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
1499
JPY million (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥46,601 million
Operating profit¥3,077 million
Ordinary income¥3,241 million
Net income¥2,147 million
Operating profit margin
Rate6.95
Full-year earnings forecast
Net Sales
¥49,700 million
Ordinary income
¥3,900 million
Net income
¥2,800 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The Metal Fiber segment is expected to outperform the medium-term plan, while ultrafine wire is expected to fall substantially below plan for solar panel applicationsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year change in ordinary profit for the fiscal year ended March 2026The chart illustrates the effects of nickel market conditions, volume changes, product mix differences, fixed costs and other factors, but the individual amounts are not disclosed
Factors affecting the ordinary profit forecast for the fiscal year ending March 2027
Nickel market conditions
¥472 million
Volume changes
¥-180 million
Cost reductions and price revisions
¥295 million
Product mix differences
¥657 million
Fixed costs, etc.
¥-470 million
Non-Operating Income and Expenses
¥-115 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Demand for ultrafine wire for solar panel applications is expected to remain sluggish
- The forecast assumes higher utility and auxiliary-material costs resulting from higher crude oil and petroleum-derived product prices
- Demand for ultra-precision gas filters is expected to grow substantially
New initiatives
- Establish a production system to meet growing semiconductor demand
- Expand sales of medical materials, including syringes, endoscopes and catheters
- Utilize overseas facilities and establish an optimized production system
- Invest in labor-saving and automation initiatives
- Promoting the Use of Generative AI in Operations
- Increase the number of independent outside directors by 1 and establish a board structure with 4 outside directors, constituting a majority
- Invest in green bonds
Key KPIsA metric the company considers important as a management benchmark.
- Stainless steel wire sales volume2,914 tonnes/monthYear on year against the same period last year+71.0%
- Percentage of high-functionality and proprietary products66.1 %Year on year against the same period last year-0.3%
- Industry shipments (stainless steel wire, fiscal year ended March 2026)4,551 tonnes
- LME nickel price (fiscal year ended March 2026)$7.5 /lb
- USD/JPY exchange rate (fiscal year ended March 2026)150 Yen/Dollar
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Stainless steel wire
Sales volume
Fiscal year ending March 20252,843 tonnes/month
Fiscal year ending March 20262,914 tonnes/month
Net Sales
Fiscal year ending March 2025¥3,240 million/month
Fiscal year ending March 2026¥3,143 million/month
Segment results
Japan
Net Sales
¥41,325 million
Change in revenue
¥-154 million
Operating profit
¥2,799 million
Change in operating profit
¥-1,404 million
Thailand
Net Sales
¥3,933 million
Change in revenue
¥78 million
Operating profit
¥125 million
Change in operating profit
¥-26 million
China and South Korea
Net Sales
¥1,342 million
Change in revenue
¥-72 million
Operating profit
¥204 million
Change in operating profit
¥-87 million
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2027
Net Sales
¥55,000 million
Ordinary income
¥5,200 million
ROS
10.4 %
Comparison with actual resultsThe Metal Fiber segment is expected to outperform the medium-term plan, while ultrafine wire is expected to fall substantially below plan
Market Size / Share
Industry shipments (stainless steel wire)
Fiscal year ended March 20225,821 tonnes
Fiscal year ended March 20235,098 tonnes
Fiscal year ended March 20244,592 tonnes
Fiscal year ending March 20254,356 tonnes
Fiscal year ending March 20264,551 tonnes
Capital expenditures
¥4,200 millions plan for the fiscal year ending March 2027
Annual Dividend
Fiscal year ending March 2026
Interim¥16 per share
Full year¥42 per share
Forecast for the fiscal year ending March 2027
Interim¥18 per share
Full year¥46 per share
Payout ratio
Fiscal year ending March 202660 %
Forecast for the fiscal year ending March 202750.5 %
Shareholder return policyReturn value to shareholders with a consolidated payout ratio of approximately 50% as the target
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | ¥46,601 million |
| Operating profit | ¥3,077 million |
| Ordinary income | ¥3,241 million |
| Net income | ¥2,147 million |
| Operating profit margin | Rate 6.95 / Year-on-year change (points) Not disclosed |
| Full-year earnings forecast | Net Sales ¥49,700 million / Ordinary income ¥3,900 million / Net income ¥2,800 million |
| Self-assessment against the plan | The Metal Fiber segment is expected to outperform the medium-term plan, while ultrafine wire is expected to fall substantially below plan for solar panel applications |
| Segment results | Japan Net Sales ¥41,325 million / Change in revenue ¥-154 million / Operating profit ¥2,799 million / Change in operating profit ¥-1,404 million / Thailand Net Sales ¥3,933 million / Change in revenue ¥78 million / Operating profit ¥125 million / Change in operating profit ¥-26 million / China and South Korea Net Sales ¥1,342 million / Change in revenue ¥-72 million / Operating profit ¥204 million / Change in operating profit ¥-87 million |
| Breakdown of Factors Affecting the Change | Year-on-year change in ordinary profit for the fiscal year ended March 2026 The chart illustrates the effects of nickel market conditions, volume changes, product mix differences, fixed costs and other factors, but the individual amounts are not disclosed / Factors affecting the ordinary profit forecast for the fiscal year ending March 2027 Nickel market conditions ¥472 million / Volume changes ¥-180 million / Cost reductions and price revisions ¥295 million / Product mix differences ¥657 million / Fixed costs, etc. ¥-470 million / Non-Operating Income and Expenses ¥-115 million |
| Key KPIs | Indicator name Stainless steel wire sales volume / Value 2,914 tonnes/month / Year on year against the same period last year 71 tonnes/month, Indicator name Percentage of high-functionality and proprietary products / Value 66.1 % / Year on year against the same period last year -0.3 %, Indicator name Industry shipments (stainless steel wire, fiscal year ended March 2026) / Value 4,551 tonnes / Year on year against the same period last year Not disclosed, Indicator name LME nickel price (fiscal year ended March 2026) / Value $7.5 /lb / Year on year against the same period last year Not disclosed, Indicator name USD/JPY exchange rate (fiscal year ended March 2026) / Value 150 Yen/Dollar / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Stainless steel wire Sales volume Fiscal year ending March 2025 2,843 tonnes/month / Fiscal year ending March 2026 2,914 tonnes/month / Net Sales Fiscal year ending March 2025 ¥3,240 million/month / Fiscal year ending March 2026 ¥3,143 million/month |
| Assumptions Underlying the Business Outlook | Demand for ultrafine wire for solar panel applications is expected to remain sluggish, The forecast assumes higher utility and auxiliary-material costs resulting from higher crude oil and petroleum-derived product prices, Demand for ultra-precision gas filters is expected to grow substantially |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2027 / Net Sales ¥55,000 million / Ordinary income ¥5,200 million / ROS 10.4 % / Comparison with actual results The Metal Fiber segment is expected to outperform the medium-term plan, while ultrafine wire is expected to fall substantially below plan |
| Annual Dividend | Fiscal year ending March 2026 Interim ¥16 per share / Full year ¥42 per share / Forecast for the fiscal year ending March 2027 Interim ¥18 per share / Full year ¥46 per share |
| Payout ratio | Fiscal year ending March 2026 60 % / Forecast for the fiscal year ending March 2027 50.5 % / Shareholder return policy Return value to shareholders with a consolidated payout ratio of approximately 50% as the target |
| Capital expenditures | ¥4,200 millions (plan for the fiscal year ending March 2027) |
| Market Size / Share | Industry shipments (stainless steel wire) Fiscal year ended March 2022 5,821 tonnes / Fiscal year ended March 2023 5,098 tonnes / Fiscal year ended March 2024 4,592 tonnes / Fiscal year ending March 2025 4,356 tonnes / Fiscal year ending March 2026 4,551 tonnes |
| New initiatives | Establish a production system to meet growing semiconductor demand, Expand sales of medical materials, including syringes, endoscopes and catheters, Utilize overseas facilities and establish an optimized production system, Invest in labor-saving and automation initiatives, Promoting the Use of Generative AI in Operations, Increase the number of independent outside directors by 1 and establish a board structure with 4 outside directors, constituting a majority, Invest in green bonds |
Items this document does not state (11)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsAcquisition of treasury sharesOrders 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 company cited sluggish demand for ultrafine stainless steel wire, inventory adjustments for solar panels in China and substitution with metals other than stainless steel, capacity underutilization losses caused by lower ultrafine wire volumes, and higher labor costs as factors behind the decline in profit. It also explained that the decline in nickel prices increased the benefit from lower material procurement costs and that demand for ultra-precision gas filters increased.
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.