Worth reading
69In 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
-3
¥100 million (year-on-year change in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales366 Hundreds of millions of yen+1.5%
Operating profit26 Hundreds of millions of yen-12.4%
Ordinary income29 Hundreds of millions of yen-9.4%
Net income19 Hundreds of millions of yen-9.5%
Gross Profit Margin
Rate28.4%
Year on year against the same period last year+0.5 percentage points year on year
Operating profit margin
Rate7.1%
Year on year against the same period last year-1.1 percentage points
Results for the three months of the current quarter
Net Sales¥36.6 billion
Operating profit¥2.6 billion
Ordinary income¥2.9 billion
Profit attributable to owners of the parent¥1.9 billion
Full-year earnings forecast
Net Sales
1,800 Hundreds of millions of yen
Operating profit
180 Hundreds of millions of yen
Ordinary income
185 Hundreds of millions of yen
Profit attributable to owners of the parent
137 Hundreds of millions of yen
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 Sales14.5%
Operating profit14.5%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net SalesFactors increasing revenue: equipment sales +¥50 million, maintenance and servicing +¥300 million, construction work +¥100 million. Factors decreasing revenue: intercompany sales △¥300 million, other items shown in the chart.
Operating profitRevenue increase +¥500 million, rising costs △¥100 million, higher selling, general and administrative expenses △¥700 million, change in operating profit △¥300 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The company expects large-scale redevelopment projects to continue. It anticipates higher selling, general and administrative expenses due to rising costs, increased logistics costs and higher salary levels. Numerical assumptions: Not disclosed.New initiatives
- Expansion of human capital investment under the Second Medium-Term Management Plan
- Higher salary levels, increased headcount, and enhanced recruitment, education and training
- IT investment, strengthening of sales offices, M&A, and enhanced information security
- Change in shareholder return policy to a 6% DOE plus progressive dividends
Key KPIsA metric the company considers important as a management benchmark.
- Orders received874 Hundreds of millions of yenYear on year against the same period last year+54.1%
- Order backlog1,574 Hundreds of millions of yenYear on year against the same period last year+42.4%
- Equity ratio66.1 %Year on year against the same period last year+2.1 percentage points
- ROETarget of 12–15%
Segment results
Product Sales Business
Net Sales¥20.5 billion
Year on year against the same period last year+0.2%
Construction business
Net Sales¥16.1 billion
Year on year against the same period last year+3.1%
Medium-term management plan targets
Target fiscal yearFY2030
Net Sales¥220 billion (initial plan: ¥200 billion)
Ordinary income¥22 billion (initial plan: ¥15 billion)
ROE12～15%
Cross-shareholdingsNo more than 15% of consolidated net assets
Financial targets
ROETarget of 12–15%
Cost of shareholders’ equityApproximately 9–10%
Equity ratio66.1% (actual for the first quarter of the fiscal year ending March 2027)
Orders received and order backlog
Orders received¥87.4 billion
Order backlog¥157.4 billion
Number of employees
Number of Employees2,855 (consolidated), 1,171 (non-consolidated)
Record date31 March 2026
Annual Dividend
Annual dividend per share¥128 per share
Acquisition of treasury shares
The company plans to conduct purchases flexibly. The amount, number of shares and period of the purchase authorization are Not disclosed.| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | 366 Hundreds of millions of yen (YoY +1.5%) |
| Operating profit | 26 Hundreds of millions of yen (YoY -12.4%) |
| Ordinary income | 29 Hundreds of millions of yen (YoY -9.4%) |
| Net income | 19 Hundreds of millions of yen (YoY -9.5%) |
| Gross Profit Margin | Rate 28.4% / Year on year against the same period last year +0.5 percentage points year on year |
| Operating profit margin | Rate 7.1% / Year on year against the same period last year -1.1 percentage points |
| Results for the three months of the current quarter | Net Sales ¥36.6 billion / Operating profit ¥2.6 billion / Ordinary income ¥2.9 billion / Profit attributable to owners of the parent ¥1.9 billion |
| Full-year earnings forecast | Net Sales 1,800 Hundreds of millions of yen / Operating profit 180 Hundreds of millions of yen / Ordinary income 185 Hundreds of millions of yen / Profit attributable to owners of the parent 137 Hundreds of millions of yen |
| Progress against full-year forecast | Net Sales 14.5% / Operating profit 14.5% |
| Segment results | Product Sales Business Net Sales ¥20.5 billion / Year on year against the same period last year +0.2% / Profit Not disclosed / Construction business Net Sales ¥16.1 billion / Year on year against the same period last year +3.1% / Profit Not disclosed |
| Breakdown of Factors Affecting the Change | Net Sales Factors increasing revenue: equipment sales +¥50 million, maintenance and servicing +¥300 million, construction work +¥100 million. Factors decreasing revenue: intercompany sales △¥300 million, other items shown in the chart. / Operating profit Revenue increase +¥500 million, rising costs △¥100 million, higher selling, general and administrative expenses △¥700 million, change in operating profit △¥300 million |
| Key KPIs | Indicator name Orders received / Value 874 Hundreds of millions of yen / Year on year against the same period last year +54.1%, Indicator name Order backlog / Value 1,574 Hundreds of millions of yen / Year on year against the same period last year +42.4%, Indicator name Equity ratio / Value 66.1 % / Year on year against the same period last year +2.1 percentage points, Indicator name ROE / Value Target of 12–15% / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees 2,855 (consolidated), 1,171 (non-consolidated) / Record date 31 March 2026 / Changes during the period and hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | The company expects large-scale redevelopment projects to continue. It anticipates higher selling, general and administrative expenses due to rising costs, increased logistics costs and higher salary levels. Numerical assumptions: Not disclosed. |
| Medium-term management plan targets | Target fiscal year FY2030 / Net Sales ¥220 billion (initial plan: ¥200 billion) / Ordinary income ¥22 billion (initial plan: ¥15 billion) / ROE 12～15% / Cross-shareholdings No more than 15% of consolidated net assets |
| Financial targets | ROE Target of 12–15% / Cost of shareholders’ equity Approximately 9–10% / Equity ratio 66.1% (actual for the first quarter of the fiscal year ending March 2027) |
| Annual Dividend | Annual dividend per share ¥128 per share / Interim and Year-End Breakdown Not disclosed |
| Acquisition of treasury shares | The company plans to conduct purchases flexibly. The amount, number of shares and period of the purchase authorization are Not disclosed. |
| Orders received and order backlog | Orders received ¥87.4 billion / Order backlog ¥157.4 billion |
| New initiatives | Expansion of human capital investment under the Second Medium-Term Management Plan, Higher salary levels, increased headcount, and enhanced recruitment, education and training, IT investment, strengthening of sales offices, M&A, and enhanced information security, Change in shareholder return policy to a 6% DOE plus progressive dividends |
Items this document does not state (9)
Selling, general and administrative expensesSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookPayout ratioCapital expendituresMarket Size / ShareKey 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 increased as the company captured demand for new buildings associated with redevelopment in major metropolitan areas, private-sector investment projects involving data centers, factories and hotels, and projects for government agencies. Operating profit declined despite higher revenue and an improved gross profit margin, due to the shift of first-quarter progress into the second quarter and beyond as instrumentation construction projects became larger and longer, higher selling, general and administrative expenses associated with investments in human resources, and rising costs.
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