Mobility carries the quarter
GS Yuasa Corporation (TSE: 6674) published consolidated first-quarter results for FY3/2027 on August 5, 2026, covering April 1 to June 30, 2026 under Japanese GAAP. Revenue rose 7.5% to ¥141,734 million, operating profit 39.3% to ¥11,578 million, ordinary profit 42.8% to ¥12,099 million and net profit attributable to shareholders 15.7% to ¥7,558 million, for earnings per share of ¥75.34 against ¥65.11.
The company changed its segment structure with this quarter and now measures segment profit as operating profit rather than operating profit before goodwill and similar amortisation; prior-year figures are restated on the new basis. The reporting segments group into two businesses: Mobility, which covers lead-acid batteries at home and abroad plus lithium-ion, and Social Infrastructure, which covers industrial batteries and power supplies plus aviation, space and defence.
Three gains, two declines
Overseas lead-acid batteries were the largest single contributor, lifting revenue 12.3% to ¥57,773 million and segment profit 88.7% to ¥7,233 million on higher unit sales in Europe and Southeast Asia and a weaker yen. Domestic lead-acid batteries grew revenue 9.5% to ¥24,502 million and profit 44.9% to ¥2,423 million, helped by volume growth and price corrections. Lithium-ion batteries added 11.0% of revenue at ¥21,515 million and moved to a ¥795 million profit from a ¥34 million loss, on higher sales of cells for hybrid vehicles.
Social Infrastructure went the other way. Industrial batteries and power supplies saw revenue fall 2.9% to ¥32,248 million on fewer orders for emergency power equipment, and segment profit dropped 61.5% to ¥980 million. Aviation, space and defence grew revenue 2.5% to ¥4,953 million as demand for specialist defence batteries offset lower prices on submarine lithium-ion cells, but segment profit still fell 17.5% to ¥623 million.
Balance sheet and outlook
Total assets rose 1.3% to ¥750,397 million as inventories and construction in progress increased, offsetting the collection of trade receivables. Liabilities grew ¥14,017 million to ¥310,904 million, chiefly on higher commercial paper, while net assets fell 1.0% to ¥439,492 million as dividend payments and a lower foreign-currency translation adjustment outweighed the quarter's profit. The equity ratio eased to 52.5% from 53.3%. Inci GS Yuasa Aku Sanayi ve Ticaret A.S. was removed from the consolidation scope.
GS Yuasa revised its full-year forecast, publishing the details in a separate release on August 5, 2026. For the year to March 2027 it now expects revenue of ¥680,000 million (+11.7%), operating profit of ¥63,000 million (+4.7%), ordinary profit of ¥61,000 million (+4.8%) and net profit of ¥39,500 million (−5.6%), for earnings per share of ¥393.74. The first-half forecast is ¥313,000 million of revenue and ¥22,000 million of operating profit. The annual dividend forecast is ¥98.00 per share against ¥90.00 for FY3/2026.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 141,734 | 131,879 | +7.5% |
| Operating profit (¥ million) | 11,578 | 8,313 | +39.3% |
| Ordinary profit (¥ million) | 12,099 | 8,474 | +42.8% |
| Net profit attrib. to owners of parent (¥ million) | 7,558 | 6,530 | +15.7% |
| Comprehensive income (¥ million) | 7,309 | 5,440 | +34.4% |
| EPS (¥) | 75.34 | 65.11 | +15.7% |
| Lead-acid batteries (Japan) — revenue (¥ million) | 24,502 | 22,377 | +9.5% |
| Lead-acid batteries (Japan) — segment profit (¥ million) | 2,423 | 1,673 | +44.9% |
| Lead-acid batteries (overseas) — revenue (¥ million) | 57,773 | 51,446 | +12.3% |
| Lead-acid batteries (overseas) — segment profit (¥ million) | 7,233 | 3,834 | +88.7% |
| Lithium-ion batteries — revenue (¥ million) | 21,515 | 19,375 | +11.0% |
| Lithium-ion batteries — segment profit (¥ million) | 795 | -34 | loss to profit |
| Industrial batteries & power supplies — revenue (¥ million) | 32,248 | 33,225 | -2.9% |
| Industrial batteries & power supplies — segment profit (¥ million) | 980 | 2,545 | -61.5% |
| Aviation, space & defence — revenue (¥ million) | 4,953 | 4,832 | +2.5% |
| Aviation, space & defence — segment profit (¥ million) | 623 | 756 | -17.5% |
| Total assets (¥ million) | 750,397 | 740,985 | +1.3% |
| Net assets (¥ million) | 439,492 | 444,098 | -1.0% |
| Equity ratio | 52.5% | 53.3% | -0.8 pt |
| FY3/2027 guidance — revenue (¥ million) | 680,000 | — | +11.7% |
| FY3/2027 guidance — operating profit (¥ million) | 63,000 | — | +4.7% |
| FY3/2027 guidance — ordinary profit (¥ million) | 61,000 | — | +4.8% |
| FY3/2027 guidance — net profit (¥ million) | 39,500 | — | -5.6% |
| FY3/2027 guidance — EPS (¥) | 393.74 | — | — |
| Annual dividend per share | 98.00 | 90.00 | +8.9% |
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.