamix Casting Fluxes, LLC / Excluded Number of companies 1 / Company name 品川ファインセラミックス株式会社
Material subsequent eventsA land acquisition and plant relocation agreement was signed with the Government of Western Australia regarding the Kwinana Plant of consolidated subsidiary Shinagawa Refractories Australasia Pty Ltd. Compensation is AUD 35.7 million and the gain on transfer is AUD 34.0 million. A gain on sale of non-current assets of approximately ¥3,712 million is scheduled to be recorded as extraordinary income in the first quarter of the fiscal year ending March 2027.
Impairment loss¥9,716 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥37,245 million, Government subsidies ¥240 million, Other ¥101 million / Extraordinary loss Losses on disposal of fixed assets ¥202 million, Loss on reduction of fixed assets ¥205 million, Impairment Losses ¥9,716 million, Provision for allowance for doubtful accounts ¥34 million, Losses from natural disasters ¥10 million, Environmental Measures Expense ¥34 million
Depreciation and amortization¥7,131 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for institutional investors)
Issued Shares at Period-End47,146,830 shares
Treasury Shares at Period-End1,513,710 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 | ¥177,738 million (YoY +23.4%) |
| Operating profit | ¥13,609 million (YoY +2.5%) |
| Ordinary income | ¥15,986 million (YoY +17.1%) |
| Profit attributable to owners of the parent | ¥26,071 million (YoY +166.6%) |
| Net income per share | ¥571.45 |
| Operating Margin | 7.7％ |
| Equity ratio | End of the current fiscal period 46.1％ / End of previous period 45.6％ |
| Total assets | ¥231,818 million |
| Net assets | ¥115,925 million |
| Cash flows from operating activities | ¥13,861 million |
| Cash flows from investing activities | ¥10,785 million |
| Cash flows from financing activities | ¥-26,050 million |
| Cash and cash equivalents at end of period | ¥26,213 million |
| Full-year earnings forecast | Net Sales ¥189,000 million (YoY +6.3%) / Operating profit ¥13,000 million (YoY -4.5%) / Ordinary income ¥13,000 million (YoY -18.7%) / Net income ¥10,000 million (YoY -61.6%) |
| Annual Dividend Forecast | ¥90 per share (actual for the fiscal year ended March 2026) → ¥95 per share (forecast for the fiscal year ending March 2027) |
| Payout ratio | 15.7% (fiscal year ended March 2026) |
| Shareholder Return Policy | Progressive dividends based on a consolidated dividend-on-equity ratio (DOE) of at least 4%. Previously based on a payout ratio of 40%. |
| Segment revenue | Refractories ¥110,901 million (YoY +15.7%), Insulation materials ¥17,708 million (YoY -5.7%), Advanced equipment and materials ¥4,101 million (YoY -5.5%), Engineering ¥45,856 million (YoY +78.2%) |
| Segment profit | Refractories ¥8,575 million (YoY +11.5%), Insulation materials ¥2,480 million (YoY -24.1%), Advanced equipment and materials ¥-115 million, Engineering ¥2,714 million (YoY +68.1%) |
| Regional sales | ¥101,420 million, ¥19,857 million, ¥9,699 million, ¥28,602 million, ¥13,201 million, ¥4,956 million |
| Depreciation and amortization | ¥7,131 million |
| Impairment loss | ¥9,716 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥37,245 million, Government subsidies ¥240 million, Other ¥101 million / Extraordinary loss Losses on disposal of fixed assets ¥202 million, Loss on reduction of fixed assets ¥205 million, Impairment Losses ¥9,716 million, Provision for allowance for doubtful accounts ¥34 million, Losses from natural disasters ¥10 million, Environmental Measures Expense ¥34 million |
| Disclosure regarding the going concern assumption | None ("There are no applicable matters"). |
| 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 3 / Company name Reframax Engenharia S.A., Shinagawa Danieli Advanced Materials S.p.A., Dynamix Casting Fluxes, LLC / Excluded Number of companies 1 / Company name 品川ファインセラミックス株式会社 |
| Material subsequent events | A land acquisition and plant relocation agreement was signed with the Government of Western Australia regarding the Kwinana Plant of consolidated subsidiary Shinagawa Refractories Australasia Pty Ltd. Compensation is AUD 35.7 million and the gain on transfer is AUD 34.0 million. A gain on sale of non-current assets of approximately ¥3,712 million is scheduled to be recorded as extraordinary income in the first quarter of the fiscal year ending March 2027. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for institutional investors) |
| Issued Shares at Period-End | 47,146,830 shares |
| Treasury Shares at Period-End | 1,513,710 shares |
| Factors Behind Changes in Business Performance | A full-year contribution from Gouda, a contribution from Reframax, expanded sales of high-value-added products, more appropriate pricing, an improved sales mix and cost reductions. Insulation materials were affected by a decline in renovation projects and a delay in the recovery of demand in the high-value-added products market, while advanced equipment was affected by the rescheduling of semiconductor-related investment and customer inventory adjustments. Net income increased because gains on the sale of non-current assets were recorded. |
Items this document does not state (2)
Revision to Earnings ForecastOrders received and order backlog
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 refractories, results benefited from a full-year contribution from Gouda, expanded sales of high-value-added products, more appropriate pricing, an improved sales mix and cost reductions. Engineering benefited from a contribution from Reframax. Insulation materials were affected by a decline in renovation projects and a delay in the recovery of demand in the high-value-added products market, while advanced equipment was affected by the rescheduling of semiconductor-related investment and customer inventory adjustments. Net income attributable to owners of the parent increased mainly because gains on the sale of non-current assets were recorded.
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.