SHINAGAWA REFRACTORIES, Net Income Forecast for Last Fiscal Year Revised Downward by 16%

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Thu Apr 16, 2026 3:30 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 April 16th (15:30). The consolidated net income forecast for the fiscal year ending March 2026 has decreased 16.1%, from the previous forecast of 31.0 billion yen to 26.0 billion yen (compared to 9.77 billion yen in the previous period), leading to a reduction in the profit growth rate from 3.2 times to 2.7 times.

Based on the downwardly revised full-year plan announced by the company, our calculation indicates that the October to March period (second half) consolidated net income has decreased 18.8%, from the previous forecast of 26.6 billion yen to 21.6 billion yen (compared to 4.86 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 5.5 times to 4.4 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	6,825	7,992	26,657	584.2	45	Feb 5, 2026	J-GAAP
Oct - Mar, 2025 New	94,157	6,825	7,992	21,657	474.6	45	Apr 16, 2026	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	-18.8%	-18.8%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	176,000	13,000	14,900	31,000	679.3	90	Feb 5, 2026	J-GAAP
Mar, 2026 New	176,000	13,000	14,900	26,000	569.8	90	Apr 16, 2026	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	-16.1%	-16.1%

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	21,657	474.6	45	Apr 16, 2026	J-GAAP
YoY	+24.1%	-1.7%	+14.3%	+344.9%	+344.5%

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	26,000	569.8	90	Apr 16, 2026	J-GAAP
YoY	+22.2%	-2.1%	+9.1%	+165.9%	+165.6%