Mory Industries (5464) Q4 2026 earnings summary

Executive summary

• Revenue for the year ended March 2026 was ¥43,288 million, down 6.2% year-over-year, with operating profit at ¥4,378 million, down 18.9%, and net income attributable to shareholders at ¥3,358 million, down 18.6%.

• Recurring profit met initial forecasts due to increased dividend and interest income.

• Demand for steel pipes in construction recovered, but overall domestic demand remained sluggish and competition from low-priced imports increased.

Financial highlights

• Operating margin was 10.1%, down from 11.7% year-over-year.

• Gross profit margin was 24.0%, down from 24.5% the previous year.

• Net margin was 7.8%, compared to 8.9% in the prior year.

• Equity ratio improved to 80.5%, up from 79.5% year-over-year.

• Total assets increased to ¥72,659 million, up ¥2,817 million from the previous year.

Outlook and guidance

• For the year ending March 2027, revenue is forecast at ¥44,300 million (+2.3% year-over-year), with operating income expected to decline 6.4% to ¥4,100 million, recurring profit of ¥4,600 million (-5.7%), and net income of ¥3,200 million (-4.7%).

• The business environment is expected to remain challenging due to geopolitical instability and rising material and logistics costs.

• Sales volumes are expected to be flat, with efforts to pass on higher costs through price increases.