Worth reading
93Important
Scored from 5 of 6 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
95
¥100 million (increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥123,559 million+8.3%
Operating profit¥5,287 million+1.8%
Net income¥-1,385 million
Operating profit margin4.3%
Selling, general and administrative expensesnot disclosed (an increase of ¥400 million in SG&A and other expenses is cited as a factor behind the change)
Results for the three months of the current quarter
Net SalesFourth quarter of FY2026: approximately ¥32.1 billion
Operating profitFourth quarter of FY2026: approximately ¥1.49 billion
Operating profit margin4.6%
Full-year earnings forecast
Net Sales
¥130,000 million
Operating profit
¥5,600 million
Net income for the current fiscal year
¥4,500 million
ROE
7.0%
ROIC
4.4%
Dividend per share
¥16
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Volume growth+¥8.2 billion
Pass-through of material prices+¥1.6 billion
Operating profit
One-off factors in the fiscal year ended March 2025+¥400 million
Factors driving revenue growth+¥3.0 billion
Soaring material prices-¥1.9 billion
Structural improvement costs(¥1.0 billion)
Increase in SG&A and other expenses-¥400 million
Net income (loss) for the current fiscal year
One-off factors in the fiscal year ended March 2025+¥700 million
Structural improvement costs-¥3.5 billion
Income taxes and other factors-¥800 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate¥155/US dollar (average during the fiscal year and fiscal year-end rate)
Information Equipment BusinessTo be excluded from the second-half and full-year forecasts for the fiscal year ending March 2027 because the business is scheduled to be transferred on 1 October 2026
New initiatives
- Establishment of the Advanced Power Electronics Technology Research Institute
- Construction of a new manufacturing building for the electronic chemical assembly business
- New MV business through a business alliance with a European company
- Production of new MV products and expansion of production capacity at the Mexico plant
- Expansion of production capacity at ASEAN facilities
- Transfer of the information equipment business
- Upgrading core systems supporting DX and AI
Key KPIsA metric the company considers important as a management benchmark.
- ROE▲2.2%Year on year against the same period last year▲6.8 percentage points
- ROIC3.6%Year on year against the same period last year-1.2 percentage points
- PBRAt least 1x
- PDU transformer share for North American data centersApproximately 40%
- Revenue CAGR7.8%
Segment results
Electronic components-related
Net Sales
¥815 100 million
Operating profit
¥33 100 million
Revenue_yoy_pct6.2
Operating profit_yoy_pct1
Electronic chemical assembly-related
Net Sales
¥399 100 million
Operating profit
¥33 100 million
Revenue_yoy_pct15.5
Operating profit_yoy_pct8.8
Information equipment-related
Net Sales
¥21 100 million
Operating profit
¥-6 100 million
Revenue_yoy_pct-25.4
Medium-term management plan targets
14th Medium-Term Management PlanOperating margin of at least 7.0% and ROE of at least 8.0% in 2027
2030 targetRevenue of at least ¥150 billion, operating margin of at least 10%, ROE of at least 12%, ROIC of at least 8%, DOE of at least 3%, and PBR of at least 1.0x
Financial targets
ROEAt least 8.0% in 2027 and at least 12% in 2030
ROICAt least 8% in 2030
Market Size / Share
Approximately 40% share of PDU transformers for North American data centers. The HEV market is expected to grow at a CAGR of approximately 5% through 2030Capital expenditures
¥67.1 100 million actual for the fiscal year ended March 2026
Annual Dividend
¥16 per share
Breakdown¥8 interim dividend and ¥8 year-end dividend
Payout ratio
not disclosed (the company states its policy of targeting a DOE of 3%)Acquisition of treasury shares
¥1 billion in fiscal 2025. The policy of making flexible share repurchases will continue| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | ¥123,559 million (YoY +8.3%) |
| Operating profit | ¥5,287 million (YoY +1.8%) |
| Net income | ¥-1,385 million |
| Operating profit margin | 4.3% |
| Selling, general and administrative expenses | not disclosed (an increase of ¥400 million in SG&A and other expenses is cited as a factor behind the change) |
| Results for the three months of the current quarter | Net Sales Fourth quarter of FY2026: approximately ¥32.1 billion / Operating profit Fourth quarter of FY2026: approximately ¥1.49 billion / Operating profit margin 4.6% |
| Full-year earnings forecast | Net Sales ¥130,000 million / Operating profit ¥5,600 million / Net income for the current fiscal year ¥4,500 million / ROE 7.0% / ROIC 4.4% / Dividend per share ¥16 |
| Segment results | Electronic components-related Net Sales ¥815 100 million / Operating profit ¥33 100 million / Revenue_yoy_pct 6.2 / Operating profit_yoy_pct 1 / Electronic chemical assembly-related Net Sales ¥399 100 million / Operating profit ¥33 100 million / Revenue_yoy_pct 15.5 / Operating profit_yoy_pct 8.8 / Information equipment-related Net Sales ¥21 100 million / Operating profit ¥-6 100 million / Revenue_yoy_pct -25.4 |
| Breakdown of Factors Affecting the Change | Net Sales Volume growth +¥8.2 billion / Pass-through of material prices +¥1.6 billion / Operating profit One-off factors in the fiscal year ended March 2025 +¥400 million / Factors driving revenue growth +¥3.0 billion / Soaring material prices -¥1.9 billion / Structural improvement costs (¥1.0 billion) / Increase in SG&A and other expenses -¥400 million / Net income (loss) for the current fiscal year One-off factors in the fiscal year ended March 2025 +¥700 million / Structural improvement costs -¥3.5 billion / Income taxes and other factors -¥800 million |
| Key KPIs | Indicator name ROE / Value ▲2.2% / Year on year against the same period last year ▲6.8 percentage points, Indicator name ROIC / Value 3.6% / Year on year against the same period last year -1.2 percentage points, Indicator name PBR / Value At least 1x / Year on year against the same period last year Not disclosed, Indicator name PDU transformer share for North American data centers / Value Approximately 40% / Year on year against the same period last year Not disclosed, Indicator name Revenue CAGR / Value 7.8% / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | Exchange rate ¥155/US dollar (average during the fiscal year and fiscal year-end rate) / Information Equipment Business To be excluded from the second-half and full-year forecasts for the fiscal year ending March 2027 because the business is scheduled to be transferred on 1 October 2026 |
| Medium-term management plan targets | 14th Medium-Term Management Plan Operating margin of at least 7.0% and ROE of at least 8.0% in 2027 / 2030 target Revenue of at least ¥150 billion, operating margin of at least 10%, ROE of at least 12%, ROIC of at least 8%, DOE of at least 3%, and PBR of at least 1.0x |
| Financial targets | ROE At least 8.0% in 2027 and at least 12% in 2030 / ROIC At least 8% in 2030 / Equity ratio Not disclosed |
| Annual Dividend | ¥16 per share |
| Payout ratio | not disclosed (the company states its policy of targeting a DOE of 3%) |
| Acquisition of treasury shares | ¥1 billion in fiscal 2025. The policy of making flexible share repurchases will continue |
| Capital expenditures | ¥67.1 100 million (actual for the fiscal year ended March 2026) |
| Market Size / Share | Approximately 40% share of PDU transformers for North American data centers. The HEV market is expected to grow at a CAGR of approximately 5% through 2030 |
| New initiatives | Establishment of the Advanced Power Electronics Technology Research Institute, Construction of a new manufacturing building for the electronic chemical assembly business, New MV business through a business alliance with a European company, Production of new MV products and expansion of production capacity at the Mexico plant, Expansion of production capacity at ASEAN facilities, Transfer of the information equipment business, Upgrading core systems supporting DX and AI |
Items this document does not state (10)
Ordinary incomeGross Profit MarginProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk 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.Revenue benefited from strong performance in focus markets such as AI data centers and smartphones, higher volumes, and the pass-through of higher material prices into selling prices. Operating profit was boosted by higher revenue, but was pressured by soaring material prices, structural improvement costs, and higher selling, general and administrative expenses. Net income deteriorated due to structural improvement costs, including the transfer of a Chinese equity-method affiliate, special measures under the career-transition support program, and losses on the transfer of the information equipment 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.