27th Oct 2026 08:56
DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. |
October 27, 2026
Consolidated Financial Results for the Second Quarter of Fiscal Year 2026
Company name: MARUWA CO., LTD.
Listing: Tokyo Stock Exchange / Nagoya Stock Exchange
Securities code: 5344
URL: https://www.maruwa-g.com/
Representative: Toshiro Kambe, Representative Director and President
Inquiries: Daisuke Yamaguchi, Director and Head of Administration Division
Telephone: +81-561-51-0841
Scheduled date to file semi-annual securities report: November 12, 2026
Scheduled date to commence dividend payments: December 7, 2026
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for analysts and institutional investors)
Rounded down to the nearest million yen
1. Consolidated financial results for the six months ended September 30, 2026 (from April 1, 2026 to September 30, 2026)
(1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
| Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | ||||
Six months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % |
September 30, 2026 | 46,921 | 41.7 | 17,605 | 62.4 | 17,640 | 58.6 | 12,119 | 63.5 |
September 30, 2025 | 33,115 | (4.9) | 10,843 | (15.2) | 11,123 | (7.3) | 7,413 | (12.2) |
Note: Comprehensive income For the six months ended September 30, 2026: \11,822 million [46.1%]For the six months ended September 30, 2025: \8,090 million [(12.8)%]
| Basic earnings per share | Diluted earnings per share |
Six months ended | Yen | Yen |
September 30, 2026 | 982.08 | - |
September 30, 2025 | 600.78 | - |
(2) Consolidated financial position
| Total assets | Net assets | Equity-to-asset ratio |
As of | Millions of yen | Millions of yen | % |
September 30, 2026 | 177,262 | 158,522 | 89.4 |
March 31, 2026 | 162,691 | 147,262 | 90.5 |
Reference: EquityAs of September 30, 2026: \158,522 millionAs of March 31, 2026: \147,262 million
2. Cash dividends
Annual dividends per share | |||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal year-end | Total | |
Yen | Yen | Yen | Yen | Yen | |
Fiscal year endedMarch 31, 2026 | - | 51.00 | - | 51.00 | 102.00 |
Fiscal year endingMarch 31, 2027 | - | 55.00 | |||
Fiscal year endingMarch 31, 2027 (Forecast) |
|
| 55.00 | 110.00 | |
Note: Revisions to the forecast of cash dividends most recently announced: None
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)
(Percentages indicate year-on-year changes.)
| Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | ||||
| Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen |
Fiscal year endingMarch 31, 2027 | 101,500 | 36.3 | 38,300 | 53.3 | 38,300 | 45.5 | 26,000 | 43.1 | 2,106.86 |
Note: Revisions to the earnings forecasts most recently announced: Yes
* Notes
(1) Significant changes in the scope of consolidation during the period: None
(2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement
(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None
(ii) Changes in accounting policies due to other reasons: None
(iii) Changes in accounting estimates: None
(iv) Restatement: None
(4) Number of issued shares (common shares)
(i) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2026 | 12,372,000 shares |
As of March 31, 2026 | 12,372,000 shares |
(ii) Number of treasury shares at the end of the period
As of September 30, 2026 | 31,073 shares |
As of March 31, 2026 | 32,114 shares |
(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2026 | 12,340,307 shares |
Six months ended September 30, 2025 | 12,339,262 shares |
* Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
* Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable. Actual financial results may differ from the results anticipated in the statements due to various factors.
1. Overview of Operating Results, etc.
(1) Business Results
During the first half of the fiscal year ending March 31, 2027 (April 1 to September 30, 2026), concerns over global inflation and the monetary policies adopted by various countries in response persisted, along with concerns over geopolitical risks, including developments in the Middle East and Ukraine. In addition, investment activity increased amid growing demand for AI, and global demand for semiconductors continued to rise.
Working within this business environment, in the tele-communication-related business, demand for next-generation high-speed communications surged significantly. In addition, in the semiconductor-related business, demand for general-purpose memory recovered, while in the automotive-related business, demand for new energy vehicles improved.
As a result, consolidated net sales for the first half of the fiscal year ending March 31, 2027 increased by 41.7% year on year to 46,921 million yen, operating profit increased by 62.4% year on year to 17,605 million yen, and ordinary profit increased by 58.6% year on year to 17,640 million yen. Net profit attributable to owners of the parent increased by 63.5% year on year to 12,119 million yen. As a result, net sales and all profit figures reached record highs.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In the tele-communication-related business, demand for next-generation high-speed communications surged significantly. In addition, demand for general-purpose memory in the semiconductor-related business recovered, while demand for new energy vehicles in the automotive-related business improved.
As a result, net sales for the first half of the fiscal year ending March 31, 2027 increased by 44.7% year on year to 41,879 million yen, and segment profit increased by 62.7% year on year to 17,806 million yen.
(Lighting Equipment Business)
This segment performed strongly, supported by increasing demand for LED lighting driven by the government's target of fully transitioning from fluorescent lighting to LED lighting by 2030.
As a result, net sales for the first half of the fiscal year ending March 31, 2027, increased by 21.1% year on year to 5,041 million yen, while segment profit rose by 26.7% year on year to 890 million yen.
(2) Financial Conditions
(Assets)
Current assets at the end of the first half of the fiscal year ending March 31, 2027, totaled 112,297 million yen, an increase of 9,121 million yen from the end of the previous fiscal year. This was mainly due to an increase in accounts receivable. Fixed assets totaled 64,964 million yen, up 5,449 million yen from the end of the previous fiscal year.
As a result, total assets amounted to 177,262 million yen, an increase of 14,571 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the first half of the fiscal year ending March 31, 2027, amounted to 18,237 million yen, up 3,380 million yen from the end of the previous fiscal year. Fixed liabilities came to 502 million yen, down 69 million yen from the end of the previous fiscal year.
As a result, total liabilities amounted to 18,739 million yen, up 3,311 million yen from the end of the previous fiscal year.
(Net Assets)
Total net assets were 158,522 million yen at the end of the first half of the fiscal year ending March 31, 2027, up 11,260 million yen from the end of the previous fiscal year. This was due to the recording of 12,119 million yen in interim net profit attributable to owners of the parent.
As a result, the equity ratio was 89.4% (90.5% at the end of the previous fiscal year).
(3) Future Outlook
As strong demand is expected to continue into the second half of the fiscal year, we have again revised upward our consolidated full-year forecast announced on July 29, 2026 for the fiscal year ending March 31, 2027.
Our current assessment of market trends and internal conditions is as follows.
In the tele-communication-related business, robust demand is expected for a successor model to next-generation high-speed communications. From the second half of the fiscal year, we will increase production at the new building at the Seto Plant, while accelerating investments in new technologies and production capacity enhancement with a view to future growth.
In the automotive-related business, performance is expected to expand through differentiated products in the new energy vehicle market. From the second half of the fiscal year, we will expand our production capacity at the new building at the Toki Plant and further improve profitability through productivity improvements.
In the semiconductor-related business, demand for general-purpose memory is expected to remain firm. We will respond to demand by strengthening production at the new building at the Miharu Plant, which commenced operations in the second quarter of the fiscal year.
In the industrial equipment-related business, demand related to power modules is expected to remain firm, while demand for new products in the medical field is expected to increase.
In the lighting equipment-related business is expected to perform strongly, supported by increasing LED demand driven by the government's target of fully transitioning from fluorescent lighting to LED lighting by 2030. Both public and high-end lighting are expected to continue showing steady performance.
On the earnings front, although investments for business expansion, including the launch of new buildings at the Seto Plant and Toki Plant, are expected, we will continue to improve profitability through productivity improvements.
The foreign exchange rate is based on the assumption of 158 yen to the U.S. dollar.
Semi-annual consolidated balance sheet
(Millions of yen)
| As of March 31, 2026 | As of September 30, 2026 |
Assets |
|
|
Current assets |
|
|
Cash and deposits | 67,185 | 66,366 |
Notes receivable - trade | 47 | 0 |
Accounts receivable - trade | 13,624 | 18,446 |
Electronically recorded monetary claims - operating | 1,505 | 1,600 |
Merchandise and finished goods | 2,309 | 3,461 |
Work in process | 5,354 | 7,713 |
Raw materials and supplies | 8,631 | 11,076 |
Other | 4,525 | 3,641 |
Allowance for doubtful accounts | (8) | (9) |
Total current assets | 103,175 | 112,297 |
Non-current assets |
|
|
Property, plant and equipment |
|
|
Buildings and structures, net | 19,634 | 19,055 |
Machinery, equipment and vehicles, net | 14,722 | 15,912 |
Land | 5,750 | 6,165 |
Construction in progress | 16,351 | 20,207 |
Other, net | 819 | 1,093 |
Total property, plant and equipment | 57,277 | 62,435 |
Intangible assets |
|
|
Other | 438 | 466 |
Total intangible assets | 438 | 466 |
Investments and other assets | 1,799 | 2,063 |
Total non-current assets | 59,515 | 64,964 |
Total assets | 162,691 | 177,262 |
(Millions of yen)
| As of March 31, 2026 | As of September 30, 2026 |
Liabilities |
|
|
Current liabilities |
|
|
Notes and accounts payable - trade | 4,254 | 4,116 |
Electronically recorded obligations - operating | 697 | 566 |
Income taxes payable | 3,942 | 5,526 |
Provision for bonuses | 1,170 | 1,332 |
Provision for bonuses for directors (and other officers) | 133 | 7 |
Other | 4,659 | 6,687 |
Total current liabilities | 14,856 | 18,237 |
Non-current liabilities |
|
|
Deferred tax liabilities | 213 | 143 |
Other | 358 | 359 |
Total non-current liabilities | 571 | 502 |
Total liabilities | 15,428 | 18,739 |
Net assets |
|
|
Shareholders' equity |
|
|
Share capital | 8,646 | 8,646 |
Capital surplus | 12,170 | 12,233 |
Retained earnings | 122,660 | 134,149 |
Treasury shares | (198) | (193) |
Total shareholders' equity | 143,279 | 154,836 |
Accumulated other comprehensive income |
|
|
Valuation difference on available-for-sale securities | 53 | 88 |
Foreign currency translation adjustment | 3,930 | 3,598 |
Total accumulated other comprehensive income | 3,983 | 3,686 |
Total net assets | 147,262 | 158,522 |
Total liabilities and net assets | 162,691 | 177,262 |
Semi-annual consolidated statement of income
(Millions of yen)
| Six months endedSeptember 30, 2025 | Six months endedSeptember 30, 2026 |
Net sales | 33,115 | 46,921 |
Cost of sales | 16,026 | 20,758 |
Gross profit | 17,088 | 26,163 |
Selling, general and administrative expenses | 6,245 | 8,558 |
Operating profit | 10,843 | 17,605 |
Non-operating income |
|
|
Interest income | 237 | 334 |
Rental income | 64 | 82 |
Other | 111 | 95 |
Total non-operating income | 413 | 513 |
Non-operating expenses |
|
|
Foreign exchange losses | 50 | 441 |
Rent expenses on real estate for investments | 29 | 31 |
Loss on extinguishment of share-based payment expenses | 40 | 0 |
Other | 14 | 4 |
Total non-operating expenses | 133 | 478 |
Ordinary profit | 11,123 | 17,640 |
Extraordinary income |
|
|
Gain on sale of non-current assets | 1 | 1 |
Gain on sale of investment securities | 5 | - |
Subsidy income | 42 | 1,347 |
Total extraordinary income | 49 | 1,348 |
Extraordinary losses |
|
|
Loss on sale and retirement of non-current assets | 31 | 76 |
Loss on tax purpose reduction entry of non-current assets | 42 | 1,323 |
Other | 1 | - |
Total extraordinary losses | 75 | 1,399 |
Profit before income taxes | 11,097 | 17,590 |
Income taxes - current | 3,514 | 5,543 |
Income taxes - deferred | 170 | (72) |
Total income taxes | 3,684 | 5,471 |
Profit | 7,413 | 12,119 |
Profit attributable to owners of parent | 7,413 | 12,119 |
Semi-annual consolidated statement of comprehensive income
(Millions of yen)
| Six months endedSeptember 30, 2025 | Six months endedSeptember 30, 2026 |
Profit | 7,413 | 12,119 |
Other comprehensive income |
|
|
Valuation difference on available-for-sale securities | 77 | 35 |
Foreign currency translation adjustment | 600 | (332) |
Total other comprehensive income | 677 | (296) |
Comprehensive income | 8,090 | 11,822 |
Comprehensive income attributable to |
|
|
Comprehensive income attributable to owners of parent | 8,090 | 11,822 |
Semi-annual consolidated statement of cash flows
(Millions of yen)
| Six months endedSeptember 30, 2025 | Six months endedSeptember 30, 2026 |
Cash flows from operating activities |
|
|
Profit before income taxes | 11,097 | 17,590 |
Depreciation | 2,429 | 2,862 |
Increase (decrease) in allowance for doubtful accounts | (55) | (0) |
Loss (gain) on sale of investment securities | (5) | - |
Loss (gain) on sale and retirement of non-current assets | 30 | 74 |
Interest and dividend income | (243) | (336) |
Subsidy income | (87) | (1,347) |
Loss on tax purpose reduction entry of non-current assets | 42 | 1,323 |
Decrease (increase) in trade receivables | 1,599 | (4,920) |
Decrease (increase) in inventories | (733) | (5,993) |
Increase (decrease) in trade payables | 164 | (239) |
Other, net | (338) | 1,319 |
Subtotal | 13,899 | 10,332 |
Interest and dividends received | 243 | 336 |
Income taxes refund (paid) | (5,065) | (3,982) |
Net cash provided by (used in) operating activities | 9,077 | 6,686 |
Cash flows from investing activities |
|
|
Proceeds from withdrawal of time deposits | 23 | - |
Purchase of property, plant and equipment | (8,471) | (8,984) |
Proceeds from sale of property, plant and equipment | 9 | 18 |
Purchase of intangible assets | (29) | (82) |
Purchase of investment securities | (40) | (1) |
Proceeds from sale of investment securities | 189 | - |
Subsidies received | 187 | 2,497 |
Other, net | 30 | (80) |
Net cash provided by (used in) investing activities | (8,100) | (6,632) |
Cash flows from financing activities |
|
|
Purchase of treasury shares | (4) | (2) |
Dividends paid | (579) | (629) |
Net cash provided by (used in) financing activities | (584) | (631) |
Effect of exchange rate change on cash and cash equivalents | 320 | (239) |
Net increase (decrease) in cash and cash equivalents | 712 | (817) |
Cash and cash equivalents at beginning of period | 71,568 | 66,986 |
Cash and cash equivalents at end of period | 72,280 | 66,169 |
(Notes on segment information, etc.)
Segment Information
I. Previous interim consolidated accounting period (from April 1, 2025 to September 30, 2025)
1. Information on sales and the amount of profit or loss for each reported segment
|
|
|
| (Millions of yen) | |
| Reportable segments | Adjustment amount (Note) 1 | Interim Consolidated Statements of Income (Note)2 | ||
| CERAMIC CONPONENT | LIGHTING EQUIPMENT | Total | ||
Sales |
|
|
|
|
|
Revenues from external customers | 28,950 | 4,164 | 33,115 | - | 33,115 |
Transactions with other segments | 4 | 0 | 5 | (5) | - |
Total | 28,955 | 4,165 | 33,120 | (5) | 33,115 |
Segment Profit | 10,945 | 702 | 11,648 | (804) | 10,843 |
Note: 1. Segment profit adjustment of (804) million yen includes 46 million yen of inter-segment transaction elimination and (851) million yen of company-wide expenses not allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are primarily not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the interim consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting segment
Not applicable.
II. The Interim Consolidated Accounting Period (April 1, 2026 to September 30, 2026)
1. Information on sales and the amount of profit or loss for each reported segment
|
|
|
| (Millions of yen) | |
| Reportable segments | Adjustment amount (Note) 1 | Interim Consolidated Statements of Income (Note)2 | ||
| CERAMIC CONPONENT | LIGHTING EQUIPMENT | Total | ||
Sales |
|
|
|
|
|
Revenues from external customers | 41,879 | 5,041 | 46,921 | - | 46,921 |
Transactions with other segments | 7 | 1 | 9 | (9) | - |
Total | 41,887 | 5,043 | 46,931 | (9) | 46,921 |
Segment Profit | 17,806 | 890 | 18,697 | (1,091) | 17,605 |
Note: 1. Segment profit adjustment of (1,091) million yen includes 48 million yen of inter-segment transaction elimination and (1,140) million yen of company-wide expenses not allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are primarily not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the interim consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting segment
Not applicable.
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