Worth reading
84Important
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
4.3
ROE improvement (percentage points)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+4,404.4%
基準 45Target2,027100 million
Operating profit+44,944.4%
基準 4.5Target2,027100 million
ROE+2,016.0pt
基準 11Target2,027％
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 planTY2027 management targets for the fiscal year ending September 2027: revenue of ¥45 billion + α, operating profit of ¥4.5 billion and ROE of 11.0% → Forecast for the fiscal year ending September 2027: revenue of ¥50 billion, operating profit of ¥5 billion and ROE of 12.0%0.0%Calculated from the two disclosed figures
Total investment plan¥10 billion (¥8.5 billion in growth investments + ¥1.5 billion to strengthen the management foundation)
Investment amount by sectorField Growth Investment / Amount ¥8.5 billion / Notes Initial TY2027 plan, Field Strengthening the Management Platform / Amount ¥1.5 billion / Notes Initial TY2027 plan, Field Growth business investment / Amount ¥2.5 billion / Notes Actual through the fiscal year ended September 2026, Field R&D Investment / Amount ¥900 million / Notes Actual through the fiscal year ended September 2026, Field Capital Investment / Amount ¥360 million / Notes Actual through the fiscal year ended September 2026, Field DX/AI investment / Amount ¥210 million / Notes Actual through the fiscal year ended September 2026, Field Human capital investment / Amount ¥30 million / Notes Actual through the fiscal year ended September 2026
Statements about the use of capital
Payout ratio / DOE policyDOE of 5% or more for the fiscal years ending September 2025 through September 2027. The company plans to increase dividends for 10 consecutive fiscal years through the fiscal year ending September 2027 and aims to continue consecutive dividend increases thereafter.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 policyFrom 6 August to 24 August 2026, the company acquired 730 thousand shares for a total acquisition cost of ¥1,499,862,104. In September 2026, it cancelled 4 million shares. Going forward, the company plans to acquire and cancel treasury shares flexibly, taking into account capital efficiency, growth investments and the share price, among other factors.
Cost of capitalCost of shareholders’ equity: 6.5–7.9%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR at the end of September 2026 was 1.39x, compared with 1.23x at the end of September 2025. The share price changed from ¥1,598 to ¥1,869, and the company aims to sustainably improve PBR through improvements in ROE and PER.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Business areas requiring strategic focus
02Differentiation through high-value-added offerings
03Expansion of the Overseas Business
04M&A and new businesses to accelerate the growth strategy
05Improving profitability
06Advancement of the financial and capital strategy
07Advancing Sustainability Management
08Prioritizing growth investment
09Strengthen the management foundation
10Dividends and flexible shareholder returns
Segment targetSegments and businesses Defense business / Sales target ¥5 billion or more in the fiscal year ending September 2027, and ¥15 billion or more from the fiscal year ending September 2030 onward
Risks identified by the company
Changes in economic conditions and market trends, among other factors
| Item | Details |
|---|---|
| Plan name | Medium-term management plan “TY2027”; long-term vision “BT600–2030” |
| Plan period | “TY2027”: fiscal years ending September 2025 through September 2027. Long-term vision “BT600–2030”: fiscal year ending September 2030 |
| Progress against the plan | Annual update |
| Sales Target | ¥45 billion + α → ¥50 billion (forecast for the fiscal year ending September 2027) |
| Operating profit target | ¥4.5 billion → ¥5 billion (forecast for the fiscal year ending September 2027)（Approximately +11.1%） |
| ROE target | 11.0％ → 12.0% (forecast for the fiscal year ending September 2027)（Approximately +9.1%） |
| Payout ratio / DOE policy | DOE of 5% or more for the fiscal years ending September 2025 through September 2027. The company plans to increase dividends for 10 consecutive fiscal years through the fiscal year ending September 2027 and aims to continue consecutive dividend increases thereafter. |
| Treasury share acquisition policy | From 6 August to 24 August 2026, the company acquired 730 thousand shares for a total acquisition cost of ¥1,499,862,104. In September 2026, it cancelled 4 million shares. Going forward, the company plans to acquire and cancel treasury shares flexibly, taking into account capital efficiency, growth investments and the share price, among other factors. |
| Cost of capital | Cost of shareholders’ equity: 6.5–7.9% |
| Self-assessment of PBR and share price | PBR at the end of September 2026 was 1.39x, compared with 1.23x at the end of September 2025. The share price changed from ¥1,598 to ¥1,869, and the company aims to sustainably improve PBR through improvements in ROE and PER. |
| Total investment plan | ¥10 billion (¥8.5 billion in growth investments + ¥1.5 billion to strengthen the management foundation) |
| Investment amount by sector | Field Growth Investment / Amount ¥8.5 billion / Notes Initial TY2027 plan, Field Strengthening the Management Platform / Amount ¥1.5 billion / Notes Initial TY2027 plan, Field Growth business investment / Amount ¥2.5 billion / Notes Actual through the fiscal year ended September 2026, Field R&D Investment / Amount ¥900 million / Notes Actual through the fiscal year ended September 2026, Field Capital Investment / Amount ¥360 million / Notes Actual through the fiscal year ended September 2026, Field DX/AI investment / Amount ¥210 million / Notes Actual through the fiscal year ended September 2026, Field Human capital investment / Amount ¥30 million / Notes Actual through the fiscal year ended September 2026 |
| Segment target | Segments and businesses Defense business / Sales target ¥5 billion or more in the fiscal year ending September 2027, and ¥15 billion or more from the fiscal year ending September 2030 onward |
| Key initiatives | Business areas requiring strategic focus, Differentiation through high-value-added offerings, Expansion of the Overseas Business, M&A and new businesses to accelerate the growth strategy, Improving profitability, Advancement of the financial and capital strategy, Advancing Sustainability Management, Prioritizing growth investment, Strengthen the management foundation, Dividends and flexible shareholder returns |
| Results under the previous plan | TY2027 management targets for the fiscal year ending September 2027: revenue of ¥45 billion + α, operating profit of ¥4.5 billion and ROE of 11.0% → Forecast for the fiscal year ending September 2027: revenue of ¥50 billion, operating profit of ¥5 billion and ROE of 12.0% |
| Risks identified | Changes in economic conditions and market trends, among other factors |
| Publication date | 11 November 2026 |
Items this document does not state (8)
Operating profit margin targetNet income targetROIC targetNon-financial targetsPlan assumptionsReason for revision or withdrawalSize of the Target MarketDate of board resolution
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.The expansion in earnings, driven by the steady conversion of the high order backlog into revenue, among other factors, resulted in ROE exceeding the cost of shareholders’ equity. Going forward, the company plans to improve profitability and capital efficiency by increasing the value added of projects and through other measures.
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