Daisan Co., Ltd. (TSE: 4750) reported consolidated results for the fiscal year ended April 20, 2026 (FY4/2026, J-GAAP). Revenue rose 2.8% to a record ¥11,139 million, but operating profit fell 27.5% to ¥268 million, ordinary profit fell 15.9% to ¥290 million, and net profit attributable to owners of the parent fell 21.8% to ¥262 million. Basic EPS came in at ¥40.89, down from ¥52.28 a year earlier.
Top line at a record, margins squeezed
Revenue set a record on steady demand for scaffolding rental and sales, but profitability narrowed as labour, materials and logistics costs rose and the company absorbed start-up costs from its overseas push. Daisan's core business is the "Bikie" (ビケ) wedge-type modular scaffolding system, widely used on low-rise housing and building sites in Japan, supplied through both outright sales and a rental fleet. The combination of a record top line and a sharply lower operating profit underscores how cost inflation and investment outlays compressed margins during the year.
Singapore subsidiary marks an overseas push
During the year Daisan newly consolidated Golden Light House Engineering Pte. Ltd. (Singapore), its entry point for scaffolding demand in Southeast Asia. The expansion adds revenue but carries upfront costs that are expected to pressure group profit in the near term, as the company builds out an overseas platform beyond its established domestic base.
Balance sheet, dividend and a cautious FY27 outlook
Total assets stood at ¥10,180 million and net assets at ¥5,726 million, for an equity ratio of 56.2% and book value per share of ¥892.93. Operating cash flow was ¥590 million. The FY4/2026 annual dividend was ¥22.00 (¥11 interim + ¥11 year-end, a payout ratio of 53.8%), down from ¥24.00 the prior year, which had included a ¥2.00 commemorative dividend. For FY4/2027 the company forecasts a dividend of ¥22.00 again — a payout ratio of 108.5% against guided earnings. FY4/2027 guidance calls for revenue of ¥12,000 million (+7.7%), operating profit of ¥280 million (+4.1%), ordinary profit of ¥220 million (-24.4%), net profit of ¥130 million (-50.4%), and EPS of ¥20.27 — reflecting continued overseas investment.
| Metric | FY4/2026 | FY4/2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 11,139 | 10,837 | +2.8% |
| Operating profit (¥ million) | 268 | 370 | -27.5% |
| Ordinary profit (¥ million) | 290 | 346 | -15.9% |
| Net profit attrib. to owners (¥ million) | 262 | 335 | -21.8% |
| EPS (¥) | 40.89 | 52.28 | -21.8% |
| Equity ratio | 56.2% | 54.6% | +1.6pp |
| Annual dividend (¥) | 22.00 | 24.00 | -8.3% |
| FY27 net profit guidance (¥ million) | 130 | — | -50.4% |
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.