Worth reading
72In 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
20
¥100 million (increase in the sales target; the operating profit target increased by ¥500 million)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+202,700.0%
基準 1Target2,028Hundred million yen
Operating profit+189.7%
基準 700Target2,028Hundred million yen
ROE-2,018.0pt
基準 2,026Target8%
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. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous plan¥1.0 billion in sales and ¥700 million in operating profit (initial targets under the Fourth Medium-Term Management Plan) → Fiscal year ending September 2026 actuals: Revenue ¥11.2 billion, operating profit ¥1.2 billion（Revenue up 12%, operating profit up approximately 71.4%）+189.4%Calculated from the two disclosed figures
Total investment plan¥11,857 million (growth investments of ¥9,464 million plus facility renewals of ¥2,393 million), period covered: 28th fiscal year (fiscal year ending September 2027) to 31st fiscal year (fiscal year ending September 2030)
Investment amount by sectorField Growth Investment / Amount ¥9,464 million / Details Acquisition of factory buildings and equipment, an investment budget for growth opportunities including M&A, and research and development expenses, Field Equipment Renewal / Amount ¥2,393 million / Details Maintenance and renewal of the Iga Plant and existing facilities, core system renewal, and other investments
Statements about the use of capital
Payout ratio / DOE policyThe company uses the cumulative dividend payout ratio as a general benchmark and implements a dividend policy designed to encourage long-term, stable shareholding. The numerical target for the period covered 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 aims for a PBR of 1x. Actual PBR for the fiscal year ended September 2026 was 0.75x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Sales Strategy
02Production Strategy
03Maintenance strategy
04Steelmaking strategy
05Electrical equipment-related business strategy
06Refined metals business strategy
07Overseas business strategy
08Technology and research and development strategy
09Business Partnerships and M&A
Plan assumptionsElectricity demand is expected to increase from 805.9 billion kWh to 852.4 billion kWh, up 5.8% from 2024 (2034)., The target for perovskite solar power capacity introduced in fiscal 2040 is approximately 20 GW., The target for offshore wind project formation, including floating installations, in fiscal 2040 is 30 GW to 45 GW., The power mix in fiscal 2040 is targeted at 20% nuclear, 30% to 40% thermal, and 40% renewable energy.
Segment targetSegment Valve Business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥4,216 million, Segment Maintenance Business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥4,176 million, Segment Steelmaking business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥1,450 million, Segment Electrical equipment-related business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥2,069 million, Segment Refined Metal Business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥180 million
Size of the Target MarketElectricity demand: 805.9 billion kWh to 852.4 billion kWh, +5.8% versus 2024 (2034). Source: Not disclosed.
Risks identified by the company
Changes in economic conditions and product demand in major markets
Foreign Exchange Volatility
Changes in various domestic and overseas regulations
Changes in accounting standards, practices and other requirements
Reason for revision or withdrawal
The company expects to achieve the 2030 targets (¥1.2 billion in sales and ¥1.0 billion in operating profit) ahead of schedule, before the 28th fiscal year. Over the next 2 years, its top priority will be to secure stable earnings at this level while assessing changes in the business environment and growth opportunities. Based on the results, the company will review its numerical targets for 2030 in the Fifth Medium-Term Management Plan.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2023 |
| Plan period | October 2023, 25th fiscal year to September 2028, 29th fiscal year |
| Progress against the plan | Partially revised |
| Sales Target | ¥1.0 billion (initial target under the Fourth Medium-Term Management Plan) → ¥1.2 billion (29th fiscal year, target for the fiscal year ending September 2028)（20% increase） |
| Operating profit target | ¥700 million (initial target under the Fourth Medium-Term Management Plan) → ¥1.2 billion (29th fiscal year, target for the fiscal year ending September 2028)（Up approximately 71.4%） |
| ROE target | Most recent result: 8.7% (fiscal year ended September 2026) → Target: 8% |
| Payout ratio / DOE policy | The company uses the cumulative dividend payout ratio as a general benchmark and implements a dividend policy designed to encourage long-term, stable shareholding. The numerical target for the period covered is Not disclosed. |
| Self-assessment of PBR and share price | The company aims for a PBR of 1x. Actual PBR for the fiscal year ended September 2026 was 0.75x. |
| Total investment plan | ¥11,857 million (growth investments of ¥9,464 million plus facility renewals of ¥2,393 million), period covered: 28th fiscal year (fiscal year ending September 2027) to 31st fiscal year (fiscal year ending September 2030) |
| Investment amount by sector | Field Growth Investment / Amount ¥9,464 million / Details Acquisition of factory buildings and equipment, an investment budget for growth opportunities including M&A, and research and development expenses, Field Equipment Renewal / Amount ¥2,393 million / Details Maintenance and renewal of the Iga Plant and existing facilities, core system renewal, and other investments |
| Segment target | Segment Valve Business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥4,216 million, Segment Maintenance Business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥4,176 million, Segment Steelmaking business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥1,450 million, Segment Electrical equipment-related business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥2,069 million, Segment Refined Metal Business / Timing Fiscal year ending September 2027 (forecast for the 28th fiscal year) / Net Sales ¥180 million |
| Plan assumptions | Electricity demand is expected to increase from 805.9 billion kWh to 852.4 billion kWh, up 5.8% from 2024 (2034)., The target for perovskite solar power capacity introduced in fiscal 2040 is approximately 20 GW., The target for offshore wind project formation, including floating installations, in fiscal 2040 is 30 GW to 45 GW., The power mix in fiscal 2040 is targeted at 20% nuclear, 30% to 40% thermal, and 40% renewable energy. |
| Key initiatives | Sales Strategy, Production Strategy, Maintenance strategy, Steelmaking strategy, Electrical equipment-related business strategy, Refined metals business strategy, Overseas business strategy, Technology and research and development strategy, Business Partnerships and M&A |
| Results under the previous plan | ¥1.0 billion in sales and ¥700 million in operating profit (initial targets under the Fourth Medium-Term Management Plan) → Fiscal year ending September 2026 actuals: Revenue ¥11.2 billion, operating profit ¥1.2 billion（Revenue up 12%, operating profit up approximately 71.4%） |
| Reason for revision or withdrawal | The company expects to achieve the 2030 targets (¥1.2 billion in sales and ¥1.0 billion in operating profit) ahead of schedule, before the 28th fiscal year. Over the next 2 years, its top priority will be to secure stable earnings at this level while assessing changes in the business environment and growth opportunities. Based on the results, the company will review its numerical targets for 2030 in the Fifth Medium-Term Management Plan. |
| Size of the Target Market | Electricity demand: 805.9 billion kWh to 852.4 billion kWh, +5.8% versus 2024 (2034). Source: Not disclosed. |
| Risks identified | Changes in economic conditions and product demand in major markets, Foreign Exchange Volatility, Changes in various domestic and overseas regulations, Changes in accounting standards, practices and other requirements |
| Date of board resolution | 12 November 2026 |
| Publication date | 12 November 2026 |
Items this document does not state (6)
Operating profit margin targetNet income targetROIC targetTreasury share acquisition policyCost of capitalNon-financial targets
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.The company expects to achieve the 2030 targets (¥1.2 billion in sales and ¥1.0 billion in operating profit) ahead of schedule, before the 28th fiscal year. Over the next 2 years, its top priority will be to secure stable earnings at this level while assessing changes in the business environment and growth opportunities. Based on the results, the company will review its numerical targets for 2030 in the Fifth Medium-Term Management Plan.
How to read this page
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