Worth reading
81Important
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
650
¥100 million (fiscal 2028 operating profit target, excluding IRA subsidies)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+18.2%
基準 6,090Target7,200Hundreds of millions of yen
Operating profit+0.1%
基準 2,025Target2,028Hundreds of millions of yen
Operating profit margin+3.0pt
基準 2,025Target2,028％
ROE+3.0pt
基準 2,025Target2,028％
ROIC+3.0pt
基準 2,025Target2,028％
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 planSixth Medium-Term Management Plan initial targets: revenue of ¥610 billion, operating profit of ¥41 billion, and an operating margin of 6.7% → Fiscal 2025 actual: revenue of ¥609 billion, operating profit of ¥60.2 billion (¥56.7 billion excluding the impact of the IRA), and an operating margin of 10.0% (9.3% excluding the impact)+232.0%Calculated from the two disclosed figures
Total investment plan¥225 billion (fiscal 2026–2028)
Investment amount by sectorField Growth Investment / Amount ¥135.0 billion, Field Growth investments in social infrastructure / Amount ¥85 billion, Field Growth investments in mobility / Amount ¥50.0 billion, Field Investments in the business foundation / Amount ¥90.0 billion
Statements about the use of capital
Payout ratio / DOE policyDuring the period of the Seventh Medium-Term Management Plan (fiscal 2026–2028, approximately 3 years), the Company will implement progressive dividends, targeting a dividend on equity (DOE) of 3.0%.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyShare repurchases will be conducted flexibly from the perspective of improving capital efficiency, taking into account the balance between financial soundness and investment opportunities. Shareholder returns under the Seventh Medium-Term Management Plan will total approximately ¥30 billion.
Key initiatives
01Strengthen the product lineup and expand the range of vehicle models equipped through the development of new 12V products (lead-acid and lithium-ion batteries)
02Develop new products and establish production systems to respond to market changes
03Strengthen the global supply chain, centered on ASEAN bases
04HEVs: improve utilization rates and efficiency at existing plants
05Expand presence in the ESS market as a wholly domestic manufacturer certified under the Supply Security Plan for Storage Batteries
06Develop products optimized for AIDC applications and strengthen sales in Japan and the United States
07Domestic emergency power: strengthen earnings through efficiency improvements driven by DX and AI
08Expand orders for high-value-added specialty batteries through one-of-a-kind defense products, including lithium-ion batteries for submarines and thermal batteries for special applications
Plan assumptionsLead price: ¥360,000/t; LME: US$2,000/t; exchange rate: ¥150/US$.
Segment targetSegment Automotive batteries (Japan) / Net Sales ¥120 billion / Operating profit ¥12.0 billion, Segment Automotive batteries (overseas) / Net Sales ¥230 billion / Operating profit ¥24 billion, Segment Automotive Lithium-Ion Batteries / Net Sales ¥110.0 billion / Operating profit ¥5 billion, Segment Industrial batteries and power supplies / Net Sales ¥230 billion / Operating profit ¥23.0 billion, Segment Aerospace and defense / Net Sales ¥25 billion / Operating profit ¥2.5 billion, Segment Other regions / Net Sales ¥5 billion / Operating profit -¥1.5 billion
Size of the Target MarketIndicator Number of vehicles in use / Figures 1.39 billion vehicles in 2025 and 1.64 billion vehicles in 2035 (forecast) / Source Prepared by the Company based on Wood Mackenzie, “No. of Road Vehicles (Car Parc)” (as of 16 April 2026)
Risks identified by the company
Slower growth in BEVs
A phase in which business profitability is difficult to predict due to changes in assumptions underlying the BEV market
Environmental pollution accidents
Risks related to product and service quality
Risks related to compliance, sound management and transparency
Risks related to health and safety in the workplace
Supply chain risks
| Item | Details |
|---|---|
| Plan name | Seventh Medium-Term Management Plan |
| Plan period | Fiscal 2026 through fiscal 2028 |
| Progress against the plan | Formulated |
| Sales Target | 6,090 (fiscal 2025 actual) → 7,200 (fiscal 2028 target) |
| Operating profit target | 567 (fiscal 2025 actual, excluding the impact of the IRA) → 650 (fiscal 2028 target, excluding IRA subsidies) |
| Operating profit margin target | 9.3% (fiscal 2025 actual, excluding the impact of the IRA) → 9.0% (fiscal 2028 target) |
| ROE target | 11.3% (fiscal 2025 actual) → At least 9% (fiscal 2028 target) |
| ROIC target | 10.7% (FY2025 actual) → At least 9% (fiscal 2028 target) |
| Payout ratio / DOE policy | During the period of the Seventh Medium-Term Management Plan (fiscal 2026–2028, approximately 3 years), the Company will implement progressive dividends, targeting a dividend on equity (DOE) of 3.0%. |
| Treasury share acquisition policy | Share repurchases will be conducted flexibly from the perspective of improving capital efficiency, taking into account the balance between financial soundness and investment opportunities. Shareholder returns under the Seventh Medium-Term Management Plan will total approximately ¥30 billion. |
| Total investment plan | ¥225 billion (fiscal 2026–2028) |
| Investment amount by sector | Field Growth Investment / Amount ¥135.0 billion, Field Growth investments in social infrastructure / Amount ¥85 billion, Field Growth investments in mobility / Amount ¥50.0 billion, Field Investments in the business foundation / Amount ¥90.0 billion |
| Segment target | Segment Automotive batteries (Japan) / Net Sales ¥120 billion / Operating profit ¥12.0 billion, Segment Automotive batteries (overseas) / Net Sales ¥230 billion / Operating profit ¥24 billion, Segment Automotive Lithium-Ion Batteries / Net Sales ¥110.0 billion / Operating profit ¥5 billion, Segment Industrial batteries and power supplies / Net Sales ¥230 billion / Operating profit ¥23.0 billion, Segment Aerospace and defense / Net Sales ¥25 billion / Operating profit ¥2.5 billion, Segment Other regions / Net Sales ¥5 billion / Operating profit -¥1.5 billion |
| Plan assumptions | Lead price: ¥360,000/t; LME: US$2,000/t; exchange rate: ¥150/US$. |
| Key initiatives | Strengthen the product lineup and expand the range of vehicle models equipped through the development of new 12V products (lead-acid and lithium-ion batteries), Develop new products and establish production systems to respond to market changes, Strengthen the global supply chain, centered on ASEAN bases, HEVs: improve utilization rates and efficiency at existing plants, Expand presence in the ESS market as a wholly domestic manufacturer certified under the Supply Security Plan for Storage Batteries, Develop products optimized for AIDC applications and strengthen sales in Japan and the United States, Domestic emergency power: strengthen earnings through efficiency improvements driven by DX and AI, Expand orders for high-value-added specialty batteries through one-of-a-kind defense products, including lithium-ion batteries for submarines and thermal batteries for special applications |
| Results under the previous plan | Sixth Medium-Term Management Plan initial targets: revenue of ¥610 billion, operating profit of ¥41 billion, and an operating margin of 6.7% → Fiscal 2025 actual: revenue of ¥609 billion, operating profit of ¥60.2 billion (¥56.7 billion excluding the impact of the IRA), and an operating margin of 10.0% (9.3% excluding the impact) |
| Size of the Target Market | Indicator Number of vehicles in use / Figures 1.39 billion vehicles in 2025 and 1.64 billion vehicles in 2035 (forecast) / Source Prepared by the Company based on Wood Mackenzie, “No. of Road Vehicles (Car Parc)” (as of 16 April 2026) |
| Risks identified | Slower growth in BEVs, A phase in which business profitability is difficult to predict due to changes in assumptions underlying the BEV market, Environmental pollution accidents, Risks related to product and service quality, Risks related to compliance, sound management and transparency, Risks related to health and safety in the workplace, Supply chain risks |
| Date of board resolution | 13 May 2026 |
| Publication date | 13 May 2026 |
Items this document does not state (5)
Net income targetCost of capitalSelf-assessment of PBR and share priceNon-financial targetsReason for revision or withdrawal
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.Because the Company recognized changes in the business environment, including slower growth in BEVs, expansion of the aftermarket for automotive lead-acid batteries, expansion of the AIDC and ESS markets, and heightened awareness of economic and energy security.
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.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.