kabutan

SHINAGAWA REFRACTORIES, Operating Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 2% Decrease

Thu Feb 5, 2026 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 February 5th (15:30). The consolidated operating profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) decreased 10.0% from the same period last year to 8.95 billion yen.

In addition, the full-year forecast for consolidated operating profit has decreased 10.3%, from the previous forecast of 14.5 billion yen to 13.0 billion yen (compared to 13.2 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 2.1% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated operating profit for the October to March period (second half) has decreased 18.0%, from the previous forecast of 8.32 billion yen to 6.82 billion yen (compared to 6.94 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 1.7% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated operating profit decreased to 2.77 billion yen, a 23.0% decrease compared to the same period last year. The operating profit margin drastically worsened from 9.8% in the same period last year to 5.8%.

Kabutan News

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 109,130 10,842 11,549 12,618 270.9 77.5 Feb 2, 2024 J-GAAP
Apr - Dec, 2024 105,094 9,942 10,826 7,924 173.8 79.3 Feb 6, 2025 J-GAAP
Apr - Dec, 2025 130,047 8,950 10,893 29,985 657.3 73.1 Feb 5, 2026 J-GAAP
YoY +23.7% -10.0% +0.6% +278.4% +278.1%

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 26,657 584.2 45 Dec 11, 2025 J-GAAP
Oct - Mar, 2025 New 94,157 6,825 7,992 26,657 584.2 45 Feb 5, 2026 J-GAAP
Revision Rate 0.0% -18.0% 0.0% 0.0% 0.0%

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 31,000 679.3 90 Dec 11, 2025 J-GAAP
Mar, 2026 New 176,000 13,000 14,900 31,000 679.3 90 Feb 5, 2026 J-GAAP
Revision Rate 0.0% -10.3% 0.0% 0.0% 0.0%

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 6,825 7,992 26,657 584.2 45 Feb 5, 2026 J-GAAP
YoY +24.1% -1.7% +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 13,000 14,900 31,000 679.3 90 Feb 5, 2026 J-GAAP
YoY +22.2% -2.1% +9.1% +217.0% +216.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
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
Oct - Dec, 2025 48,204 2,775 3,985 25,642 562.1 5.8 Feb 5, 2026 J-GAAP
YoY +30.8% -23.0% -4.3% +750.8% +750.1%

Related Articles