Worth reading
51Recurring
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
691
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFiscal 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¥14,028 million+5.2%
Operating profit¥824 million+34.7%
Ordinary income¥954 million+39.8%
Net income¥736 million+37.2%
Operating profit margin5.9% (up 1.3 percentage points year on year)
Full-year earnings forecast
Fiscal year ending March 2027
Net Sales
¥17,200 million
Operating profit
¥900 million
Ordinary income
¥1,000 million
Net income for the current fiscal year
¥730 million
Earnings per share
¥225.18
What the company explained in this material
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The projections assume an increase in main engine shipments, an improving trend in main engine contract prices, and higher material and equipment costs resulting from soaring copper prices. The impact of worsening conditions in the Middle East has not been factored in because it is difficult to calculate reasonably.New initiatives
- Launch of development of the LA28M-DF dual-fuel engine based on the LA28M methanol-only engine
- Launch of development of a common-rail system for hydrogen and ammonia fuels
- Application of AI-based anomaly prediction and detection to an advanced vessel safety management system
- Development of the Chinese market, participation in overseas trade shows and promotion of online sales of parts
- Deployment of a new production control system, digitization of production instructions and introduction of work robots
- Review of the personnel evaluation system, organizational structure, awards and incentive system, and strengthening of mid-career hiring
- Establishment of a compensation committee
Key KPIsA metric the company considers important as a management benchmark.
- Net income per share¥227.12Year on year against the same period last yearUp 37.1%
- Main engine orders received¥11.427 billion (domestic ¥7.317 billion, overseas ¥6.110 billion)Year on year against the same period last yearIncreased
- Main engine order backlog¥12.001 billionYear on year against the same period last yearUp 71.2%
- ROE4.8％Year on year against the same period last yearImproved from 3.7% in the previous fiscal year
- PBR1.17xYear on year against the same period last yearUp from 0.54x in the previous fiscal year
- Closing Share Price¥5,640Year on year against the same period last yearMore than double the previous year's level
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Revenue, units sold, orders received, order volume, order backlog and order backlog volume for main engines are presented separately for domestic and overseas markets. Main engine sales in the fiscal year ended March 2026 totaled 44 units domestically and 16 units overseas.Segment results
- Main enginesNet Sales¥8,435 millionYear on year against the same period last yearUp 5.7%
- Parts and repair work (excluding CMR)Net Sales¥4,986 millionYear on year against the same period last yearIncreased
- CMR (casting and metal machining)Net Sales¥606 millionYear on year against the same period last yearDecrease (¥647 million in the previous fiscal year)
Medium-term management plan targets
Fiscal year ending March 2026Revenue of ¥13.9 billion, an operating margin on revenue of 4.9% and ROE of 3.5%
Actual results for the fiscal year ending March 2026Revenue of ¥14.0 billion, an operating margin on revenue of 5.9% and ROE of 4.8%
New target for the fiscal year ending March 2027Revenue of ¥17.2 billion, an operating margin on revenue of 6.0% and ROE of 5.2%
New target for the fiscal year ending March 2028Revenue of ¥18.5 billion, an operating margin on revenue of 8.0% and ROE of 7.4%
Financial targets
ROE target: 7.4% for the fiscal year ending March 2028. Actual ROE for the fiscal year ended March 2026: 4.8%. The policy is to maintain a PBR of at least 1x.Market Size / Share
Coastal shipping accounts for 38% of domestic freight transportation, and the company has an approximately 57% share of the domestic coastal vessel engine market.Orders received and order backlog
Main engine orders received: ¥11.427 billion; order backlog: ¥12.001 billion.Number of employees
302 People
Capital expenditures
¥40 100 million total investment over the five years from 2025 to 2030
Annual Dividend
¥91 for the fiscal year ended March 2026 (interim ¥35, year-end ¥56); ¥91 planned for the fiscal year ending March 2027 (interim ¥35, year-end ¥56)Payout ratio
40.1% for the fiscal year ended March 2026 and 40.4% for the fiscal year ending March 2027. The dividend policy is to pay at least the higher of a 40% payout ratio or a DOE of 1.5%.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | ¥14,028 million (YoY +5.2%) |
| Operating profit | ¥824 million (YoY +34.7%) |
| Ordinary income | ¥954 million (YoY +39.8%) |
| Net income | ¥736 million (YoY +37.2%) |
| Operating profit margin | 5.9% (up 1.3 percentage points year on year) |
| Full-year earnings forecast | Subject Fiscal year ending March 2027 / Net Sales ¥17,200 million / Operating profit ¥900 million / Ordinary income ¥1,000 million / Net income for the current fiscal year ¥730 million / Earnings per share ¥225.18 |
| Segment results | Segment Main engines / Net Sales ¥8,435 million / Year on year against the same period last year Up 5.7%, Segment Parts and repair work (excluding CMR) / Net Sales ¥4,986 million / Year on year against the same period last year Increased, Segment CMR (casting and metal machining) / Net Sales ¥606 million / Year on year against the same period last year Decrease (¥647 million in the previous fiscal year) |
| Key KPIs | Indicator Net income per share / Value ¥227.12 / Year on year against the same period last year Up 37.1%, Indicator Main engine orders received / Value ¥11.427 billion (domestic ¥7.317 billion, overseas ¥6.110 billion) / Year on year against the same period last year Increased, Indicator Main engine order backlog / Value ¥12.001 billion / Year on year against the same period last year Up 71.2%, Indicator ROE / Value 4.8％ / Year on year against the same period last year Improved from 3.7% in the previous fiscal year, Indicator PBR / Value 1.17x / Year on year against the same period last year Up from 0.54x in the previous fiscal year, Indicator Closing Share Price / Value ¥5,640 / Year on year against the same period last year More than double the previous year's level |
| Unit price and quantity metrics | Revenue, units sold, orders received, order volume, order backlog and order backlog volume for main engines are presented separately for domestic and overseas markets. Main engine sales in the fiscal year ended March 2026 totaled 44 units domestically and 16 units overseas. |
| Number of employees | 302 People |
| Assumptions Underlying the Business Outlook | The projections assume an increase in main engine shipments, an improving trend in main engine contract prices, and higher material and equipment costs resulting from soaring copper prices. The impact of worsening conditions in the Middle East has not been factored in because it is difficult to calculate reasonably. |
| Medium-term management plan targets | Fiscal year ending March 2026 Revenue of ¥13.9 billion, an operating margin on revenue of 4.9% and ROE of 3.5% / Actual results for the fiscal year ending March 2026 Revenue of ¥14.0 billion, an operating margin on revenue of 5.9% and ROE of 4.8% / New target for the fiscal year ending March 2027 Revenue of ¥17.2 billion, an operating margin on revenue of 6.0% and ROE of 5.2% / New target for the fiscal year ending March 2028 Revenue of ¥18.5 billion, an operating margin on revenue of 8.0% and ROE of 7.4% |
| Financial targets | ROE target: 7.4% for the fiscal year ending March 2028. Actual ROE for the fiscal year ended March 2026: 4.8%. The policy is to maintain a PBR of at least 1x. |
| Annual Dividend | ¥91 for the fiscal year ended March 2026 (interim ¥35, year-end ¥56); ¥91 planned for the fiscal year ending March 2027 (interim ¥35, year-end ¥56) |
| Payout ratio | 40.1% for the fiscal year ended March 2026 and 40.4% for the fiscal year ending March 2027. The dividend policy is to pay at least the higher of a 40% payout ratio or a DOE of 1.5%. |
| Capital expenditures | ¥40 100 million (total investment over the five years from 2025 to 2030) |
| Orders received and order backlog | Main engine orders received: ¥11.427 billion; order backlog: ¥12.001 billion. |
| Market Size / Share | Coastal shipping accounts for 38% of domestic freight transportation, and the company has an approximately 57% share of the domestic coastal vessel engine market. |
| New initiatives | Launch of development of the LA28M-DF dual-fuel engine based on the LA28M methanol-only engine, Launch of development of a common-rail system for hydrogen and ammonia fuels, Application of AI-based anomaly prediction and detection to an advanced vessel safety management system, Development of the Chinese market, participation in overseas trade shows and promotion of online sales of parts, Deployment of a new production control system, digitization of production instructions and introduction of work robots, Review of the personnel evaluation system, organizational structure, awards and incentive system, and strengthening of mid-career hiring, Establishment of a compensation committee |
Items this document does not state (10)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planBreakdown of Factors Affecting the ChangeNumber of stores and locationsRisk amount incorporated into the outlookAcquisition of treasury sharesKey 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.For main engines, increased shipments of large engines, improved contract prices for main engines and a decrease in the provision for order loss reserves boosted results. For parts, higher volumes and price revisions in the second half in response to soaring material prices contributed to performance. At the same time, higher personnel expenses resulting from improved compensation, increased depreciation expenses and higher material procurement costs affected results. CMR revenue declined because of weak inquiries from existing customers and production adjustments.
How to read this page
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