Mirai Industry Co., Ltd. (TSE: 7931), the Gifu-based maker of electrical materials, piping and wiring devices for the construction trade — famed in Japan for its unconventional, employee-first management culture — reported consolidated results for the first quarter of FY3/2027 (March 21 to June 20, 2026) under Japanese GAAP. Revenue rose 9.3% year on year to ¥12,764 million, a first-quarter record, while operating profit jumped 31.5% to ¥1,945 million, ordinary profit climbed 32.6% to ¥2,006 million and net profit attributable to owners of the parent rose 33.5% to ¥1,379 million — record highs for every profit line. Basic earnings per share were ¥85.31, up from ¥63.98.
Price revisions and precautionary demand
New housing starts, which slumped sharply from April last year in the hangover from the rush of construction ahead of the revised Building Standards Act, have begun a modest recovery this fiscal year, though non-residential floor space under construction continued to shrink. Against that mixed backdrop, the quarter was powered by price revisions on part of the company's electrical-material, piping and wiring-device line-up and by precautionary, stockpiling-type demand triggered by heightened geopolitical risk in the Middle East. Higher freight and depreciation costs were more than absorbed by the revenue gains.
Both core segments post double-digit growth
The mainstay electrical and piping materials segment grew revenue 9.6% to ¥9,883 million, with segment profit up 34.2% to ¥1,746 million, helped by the easy-to-install MiraFlex SS flexible plastic conduit as well as the J-kan rigid PVC conduit and Miralex F underground conduit lines — products that answer chronic skilled-labour shortages on construction sites. The wiring devices segment lifted revenue 12.9% to ¥2,148 million and profit 18.1% to ¥234 million, driven by the redesigned "J Wide Slim Square" series and the pass-through of price revisions. The small "other" segment saw revenue slip 2.9% to ¥732 million with profit roughly flat at ¥166 million.
Fortress balance sheet intact
Total assets stood at ¥69,325 million, up ¥627 million from the March year-end, as higher trade receivables, raw-material inventories and investment securities offset a ¥967 million decline in cash. Net assets were ¥56,187 million and the equity ratio remained a fortress-like 79.8%, from 80.7% three months earlier.
Full-year guidance out at last: profits to dip, dividend raised
Mirai Industry also published the full-year FY3/2027 guidance it had previously postponed. It sees revenue of ¥48,530 million (+6.3%), but with raw-material and logistics costs expected to climb further from the second quarter, operating profit is guided at ¥6,232 million (−7.3%), ordinary profit at ¥6,398 million (−7.3%) and net profit at ¥4,342 million (−7.5%), for EPS of ¥268.54. Alongside a new medium-term plan running to FY3/2029, the company adopted a shareholder-return policy of paying the higher of a 50% payout ratio or 3% dividend on equity, and revised its dividend forecast upward to an annual ¥135 per share (interim ¥50, year-end ¥85) — above its prior forecast, though below the ¥145 paid for FY3/2026. It cautioned that its naphtha-derived plastic raw materials remain exposed to further price spikes or supply risk should the Middle East situation deteriorate.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 12.76 | 11.68 | +9.3% |
| Operating profit (¥ billion) | 1.95 | 1.48 | +31.5% |
| Ordinary profit (¥ billion) | 2.01 | 1.51 | +32.6% |
| Net profit attrib. to owners (¥ billion) | 1.38 | 1.03 | +33.5% |
| Basic EPS (¥) | 85.31 | 63.98 | +33.3% |
| FY3/2027 annual dividend forecast (¥) | 135.00 | 145.00 | -6.9% |
| FY3/2027 operating profit guidance (¥ billion) | 6.23 | 6.72 | -7.3% |
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.