Worth reading
83Important
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
34
¥100 million (year-on-year increase in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 2026, full year16 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,527 100 million+3.9%
Operating profit¥190 100 million+22.1%
Ordinary income¥196 100 million+22.9%
Net income¥150 100 million+35.9%
Gross Profit Margin35.7%
Operating profit margin7.6%
Selling, general and administrative expenses¥710 100 million
Results for the three months of the current quarter
Net Sales¥60.0 billion (up 1.7% year on year)
Gross profit¥21.5 billion (35.9%, up 4.5% year on year)
Selling, general and administrative expenses¥18.6 billion (31.0%, up 4.2% year on year)
Operating profit¥2.9 billion (4.9%, up 6.6% year on year)
Ordinary income¥3.0 billion (5.0%, up 8.8% year on year)
Net income¥2.3 billion (3.9%, up 16.0% year on year)
Full-year earnings forecast
Net Sales
¥2,600 100 million
Operating profit
¥208 100 million
Ordinary income
¥215 100 million
Net income
¥154 100 million
ROE
8 %
Annual Dividend
¥124
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue exceeded the target for the final year of the medium-term management plan. Operating profit fell short of the ¥20.0 billion target, at ¥19.0 billion.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit, fiscal year ended March 2026
Sales factors / sales mix factors+¥6.4 billion
Rationalization / cost reductions+¥1.3 billion
Cost increases-¥2.3 billion
Human Capital Investment-¥1.3 billion
Other expenses-¥0.7 billion
Operating income forecast for the fiscal year ending March 2027
Sales factors / sales mix factors+¥3.5 billion
Higher unit prices / price revisions+¥2.1 billion
Rationalization / cost reductions+¥1.1 billion
Cost increases-¥3.0 billion
Human Capital Investment-¥0.7 billion
Other expenses-¥1.3 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The presentation provides qualitative commentary on the domestic economy, the housing market, raw-material prices and rising interest rates. Specific assumptions, such as exchange-rate assumptions, were Not disclosed.New initiatives
- Expand production capacity for enamel bathroom panels through construction of a new building at the Fukuoka plant
- Launch a premium brand for new-build multi-family housing
- Price revisions for selected products
- Launch the household-services outsourcing service “saikou!” in partnership with 株式会社ベアーズ
- Reorganize the IR Office as an organization directly reporting to the Representative Director and President
- Sponsor 株式会社ALE’s artificial shooting-star demonstration project
Key KPIsA metric the company considers important as a management benchmark.
- ROE7.7 %Year on year against the same period last year+1.9 percentage points
- Kitchen market share30 %Year on year against the same period last year+1 percentage point
- Bathroom market share14 %Year on year against the same period last year±0 percentage points
- Vanity market share23 %Year on year against the same period last year+1 percentage point
- Number of overseas local distributors’ showrooms72 locationsYear on year against the same period last year-1 location
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The company reported higher product unit prices in new-build detached and multi-family housing, and higher sales volumes in renovations. A numerical breakdown of the results was not disclosed.Medium-term management plan targets
Net Sales
¥2,500 100 million
Target fiscal yearFiscal year ending March 2027
Operating profit
¥200 100 million
Target fiscal yearFiscal year ending March 2027
ROE
8 %
Target fiscal yearFiscal year ending March 2027
ROE for the fiscal year ending March 2031
10 %
Financial targets
ROE
Actual results7.7
Results unit%
Target8
Target unit%
Market Size / Share
KitchenApproximately 30% (No. 1)
BathroomApproximately 14% (No. 3)
VanityApproximately 23% (No. 3)
Share of shipments of kitchens for new-build multi-family condominium housing80% (FY2024)
Share of shipments of vanities for new-build multi-family condominium housing73% (FY2024)
Orders received and order backlog
The presentation only states that orders outstanding for new-build multi-family housing remained solid. The amount was Not disclosed.Number of stores and locations
Production Sites15
Logistics Centers8
ShowroomApproximately 160 locations nationwide
Overseas local distributors’ showrooms72
Number of store openings and closures during the periodOverseas local distributors’ showrooms decreased by 1 location year on year
Number of employees
6,505 people
As ofEnd of March 2026
Capital expenditures
¥256 hundred million FY ending March 2027 plan
Annual Dividend
Previous-period results¥116
Current fiscal year forecast¥124
Current fiscal-year breakdown62 yen interim, 62 yen year-end
Payout ratio
50 %
Total payout ratioApproximately 130%
Acquisition of treasury shares
Buyback limitApproximately ¥12.0 billion
PeriodFiscal year ending March 2027
Acquisitions in the previous fiscal year¥10.4 billion
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥2,527 100 million (YoY +3.9%) |
| Operating profit | ¥190 100 million (YoY +22.1%) |
| Ordinary income | ¥196 100 million (YoY +22.9%) |
| Net income | ¥150 100 million (YoY +35.9%) |
| Gross Profit Margin | 35.7% |
| Operating profit margin | 7.6% |
| Selling, general and administrative expenses | ¥710 100 million |
| Results for the three months of the current quarter | Net Sales ¥60.0 billion (up 1.7% year on year) / Gross profit ¥21.5 billion (35.9%, up 4.5% year on year) / Selling, general and administrative expenses ¥18.6 billion (31.0%, up 4.2% year on year) / Operating profit ¥2.9 billion (4.9%, up 6.6% year on year) / Ordinary income ¥3.0 billion (5.0%, up 8.8% year on year) / Net income ¥2.3 billion (3.9%, up 16.0% year on year) |
| Full-year earnings forecast | Net Sales ¥2,600 100 million / Operating profit ¥208 100 million / Ordinary income ¥215 100 million / Net income ¥154 100 million / ROE 8 % / Annual Dividend ¥124 |
| Self-assessment against the plan | Revenue exceeded the target for the final year of the medium-term management plan. Operating profit fell short of the ¥20.0 billion target, at ¥19.0 billion. |
| Breakdown of Factors Affecting the Change | Operating profit, fiscal year ended March 2026 Sales factors / sales mix factors +¥6.4 billion / Rationalization / cost reductions +¥1.3 billion / Cost increases -¥2.3 billion / Human Capital Investment -¥1.3 billion / Other expenses -¥0.7 billion / Operating income forecast for the fiscal year ending March 2027 Sales factors / sales mix factors +¥3.5 billion / Higher unit prices / price revisions +¥2.1 billion / Rationalization / cost reductions +¥1.1 billion / Cost increases -¥3.0 billion / Human Capital Investment -¥0.7 billion / Other expenses -¥1.3 billion |
| Key KPIs | Indicator name ROE / Value 7.7 % / Year on year against the same period last year +1.9 percentage points, Indicator name Kitchen market share / Value 30 % / Year on year against the same period last year +1 percentage point, Indicator name Bathroom market share / Value 14 % / Year on year against the same period last year ±0 percentage points, Indicator name Vanity market share / Value 23 % / Year on year against the same period last year +1 percentage point, Indicator name Number of overseas local distributors’ showrooms / Value 72 locations / Year on year against the same period last year -1 location |
| Unit price and quantity metrics | The company reported higher product unit prices in new-build detached and multi-family housing, and higher sales volumes in renovations. A numerical breakdown of the results was not disclosed. |
| Number of stores and locations | Production Sites 15 / Logistics Centers 8 / Showroom Approximately 160 locations nationwide / Overseas local distributors’ showrooms 72 / Number of store openings and closures during the period Overseas local distributors’ showrooms decreased by 1 location year on year |
| Number of employees | 6,505 people |
| Assumptions Underlying the Business Outlook | The presentation provides qualitative commentary on the domestic economy, the housing market, raw-material prices and rising interest rates. Specific assumptions, such as exchange-rate assumptions, were Not disclosed. |
| Medium-term management plan targets | Net Sales ¥2,500 100 million / Operating profit ¥200 100 million / ROE 8 % / ROE for the fiscal year ending March 2031 10 % |
| Financial targets | ROE Actual results 7.7 / Results unit % / Target 8 / Target unit % |
| Annual Dividend | Previous-period results ¥116 / Current fiscal year forecast ¥124 / Current fiscal-year breakdown 62 yen interim, 62 yen year-end |
| Payout ratio | 50 % |
| Acquisition of treasury shares | Buyback limit Approximately ¥12.0 billion / Period Fiscal year ending March 2027 / Acquisitions in the previous fiscal year ¥10.4 billion |
| Capital expenditures | ¥256 hundred million (FY ending March 2027 plan) |
| Orders received and order backlog | The presentation only states that orders outstanding for new-build multi-family housing remained solid. The amount was Not disclosed. |
| Market Size / Share | Kitchen Approximately 30% (No. 1) / Bathroom Approximately 14% (No. 3) / Vanity Approximately 23% (No. 3) / Share of shipments of kitchens for new-build multi-family condominium housing 80% (FY2024) / Share of shipments of vanities for new-build multi-family condominium housing 73% (FY2024) |
| New initiatives | Expand production capacity for enamel bathroom panels through construction of a new building at the Fukuoka plant, Launch a premium brand for new-build multi-family housing, Price revisions for selected products, Launch the household-services outsourcing service “saikou!” in partnership with 株式会社ベアーズ, Reorganize the IR Office as an organization directly reporting to the Representative Director and President, Sponsor 株式会社ALE’s artificial shooting-star demonstration project |
Items this document does not state (4)
Progress against full-year forecastSegment resultsRisk amount incorporated into the outlookKey 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.Sales to the new-build detached housing and multi-family housing markets remained solid, while renovation demand also recovered in the second half. Operating profit increased due to higher unit prices, rationalization and cost reductions, and expense controls. Net profit also benefited from the sale of non-business assets, including cross-shareholdings.
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