MUSASHI, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 51%, Dividend Revised Upward by 30 Yen

Tue Feb 10, 2026 3:30 pm JST

MUSASHI CO.,LTD. <7521> [TSE Std] announced its financial results after the market closed on February 10th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) dropped 39.3% from the same period last year to 2.56 billion yen.

However, the full-year forecast for consolidated ordinary profit has been revised upward 51.2%, from the previous forecast of 2.74 billion yen to 4.14 billion yen (compared to 4.73 billion yen in the previous period), and the declining rate is expected to decrease from 42.1% to 12.4%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (second half) has been revised upward 5.0 times, from the previous forecast of 0.35 billion yen to 1.76 billion yen (compared to 2.77 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 87.2% to 36.6%.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 46 yen to 76 yen (compared to 60 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit significantly dropped to 0.17 billion yen, a 92.3% decrease compared to the same period last year. The operating profit margin sharply declined from 19.1% in the same period last year to 1.6%.

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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	24,673	894	922	578	84.9	82.1	Feb 6, 2024	J-GAAP
Apr - Dec, 2024	28,231	2,835	4,222	3,094	454.1	89.1	Feb 4, 2025	J-GAAP
Apr - Dec, 2025	28,103	2,487	2,564	1,288	189.1	61.8	Feb 10, 2026	J-GAAP
YoY	-0.5%	-12.3%	-39.3%	-58.4%	-58.4%

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	17,441	328	355	195	28.6	18	Nov 11, 2025	J-GAAP
Oct - Mar, 2025 New	20,334	1,713	1,760	1,072	157.3	48	Feb 10, 2026	J-GAAP
Revision Rate	+16.6%	+422.3%	+395.8%	+449.7%	+449.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	37,373	2,687	2,744	1,468	215.4	46	Oct 28, 2025	J-GAAP
Mar, 2026 New	40,266	4,072	4,149	2,345	344.1	76	Feb 10, 2026	J-GAAP
Revision Rate	+7.7%	+51.5%	+51.2%	+59.7%	+59.7%

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	20,810	2,747	2,775	1,926	282.7	30	May 16, 2025	J-GAAP
Oct - Mar, 2025 Guidance	20,334	1,713	1,760	1,072	157.3	48	Feb 10, 2026	J-GAAP
YoY	-2.3%	-37.6%	-36.6%	-44.3%	-44.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	33,140	1,077	1,123	767	112.7	36	May 17, 2024	J-GAAP
Mar, 2025	37,391	3,354	4,738	3,432	503.8	60	May 16, 2025	J-GAAP
Mar, 2026 Guidance	40,266	4,072	4,149	2,345	344.1	76	Feb 10, 2026	J-GAAP
YoY	+7.7%	+21.4%	-12.4%	-31.7%	-31.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2024	11,650	2,228	2,259	1,588	233.1	19.1	Feb 4, 2025	J-GAAP
Jan - Mar, 2025	9,160	519	516	338	49.6	5.7	May 16, 2025	J-GAAP
Apr - Jun, 2025	9,966	1,187	1,184	785	115.3	11.9	Aug 5, 2025	J-GAAP
Jul - Sep, 2025	9,966	1,172	1,205	488	71.7	11.8	Nov 11, 2025	J-GAAP
Oct - Dec, 2025	8,171	128	175	15	2.2	1.6	Feb 10, 2026	J-GAAP
YoY	-29.9%	-94.3%	-92.3%	-99.1%	-99.1%