Second-quarter progress toward the full-year revenue and profit growth plan is the first checkpoint

Revenue for the fiscal year ended March 2026 was ¥8.403 billion, operating income was ¥915 million, and net income attributable to owners of the parent was ¥755 million. In contrast, the FY2027 full-year forecasts are revenue of ¥9.090 billion, operating income of ¥1.060 billion, and net income of ¥870 million. Compared with the prior-year results, the company plans for revenue growth of approximately 8.2%, operating income growth of approximately 15.8%, and net income growth of approximately 15.2%, indicating that profit growth is expected to outpace revenue growth.

FY2027 first-quarter revenue was ¥2.2179 billion, operating income was ¥301.4 million, and net income was ¥235.8 million. Progress against the full-year forecasts was 24.4% for revenue, 28.4% for operating income, and 27.1% for net income. It is positive that operating income progress is approximately 4.0 percentage points ahead of revenue progress, but the first quarter alone is insufficient to assess seasonality or any demand pullback from the second quarter onward. The first verification point will be whether both revenue and operating income exceed the prior-year period on a second-quarter cumulative basis, while operating income progress remains ahead of revenue progress.

The company attributed the first-quarter revenue and profit growth to its response to stock-up demand and the pass-through of higher raw material prices into selling prices. However, no disclosure was identified that breaks down revenue and operating income by these factors. Accordingly, the next earnings release should be assessed not only for the second-quarter cumulative results, but also for progress against the full-year forecasts of ¥9.090 billion and ¥1.060 billion, the contribution from price revisions and volumes, and whether the full-year forecasts are maintained or revised.