Worth reading
64In 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
200
¥100 million (increase in the revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partial revision (update)Net Sales+5.3%
基準 3,800Target4,000100 million
Operating profit+8.1%
基準 370Target400100 million
Operating profit margin+0.3pt
基準 9.7Target10％
ROE0.0pt
基準 11Target11％
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 ¥320 billion / Operating profit ¥26 billion / Operating profit margin 8.1％ / ROE 9.0％ / EBITDA ¥40.1 billion → Net Sales ¥310 billion / Operating profit ¥27.0 billion / Operating profit margin 8.7％ / ROE 8.7％ / EBITDA ¥39.1 billion（Net Sales △3.1％ / Operating profit +3.8％ / Operating profit margin Not disclosed / ROE Not disclosed / EBITDA Not disclosed）
Investment amount by sectorField Research and development costs / Amount ¥11.8 billion / Period Cumulative total for 2 years
Statements about the use of capital
Payout ratio / DOE policyThe Company will target a consolidated dividend payout ratio of at least 35% and pay dividends with a DOE (consolidated dividend on equity ratio) floor of 2.5%. Applicable period: Not disclosedThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Capture the recovery in demand in China while allocating management resources on a priority basis to growth regions such as India and the Middle East
02Capture demand for higher-performance separator films and improved productivity
03Expand the after-sales service business and improve profitability by increasing production capacity through capital investment
04Accelerate the globalization of plastic molding machines, focusing on expanding market share in Europe and increasing sales of electric machines in India
05Address demand for magnesium molding machines for physical AI applications and capture demand through the launch of new models
06Further increase supply capacity through optimal-location production and mutual complementarity to meet growing demand
07Strengthen proposals for new defense equipment in response to demand trends for defense equipment
08Respond to growing demand for F-ELA equipment for FPD manufacturing, develop the production system, and strengthen efforts to capture demand for main units and after-sales services
09Expand sales of presses for printed circuit board manufacturing for data centers and advance development of laminators for next-generation package substrate manufacturing
10Respond to growing demand for high-efficiency thermal power generation and increase the equipment capacity for turbine and generator rotor shafts by 1.5 times (implementation underway since the fiscal year ending March 2026)
11Respond to expanding and sustained long-term growth in demand for nuclear power generation and double production capacity
12Establish a supply system for titanium-copper for data centers and meet high demand (室蘭銅合金株式会社)
13Accelerate customer evaluations and preparations for mass production of gallium nitride (GaN) crystals and lithium niobate (LN) crystals, with the aim of commercializing these businesses at an early stage
Plan assumptionsInformation currently available to the Company and certain assumptions judged to be reasonable. Specific assumptions for exchange rates, market growth rates, raw material prices and other factors: Not disclosed
Segment targetSegment Industrial-Machinery Business / Net Sales ¥3,180 100 million → ¥3,150 100 million / Operating profit ¥320 100 million → ¥285 100 million, Segment Materials and Engineering Business / Net Sales ¥525 100 million → ¥800 100 million / Operating profit ¥140 100 million → ¥160 100 million
Non-financial targetsIndicator Percentage of outside directors / Target value 50％ / Timing Not disclosed, Indicator Outside corporate auditor ratio / Target value 50％ / Timing Not disclosed, Indicator Percentage of female directors / Target value 20％ / Timing Not disclosed, Indicator Female corporate auditor ratio / Target value 25％ / Timing Not disclosed, Indicator Cross-shareholdings as a percentage of consolidated net assets / Target value 10% or less / Timing FY27.3
Risks identified by the company
Slower growth in the EV market
Excess capacity for battery separator films
Heightened geopolitical risks and economic bloc formation
The possibility that actual business performance and other results may differ substantially due to various factors
Reason for revision or withdrawal
The business strategy has been updated in light of changes in the market environment, and the financial targets have been revised upward. Factors include excess capacity for battery separator films, slower growth in the EV market, heightened geopolitical risks, changes in energy policy, and the rapid adoption of AI and increase in data centers.
| Item | Details |
|---|---|
| Plan name | Medium-term Management Plan "JGP2028" |
| Plan period | Fiscal years ending March 2025 to March 2029 |
| Progress against the plan | Partial revision (update) |
| Sales Target | ¥3,800 100 million → ¥4,000 100 million（+5.3％） |
| Operating profit target | ¥370 100 million → ¥400 100 million（+8.1％） |
| Operating profit margin target | 9.7％ → 10.0％ |
| ROE target | 10～11％ → 10～11％ |
| Payout ratio / DOE policy | The Company will target a consolidated dividend payout ratio of at least 35% and pay dividends with a DOE (consolidated dividend on equity ratio) floor of 2.5%. Applicable period: Not disclosed |
| Investment amount by sector | Field Research and development costs / Amount ¥11.8 billion / Period Cumulative total for 2 years |
| Segment target | Segment Industrial-Machinery Business / Net Sales ¥3,180 100 million → ¥3,150 100 million / Operating profit ¥320 100 million → ¥285 100 million, Segment Materials and Engineering Business / Net Sales ¥525 100 million → ¥800 100 million / Operating profit ¥140 100 million → ¥160 100 million |
| Non-financial targets | Indicator Percentage of outside directors / Target value 50％ / Timing Not disclosed, Indicator Outside corporate auditor ratio / Target value 50％ / Timing Not disclosed, Indicator Percentage of female directors / Target value 20％ / Timing Not disclosed, Indicator Female corporate auditor ratio / Target value 25％ / Timing Not disclosed, Indicator Cross-shareholdings as a percentage of consolidated net assets / Target value 10% or less / Timing FY27.3 |
| Plan assumptions | Information currently available to the Company and certain assumptions judged to be reasonable. Specific assumptions for exchange rates, market growth rates, raw material prices and other factors: Not disclosed |
| Key initiatives | Capture the recovery in demand in China while allocating management resources on a priority basis to growth regions such as India and the Middle East, Capture demand for higher-performance separator films and improved productivity, Expand the after-sales service business and improve profitability by increasing production capacity through capital investment, Accelerate the globalization of plastic molding machines, focusing on expanding market share in Europe and increasing sales of electric machines in India, Address demand for magnesium molding machines for physical AI applications and capture demand through the launch of new models, Further increase supply capacity through optimal-location production and mutual complementarity to meet growing demand, Strengthen proposals for new defense equipment in response to demand trends for defense equipment, Respond to growing demand for F-ELA equipment for FPD manufacturing, develop the production system, and strengthen efforts to capture demand for main units and after-sales services, Expand sales of presses for printed circuit board manufacturing for data centers and advance development of laminators for next-generation package substrate manufacturing, Respond to growing demand for high-efficiency thermal power generation and increase the equipment capacity for turbine and generator rotor shafts by 1.5 times (implementation underway since the fiscal year ending March 2026), Respond to expanding and sustained long-term growth in demand for nuclear power generation and double production capacity, Establish a supply system for titanium-copper for data centers and meet high demand (室蘭銅合金株式会社), Accelerate customer evaluations and preparations for mass production of gallium nitride (GaN) crystals and lithium niobate (LN) crystals, with the aim of commercializing these businesses at an early stage |
| Results under the previous plan | Net Sales ¥320 billion / Operating profit ¥26 billion / Operating profit margin 8.1％ / ROE 9.0％ / EBITDA ¥40.1 billion → Net Sales ¥310 billion / Operating profit ¥27.0 billion / Operating profit margin 8.7％ / ROE 8.7％ / EBITDA ¥39.1 billion（Net Sales △3.1％ / Operating profit +3.8％ / Operating profit margin Not disclosed / ROE Not disclosed / EBITDA Not disclosed） |
| Reason for revision or withdrawal | The business strategy has been updated in light of changes in the market environment, and the financial targets have been revised upward. Factors include excess capacity for battery separator films, slower growth in the EV market, heightened geopolitical risks, changes in energy policy, and the rapid adoption of AI and increase in data centers. |
| Risks identified | Slower growth in the EV market, Excess capacity for battery separator films, Heightened geopolitical risks and economic bloc formation, The possibility that actual business performance and other results may differ substantially due to various factors |
| Date of board resolution | 7 July 2026 |
| Publication date | 7 July 2026 |
Items this document does not state (7)
Net income targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planSize of the Target Market
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.This reflects significant changes in the market environment since the medium-term management plan was formulated. Specific factors cited include slower growth in the EV market, heightened geopolitical risks, changes in energy policy, and the rapid adoption of AI and increase in data centers.
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