Worth reading
54Recurring
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
-60.4
% (year-on-year change in operating profit)Wording
Avoiding a definitive answer
How definitive the wording is.Results for this period
Third quarter1 July 2025 to 31 March 2026ConsolidatedJapanese GAAPNet Sales5,011¥ millionYear on year -7.0%Progress 66.8%
Operating profit305¥ millionYear on year -60.4%Progress 48.4%
Ordinary income342¥ millionYear on year -54.8%Progress 51.8%
Net income attributable to owners of the parent257¥ millionYear on year -48.1%Progress 57.1%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥36.90
Financial position at period-end
Total assets9,828¥ million
of which net assets 7,807 ¥ millionEquity ratio 79.4%vs. prior year-end +4.5pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Segment revenueEnergy-Related Business ¥3,227,889 thousand (YoY -12.2%), Water-related business ¥1,783,247 thousand (YoY +4.3%)
Segment profitEnergy-Related Business ¥810,926 thousand (YoY -28.4%), Water-related business ¥-62,593 thousand
Regional salesEnergy-Related Business ¥25,204 thousand, Energy-Related Business ¥965,092 thousand, Energy-Related Business ¥510,585 thousand, Energy-Related Business ¥592,973 thousand, Energy-Related Business ¥182,497 thousand, Energy-Related Business ¥853,409 thousand, Energy-Related Business ¥98,127 thousand, Water-related business ¥1,654,722 thousand, Water-related business ¥118,775 thousand, Water-related business ¥9,750 thousand
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥7,500 million (YoY -15.9%)
Operating profit¥630 million (YoY -58.5%)
Ordinary income¥660 million (YoY -56.3%)
Net income¥450 million (YoY -53.6%)
Revision to Earnings ForecastNet Sales Not disclosed → ¥7,500 million / Operating profit Not disclosed → ¥630 million / Ordinary income Not disclosed → ¥660 million / Net income Not disclosed → ¥450 million
Annual Dividend Forecast¥35 → ¥35（0.0%）
Factors Behind Changes in Business Performance
In the energy-related business, earnings were affected by delays in project manufacturing due to the impact of U.S. policy developments, the situation in the Middle East and other factors, project suspensions due to customers' financing issues and prolonged discussions over specification changes, lower factory utilization, and higher fixed manufacturing costs, raw material prices and freight costs. In the water-related business, selling, general and administrative expenses increased due to expanded staffing and intensified research and development activities.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew 0 / Excluded 0 / Company name None
Impairment lossNone (impairment losses on fixed assets and other items by reportable segment)
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥1,553 thousand, Gain on sale of investment securities ¥53,662 thousand / Extraordinary loss Loss on sale of fixed assets ¥211 thousand, Loss on Disposal of Fixed Assets ¥0 thousand
Depreciation and amortization¥105,799 thousand
Orders received and order backlogOrders received Energy-Related Business 3,833,715, Water-related business 1,441,521, Total 5,275,237 / Order backlog Energy-Related Business 2,564,764, Water-related business 1,506,196, Total 4,070,961
Availability of Supplementary Financial Results MaterialsNo
Availability of Financial Results BriefingWhether applicable No / Subject person Not disclosed
Issued Shares at Period-End7,078,400 Shares
Treasury Shares at Period-End115,244 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Third quarter |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 July 2025 to 31 March 2026 |
| Net Sales | ¥5,011 million (YoY -7.0%) |
| Operating profit | ¥305 million (YoY -60.4%) |
| Ordinary income | ¥342 million (YoY -54.8%) |
| Profit attributable to owners of the parent | ¥257 million (YoY -48.1%) |
| Net income per share | ¥36.90 |
| Equity ratio | End of the current fiscal period 79.4 / End of previous period 74.9 |
| Total assets | ¥9,828 million |
| Net assets | ¥7,807 million |
| Full-year earnings forecast | Net Sales ¥7,500 million (YoY -15.9%) / Operating profit ¥630 million (YoY -58.5%) / Ordinary income ¥660 million (YoY -56.3%) / Net income ¥450 million (YoY -53.6%) |
| Revision to Earnings Forecast | Net Sales Not disclosed → ¥7,500 million / Operating profit Not disclosed → ¥630 million / Ordinary income Not disclosed → ¥660 million / Net income Not disclosed → ¥450 million |
| Annual Dividend Forecast | ¥35 → ¥35（0.0%） |
| Segment revenue | Energy-Related Business ¥3,227,889 thousand (YoY -12.2%), Water-related business ¥1,783,247 thousand (YoY +4.3%) |
| Segment profit | Energy-Related Business ¥810,926 thousand (YoY -28.4%), Water-related business ¥-62,593 thousand |
| Regional sales | Energy-Related Business ¥25,204 thousand, Energy-Related Business ¥965,092 thousand, Energy-Related Business ¥510,585 thousand, Energy-Related Business ¥592,973 thousand, Energy-Related Business ¥182,497 thousand, Energy-Related Business ¥853,409 thousand, Energy-Related Business ¥98,127 thousand, Water-related business ¥1,654,722 thousand, Water-related business ¥118,775 thousand, Water-related business ¥9,750 thousand |
| Orders received and order backlog | Orders received Energy-Related Business 3,833,715, Water-related business 1,441,521, Total 5,275,237 / Order backlog Energy-Related Business 2,564,764, Water-related business 1,506,196, Total 4,070,961 |
| Depreciation and amortization | ¥105,799 thousand |
| Impairment loss | None (impairment losses on fixed assets and other items by reportable segment) |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥1,553 thousand, Gain on sale of investment securities ¥53,662 thousand / Extraordinary loss Loss on sale of fixed assets ¥211 thousand, Loss on Disposal of Fixed Assets ¥0 thousand |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New 0 / Excluded 0 / Company name None |
| Availability of Supplementary Financial Results Materials | No |
| Availability of Financial Results Briefing | Whether applicable No / Subject person Not disclosed |
| Issued Shares at Period-End | 7,078,400 Shares |
| Treasury Shares at Period-End | 115,244 Shares |
| Factors Behind Changes in Business Performance | In the energy-related business, earnings were affected by delays in project manufacturing due to the impact of U.S. policy developments, the situation in the Middle East and other factors, project suspensions due to customers' financing issues and prolonged discussions over specification changes, lower factory utilization, and higher fixed manufacturing costs, raw material prices and freight costs. In the water-related business, selling, general and administrative expenses increased due to expanded staffing and intensified research and development activities. |
Items this document does not state (8)
Operating MarginCash flows from operating activitiesCash flows from investing activitiesCash flows from financing activitiesCash and cash equivalents at end of periodPayout ratioShareholder Return PolicyMaterial subsequent events
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.In the energy-related business, project manufacturing was delayed due to U.S. policy developments and the situation in the Middle East, while some projects were suspended because of customers' financing issues and prolonged discussions over specification changes. As a result, lower sales, a decline in factory utilization, increased fixed manufacturing costs, and higher raw material prices and freight costs weighed on earnings. In the water-related business, selling, general and administrative expenses increased due to expanded staffing and intensified research and development activities.
How to read this page
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