SHINAGAWA REFRACTORIES, Net Income Forecast for the Fiscal Year Revised Upward by 2.4 times, Highest in Two Terms

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Thu Dec 11, 2025 3:35 pm JST Revision

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

Guidance Update Report

SHINAGAWA REFRA CO., LTD. <5351> [TSE Prime] announced a performance revision after the market closed on December 11th (15:35). The consolidated net income forecast for the fiscal year ending March 2026 has been revised upward 2.4 times, from the previous forecast of 13.0 billion yen to 31.0 billion yen (compared to 9.77 billion yen in the previous period), increasing the growth rate from 33.0% to 3.2 times, reaches new record high for the first time in two terms.

Based on the upwardly revised full-year plan announced by the company, our calculation indicates that the October to March period (second half) consolidated net income is expected to increase 3.1 times, from the previous forecast of 8.65 billion yen to 26.6 billion yen (compared to 4.86 billion yen in the same period of the previous year), increasing the growth rate from 77.8% to 5.5 times.

Kabutan News

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2025 Prev	94,157	8,325	7,992	8,657	189.7	45	Nov 11, 2025	J-GAAP
Oct - Mar, 2025 New	94,157	8,325	7,992	26,657	584.2	45	Dec 11, 2025	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	+207.9%	+207.9%

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	14,900	13,000	284.9	90	Nov 11, 2025	J-GAAP
Mar, 2026 New	176,000	14,500	14,900	31,000	679.3	90	Dec 11, 2025	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	+138.5%	+138.5%

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	26,657	584.2	45	Dec 11, 2025	J-GAAP
YoY	+24.1%	+19.9%	+14.3%	+447.6%	+447.1%

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	31,000	679.3	90	Dec 11, 2025	J-GAAP
YoY	+22.2%	+9.2%	+9.1%	+217.0%	+216.7%