Sales up, profit down
SANEI Ltd. (TSE: 6230) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on October 26, 2026 under Japanese GAAP. Net sales rose 2.9% to ¥14,441 million, but operating profit fell 50.1% to ¥333 million and ordinary profit 59.2% to ¥283 million. Net profit attributable to owners of the parent fell 60.3% to ¥175 million, or ¥38.27 per share against ¥96.30. The group operates in a single segment, faucet and plumbing fittings, and its half-year filing does not include a narrative explanation of the results; the company said details are given in a separate document published the same day on the gap between its first-half forecast and the actual results.
Inventories build up
Total assets rose 3.3% to ¥24,909 million. Finished goods inventories increased to ¥3,757 million from ¥2,898 million at the end of March, and raw materials and work in progress also rose, while cash and deposits fell to ¥1,696 million. On the other side of the balance sheet, accounts payable rose to ¥1,711 million and short-term borrowings to ¥2,760 million. Net assets edged up 0.8% to ¥15,851 million, and the equity ratio slipped to 61.4% from 63.0%.
Revised forecast and dividend
The company revised its FY3/2027 forecast and now expects net sales of ¥29,500 million (+1.6%), operating profit of ¥1,100 million (−39.9%), ordinary profit of ¥1,000 million (−44.6%) and net profit of ¥650 million (−46.8%). It left its dividend plan unchanged: an interim dividend of ¥37 and a year-end dividend of ¥38, for an annual ¥75, against ¥69 last year, which included a ¥5 commemorative payment.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 14,441 | 14,027 | +2.9% |
| Operating profit (¥ million) | 333 | 667 | −50.1% |
| Ordinary profit (¥ million) | 283 | 695 | −59.2% |
| Net profit attrib. to owners of parent (¥ million) | 175 | 440 | −60.3% |
| EPS (¥) | 38.27 | 96.30 | −60.3% |
| Total assets (¥ million) | 24,909 | 24,111 | +3.3% |
| Net assets (¥ million) | 15,851 | 15,724 | +0.8% |
| Equity ratio | 61.4% | 63.0% | −1.6 pt |
| FY3/2027 guidance — revenue (¥ million) | 29,500 | — | +1.6% |
| FY3/2027 guidance — operating profit (¥ million) | 1,100 | — | −39.9% |
| FY3/2027 guidance — ordinary profit (¥ million) | 1,000 | — | −44.6% |
| FY3/2027 guidance — net profit (¥ million) | 650 | — | −46.8% |
| Annual dividend per share (¥) | 75.00 | 69.00 | +8.7% |
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.