Worth reading
58In 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
179
¥100 million (year-on-year change in first-half business profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter (first half) of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,069 hundred million+9.3%
Operating profit¥95 hundred million-62.5%
Net income¥74 100 million -56.9%interim profit attributable to owners of the parent
Selling, general and administrative expensesNot disclosed (¥1.3 billion increase in the first half as a factor affecting the change)
Full-year earnings forecast
Orders received
¥5,550 hundred million
Net Sales
¥4,550 hundred million
Business profit
¥400 hundred million
Operating profit
¥435 hundred million
Pretax profit
¥430 hundred million
Profit for the period attributable to owners of the parent
¥287 hundred million
Basic earnings per share
¥269.41
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress exceeded the first-half forecast (general water treatment). Overall assessment against the full-year plan: not disclosedBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half operating profit
Impact of higher revenue+¥5.7 billion
Deterioration in cost ratio-¥3.4 billion
Higher SG&A Expenses-¥1.3 billion
Foreign exchange impact+¥1.2 billion
Additional costs for U.S. equipment projects-¥20 billion
Full-year operating profit
Impact of higher revenue+¥18.8 billion
Deterioration in cost ratio-¥10.3 billion
Higher SG&A Expenses−¥2.2 billion
Foreign exchange impact¥0
Additional costs for U.S. equipment projects-¥23.6 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
USD
¥150.8
EUR
¥174.8
CNY
¥21.3
New initiatives
- Establishment of a global engineering center
- Strengthening project management, design, manufacturing and quality control
- Strengthening cross-functional management by PM/PMO for U.S. equipment projects
- Diversification of manufacturing locations in and outside the United States
- Recurrence-prevention measures for analysis operations and strengthening quality control across the group
Key KPIsA metric the company considers important as a management benchmark.
- Orders received¥3,596 hundred millionYear on year against the same period last year+81.8%
- CSV business revenue (consolidated)¥340 hundred millionYear-on-year change+¥7.3 billion
- Number of CSV business models (consolidated)142 ModelsYear-on-year comparison+14 models compared with the end of March 2026
- ROE (full-year forecast)8.8 %Year-on-year comparisonActual for the fiscal year ended March 2026: 11.7%
- ROIC (full-year forecast)5 %Year-on-year comparisonActual for the fiscal year ended March 2026: 9.1%
Segment results
Electronics
Orders received
¥2,313 hundred million
Year-on-year change+¥152.7 billion
Net Sales
¥937 hundred million
Year-on-year change+¥12.6 billion
Business profit
¥-60 hundred million
Year-on-year change-¥18.4 billion
General water treatment
Orders received
¥1,283 hundred million
Year-on-year change+¥9.0 billion
Net Sales
¥1,131 hundred million
Year-on-year change+¥4.9 billion
Business profit
¥123 hundred million
Year-on-year change+¥600 million
Medium-term management plan targets
Plan namePSV-27 Plan
Target fiscal yearFiscal year ending March 2028
Net Sales
¥4,700 hundred million
Business profit margin
16 %
ROE
12% or more
Financial targets
ROE
Target12% or more
Full-year forecast8.8 %
ROIC
Full-year forecast5 %
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Additional costs for U.S. equipment projects
¥236 hundred million
DetailsCost impact, including the remaining work
Orders received and order backlog
Orders received
¥3,596 hundred million
Capital expenditures
¥81 100 million first-half actual, tangible fixed assets
Acquisition of treasury shares
Number of shares acquired
4,250,800 shares
Acquisition price
¥34,999,427,900
End date1 October 2026
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter (first half) of the fiscal year ending March 2027 |
| Net Sales | ¥2,069 hundred million (YoY +9.3%) |
| Operating profit | ¥95 hundred million (YoY -62.5%) |
| Net income | ¥74 100 million (interim profit attributable to owners of the parent) (YoY -56.9%) |
| Selling, general and administrative expenses | Not disclosed (¥1.3 billion increase in the first half as a factor affecting the change) |
| Full-year earnings forecast | Orders received ¥5,550 hundred million / Net Sales ¥4,550 hundred million / Business profit ¥400 hundred million / Operating profit ¥435 hundred million / Pretax profit ¥430 hundred million / Profit for the period attributable to owners of the parent ¥287 hundred million / Basic earnings per share ¥269.41 |
| Self-assessment against the plan | Progress exceeded the first-half forecast (general water treatment). Overall assessment against the full-year plan: not disclosed |
| Segment results | Electronics Orders received ¥2,313 hundred million / Net Sales ¥937 hundred million / Business profit ¥-60 hundred million / General water treatment Orders received ¥1,283 hundred million / Net Sales ¥1,131 hundred million / Business profit ¥123 hundred million |
| Breakdown of Factors Affecting the Change | First-half operating profit Impact of higher revenue +¥5.7 billion / Deterioration in cost ratio -¥3.4 billion / Higher SG&A Expenses -¥1.3 billion / Foreign exchange impact +¥1.2 billion / Additional costs for U.S. equipment projects -¥20 billion / Full-year operating profit Impact of higher revenue +¥18.8 billion / Deterioration in cost ratio -¥10.3 billion / Higher SG&A Expenses −¥2.2 billion / Foreign exchange impact ¥0 / Additional costs for U.S. equipment projects -¥23.6 billion |
| Key KPIs | Indicator name Orders received / Value ¥3,596 hundred million / Year on year against the same period last year +81.8%, Indicator name CSV business revenue (consolidated) / Value ¥340 hundred million / Year-on-year change +¥7.3 billion, Indicator name Number of CSV business models (consolidated) / Value 142 Models / Year-on-year comparison +14 models compared with the end of March 2026, Indicator name ROE (full-year forecast) / Value 8.8 % / Year-on-year comparison Actual for the fiscal year ended March 2026: 11.7%, Indicator name ROIC (full-year forecast) / Value 5 % / Year-on-year comparison Actual for the fiscal year ended March 2026: 9.1% |
| Assumptions Underlying the Business Outlook | USD ¥150.8 / EUR ¥174.8 / CNY ¥21.3 |
| Risk amount incorporated into the outlook | Additional costs for U.S. equipment projects ¥236 hundred million |
| Medium-term management plan targets | Plan name PSV-27 Plan / Target fiscal year Fiscal year ending March 2028 / Net Sales ¥4,700 hundred million / Business profit margin 16 % / ROE 12% or more |
| Financial targets | ROE Target 12% or more / Full-year forecast 8.8 % / ROIC Full-year forecast 5 % |
| Acquisition of treasury shares | Number of shares acquired 4,250,800 shares / Acquisition price ¥34,999,427,900 / End date 1 October 2026 |
| Capital expenditures | ¥81 100 million (first-half actual, tangible fixed assets) |
| Orders received and order backlog | Orders received ¥3,596 hundred million / Order backlog Not disclosed |
| New initiatives | Establishment of a global engineering center, Strengthening project management, design, manufacturing and quality control, Strengthening cross-functional management by PM/PMO for U.S. equipment projects, Diversification of manufacturing locations in and outside the United States, Recurrence-prevention measures for analysis operations and strengthening quality control across the group |
Items this document does not state (12)
Ordinary incomeGross Profit MarginOperating profit marginResults for the three months of the current quarterProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsNumber of employeesAnnual DividendPayout ratioMarket Size / ShareKey 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.Additional costs were recorded for design rework, additional procurement of components, remanufacturing of modules, the use of external resources and on-site construction for a specific equipment project in the United States. In addition, the electronic business was affected by a deterioration in the cost ratio and higher SG&A expenses, while the general water treatment business was affected by lower revenue.
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