Worth reading
67In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-38
¥100 million (FY2027 operating profit target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedSales TargetFY2027 690 / FY2030 850 → FY2027 650 / FY2030 700（FY2027 -5.8% / FY2030 -17.6%）
Operating profit targetFY2027 63 / FY2030 90 → FY2027 25 / FY2030 45（FY2027 -60.3% / FY2030 -50.0%）
Operating profit margin targetFY2027 9.1% / FY2030 10.6% → FY2027 3.8% / FY2030 6.4%（FY2027 -58.2% / FY2030 -39.6%）
Net income targetFY2027 48 / FY2030 66 → FY2027 16 / FY2030 30（FY2027 -66.7% / FY2030 -54.5%）
ROE targetFY2027 8% or higher / FY2030 Not disclosed → FY2027 2.7% / FY2030 5% or moreROE is the percentage of profit generated from money provided by shareholders.
What happened to the previous planFY2027 target: revenue of ¥69.0 billion, operating profit of ¥6.3 billion, operating margin of 9.1%, and net income of ¥4.8 billion → FY2025 actual: revenue of ¥62.0 billion, operating profit of ¥1.47 billion, operating margin of 2.4%, and net income of -¥0.02 billion（Revenue: -10.1%; operating profit: -76.7%; operating margin: -73.6%; net income: -100.4%）-0.1%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThrough FY2026, a consolidated dividend payout ratio of 100% and a minimum dividend of ¥92. The Company will continue to strive to provide stable and consistent dividends thereafter.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company is conducting share buybacks totaling ¥30.0 billion over the three-year period from FY2024. In FY2025, it repurchased approximately ¥2.3 billion of shares, bringing cumulative repurchases including prior purchases to approximately ¥26.5 billion. The Company is also considering additional purchases on an opportunistic basis.
Key initiatives
01Expand global sales
02Increase the value of content per vehicle
03Improve the break-even point by reducing variable and fixed costs
04Create high-value-added products
05Expand sales channels for existing products through proposals that enhance customer value
06Develop new products through active investment
07Improve productivity through fundamental cost-structure reform and the use of digital transformation
08Improve the corporate culture through human-resources system reform and greater employee engagement
09Promote business plans led by Japan (global sales expansion and product strategy)
10Review and strengthen the business execution structure (sales and development)
11Establish and expand a sales scheme for vehicle models produced in South America
12Roll out existing adopted products to other vehicle models and enter new fields
13Review the production structure between the United States and Mexico
14Address local needs by leveraging a structure that enables the entire process, from design and development through production, to be completed domestically
15Narrow the selection of products capable of generating profits in China and adopt locally sourced materials
16Increase production capacity through the operation of the second plant
17Strengthen sales expansion to Maruti Suzuki and local OEMs
18Strengthen the R&D structure (existing and advanced-development products)
19Expand the product portfolio targeted for medium- to long-term focus
20Capital Policy
21Share buybacks
22Dividend Policy
Plan assumptionsAim for growth from a medium- to long-term perspective, with FY2025 as the trough, Automotive demand is expected to decline in FY2026 due to reductions in subsidies and other factors, Demand for fuel-system components is expected to continue as the increasing adoption of hybrid vehicles offsets the slowdown in BEVs, Demand for electrification-related products is expected to expand as CASE advances
Segment targetSegment Japan (non-consolidated) / FY2027 Revenue of ¥27.0 billion / FY2030 Revenue of ¥28.0 billion, Segment North America / FY2027 Revenue of ¥17.0 billion / FY2030 Revenue of ¥18.0 billion, Segment China / FY2027 Revenue of ¥8.8 billion (¥2.6 billion from non-Japanese companies) / FY2030 Revenue of ¥10.0 billion (¥4.0 billion from non-Japanese companies), Segment India / FY2027 Revenue of ¥3.2 billion / FY2030 Revenue of ¥6.2 billion. Separately, the document states an FY2033 revenue target of ¥10.0 billion., Segment Medical Equipment Business / FY2027 Revenue of ¥6.4 billion and an operating margin of 3.1% (¥0.2 billion) / FY2030 Revenue of ¥7.5 billion and an operating margin of 10%. A separate performance-target chart shows revenue of ¥10.0 billion and an operating margin of 10%.
Non-financial targetsIndicator Carbon Neutrality / Target 46% reduction from FY2019 / Timing 2030, Indicator Percentage of Female Managers / Target 20% or higher / Timing FY2030, Indicator Gender pay gap (regular employees) / Target Eliminate the gap / Timing FY2030, Indicator Percentage of men taking parental leave / Target Increase the percentage taking leave / Timing FY2030, Indicator Percentage of female directors / Target At least 30% / Timing Expected after the June 2026 general meeting, Indicator Percentage of outside directors / Target At least a majority / Timing Expected after the June 2026 general meeting
Risks identified by the company
Risks and uncertainties. Specific risk items: not disclosed
Reason for revision or withdrawal
The plan was revised in light of the recent business environment and the operating conditions of the Group. Profitability was pressured by substantial production cuts by major OEMs, higher variable costs, particularly direct material costs, surging material, energy and labor costs, and one-off factors including impairment losses recognized at overseas subsidiaries.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | FY2025-FY2027 (also includes targets for FY2030) |
| Progress against the plan | Partially revised |
| Sales Target | FY2027 690 / FY2030 850 → FY2027 650 / FY2030 700（FY2027 -5.8% / FY2030 -17.6%） |
| Operating profit target | FY2027 63 / FY2030 90 → FY2027 25 / FY2030 45（FY2027 -60.3% / FY2030 -50.0%） |
| Operating profit margin target | FY2027 9.1% / FY2030 10.6% → FY2027 3.8% / FY2030 6.4%（FY2027 -58.2% / FY2030 -39.6%） |
| Net income target | FY2027 48 / FY2030 66 → FY2027 16 / FY2030 30（FY2027 -66.7% / FY2030 -54.5%） |
| ROE target | FY2027 8% or higher / FY2030 Not disclosed → FY2027 2.7% / FY2030 5% or more |
| Payout ratio / DOE policy | Through FY2026, a consolidated dividend payout ratio of 100% and a minimum dividend of ¥92. The Company will continue to strive to provide stable and consistent dividends thereafter. |
| Treasury share acquisition policy | The Company is conducting share buybacks totaling ¥30.0 billion over the three-year period from FY2024. In FY2025, it repurchased approximately ¥2.3 billion of shares, bringing cumulative repurchases including prior purchases to approximately ¥26.5 billion. The Company is also considering additional purchases on an opportunistic basis. |
| Segment target | Segment Japan (non-consolidated) / FY2027 Revenue of ¥27.0 billion / FY2030 Revenue of ¥28.0 billion, Segment North America / FY2027 Revenue of ¥17.0 billion / FY2030 Revenue of ¥18.0 billion, Segment China / FY2027 Revenue of ¥8.8 billion (¥2.6 billion from non-Japanese companies) / FY2030 Revenue of ¥10.0 billion (¥4.0 billion from non-Japanese companies), Segment India / FY2027 Revenue of ¥3.2 billion / FY2030 Revenue of ¥6.2 billion. Separately, the document states an FY2033 revenue target of ¥10.0 billion., Segment Medical Equipment Business / FY2027 Revenue of ¥6.4 billion and an operating margin of 3.1% (¥0.2 billion) / FY2030 Revenue of ¥7.5 billion and an operating margin of 10%. A separate performance-target chart shows revenue of ¥10.0 billion and an operating margin of 10%. |
| Non-financial targets | Indicator Carbon Neutrality / Target 46% reduction from FY2019 / Timing 2030, Indicator Percentage of Female Managers / Target 20% or higher / Timing FY2030, Indicator Gender pay gap (regular employees) / Target Eliminate the gap / Timing FY2030, Indicator Percentage of men taking parental leave / Target Increase the percentage taking leave / Timing FY2030, Indicator Percentage of female directors / Target At least 30% / Timing Expected after the June 2026 general meeting, Indicator Percentage of outside directors / Target At least a majority / Timing Expected after the June 2026 general meeting |
| Plan assumptions | Aim for growth from a medium- to long-term perspective, with FY2025 as the trough, Automotive demand is expected to decline in FY2026 due to reductions in subsidies and other factors, Demand for fuel-system components is expected to continue as the increasing adoption of hybrid vehicles offsets the slowdown in BEVs, Demand for electrification-related products is expected to expand as CASE advances |
| Key initiatives | Expand global sales, Increase the value of content per vehicle, Improve the break-even point by reducing variable and fixed costs, Create high-value-added products, Expand sales channels for existing products through proposals that enhance customer value, Develop new products through active investment, Improve productivity through fundamental cost-structure reform and the use of digital transformation, Improve the corporate culture through human-resources system reform and greater employee engagement, Promote business plans led by Japan (global sales expansion and product strategy), Review and strengthen the business execution structure (sales and development), Establish and expand a sales scheme for vehicle models produced in South America, Roll out existing adopted products to other vehicle models and enter new fields, Review the production structure between the United States and Mexico, Address local needs by leveraging a structure that enables the entire process, from design and development through production, to be completed domestically, Narrow the selection of products capable of generating profits in China and adopt locally sourced materials, Increase production capacity through the operation of the second plant, Strengthen sales expansion to Maruti Suzuki and local OEMs, Strengthen the R&D structure (existing and advanced-development products), Expand the product portfolio targeted for medium- to long-term focus, Capital Policy, Share buybacks, Dividend Policy |
| Results under the previous plan | FY2027 target: revenue of ¥69.0 billion, operating profit of ¥6.3 billion, operating margin of 9.1%, and net income of ¥4.8 billion → FY2025 actual: revenue of ¥62.0 billion, operating profit of ¥1.47 billion, operating margin of 2.4%, and net income of -¥0.02 billion（Revenue: -10.1%; operating profit: -76.7%; operating margin: -73.6%; net income: -100.4%） |
| Reason for revision or withdrawal | The plan was revised in light of the recent business environment and the operating conditions of the Group. Profitability was pressured by substantial production cuts by major OEMs, higher variable costs, particularly direct material costs, surging material, energy and labor costs, and one-off factors including impairment losses recognized at overseas subsidiaries. |
| Risks identified | Risks and uncertainties. Specific risk items: not disclosed |
| Date of board resolution | 12 May 2026 |
| Publication date | 12 May 2026 |
Items this document does not state (6)
ROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSize 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.Business conditions and profitability deteriorated due to substantial production cuts by major OEMs, higher variable costs, particularly direct material costs, surging material, energy and labor costs, and impairment losses at overseas subsidiaries. The document describes the revision as being based on the recent business environment and the operating conditions of the Group.
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