Tri Chemical Laboratories Inc. (TSE: 4369) reported consolidated results for the first quarter of the fiscal year ending January 31, 2027 (the three months from February 1 to April 30, 2026) under Japanese GAAP. Revenue rose 14.0% to ¥7,488 million, operating profit increased 20.8% to ¥2,069 million, ordinary profit jumped 51.5% to ¥2,485 million, and net profit attributable to owners of the parent advanced 53.6% to ¥1,855 million. Basic earnings per share were ¥57.09, up from ¥37.16 a year earlier, and comprehensive income more than doubled (+101.7%) to ¥1,749 million.
Advanced-node and AI demand underpins the precursor business
Tri Chemical develops and manufactures high-purity chemical materials — precursors and specialty gases used in chemical-vapor-deposition (CVD) and atomic-layer-deposition (ALD) thin-film processes at the heart of leading-edge logic and memory production. The continued build-out of advanced-node and AI-related semiconductor capacity has kept order volumes firm, supporting the double-digit top-line growth. The gap between ordinary profit (+51.5%) and operating profit (+20.8%) reflects non-operating items, including foreign-exchange gains on the company's overseas-denominated balances.
Balance sheet stays conservative; equity ratio 77.9%
Total assets stood at ¥47,174 million, broadly flat against ¥47,274 million at the prior fiscal year-end, while net assets rose to ¥36,761 million. The equity ratio firmed to 77.9% from 76.5%, leaving Tri Chemical with a debt-light position to fund capacity expansion. The company maintained its dividend plan, guiding a full-year payout of ¥35.00 per share, unchanged from the prior year.
Full-year guidance held — implying a softer H2
Despite the strong start, Tri Chemical left its FY1/2027 forecast intact: full-year revenue of ¥27,000 million (+13.1%), operating profit of ¥6,000 million (+1.7%), ordinary profit of ¥6,300 million (−11.1%) and net profit of ¥4,600 million (−16.6%), for EPS of ¥141.55. The first-half plan (revenue ¥13,700 million, net profit ¥2,190 million) already embeds a year-on-year profit decline, signalling that the FY26 base — inflated by sizeable foreign-exchange and non-operating gains — is unlikely to repeat. With Q1 net profit already at roughly 40% of the full-year target, the guidance leaves room for upside should demand and the yen cooperate.
| Metric | Q1 FY1/2027 | Q1 FY1/2026 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 7.49 | 6.57 | +14.0% |
| Operating profit (¥ billion) | 2.07 | 1.71 | +20.8% |
| Ordinary profit (¥ billion) | 2.49 | 1.64 | +51.5% |
| Net profit attrib. to owners (¥ billion) | 1.86 | 1.21 | +53.6% |
| EPS (¥) | 57.09 | 37.16 | +53.6% |
| Equity ratio | 77.9% | 76.5% | +1.4pp |
| FY27 revenue guidance (¥ billion) | 27.0 | — | +13.1% |
| FY27 net profit guidance (¥ billion) | 4.6 | — | -16.6% |
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