Worth reading
63In 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
342
¥ millions (year-on-year increase in operating profit for the fiscal year ending March 2027)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥17,256 million+2.8%
Operating profit¥1,158 million-30.4%
Ordinary income¥1,684 million-20.8%
Net income¥1,273 million-36.6%
Operating profit margin6.7%, down 2.1 percentage points year on year
Full-year earnings forecast
Net Sales
¥18,000 million
Operating profit
¥1,500 million
Ordinary income
¥1,600 million
Profit attributable to owners of the parent
¥1,400 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit, fiscal year ended March 2026
Increase in gross profit from higher revenue140
Production efficiency improvements and sales price pass-through212
Foreign-exchange impact of a weaker yen82
Surging materials prices-489
Increase in labor and other expenses-450
Operating income forecast for the fiscal year ending March 2027
Increase in gross margin from higher revenue246
Passing Through Price Increases450
Improved production efficiency351
Surging materials prices-330
Increase in labor and other expenses-374
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rateUS$1 = ¥150
New initiatives
- Formulation of Medium-Term Management Plan 2030
- Shareholder return policy incorporating DOE
- ¥1.5 billion in share repurchases during the first 3 years of the Medium-Term Management Plan
- Development and mass production of resistance-type sensors
- Test sales and commercialization of leak sensors and sodium/potassium sensors
- Construction of a new headquarters and R&D building
Key KPIsA metric the company considers important as a management benchmark.
- Number of employees1,678 people
- Equity ratio82.5 %
- Number of group companies15 companies
- Renewable electricity adoption rate22 %
- Market share in automotive HVACApproximately 8–9
Segment results
Electronic components segment
Net Sales
¥16,709 million
Medium-term management plan targets
Target fiscal yearFY2030
Net Sales¥22 billion
Operating profit¥2.2 billion
Operating profit margin10.0%
ROE6.0% or higher
Financial targets
ROE
Actual results4.5%
Target6.0% or higher (fiscal 2030), with a medium- to long-term target of more than 8%
Equity ratio
Actual results82.5%
TargetAround 70%
Cash and deposits on hand
Actual resultsApproximately 7–8 months of monthly sales
TargetApproximately 3.5–4.5 months of monthly sales
Policy-held shares as a percentage of net assets
Target10% or less by fiscal 2027
Market Size / Share
Market share in automotive HVACApproximately 8–9% currently, with a target of approximately 12% in fiscal 2030
Overseas revenueTargeting an increase of 10% or more in fiscal 2030 compared with fiscal 2025
Number of employees
1,678 people
Hiring planStrengthening new graduate and mid-career recruitment
Capital expenditures
¥128 100 million cumulative total for the 5-year Medium-Term Management Plan
Annual Dividend
FY2025¥100 per share (¥50 interim, ¥50 year-end)
Payout ratio
73.4% for fiscal 2025; DOE of approximately 5.0% as a guidelineAcquisition of treasury shares
¥1.5 billion
PeriodFirst 3 years of the Medium-Term Management Plan
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | ¥17,256 million (YoY +2.8%) |
| Operating profit | ¥1,158 million (YoY -30.4%) |
| Ordinary income | ¥1,684 million (YoY -20.8%) |
| Net income | ¥1,273 million (YoY -36.6%) |
| Operating profit margin | 6.7%, down 2.1 percentage points year on year |
| Full-year earnings forecast | Net Sales ¥18,000 million / Operating profit ¥1,500 million / Ordinary income ¥1,600 million / Profit attributable to owners of the parent ¥1,400 million |
| Segment results | Electronic components segment Net Sales ¥16,709 million / Profit Not disclosed |
| Breakdown of Factors Affecting the Change | Operating profit, fiscal year ended March 2026 Increase in gross profit from higher revenue 140 / Production efficiency improvements and sales price pass-through 212 / Foreign-exchange impact of a weaker yen 82 / Surging materials prices -489 / Increase in labor and other expenses -450 / Operating income forecast for the fiscal year ending March 2027 Increase in gross margin from higher revenue 246 / Passing Through Price Increases 450 / Improved production efficiency 351 / Surging materials prices -330 / Increase in labor and other expenses -374 |
| Key KPIs | Number of employees 1,678 people, Equity ratio 82.5 %, Number of group companies 15 companies, Renewable electricity adoption rate 22 %, Market share in automotive HVAC Approximately 8–9 |
| Number of employees | 1,678 people |
| Assumptions Underlying the Business Outlook | Exchange rate US$1 = ¥150 |
| Medium-term management plan targets | Target fiscal year FY2030 / Net Sales ¥22 billion / Operating profit ¥2.2 billion / Operating profit margin 10.0% / ROE 6.0% or higher |
| Financial targets | ROE Actual results 4.5% / Target 6.0% or higher (fiscal 2030), with a medium- to long-term target of more than 8% / Equity ratio Actual results 82.5% / Target Around 70% / Cash and deposits on hand Actual results Approximately 7–8 months of monthly sales / Target Approximately 3.5–4.5 months of monthly sales / Policy-held shares as a percentage of net assets Target 10% or less by fiscal 2027 |
| Annual Dividend | FY2025 ¥100 per share (¥50 interim, ¥50 year-end) / FY2026 forecast Not disclosed |
| Payout ratio | 73.4% for fiscal 2025; DOE of approximately 5.0% as a guideline |
| Acquisition of treasury shares | Amount ¥1.5 billion / Period First 3 years of the Medium-Term Management Plan |
| Capital expenditures | ¥128 100 million (cumulative total for the 5-year Medium-Term Management Plan) |
| Market Size / Share | Market share in automotive HVAC Approximately 8–9% currently, with a target of approximately 12% in fiscal 2030 / Overseas revenue Targeting an increase of 10% or more in fiscal 2030 compared with fiscal 2025 |
| New initiatives | Formulation of Medium-Term Management Plan 2030, Shareholder return policy incorporating DOE, ¥1.5 billion in share repurchases during the first 3 years of the Medium-Term Management Plan, Development and mass production of resistance-type sensors, Test sales and commercialization of leak sensors and sodium/potassium sensors, Construction of a new headquarters and R&D building |
Items this document does not state (10)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookOrders 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.Operating profit declined in the fiscal year ended March 2026 because increases in material prices and labor and other expenses outweighed the benefits of higher gross profit from increased revenue, improved efficiency, price pass-through and the foreign-exchange impact of a weaker yen. For the fiscal year ending March 2027, the Company expects higher revenue, price pass-through and improved production efficiency, while factoring in higher material prices and increases in labor and other expenses.
How to read this page
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