Worth reading
79Important
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
-15
¥100 million (year-on-year change in net income)Wording
Conditional
How definitive the wording is.Contents of this document
Results presentationSecond quarter of the fiscal year ending March 202716 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,488 100 million+0.4%
Operating profit¥99 100 million-8.6%
Net income¥48 100 million-23.2%
Operating profit margin6.6 %
Full-year earnings forecast
Net Sales
¥3,050 100 million
Operating profit
¥245 100 million
Net income
¥140 100 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales48.8%
Operating profit40.3%
Net income34.4%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
In the second half, the company expects to achieve its initial plan through the realization of appropriate pricing for core business products and the monetization of non-operating assets.Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Approach to realizing appropriate pricing and passing through higher selling prices
- Policy for expanding market share in the core business
- Growth strategy for the aftermarket business
- Investment decisions and exit criteria for new businesses
- Strengthening human capital and changes in employee attitudes
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half operating profit, etc.Impact of sales fluctuations: -¥1.4 billion; foreign exchange impact: +¥1.3 billion; materials and outsourcing costs: +¥0.8 billion; labor costs: -¥0.1 billion; repair expenses: +¥0.2 billion; other: -¥1.7 billion
主要 componentsImpact of lower orders: -¥3.6 billion; pass-through of higher costs and realization of appropriate pricing: +¥2.2 billion; impact of purchase price fluctuations: -¥1.1 billion; changes in material mix and other factors: +¥1.9 billion; R&D expenses: -¥1.2 billion; wage increases and other factors: -¥0.1 billion; unrealized inventory gains: -¥0.7 billion; investment and financial gains/losses: +¥0.6 billion; foreign exchange gains/losses: -¥0.1 billion; equity-method gains/losses: -¥0.8 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
USD/JPY average155
CNY/JPY average21
THB/JPY average4.7
US tariff refund assumptionEstimated ¥270 million for October–March, assuming ¥160 per US dollar
New initiatives
- Made Protean a subsidiary in March 2026
- Seconded 21 project members from the commercial e-mobility business to PRE-EVモビリティ
- Participated in research and development of firefighting drones by the Fire and Disaster Management Agency of the Ministry of Internal Affairs and Communications, in cooperation with モリタHD
- Revamped the executive compensation system, linking it to ROE, operating profit, net GHG reduction rate, relative TSR and other metrics
- Resumed overseas IR and completely revamped the corporate website
Key KPIsA metric the company considers important as a management benchmark.
- Number of dialogue partners89 companiesYear on year against the same period last yearApproximately 1.5x
- Global share of MT clutches supplied to OEMs22.1 %
- Global share of AT torque converters supplied to OEMs23.7 %
- FY2030 target for the new product sales ratio30 %
Segment results
Revenue
MT¥388 100 million
AT¥869 100 million
TS¥63 100 million
Two-wheelers¥125 100 million
Other¥43 100 million
Total¥1,488 100 million
Operating profit
MT¥60.1 100 million
AT¥68.2 100 million
TS¥9.7 100 million
Two-wheelers¥8.1 100 million
Other¥-38.7 100 million
Corporate Expenses¥-15.6 100 million
Total¥98.8 100 million
Medium-term management plan targets
FY2027
Revenue¥2,820 100 million and %
Operating profit¥235 100 million and %
Net income¥148 100 million and %
ROE¥8 100 million and %
FY2030
Net Sales¥3,300 100 million and %
Operating profit¥300 100 million and %
ROE¥10 100 million and %
New products as a percentage of revenue¥30 100 million and %
Financial targets
ROE
FY2026 target7.5 %
FY2030 target10 %
Equity ratio
Target60 %
ROIC
New business investment screening criteria10 Over %
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Middle East situationFirst-half sales impact: -¥870 million
U.S. tariff policyActual ¥350 million for April–September; estimated ¥270 million for October–March
Market Size / Share
MT clutch global market share22.1 %
AT torque converter global market share23.7 %
Drone marketGrowing worldwide (figures shown only in the chart)
Service robot market, FY20302,000 %
market_unit¥100 million
Number of stores and locations
End of period59 sites in 26 countries worldwide
Number of employees
Protean consolidated98 people
Capital expenditures
¥97 100 million FY2026 forecast, replacement investment
Annual Dividend
Annual¥350 per share
Interim¥150 per share
End of period¥200 per share
Acquisition of treasury shares
¥80 100 million
PeriodFiscal 2026, in progress
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥1,488 100 million (YoY +0.4%) |
| Operating profit | ¥99 100 million (YoY -8.6%) |
| Net income | ¥48 100 million (YoY -23.2%) |
| Operating profit margin | 6.6 % |
| Full-year earnings forecast | Net Sales ¥3,050 100 million / Operating profit ¥245 100 million / Net income ¥140 100 million |
| Progress against full-year forecast | Net Sales 48.8% / Operating profit 40.3% / Net income 34.4% |
| Self-assessment against the plan | In the second half, the company expects to achieve its initial plan through the realization of appropriate pricing for core business products and the monetization of non-operating assets. |
| Segment results | Revenue MT ¥388 100 million / AT ¥869 100 million / TS ¥63 100 million / Two-wheelers ¥125 100 million / Other ¥43 100 million / Total ¥1,488 100 million / Operating profit MT ¥60.1 100 million / AT ¥68.2 100 million / TS ¥9.7 100 million / Two-wheelers ¥8.1 100 million / Other ¥-38.7 100 million / Corporate Expenses ¥-15.6 100 million / Total ¥98.8 100 million |
| Breakdown of Factors Affecting the Change | First-half operating profit, etc. Impact of sales fluctuations: -¥1.4 billion; foreign exchange impact: +¥1.3 billion; materials and outsourcing costs: +¥0.8 billion; labor costs: -¥0.1 billion; repair expenses: +¥0.2 billion; other: -¥1.7 billion / 主要 components Impact of lower orders: -¥3.6 billion; pass-through of higher costs and realization of appropriate pricing: +¥2.2 billion; impact of purchase price fluctuations: -¥1.1 billion; changes in material mix and other factors: +¥1.9 billion; R&D expenses: -¥1.2 billion; wage increases and other factors: -¥0.1 billion; unrealized inventory gains: -¥0.7 billion; investment and financial gains/losses: +¥0.6 billion; foreign exchange gains/losses: -¥0.1 billion; equity-method gains/losses: -¥0.8 billion |
| Key KPIs | Number of dialogue partners 89 companies, Global share of MT clutches supplied to OEMs 22.1 %, Global share of AT torque converters supplied to OEMs 23.7 %, FY2030 target for the new product sales ratio 30 % |
| Number of stores and locations | End of period 59 sites in 26 countries worldwide / Number of store openings and closures during the period Not disclosed |
| Number of employees | Protean consolidated 98 people / Total employees Not disclosed |
| Assumptions Underlying the Business Outlook | USD/JPY average 155 / CNY/JPY average 21 / THB/JPY average 4.7 / US tariff refund assumption Estimated ¥270 million for October–March, assuming ¥160 per US dollar |
| Risk amount incorporated into the outlook | Middle East situation First-half sales impact: -¥870 million / U.S. tariff policy Actual ¥350 million for April–September; estimated ¥270 million for October–March |
| Medium-term management plan targets | FY2027 Revenue ¥2,820 100 million and % / Operating profit ¥235 100 million and % / Net income ¥148 100 million and % / ROE ¥8 100 million and % / FY2030 Net Sales ¥3,300 100 million and % / Operating profit ¥300 100 million and % / ROE ¥10 100 million and % / New products as a percentage of revenue ¥30 100 million and % |
| Financial targets | ROE FY2026 target 7.5 % / FY2030 target 10 % / Equity ratio Target 60 % / ROIC New business investment screening criteria 10 Over % |
| Annual Dividend | Annual ¥350 per share / Interim ¥150 per share / End of period ¥200 per share |
| Acquisition of treasury shares | Amount ¥80 100 million / Period Fiscal 2026, in progress |
| Capital expenditures | ¥97 100 million (FY2026 forecast, replacement investment) |
| Market Size / Share | MT clutch global market share 22.1 % / AT torque converter global market share 23.7 % / Drone market Growing worldwide (figures shown only in the chart) / Service robot market, FY2030 2,000 % / market_unit ¥100 million |
| Key points of the Q&A | Approach to realizing appropriate pricing and passing through higher selling prices, Policy for expanding market share in the core business, Growth strategy for the aftermarket business, Investment decisions and exit criteria for new businesses, Strengthening human capital and changes in employee attitudes |
| New initiatives | Made Protean a subsidiary in March 2026, Seconded 21 project members from the commercial e-mobility business to PRE-EVモビリティ, Participated in research and development of firefighting drones by the Fire and Disaster Management Agency of the Ministry of Internal Affairs and Communications, in cooperation with モリタHD, Revamped the executive compensation system, linking it to ROE, operating profit, net GHG reduction rate, relative TSR and other metrics, Resumed overseas IR and completely revamped the corporate website |
Items this document does not state (7)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsPayout ratioOrders received and order backlog
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.Although orders for the China automatic transmission business declined as sales of gasoline-powered vehicles made in China fell, revenue edged up on the weaker yen, the pass-through of higher selling prices for core business products to customers, and increased sales of new business products and aftermarket products. Operating profit declined due to higher R&D expenses related to the creation of new businesses, an increase in unrealized gains from inventory accumulation associated with expanding aftermarket product sales through overseas distributors, and the impact of lower orders and fluctuations in purchase prices. In addition to the decline in operating profit, net income was affected by equity-method losses related to growth investments.
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