Worth reading
56In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
11
¥100 million (FY2028 operating profit target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+1.3%
基準 77Target78hundred million
Operating profit+19.6%
基準 9.2Target11hundred million
Net income for the current fiscal year+8.3%
基準 7.2Target7.8hundred million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit marginNot disclosed → 14 %
ROENot disclosed → 8 %
ROICNot disclosed → 7 %
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNet Sales 75 / Operating profit 6.5 / Net income 4.5 → Net Sales 77 / Operating profit 9.2 / Net income 7.2（Net Sales Approximately 2.7% / Operating profit Approximately 41.5% / Net income 60.0%）
Total investment planAmount ¥13 hundred million / Period Covered FY2026-FY2028 (cumulative for the three-year period) / Details Business Investment
Investment amount by sectorField Growth investment / Amount Not disclosed / Details Second phase of the new core system, Operational Efficiency Through AI, Digitization of drawings and documents as digital assets using AI-OCR, Field Infrastructure investment / Amount Not disclosed / Details Costs for addressing the aging of factories, Costs for improving the efficiency of parts management operations, Routine capital expenditures, including upgrades to digital equipment
Statements about the use of capital
Payout ratio / DOE policyThe Company plans to maintain stable dividends, targeting a 20% dividend payout ratio in FY2028. The DOE policy is 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 states that it will promote management conscious of its cost of capital and share price, but its self-assessment of current PBR and share price levels is not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Focused strengthening of after-sales service, a source of earnings
02Quality process reform
03Strengthening cost competitiveness
04Strengthening the brand in the hydrogen sector
05Promoting the development of higher-efficiency products
06Develop new markets
07Productivity innovation through digital transformation
08Corporate Culture Reform
09Promoting management focused on capital efficiency
Plan assumptionsThe Company assumes that the widespread deployment of hydrogen stations will be delayed and that significant growth in core product sales cannot be expected during the 26 Mid-Term Plan period., The Company assumes that progress toward a hydrogen society will be slower than anticipated., The increasingly challenging current economic environment
Risks identified by the company
Delayed deployment of hydrogen stations
The increasingly challenging current economic environment
Quality issues, complaints, and nonconformities
| Item | Details |
|---|---|
| Plan name | 2026 Mid-Term Management Plan (26 Mid-Term Plan) |
| Plan period | FY2026-FY2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥77 hundred million → ¥78 hundred million（Approximately 1.3%） |
| Operating profit target | ¥9.2 hundred million → ¥11 hundred million（Approximately 19.6%） |
| Operating profit margin target | Not disclosed → 14 % |
| Net income target | ¥7.2 hundred million → ¥7.8 hundred million（Approximately 8.3%） |
| ROE target | Not disclosed → 8 % |
| ROIC target | Not disclosed → 7 % |
| Payout ratio / DOE policy | The Company plans to maintain stable dividends, targeting a 20% dividend payout ratio in FY2028. The DOE policy is not disclosed. |
| Self-assessment of PBR and share price | The Company states that it will promote management conscious of its cost of capital and share price, but its self-assessment of current PBR and share price levels is not disclosed. |
| Total investment plan | Amount ¥13 hundred million / Period Covered FY2026-FY2028 (cumulative for the three-year period) / Details Business Investment |
| Investment amount by sector | Field Growth investment / Amount Not disclosed / Details Second phase of the new core system, Operational Efficiency Through AI, Digitization of drawings and documents as digital assets using AI-OCR, Field Infrastructure investment / Amount Not disclosed / Details Costs for addressing the aging of factories, Costs for improving the efficiency of parts management operations, Routine capital expenditures, including upgrades to digital equipment |
| Plan assumptions | The Company assumes that the widespread deployment of hydrogen stations will be delayed and that significant growth in core product sales cannot be expected during the 26 Mid-Term Plan period., The Company assumes that progress toward a hydrogen society will be slower than anticipated., The increasingly challenging current economic environment |
| Key initiatives | Focused strengthening of after-sales service, a source of earnings, Quality process reform, Strengthening cost competitiveness, Strengthening the brand in the hydrogen sector, Promoting the development of higher-efficiency products, Develop new markets, Productivity innovation through digital transformation, Corporate Culture Reform, Promoting management focused on capital efficiency |
| Results under the previous plan | Net Sales 75 / Operating profit 6.5 / Net income 4.5 → Net Sales 77 / Operating profit 9.2 / Net income 7.2（Net Sales Approximately 2.7% / Operating profit Approximately 41.5% / Net income 60.0%） |
| Risks identified | Delayed deployment of hydrogen stations, The increasingly challenging current economic environment, Quality issues, complaints, and nonconformities |
| Publication date | 30 April 2026 |
Items this document does not state (7)
Treasury share acquisition policyCost of capitalSegment targetNon-financial targetsReason for revision or withdrawalSize of the Target MarketDate 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 flexibly to the increasingly challenging economic environment and achieve sustainable growth over the medium to long term. While the Company assumes that growth in sales of its core products cannot be expected because progress toward a hydrogen society has been slower than anticipated, it intends to build profits by expanding its after-sales service business.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.