kabutan

SHINAGAWA REFRACTORIES, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 3%

Tue Nov 11, 2025 3:30 pm JST Earnings

5351 SHINAGAWA REFRA CO., LTD. 【J-GAAP】

Earnings Report

SHINAGAWA REFRA CO., LTD. <5351> [TSE Prime] announced its financial results after the market closed on November 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 3.7% from the same period last year, reaching 6.90 billion yen, resulting in an increase in profits compared to the previous forecast of a 10.0% decrease.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 2.8%, from the previous forecast of 14.5 billion yen to 14.9 billion yen (compared to 13.6 billion yen in the previous period), increasing the growth rate from 6.2% to 9.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 14.3% from the same period last year, reaching 7.99 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew 25.0% from the same period last year, reaching 3.81 billion yen. However, the operating profit margin worsened from 9.6% in the same period last year to 7.5%.

Kabutan News

Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 72,704 6,966 7,620 9,353 199.9 51.1 Nov 2, 2023 J-GAAP
Apr - Sep, 2024 68,230 6,336 6,663 4,910 107.8 48.8 Nov 7, 2024 J-GAAP
Apr - Sep, 2025 81,843 6,175 6,908 4,343 95.2 46.4 Nov 11, 2025 J-GAAP
YoY +20.0% -2.5% +3.7% -11.5% -11.6%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance 83,000 6,000 6,000 3,500 76.7 45 Aug 8, 2025 J-GAAP
Apr - Sep, 2025 Results 81,843 6,175 6,908 4,343 95.2 45 Nov 11, 2025 J-GAAP
Revision Rate -1.4% +2.9% +15.1% +24.1% +24.1%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 176,000 14,500 14,500 8,500 186.3 90 Aug 8, 2025 J-GAAP
Mar, 2026 New 176,000 14,500 14,900 13,000 284.9 90 Nov 11, 2025 J-GAAP
Revision Rate 0.0% 0.0% +2.8% +52.9% +52.9%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 75,842 6,942 6,992 4,868 106.8 45 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 94,157 8,325 7,992 8,657 189.7 45 Nov 11, 2025 J-GAAP
YoY +24.1% +19.9% +14.3% +77.8% +77.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 144,175 13,887 14,903 15,280 328.5 68 May 13, 2024 J-GAAP
Mar, 2025 144,072 13,278 13,655 9,778 214.5 90 May 15, 2025 J-GAAP
Mar, 2026 Guidance 176,000 14,500 14,900 13,000 284.9 90 Nov 11, 2025 J-GAAP
YoY +22.2% +9.2% +9.1% +33.0% +32.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 34,363 3,286 3,050 1,997 43.8 9.6 Nov 7, 2024 J-GAAP
Oct - Dec, 2024 36,864 3,606 4,163 3,014 66.1 9.8 Feb 6, 2025 J-GAAP
Jan - Mar, 2025 38,978 3,336 2,829 1,854 40.7 8.6 May 15, 2025 J-GAAP
Apr - Jun, 2025 38,266 2,890 3,095 1,757 38.5 7.6 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 43,577 3,285 3,813 2,586 56.7 7.5 Nov 11, 2025 J-GAAP
YoY +26.8% 0.0% +25.0% +29.5% +29.4%

Related Articles