Worth reading
56In focus
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
2131
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsFull year ended September 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales43,398 Millions of yen+5.2%
Operating profit1,520 Millions of yen+40.8%
Ordinary income1,554 Millions of yen+32.5%
Net income4,312 Millions of yen+480.2%
Operating profit margin3.5%, +0.9 percentage points year on year (calculated from actual operating profit of ¥1,080 million and revenue of ¥41,266 million)
Selling, general and administrative expensesThe increase in selling, general and administrative expenses of ¥950 million was disclosed as a factor affecting the change. Total amount and SG&A-to-sales ratio: Not disclosed
Results for the three months of the current quarterFourth quarter of the fiscal year ended September 2026: revenue of ¥10,555 million and operating loss of ¥240 million
Full-year earnings forecastFiscal year ending September 2027: revenue of ¥44,000 million, operating profit of ¥2,200 million, ordinary profit of ¥2,100 million and net income of ¥1,350 million. Annual dividend of ¥90 per share
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Change in ordinary profit: higher sales +¥1,386 million, impact of increased production +¥377 million, profit increase due to foreign exchange effects +¥52 million, higher raw material costs and other factors -¥425 million, selling, general and administrative expenses -¥950 million, other factors -¥59 million, etc.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Assumed exchange rates for the fiscal year ending September 2027: US$1 = ¥163, €1 = ¥185New initiatives
Launch of the BCB180 and BCB360 battery-powered brush cutters; construction of an R&D center, scheduled to begin operations in April 2027; plans to build an in-house factory in India; preparations for the establishment of a new company and construction of a new factory in Vietnam; increases in shareholder benefits, the addition of benefit categories and expansion of eligible itemsKey KPIsA metric the company considers important as a management benchmark.
Overseas revenue of ¥10,578 million (+14.2% year on year), overseas revenue ratio 24.4%, equity ratio 52.8%, current ratio 196.0%, 1,012 employees, business conducted in more than 80 countriesSegment results
Agricultural and forestry machinery: revenue of ¥32,526 million, operating profit of ¥2,193 million, revenue +1.6% year on year. Industrial machinery: revenue of ¥8,127 million, operating profit of ¥1,534 million, +23.5%. Other machinery: revenue of ¥2,551 million, operating profit of ¥161 million, +3.2%. Real estate leasing and other: revenue of ¥325 million, operating profit of ¥164 million, -18.9%Medium-term management plan targets
Initial targets of the Eighth Medium-Term Management Plan: fiscal year ending September 2027 revenue of ¥48,000 million, operating profit of ¥2,800 million and ROE of 7.5%. Revised targets: revenue of ¥44,000 million, operating profit of ¥2,200 million and ROE of 4.4%. Actual results for the fiscal year ended September 2026: revenue of ¥43,398 million, operating profit of ¥1,520 million and ROE of 16.3%Financial targets
ROE: 16.3% actual for the fiscal year ended September 2026, 7.5% initial target under the Eighth Medium-Term Management Plan and 4.4% revised target. Equity ratio 52.8%Market Size / Share
Market size and numerical market share: Not disclosed. The company states that its products have achieved a high market share.Number of stores and locations
4 domestic production sites, 24 sales offices and 3 logistics sites. Number of openings and closures during the period: Not disclosedNumber of employees
Consolidated: 1,012 employees; non-consolidated: 613 employees (as of 30 September 2026). Changes during the period and hiring plan: Not disclosedAnnual Dividend
¥90 per share for the fiscal year ended September 2026 (ordinary dividend of ¥80 and special dividend of ¥10). Forecast of ¥90 per share for the fiscal year ending September 2027Payout ratio
26.2% forecast for the fiscal year ending September 2027. 8.1% for the fiscal year ended September 2026. Total payout ratio was 15.8% for the fiscal year ended September 2026, or 61.2% excluding the one-time payment and based on an ¥80 dividendAcquisition of treasury shares
Total share repurchases of ¥327 million. Repurchase period: Not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Full year ended September 2026 |
| Net Sales | 43,398 Millions of yen (YoY +5.2%) |
| Operating profit | 1,520 Millions of yen (YoY +40.8%) |
| Ordinary income | 1,554 Millions of yen (YoY +32.5%) |
| Net income | 4,312 Millions of yen (YoY +480.2%) |
| Operating profit margin | 3.5%, +0.9 percentage points year on year (calculated from actual operating profit of ¥1,080 million and revenue of ¥41,266 million) |
| Selling, general and administrative expenses | The increase in selling, general and administrative expenses of ¥950 million was disclosed as a factor affecting the change. Total amount and SG&A-to-sales ratio: Not disclosed |
| Results for the three months of the current quarter | Fourth quarter of the fiscal year ended September 2026: revenue of ¥10,555 million and operating loss of ¥240 million |
| Full-year earnings forecast | Fiscal year ending September 2027: revenue of ¥44,000 million, operating profit of ¥2,200 million, ordinary profit of ¥2,100 million and net income of ¥1,350 million. Annual dividend of ¥90 per share |
| Segment results | Agricultural and forestry machinery: revenue of ¥32,526 million, operating profit of ¥2,193 million, revenue +1.6% year on year. Industrial machinery: revenue of ¥8,127 million, operating profit of ¥1,534 million, +23.5%. Other machinery: revenue of ¥2,551 million, operating profit of ¥161 million, +3.2%. Real estate leasing and other: revenue of ¥325 million, operating profit of ¥164 million, -18.9% |
| Breakdown of Factors Affecting the Change | Change in ordinary profit: higher sales +¥1,386 million, impact of increased production +¥377 million, profit increase due to foreign exchange effects +¥52 million, higher raw material costs and other factors -¥425 million, selling, general and administrative expenses -¥950 million, other factors -¥59 million, etc. |
| Key KPIs | Overseas revenue of ¥10,578 million (+14.2% year on year), overseas revenue ratio 24.4%, equity ratio 52.8%, current ratio 196.0%, 1,012 employees, business conducted in more than 80 countries |
| Number of stores and locations | 4 domestic production sites, 24 sales offices and 3 logistics sites. Number of openings and closures during the period: Not disclosed |
| Number of employees | Consolidated: 1,012 employees; non-consolidated: 613 employees (as of 30 September 2026). Changes during the period and hiring plan: Not disclosed |
| Assumptions Underlying the Business Outlook | Assumed exchange rates for the fiscal year ending September 2027: US$1 = ¥163, €1 = ¥185 |
| Medium-term management plan targets | Initial targets of the Eighth Medium-Term Management Plan: fiscal year ending September 2027 revenue of ¥48,000 million, operating profit of ¥2,800 million and ROE of 7.5%. Revised targets: revenue of ¥44,000 million, operating profit of ¥2,200 million and ROE of 4.4%. Actual results for the fiscal year ended September 2026: revenue of ¥43,398 million, operating profit of ¥1,520 million and ROE of 16.3% |
| Financial targets | ROE: 16.3% actual for the fiscal year ended September 2026, 7.5% initial target under the Eighth Medium-Term Management Plan and 4.4% revised target. Equity ratio 52.8% |
| Annual Dividend | ¥90 per share for the fiscal year ended September 2026 (ordinary dividend of ¥80 and special dividend of ¥10). Forecast of ¥90 per share for the fiscal year ending September 2027 |
| Payout ratio | 26.2% forecast for the fiscal year ending September 2027. 8.1% for the fiscal year ended September 2026. Total payout ratio was 15.8% for the fiscal year ended September 2026, or 61.2% excluding the one-time payment and based on an ¥80 dividend |
| Acquisition of treasury shares | Total share repurchases of ¥327 million. Repurchase period: Not disclosed |
| Market Size / Share | Market size and numerical market share: Not disclosed. The company states that its products have achieved a high market share. |
| New initiatives | Launch of the BCB180 and BCB360 battery-powered brush cutters; construction of an R&D center, scheduled to begin operations in April 2027; plans to build an in-house factory in India; preparations for the establishment of a new company and construction of a new factory in Vietnam; increases in shareholder benefits, the addition of benefit categories and expansion of eligible items |
Items this document does not state (8)
Gross Profit MarginProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsRisk amount incorporated into the outlookCapital expendituresOrders received and order backlogKey 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.In Japan, sales of large crop protection machines and power sprayers increased, while overseas sales of industrial pumps to North America and Europe increased. On the profit front, higher sales and the benefits of increased production were positive factors, while higher raw material costs and increased selling, general and administrative expenses were negative factors. Net income was affected by the recognition of a one-time payment related to the amendment of the OEM agreement as an extraordinary gain.
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