First-quarter acceleration supports an upward revision to the full-year outlook, while progress against the first-half plan remains undisclosed

Consolidated revenue for the first quarter of the fiscal year ending March 2027, covering April to June 2026, was ¥7,364 million, up 21.0% from ¥6,085 million in the same quarter of the previous year. Operating income rose 108.5%, from ¥301 million to ¥628 million, while net income attributable to owners of the parent increased 60.4%, from ¥264 million to ¥424 million. The company attributed the revenue increase to a recovery from the bottom in xEV demand, demand related to industrial equipment and power infrastructure, capacitors for data-center UPS systems, and the launch of new models.

The first-quarter results presentation stated that the company had revised its interim and full-year forecasts upward from the previous forecasts. The latest full-year forecasts are revenue of ¥31,200 million, operating income of ¥3,000 million, net income attributable to owners of the parent of ¥2,200 million, and an operating margin of 9.6%. Dividing first-quarter results by these full-year forecasts gives progress of 23.6% for revenue, 20.9% for operating income and 19.3% for net income. These are simple calculations, however, and are not figures disclosed by the company as official progress rates or as its own assessment against plan.

In FY2027-H1, it will be necessary to confirm the extent to which cumulative revenue, operating income and net income for April through September reached the full-year forecasts. If seasonality is ignored and the figures are allocated evenly over six months, revenue of ¥15,600 million, operating income of ¥1,500 million and net income of ¥1,100 million would provide reference levels. The materials provided do not state interim numerical forecasts or the levels required for the remainder of the period. Accordingly, the key issues will be not only first-half results, but also whether the company can maintain the full-year forecasts after the upward revision or will revise them again.