Higher margins everywhere
Taiyo Technolex Co., Ltd. (TSE: 6663) reported consolidated results for the first nine months of FY12/2026, December 21, 2025 to September 20, 2026, on October 26, 2026 under Japanese GAAP. Net sales rose 10.3% to ¥2,888 million, a gain of ¥270 million, as circuit boards, test systems and mirror-polishing machines grew while industrial machinery systems fell. Gross margins improved in every segment, and the company posted an operating profit of ¥139 million, an ordinary profit of ¥139 million and net profit attributable to owners of the parent of ¥74 million, against losses of ¥33 million, ¥31 million and ¥29 million a year earlier. Demand linked to data centres and AI servers held up across the circuit-board industry.
Circuit boards lead
Circuit boards grew sales 18.7% to ¥2,026 million and segment profit 42.7% to ¥436 million: flexible printed circuits for display makers declined, but mass-production orders from medical-device, camera and industrial-equipment makers grew, and a shift away from outsourced production toward in-house manufacturing lifted margins. Test systems grew sales 31.7% to ¥289 million on continuity testers for flexible circuits and visual inspection systems for ceramic boards, narrowing its loss to ¥48 million from ¥87 million. Mirror-polishing machines grew sales 7.4% to ¥344 million and profit 37.1% to ¥71 million on repairs, maintenance and consumables. Industrial machinery systems fell 38.4% to ¥227 million, with profit down to ¥8 million, after last year's sales of shrink-wrap machines and large industrial treatment tanks.
Balance sheet and outlook
Total assets rose 12.0% to ¥5,119 million, mainly on higher cash, inventories and the market value of investment securities, and net assets rose 8.4% to ¥2,925 million. The company said profit is running ahead of its initial forecast and it expects more circuit-board orders and inspection-equipment sales in the fourth quarter, but because the timing of orders and customer acceptance is uncertain, it kept the full-year forecast revised on July 29 unchanged.
| Metric | 9M FY12/2026 | 9M FY12/2025 | Change |
|---|---|---|---|
| Net sales (¥ million) | 2,888 | 2,618 | +10.3% |
| Operating profit (¥ million) | 139 | −33 | loss to profit |
| Ordinary profit (¥ million) | 139 | −31 | loss to profit |
| Net profit attrib. to owners of parent (¥ million) | 74 | −29 | loss to profit |
| Circuit boards — revenue (¥ million) | 2,026 | 1,707 | +18.7% |
| Circuit boards — segment profit (¥ million) | 436 | 306 | +42.7% |
| Test systems — revenue (¥ million) | 289 | 220 | +31.7% |
| Test systems — segment profit (¥ million) | −48 | −87 | loss narrowed |
| Mirror-polishing machines — revenue (¥ million) | 344 | 320 | +7.4% |
| Mirror-polishing machines — segment profit (¥ million) | 71 | 52 | +37.1% |
| Industrial machinery systems — revenue (¥ million) | 227 | 370 | −38.4% |
| Industrial machinery systems — segment profit (¥ million) | 8 | 27 | −68.1% |
| Total assets (¥ million) | 5,119 | 4,570 | +12.0% |
| Net assets (¥ million) | 2,925 | 2,698 | +8.4% |
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.