Worth reading
89Important
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
1055
Million yen (increase in operating profit from actual results for the fiscal year ending March 2026 to the plan for the fiscal year ending March 2031)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales-2.6%
基準 46,206Target45,000million
Operating profit+11.1%
基準 2,026Target2,250million
Operating profit margin+5.0pt
基準 2,026Target2,031%
ROE+5.0pt
基準 2,026Target2,031%
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 of ¥40,000 million, operating margin of 8%, ROE of 10%, and a 40% reduction in CO2 emissions from 2013 (Medium-Term Management Plan 2025) → Net sales of ¥46,206 million, operating margin of 2.6%, ROE of -17.0%, and a 42.6% reduction in CO2 emissions from 2013 (actual results for the fiscal year ending March 2026)+15.5%Calculated from the two disclosed figures
Total investment plan¥19,000 million (growth investments of ¥15,750 million plus maintenance and replacement investments of ¥3,250 million)
Investment amount by sectorField Growth Investment / Amount ¥15,750 million, Field Of which, human capital investments / Amount ¥1,000 million, Field Renewal investment / Amount ¥3,250 million
Statements about the use of capital
Payout ratio / DOE policyThe basic policy is to provide stable, long-term dividends, taking comprehensive account of performance and continuing stable dividend payments. The applicable period is currently open-ended. Numerical targets for the payout ratio and DOE are not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe Company recognizes a PBR below 1x as an issue. The charts show that PBR has generally remained at approximately 0.3–0.4x. The Company aims to improve PBR by executing the medium-term management plan, rebuilding its business portfolio, concentrating resources in priority investment areas, and pursuing M&A, among other measures.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Concentrate resources on priority businesses
02Advance and integrate core technologies
03Expansion of scope
04Strengthening the Earnings Base
05Innovate and reform manufacturing
06Further advance the Future Factory
07Reorganize global sites
08Address unprofitable products
09Human Capital Investment
10Strengthen organizational capabilities
11Diversify the workforce
12Improve the workplace environment
13Wellness management
14Improve management transparency
15Invest in growth business areas
16Invest in core business areas
17Explore M&A to create business synergies
18New markets and overseas expansion
Plan assumptionsThe Company views the decline in the total working population as an “80% society.” Numerical assumptions for exchange rates, market growth rates, raw material prices and other factors are not disclosed.
Segment targetSegment Automotive sintered-products business / Actual results for the fiscal year ending March 2026 ¥41,895 million / Plan for the fiscal year ending March 2031 ¥39,500 million, Segment Railway sintered-products business / Actual results for the fiscal year ending March 2026 ¥2,381 million / Plan for the fiscal year ending March 2031 ¥2,900 million, Segment Hydraulic-equipment products business / Actual results for the fiscal year ending March 2026 ¥1,920 million / Plan for the fiscal year ending March 2031 ¥2,600 million, Segment Magnetic materials / Actual results for the fiscal year ending March 2026 ¥3,706 million / Plan for the fiscal year ending March 2031 ¥6,258 million
Non-financial targetsIndicator Engagement score / Actual results 63.1% (fiscal year ending March 2026) / Target 75.0% / Timing Fiscal year ending March 2031, Indicator Percentage of Female Managers / Actual results 5.9% (fiscal year ending March 2026) / Target 7.0% / Timing Fiscal year ending March 2031, Indicator Percentage of male employees taking childcare leave / Actual results 44.4% (fiscal year ending March 2026) / Target 100% / Timing Fiscal year ending March 2031, Indicator Employee turnover rate / Actual results 5.9% (fiscal year ending March 2026) / Target 5.0% / Timing Fiscal year ending March 2031, Indicator CO2 emissions (total) / Target 50% reduction from 2013 / Timing Medium-term environmental target, Indicator Waste generation (total) / Target 50% reduction from 2010 / Timing Medium-term environmental target, Indicator Water consumption (intensity) / Target At or below fiscal 2020 levels / Timing Medium-term environmental target
Size of the Target MarketNumerical data and sources for market size and market growth rates are not disclosed. The plan describes responding to growth in Asian markets and expanding into North America, China, Asia and other markets.
Risks identified by the company
Technological Innovation
Collaboration with AI
Intensifying international competition
Declining interest in cars
Decline in the total working population (the “80% society”)
Sustainability risks related to environmental considerations and decarbonization
Labor shortages and technology transfer
Aging equipment
Delays in structural reforms
Changes in market structure resulting from the shift to BEVs
Competition with Chinese manufacturers
Regulations and localization policies in each country
Domestic and overseas economic conditions and general market conditions
Reason for revision or withdrawal
Technological innovation is advancing at an accelerating pace, while the standards demanded by society and industry are becoming more sophisticated every day. Because structural changes have emerged that cannot be addressed simply by extending existing approaches, the Company will accelerate its review of the business portfolio and transformation of the earnings structure, based on its strength in integrating technologies. Under the previous medium-term management plan, profits fell significantly below plan because progress in earnings-structure reforms responding to changes in the business environment lagged behind schedule. The Company therefore reexamined the business environment and earnings capacity and reset its numerical targets.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan Vision2030 |
| Plan period | Fiscal year ending March 2027 to fiscal year ending March 2031 (five years) |
| Progress against the plan | Formulated |
| Sales Target | ¥46,206 million (actual results for the fiscal year ending March 2026) → ¥45,000 million (plan for the fiscal year ending March 2031)（-2.6%） |
| Operating profit target | ¥1,195 million (actual results for the fiscal year ending March 2026) → ¥2,250 million (plan for the fiscal year ending March 2031)（+88.3%） |
| Operating profit margin target | 2.6% (actual results for the fiscal year ending March 2026) → 5.0% (plan for the fiscal year ending March 2031)（+92.3%） |
| ROE target | -17.0% (actual results for the fiscal year ending March 2026) → 8.0% (plan for the fiscal year ending March 2031) |
| Payout ratio / DOE policy | The basic policy is to provide stable, long-term dividends, taking comprehensive account of performance and continuing stable dividend payments. The applicable period is currently open-ended. Numerical targets for the payout ratio and DOE are not disclosed. |
| Self-assessment of PBR and share price | The Company recognizes a PBR below 1x as an issue. The charts show that PBR has generally remained at approximately 0.3–0.4x. The Company aims to improve PBR by executing the medium-term management plan, rebuilding its business portfolio, concentrating resources in priority investment areas, and pursuing M&A, among other measures. |
| Total investment plan | ¥19,000 million (growth investments of ¥15,750 million plus maintenance and replacement investments of ¥3,250 million) |
| Investment amount by sector | Field Growth Investment / Amount ¥15,750 million, Field Of which, human capital investments / Amount ¥1,000 million, Field Renewal investment / Amount ¥3,250 million |
| Segment target | Segment Automotive sintered-products business / Actual results for the fiscal year ending March 2026 ¥41,895 million / Plan for the fiscal year ending March 2031 ¥39,500 million, Segment Railway sintered-products business / Actual results for the fiscal year ending March 2026 ¥2,381 million / Plan for the fiscal year ending March 2031 ¥2,900 million, Segment Hydraulic-equipment products business / Actual results for the fiscal year ending March 2026 ¥1,920 million / Plan for the fiscal year ending March 2031 ¥2,600 million, Segment Magnetic materials / Actual results for the fiscal year ending March 2026 ¥3,706 million / Plan for the fiscal year ending March 2031 ¥6,258 million |
| Non-financial targets | Indicator Engagement score / Actual results 63.1% (fiscal year ending March 2026) / Target 75.0% / Timing Fiscal year ending March 2031, Indicator Percentage of Female Managers / Actual results 5.9% (fiscal year ending March 2026) / Target 7.0% / Timing Fiscal year ending March 2031, Indicator Percentage of male employees taking childcare leave / Actual results 44.4% (fiscal year ending March 2026) / Target 100% / Timing Fiscal year ending March 2031, Indicator Employee turnover rate / Actual results 5.9% (fiscal year ending March 2026) / Target 5.0% / Timing Fiscal year ending March 2031, Indicator CO2 emissions (total) / Target 50% reduction from 2013 / Timing Medium-term environmental target, Indicator Waste generation (total) / Target 50% reduction from 2010 / Timing Medium-term environmental target, Indicator Water consumption (intensity) / Target At or below fiscal 2020 levels / Timing Medium-term environmental target |
| Plan assumptions | The Company views the decline in the total working population as an “80% society.” Numerical assumptions for exchange rates, market growth rates, raw material prices and other factors are not disclosed. |
| Key initiatives | Concentrate resources on priority businesses, Advance and integrate core technologies, Expansion of scope, Strengthening the Earnings Base, Innovate and reform manufacturing, Further advance the Future Factory, Reorganize global sites, Address unprofitable products, Human Capital Investment, Strengthen organizational capabilities, Diversify the workforce, Improve the workplace environment, Wellness management, Improve management transparency, Invest in growth business areas, Invest in core business areas, Explore M&A to create business synergies, New markets and overseas expansion |
| Results under the previous plan | Net sales of ¥40,000 million, operating margin of 8%, ROE of 10%, and a 40% reduction in CO2 emissions from 2013 (Medium-Term Management Plan 2025) → Net sales of ¥46,206 million, operating margin of 2.6%, ROE of -17.0%, and a 42.6% reduction in CO2 emissions from 2013 (actual results for the fiscal year ending March 2026) |
| Reason for revision or withdrawal | Technological innovation is advancing at an accelerating pace, while the standards demanded by society and industry are becoming more sophisticated every day. Because structural changes have emerged that cannot be addressed simply by extending existing approaches, the Company will accelerate its review of the business portfolio and transformation of the earnings structure, based on its strength in integrating technologies. Under the previous medium-term management plan, profits fell significantly below plan because progress in earnings-structure reforms responding to changes in the business environment lagged behind schedule. The Company therefore reexamined the business environment and earnings capacity and reset its numerical targets. |
| Size of the Target Market | Numerical data and sources for market size and market growth rates are not disclosed. The plan describes responding to growth in Asian markets and expanding into North America, China, Asia and other markets. |
| Risks identified | Technological Innovation, Collaboration with AI, Intensifying international competition, Declining interest in cars, Decline in the total working population (the “80% society”), Sustainability risks related to environmental considerations and decarbonization, Labor shortages and technology transfer, Aging equipment, Delays in structural reforms, Changes in market structure resulting from the shift to BEVs, Competition with Chinese manufacturers, Regulations and localization policies in each country, Domestic and overseas economic conditions and general market conditions |
| Publication date | 14 May 2026 |
Items this document does not state (5)
Net income targetROIC targetTreasury share acquisition policyCost of capitalDate of board resolution
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.To respond to structural changes in the operating environment, including accelerating technological innovation and the increasingly sophisticated standards demanded by society and industry. The aim is to accelerate the review of the business portfolio and transformation of the earnings structure, based on the Company's strength in integrating technologies. In addition, because progress in earnings-structure reforms under the previous medium-term management plan lagged behind schedule and profit fell significantly below plan, the Company reexamined the business environment and earnings capacity and reset its numerical targets.
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