Worth reading
61In 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
-1.8
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 Sales251,910¥ millionYear on year -1.8%Progress 93.3%
Operating profit37,014¥ millionYear on year -6.8%Progress 82.3%
Ordinary income39,377¥ millionYear on year -5.6%Progress 87.5%
Net income attributable to owners of the parent31,634¥ millionYear on year -1.4%
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¥165.59
Operating MarginCurrent fiscal year 14.7 % / Previous period 15.5 %
Financial position at period-end
Total assets307,123¥ million
of which net assets 239,612 ¥ millionEquity ratio 77.7%vs. prior year-end +3.2pt
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+23,936
Investment-10,154
Financials-16,992
Net change-3,210
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¥56,631 million
Segment revenuePlant construction and sales ¥79,503 million (YoY +1.3%), Industrial Products ¥53,321 million (YoY +0.3%), High-performance products ¥39,094 million (YoY -12.3%), Automotive Components ¥51,504 million (YoY +0.6%), Building materials ¥28,487 million (YoY -2.1%)
Segment profitPlant construction and sales ¥11,982 million, Industrial Products ¥10,117 million, High-performance products ¥6,907 million, Automotive Components ¥5,313 million, Building materials ¥2,693 million
Regional salesFiscal year ending March 2026 ¥200,070 million, ¥39,389 million, ¥12,450 million / Fiscal year ending March 2025 ¥203,462 million, ¥40,543 million, ¥12,506 million
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥270,000 million (YoY +7.2%)
Operating profit¥45,000 million (YoY +21.6%)
Ordinary income¥45,000 million (YoY +14.3%)
Profit attributable to owners of the parent¥32,000 million (YoY +1.2%)
Annual Dividend Forecast¥164 per share → ¥65 per share
Payout ratioFiscal year ending March 2026 33 % / Forecast for the fiscal year ending March 2027 38.8 %
Shareholder Return PolicyDOE of at least 5.0%, progressive dividends during the current medium-term management plan period, and a total payout ratio of at least 50%, taking dividends and share buybacks into account
Factors Behind Changes in Business Performance
Demand for semiconductor manufacturing equipment was weak for high-function products. Demand from the oil refining and petrochemical industries was solid for plant construction and sales, domestic demand for sealing materials for infrastructure was solid for industrial products, and domestic demand was solid for automotive components. Some large projects were delayed in the building materials business.
Disclosure regarding the going concern assumption
None (the notes on going concern state that 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 0 companies / Excluded 0 companies / Company name None
Material subsequent eventsA stock split effective 1 April 2026, with each share split into 3 shares; disposal of 156,080 treasury shares under the employee stock compensation plan; and a share buyback of up to 2.3 million shares for a total acquisition cost of up to ¥5.0 billion
Impairment loss¥0 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥77 million, Gain on sale of investment securities ¥226 million / Total extraordinary income ¥304 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥240 million, Provision for litigation loss ¥123 million, Litigation Settlement ¥602 million / Total extraordinary loss ¥966 million
Depreciation and amortization¥7,314 million
Orders received and order backlogOrders received ¥259,317 million (YoY -1.4%) / Order backlog Not disclosed
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Institutional investors and analysts
Issued Shares at Period-End190,985,751 Shares
Treasury Shares at Period-End1,896,849 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 | ¥251,910 million (YoY -1.8%) |
| Operating profit | ¥37,014 million (YoY -6.8%) |
| Ordinary income | ¥39,377 million (YoY -5.6%) |
| Profit attributable to owners of the parent | ¥31,634 million (YoY -1.4%) |
| Net income per share | ¥165.59 |
| Operating Margin | Current fiscal year 14.7 % / Previous period 15.5 % |
| Equity ratio | End of the current fiscal period 77.7 % / End of previous period 74.5 % |
| Total assets | ¥307,123 million |
| Net assets | ¥239,612 million |
| Cash flows from operating activities | ¥23,936 million |
| Cash flows from investing activities | ¥-10,154 million |
| Cash flows from financing activities | ¥-16,992 million |
| Cash and cash equivalents at end of period | ¥56,631 million |
| Full-year earnings forecast | Net Sales ¥270,000 million (YoY +7.2%) / Operating profit ¥45,000 million (YoY +21.6%) / Ordinary income ¥45,000 million (YoY +14.3%) / Profit attributable to owners of the parent ¥32,000 million (YoY +1.2%) |
| Annual Dividend Forecast | ¥164 per share → ¥65 per share |
| Payout ratio | Fiscal year ending March 2026 33 % / Forecast for the fiscal year ending March 2027 38.8 % |
| Shareholder Return Policy | DOE of at least 5.0%, progressive dividends during the current medium-term management plan period, and a total payout ratio of at least 50%, taking dividends and share buybacks into account |
| Segment revenue | Plant construction and sales ¥79,503 million (YoY +1.3%), Industrial Products ¥53,321 million (YoY +0.3%), High-performance products ¥39,094 million (YoY -12.3%), Automotive Components ¥51,504 million (YoY +0.6%), Building materials ¥28,487 million (YoY -2.1%) |
| Segment profit | Plant construction and sales ¥11,982 million, Industrial Products ¥10,117 million, High-performance products ¥6,907 million, Automotive Components ¥5,313 million, Building materials ¥2,693 million |
| Regional sales | Fiscal year ending March 2026 ¥200,070 million, ¥39,389 million, ¥12,450 million / Fiscal year ending March 2025 ¥203,462 million, ¥40,543 million, ¥12,506 million |
| Orders received and order backlog | Orders received ¥259,317 million (YoY -1.4%) / Order backlog Not disclosed |
| Depreciation and amortization | ¥7,314 million |
| Impairment loss | ¥0 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥77 million, Gain on sale of investment securities ¥226 million / Total extraordinary income ¥304 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥240 million, Provision for litigation loss ¥123 million, Litigation Settlement ¥602 million / Total extraordinary loss ¥966 million |
| Disclosure regarding the going concern assumption | None (the notes on going concern state that 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 0 companies / Excluded 0 companies / Company name None |
| Material subsequent events | A stock split effective 1 April 2026, with each share split into 3 shares; disposal of 156,080 treasury shares under the employee stock compensation plan; and a share buyback of up to 2.3 million shares for a total acquisition cost of up to ¥5.0 billion |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Institutional investors and analysts |
| Issued Shares at Period-End | 190,985,751 Shares |
| Treasury Shares at Period-End | 1,896,849 Shares |
| Factors Behind Changes in Business Performance | Demand for semiconductor manufacturing equipment was weak for high-function products. Demand from the oil refining and petrochemical industries was solid for plant construction and sales, domestic demand for sealing materials for infrastructure was solid for industrial products, and domestic demand was solid for automotive components. Some large projects were delayed in the building materials business. |
Items this document does not state (1)
Revision to Earnings Forecast
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.Amid heightened uncertainty due to the impact of U.S. trade policy and developments in the Middle East, demand for high-function products used in semiconductor manufacturing equipment remained weak. In the building materials business, some large projects were also delayed. For the next fiscal year, the company expects solid performance across all segments, led by the high-function products business, where demand related to semiconductors is expected to recover.
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