Senshu Electric Co., Ltd. (TSE: 9824), Japan's leading independent wholesaler and distributor of electric wire and cable, posted strong first-half results for FY2026 (fiscal year ending October 2026) on June 4, 2026. For the six months from November 1, 2025 to April 30, 2026, consolidated revenue rose 11.3% year-on-year to ¥76,779 million from ¥68,982 million, while operating profit climbed 16.6% to ¥5,594 million from ¥4,798 million and ordinary profit advanced 16.3% to ¥5,845 million from ¥5,025 million. Profit attributable to owners of the parent surged 23.3% to ¥4,199 million, compared with ¥3,405 million a year earlier. Earnings per share reached ¥245.37, up from ¥195.64.
Comprehensive income jumped 48.7% to ¥4,936 million, reflecting both the higher operating earnings and favourable valuation movements. The margin expansion — operating profit growing faster than revenue — points to a healthy pricing environment and disciplined cost control across the distribution network, even as top-line volumes climbed.
Wire and cable demand broad-based across end-markets
As an independent distributor unaffiliated with any single cable manufacturer, Senshu Electric sources electric wire and cable from across the industry and supplies a diversified base of construction, manufacturing and infrastructure customers. First-half demand was broad-based: construction-related wiring benefited from sustained building and renovation activity, factory automation and capital-investment programmes lifted industrial cable volumes, and infrastructure spending — including grid, data-centre and renewable-energy projects — underpinned heavy-cable demand. The combination of resilient volumes and firm copper-linked pricing drove the double-digit revenue gain, with the faster growth in profit signalling an improving product mix toward higher-value cabling.
Balance sheet expands with the business
Total consolidated assets grew to ¥124,475 million from ¥111,002 million a year earlier, reflecting higher inventory and trade receivables commensurate with the revenue increase. Net assets rose to ¥62,312 million from ¥58,923 million. The equity ratio eased to 49.6% from 52.7%, as the asset base expanded faster than equity — a typical pattern for a distributor scaling working capital to support stronger sales, while still leaving the balance sheet conservatively capitalised at close to half of assets funded by equity.
Dividend raised to ¥160; buyback launched; full-year guidance lifted
Senshu Electric raised its full-year cash dividend forecast for FY2026 to ¥160 per share (¥80 interim + ¥80 year-end), up from ¥150 the prior year, underscoring management's confidence in the earnings trajectory. The company also conducted share buybacks during the period, further enhancing shareholder returns. Reflecting the strong first half, management raised full-year guidance for the fiscal year ending October 2026 to revenue of ¥154,000 million (+13.6%), operating profit of ¥11,200 million (+25.1%), ordinary profit of ¥11,700 million (+26.2%), and net profit of ¥8,500 million (+26.5%), equivalent to EPS of ¥499.82. The upgraded outlook implies continued momentum in the second half as wire and cable demand across construction, manufacturing and infrastructure remains firm.
| Metric | H1 FY2026 | H1 FY2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 76,779 | 68,982 | +11.3% |
| Operating profit (¥ million) | 5,594 | 4,798 | +16.6% |
| Ordinary profit (¥ million) | 5,845 | 5,025 | +16.3% |
| Net profit attrib. to owners (¥ million) | 4,199 | 3,405 | +23.3% |
| EPS (¥) | 245.37 | 195.64 | +25.4% |
| Comprehensive income (¥ million) | 4,936 | 3,320 | +48.7% |
| Total assets (¥ million) | 124,475 | 111,002 | +12.1% |
| Net assets (¥ million) | 62,312 | 58,923 | +5.8% |
| Equity ratio | 49.6% | 52.7% | −3.1pp |
| Annual dividend forecast (¥) | 160 | 150 | +6.7% |
| FY2026 guidance — revenue (¥ million) | 154,000 | — | +13.6% |
| FY2026 guidance — operating profit (¥ million) | 11,200 | — | +25.1% |
| FY2026 guidance — net profit (¥ million) | 8,500 | — | +26.5% |
| FY2026 guidance — EPS (¥) | 499.82 | — | — |
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.