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KAWASAKI SETSUBI, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 24%, Raises Record High Profit Forecast

Thu Jan 29, 2026 1:00 pm JST Earnings

1777 KAWASAKI SETSUBI KOGYO CO., LTD. 【J-GAAP】

Earnings Report

KAWASAKI SETSUBI KOGYO CO., LTD. <1777> [NSE Main] announced its financial results in the afternoon session on January 29th (13:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending March 2026 (April to December) surged 3.4 times that of the same period last year, reaching 3.98 billion yen.

In addition, the full-year forecast for ordinary profit has been revised upward 24.1%, from the previous forecast of 4.10 billion yen to 5.08 billion yen (compared to 2.73 billion yen in the previous period), increasing the growth rate from 50.0% to 86.1%, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the ordinary profit for the October to March period (second half) is expected to increase 60.6%, from the previous forecast of 1.62 billion yen to 2.61 billion yen (compared to 2.11 billion yen in the same period of the previous year), turning to a 23.8% increase in the ordinary profit outlook.

In the most recent three-month period, from October to December (3Q), the ordinary profit surged 2.8 times that of the same period last year, reaching 1.51 billion yen. The operating profit margin drastically improved from 7.1% in the same period last year to 15.4%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 15,615 725 740 485 40.6 54.7 Jan 31, 2024 J-GAAP
Apr - Dec, 2024 18,395 1,133 1,157 744 62.2 42.3 Jan 31, 2025 J-GAAP
Apr - Dec, 2025 27,842 3,955 3,985 2,739 229.0 78.3 Jan 29, 2026 J-GAAP
YoY +51.4% +249.1% +244.4% +268.1% +267.9%

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 17,948 1,549 1,628 1,119 93.5 50 Oct 31, 2025 J-GAAP
Oct - Mar, 2025 New 20,148 2,549 2,615 2,030 169.7 50 Jan 29, 2026 J-GAAP
Revision Rate +12.3% +64.6% +60.6% +81.4% +81.4%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 36,000 4,000 4,100 2,821 235.8 75 Oct 31, 2025 J-GAAP
Mar, 2026 New 38,200 5,000 5,087 3,732 311.9 75 Jan 29, 2026 J-GAAP
Revision Rate +6.1% +25.0% +24.1% +32.3% +32.3%

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 18,133 2,104 2,112 1,576 131.8 39 Apr 28, 2025 J-GAAP
Oct - Mar, 2025 Guidance 20,148 2,549 2,615 2,030 169.7 50 Jan 29, 2026 J-GAAP
YoY +11.1% +21.2% +23.8% +28.8% +28.8%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 22,482 1,333 1,354 845 70.7 22 Apr 26, 2024 J-GAAP
Mar, 2025 29,159 2,713 2,733 1,958 163.7 50 Apr 28, 2025 J-GAAP
Mar, 2026 Guidance 38,200 5,000 5,087 3,732 311.9 75 Jan 29, 2026 J-GAAP
YoY +31.0% +84.3% +86.1% +90.6% +90.6%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 7,369 524 536 362 30.3 7.1 Jan 31, 2025 J-GAAP
Jan - Mar, 2025 10,764 1,580 1,576 1,214 101.5 14.7 Apr 28, 2025 J-GAAP
Apr - Jun, 2025 9,058 1,423 1,439 993 83.0 15.7 Jul 31, 2025 J-GAAP
Jul - Sep, 2025 8,994 1,028 1,033 709 59.3 11.4 Oct 31, 2025 J-GAAP
Oct - Dec, 2025 9,790 1,504 1,513 1,037 86.7 15.4 Jan 29, 2026 J-GAAP
YoY +32.9% +187.0% +182.3% +186.5% +186.3%

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