Nisshin Seifun Group Inc. (TSE: 2002), Japan's largest flour miller, reported steady full-year results for the fiscal year ended March 31, 2026, in figures disclosed on May 14, 2026. Consolidated revenue rose 1.6% year-on-year to ¥865,004 million, and operating profit edged up 0.7% to ¥46,685 million, for an operating margin of 5.4%. Ordinary profit climbed 4.4% to ¥51,397 million, but net profit attributable to owners of the parent slipped 6.0% to ¥32,589 million, with earnings per share of ¥113.33 against ¥117.33 a year earlier and return on equity of 6.5%.
Stable top line across milling, processed foods and prepared dishes
The group spans flour milling in Japan and overseas, processed foods — pasta, premixes and frozen foods under the Nisshin brand — plus prepared dishes and healthcare foods, a portfolio that delivers a characteristically stable top line. The dip in net profit reflected the absence of prior-year one-off gains rather than any deterioration in the underlying business: operating and ordinary profit both advanced. Comprehensive income, meanwhile, jumped 376.7% to ¥71,365 million, helped by favourable movements in valuation and translation items. The balance sheet remains conservative, with total assets of ¥849,705 million, net assets of ¥538,439 million, an equity ratio of 61.1% and book value per share of ¥1,848.36, while operating cash flow came to ¥69,194 million.
Dividend raised to ¥60; FY2027 net profit guided up 26%
Nisshin Seifun raised its annual dividend to ¥60.00 per share (¥30 interim + ¥30 year-end), for a total payout of ¥17,120 million and a payout ratio of 52.9% — or 48.6% on the company's adjusted basis excluding non-recurring items, the measure its dividend policy keys off. For FY2027 it plans a further increase to ¥65.00 (¥32 interim + ¥33 year-end). Guidance for the fiscal year ending March 2027 calls for revenue of ¥870,000 million (+0.6%) and operating profit of ¥46,000 million (−1.5%), with ordinary profit of ¥49,000 million (−4.7%) — but net profit rising 25.8% to ¥41,000 million, equivalent to EPS of ¥146.59, as the prior-year drag from one-off items reverses. The combination of a rising dividend and a double-digit guided rebound in net profit underlines the defensive, shareholder-return-focused profile of Japan's dominant flour-milling franchise.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 865,004 | 851,486 | +1.6% |
| Operating profit (¥ million) | 46,685 | 46,380 | +0.7% |
| Ordinary profit (¥ million) | 51,397 | 49,210 | +4.4% |
| Net profit attrib. to owners (¥ million) | 32,589 | 34,684 | −6.0% |
| EPS (¥) | 113.33 | 117.33 | −3.4% |
| Total assets (¥ million) | 849,705 | — | — |
| Net assets (¥ million) | 538,439 | — | — |
| Equity ratio | 61.1% | — | — |
| Annual dividend (¥) | 60.00 | — | — |
| FY2027 guidance — revenue (¥ million) | 870,000 | — | +0.6% |
| FY2027 guidance — operating profit (¥ million) | 46,000 | — | −1.5% |
| FY2027 guidance — net profit (¥ million) | 41,000 | — | +25.8% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.