Testing whether the sharp recovery in FY2027-Q1 continues through H1 based on progress against the full-year forecast

FY2027-Q1 revenue was ¥13.11 billion, up 18.7% year on year; operating profit was ¥324 million, up 388.1%; ordinary profit was ¥345 million, up 338.1%; and net profit attributable to owners of the parent was ¥235 million, up 340.8%. Operating profit in the year-earlier period was ¥66 million, so the important point is that the improvement was substantial not only in percentage terms but also in absolute profit.

The FY2027 full-year forecast presented when FY2026 results were announced calls for revenue of ¥45.0 billion, operating profit of ¥400 million, ordinary profit of ¥430 million, and net profit of ¥270 million. Progress in Q1 reached 29.1% for revenue, 81.0% for operating profit, 80.2% for ordinary profit, and 87.0% for net profit. The simple half-year benchmarks based on an even allocation, ¥22.5 billion in revenue, ¥200 million in operating profit, ¥215 million in ordinary profit, and ¥135 million in net profit, are therefore the minimum levels to look for in H1.

FY2026-H1, the comparison period, recorded revenue of ¥21.705 billion, operating profit of ¥207 million, ordinary profit of ¥229 million, and net profit of ¥150 million. Accordingly, the H1 assessment should distinguish not only year-on-year performance but also how much Q2 added to the strong pace set in FY2027-Q1 and whether operating profit continued to increase in line with revenue.

At the next results announcement, the focus will be on whether the contributions of factors such as price revisions, demand brought forward, and inventory build-up are disclosed in monetary or volume terms. Even if the full-year forecast is left unchanged, if H1 operating profit substantially exceeds ¥200 million, the key issue will be whether the company plan incorporates the risk of a second-half pullback or leaves room for a further upward revision.