Koa Shoji Holdings (9273) Q4 2026 earnings summary

Executive summary

• Net sales for FYE6/2026 rose 6.1% YoY to ¥24.67bn, with operating profit up 2.3% to ¥5.47bn and profit attributable to owners up 3.0% to ¥3.74bn.

• API segment saw increased sales and profit YoY, driven by new products and the selective care system.

• Manufacture and sales of pharmaceuticals segment had higher sales but flat profit due to declining tablet sales at HQ Factory, offset by strong Zao Factory performance.

• Zao Factory 2 construction completed June 2026, with operations to start March 2027, ahead of schedule.

• The group operates two main segments: API Sales Business and Pharmaceutical Manufacturing and Sales Business.

Financial highlights

• Gross profit increased to ¥8,004 million from ¥7,697 million YoY.

• Ordinary profit rose 2.7% YoY to ¥5,521 million.

• Cash flows from operating activities more than doubled to ¥7,592 million, while investing activities used ¥8,154 million.

• Cash and cash equivalents at period end were ¥14,388 million.

• Facility investments increased 23% YoY due to Zao Factory 2.

Outlook and guidance

• FYE6/2027 forecast: Net sales ¥26.70bn (+8.2% YoY), operating profit ¥5.27bn (-3.8% YoY), profit attributable to owners ¥3.59bn (-4.2% YoY).

• Basic earnings per share for FY2027 is projected at ¥85.24.

• Dividend forecast raised to ¥19/share, payout ratio 22.3%.