Operating profit close to four times last year
Nichicon Corporation (TSE: 6996) published consolidated first-quarter results for FY3/2027 on August 5, 2026, covering April 1 to June 30, 2026 under Japanese GAAP. Revenue rose 12.9% to ¥44,714 million and operating profit 292.1% to ¥2,841 million. Ordinary profit climbed 233.0% to ¥3,497 million and net profit attributable to shareholders 108.1% to ¥2,471 million, for earnings per share of ¥36.79 against ¥17.68. Comprehensive income rose 462.9% to ¥6,809 million.
Capacitors ride the AI build-out
The Capacitors segment grew revenue 13.5% to ¥27,580 million and segment operating profit 131.0% to ¥1,522 million. Nichicon points to two priority markets. In information and communications, capital spending on generative-AI servers and data centres intensified, lifting demand for conductive-polymer aluminium solid electrolytic capacitors, conductive-polymer hybrid aluminium capacitors and large aluminium electrolytic capacitors used in AI server power supplies. In automotive, demand for conductive-polymer hybrid aluminium capacitors used in advanced driver-assistance systems and electrification units kept expanding, and film capacitors for xEVs returned to sharp revenue growth as existing programmes recovered and new ones entered mass production.
NECST turns on household storage
The NECST segment — the group's energy and environment arm — grew revenue 12.0% to ¥17,134 million and lifted segment operating profit from ¥64 million to ¥1,318 million, a more than twentyfold increase. Growth came from household storage systems, in particular the new flagship Tribrid storage series ESS-T5/T6, which benefited from national and local subsidy programmes. Switching power supplies remained under pressure in their main document-equipment market from U.S. tariffs and a stagnant Chinese market, while large special-purpose power supplies for industrial applications tracked plan.
Balance sheet and outlook
Total assets rose 5.0% to ¥205,267 million and net assets 4.3% to ¥128,788 million, with the equity ratio easing slightly to 60.9% from 61.2%. Full-year guidance was left unchanged: revenue of ¥185,000 million (+9.0%), operating profit of ¥8,700 million (+34.8%), ordinary profit of ¥9,000 million (+8.1%) and net profit of ¥6,700 million (+6.2%), for earnings per share of ¥99.76. On those numbers the first quarter delivered roughly a third of the full-year operating profit target. The annual dividend forecast is ¥39.00 per share against ¥37.00 for FY3/2026.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 44,714 | 39,601 | +12.9% |
| Operating profit (¥ million) | 2,841 | 724 | +292.1% |
| Ordinary profit (¥ million) | 3,497 | 1,050 | +233.0% |
| Net profit attrib. to owners of parent (¥ million) | 2,471 | 1,187 | +108.1% |
| Comprehensive income (¥ million) | 6,809 | 1,209 | +462.9% |
| EPS (¥) | 36.79 | 17.68 | +108.1% |
| Capacitors — revenue (¥ million) | 27,580 | 24,297 | +13.5% |
| Capacitors — segment profit (¥ million) | 1,522 | 659 | +131.0% |
| NECST — revenue (¥ million) | 17,134 | 15,303 | +12.0% |
| NECST — segment profit (¥ million) | 1,318 | 64 | +1,959.4% |
| Total assets (¥ million) | 205,267 | 195,570 | +5.0% |
| Net assets (¥ million) | 128,788 | 123,517 | +4.3% |
| Equity ratio | 60.9% | 61.2% | -0.3 pt |
| FY3/2027 guidance — revenue (¥ million) | 185,000 | — | +9.0% |
| FY3/2027 guidance — operating profit (¥ million) | 8,700 | — | +34.8% |
| FY3/2027 guidance — ordinary profit (¥ million) | 9,000 | — | +8.1% |
| FY3/2027 guidance — net profit (¥ million) | 6,700 | — | +6.2% |
| FY3/2027 guidance — EPS (¥) | 99.76 | — | — |
| Annual dividend per share | 39.00 | 37.00 | +5.4% |
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.