Worth reading
85Important
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
584
¥ millionWording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥21,455 million+2.8%
Operating profit¥1,249 million-3.9%
Ordinary income¥1,179 million-2.6%
Net income¥829 million+4.7%
Operating profit marginFull-year operating margin declined slightly year on year (rate: Not disclosed)
Selling, general and administrative expensesSG&A expenses increased by ¥132 million. SG&A expenses as a percentage of revenue: Not disclosed
Results for the three months of the current quarterQuarterly standalone results for the fiscal year ending March 2026: revenue was ¥4,597 million in the first quarter, ¥5,483 million in the second quarter, ¥5,829 million in the third quarter, and ¥5,546 million in the fourth quarter. Operating profit was ¥96 million, ¥282 million, ¥448 million, and ¥423 million, respectively.
Full-year earnings forecast
Fiscal year ending March 2027
Net Sales
¥22,000 million
Operating profit
¥1,320 million
Ordinary income
¥1,230 million
Profit attributable to owners of the parent
¥800 million
EPS
¥126.34
ROE
7.7 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and net income exceeded the initial forecast. Operating and ordinary profit fell short of the initial plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Higher costs¥-131 million
- Increase in selling, general and administrative expenses¥-132 million
- Deteriorating profitability¥-10 million
- Increase in revenue¥159 million
- Lower raw material prices¥62 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The outlook for non-residential construction floor area remains challenging. Numerical assumptions for foreign exchange rates, raw material prices, interest rates, and other factors: Not disclosedNew initiatives
- Open innovation led by the Product Development Department, established in April 2025
- Development and product release of a wire-reinforced flood-control sliding door for port facilities
- Staff increases in the retail and maintenance divisions
- A retirement age of 65 and a post-retirement reemployment system from April 2026
- Consideration of expanding the child allowance
Key KPIsA metric the company considers important as a management benchmark.
- ROEFiscal year ending March 20258.6Fiscal year ending March 20268.3
- Growth-strategy product salesFiscal year ending March 20257.5Fiscal year ending March 20267.9
- PERFiscal year ending March 20256.5Fiscal year ending March 20267
- Dividend payout ratioFiscal year ending March 202530.4Fiscal year ending March 202632
- Strategic cash allocationFiscal year ending March 202510.7Fiscal year ending March 20268.6
- Work engagementFiscal year ending March 20252.96Fiscal year ending March 20262.98
- Sense of belongingFiscal year ending March 20253.22Fiscal year ending March 20263.23
- GHG EmissionsFiscal year ending March 20252,744Fiscal year ending March 20262,145
Medium-term management plan targets
- RevenueTarget value250Target fiscal yearFiscal year ending March 2030Actual results for the fiscal year ending March 2026214.5
- Operating incomeTarget value20Target fiscal yearFiscal year ending March 2030Actual results for the fiscal year ending March 202612.4
- ROETarget value10Target fiscal yearFiscal year ending March 2030Actual results for the fiscal year ending March 20268.3
- Growth-strategy product salesTarget value20Target fiscal yearFiscal year ending March 2030Actual results for the fiscal year ending March 20267.9
Financial targets
ROE: 10.0% for the fiscal year ending March 2030; 8.3% actual for the fiscal year ending March 2026Orders received and order backlog
Orders received, fiscal year ending March 2026¥20,931 million
Order backlog at end of fiscal year ending March 2026¥9,011 million
Number of stores and locations
2 head offices, 10 branches, 1 sales division, and 61 sales offices and maintenance service centers. Store openings and closures during the period: Not disclosedNumber of employees
543 people
As ofConsolidated basis as of the end of March 2026
Changes during the period and hiring planThe retail and maintenance divisions added 12 people against a plan to increase staff by 30 people (as of 1 April 2026)
Capital expenditures
¥3.4 hundred million actual for the fiscal year ending March 2026) / ¥800 million (plan for the fiscal year ending March 2027
Annual Dividend
Fiscal year ending March 2026
Annual¥42
Fiscal year ending March 2027: plan
Annual¥43
Payout ratio
Fiscal year ending March 202632 %
Target for the fiscal year ending March 203040 %
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | ¥21,455 million (YoY +2.8%) |
| Operating profit | ¥1,249 million (YoY -3.9%) |
| Ordinary income | ¥1,179 million (YoY -2.6%) |
| Net income | ¥829 million (YoY +4.7%) |
| Operating profit margin | Full-year operating margin declined slightly year on year (rate: Not disclosed) |
| Selling, general and administrative expenses | SG&A expenses increased by ¥132 million. SG&A expenses as a percentage of revenue: Not disclosed |
| Results for the three months of the current quarter | Quarterly standalone results for the fiscal year ending March 2026: revenue was ¥4,597 million in the first quarter, ¥5,483 million in the second quarter, ¥5,829 million in the third quarter, and ¥5,546 million in the fourth quarter. Operating profit was ¥96 million, ¥282 million, ¥448 million, and ¥423 million, respectively. |
| Full-year earnings forecast | Fiscal year ending March 2027 Net Sales ¥22,000 million / Operating profit ¥1,320 million / Ordinary income ¥1,230 million / Profit attributable to owners of the parent ¥800 million / EPS ¥126.34 / ROE 7.7 % |
| Self-assessment against the plan | Revenue and net income exceeded the initial forecast. Operating and ordinary profit fell short of the initial plan. |
| Breakdown of Factors Affecting the Change | Factors Higher costs / Amount ¥-131 million, Factors Increase in selling, general and administrative expenses / Amount ¥-132 million, Factors Deteriorating profitability / Amount ¥-10 million, Factors Increase in revenue / Amount ¥159 million, Factors Lower raw material prices / Amount ¥62 million |
| Key KPIs | Indicator name ROE / Fiscal year ending March 2025 8.6 % / Fiscal year ending March 2026 8.3 %, Indicator name Growth-strategy product sales / Fiscal year ending March 2025 ¥7.5 100 million / Fiscal year ending March 2026 ¥7.9 100 million, Indicator name PER / Fiscal year ending March 2025 6.5 times / Fiscal year ending March 2026 7 times, Indicator name Dividend payout ratio / Fiscal year ending March 2025 30.4 % / Fiscal year ending March 2026 32 %, Indicator name Strategic cash allocation / Fiscal year ending March 2025 ¥10.7 100 million / Fiscal year ending March 2026 ¥8.6 100 million, Indicator name Work engagement / Fiscal year ending March 2025 2.96 / Fiscal year ending March 2026 2.98, Indicator name Sense of belonging / Fiscal year ending March 2025 3.22 / Fiscal year ending March 2026 3.23, Indicator name GHG Emissions / Fiscal year ending March 2025 2,744 tCO2 / Fiscal year ending March 2026 2,145 tCO2 |
| Number of stores and locations | 2 head offices, 10 branches, 1 sales division, and 61 sales offices and maintenance service centers. Store openings and closures during the period: Not disclosed |
| Number of employees | 543 people |
| Assumptions Underlying the Business Outlook | The outlook for non-residential construction floor area remains challenging. Numerical assumptions for foreign exchange rates, raw material prices, interest rates, and other factors: Not disclosed |
| Medium-term management plan targets | Indicator Revenue / Target value ¥250 100 million / Target fiscal year Fiscal year ending March 2030 / Actual results for the fiscal year ending March 2026 ¥214.5 100 million, Indicator Operating income / Target value ¥20 100 million / Target fiscal year Fiscal year ending March 2030 / Actual results for the fiscal year ending March 2026 ¥12.4 100 million, Indicator ROE / Target value 10 % / Target fiscal year Fiscal year ending March 2030 / Actual results for the fiscal year ending March 2026 8.3 %, Indicator Growth-strategy product sales / Target value ¥20 100 million / Target fiscal year Fiscal year ending March 2030 / Actual results for the fiscal year ending March 2026 ¥7.9 100 million |
| Financial targets | ROE: 10.0% for the fiscal year ending March 2030; 8.3% actual for the fiscal year ending March 2026 |
| Annual Dividend | Fiscal year ending March 2026 Annual ¥42 / Interim Not disclosed / End of period Not disclosed / Fiscal year ending March 2027: plan Annual ¥43 |
| Payout ratio | Fiscal year ending March 2026 32 % / Target for the fiscal year ending March 2030 40 % |
| Capital expenditures | ¥3.4 hundred million (actual for the fiscal year ending March 2026) / ¥800 million (plan for the fiscal year ending March 2027) |
| Orders received and order backlog | Orders received, fiscal year ending March 2026 ¥20,931 million / Order backlog at end of fiscal year ending March 2026 ¥9,011 million |
| New initiatives | Open innovation led by the Product Development Department, established in April 2025, Development and product release of a wire-reinforced flood-control sliding door for port facilities, Staff increases in the retail and maintenance divisions, A retirement age of 65 and a post-retirement reemployment system from April 2026, Consideration of expanding the child allowance |
Items this document does not state (8)
Gross Profit MarginProgress against full-year forecastSegment resultsUnit price and quantity metricsRisk amount incorporated into the outlookAcquisition of treasury sharesMarket Size / ShareKey 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.Revenue increased due to higher sales in the heavy-duty shutter and maintenance services businesses. Although higher revenue contributed to operating profit, the decline in the gross profit margin amid order competition, higher parts procurement and logistics costs, and increased SG&A expenses reduced profit. Net income increased due to the positive impact of the tax incentive for promoting wage increases.
How to read this page
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