Consulting up, IT down
Mitsubishi Research Institute, Inc. (TSE: 3636) reported consolidated results for FY9/2026, October 1, 2025 to September 30, 2026, on November 4, 2026. The Think Tank & Consulting segment raised external sales 13.4% to ¥53,379 million and ordinary profit 23.4% to ¥7,051 million, helped by government work on level-4 autonomous driving, digitalisation and energy, and by corporate projects in AI, energy, semiconductors, satellites and management planning.
IT Services sales fell 2.3% to ¥72,679 million after a large financial and card-systems project finished and new financial-sector business grew less than planned. Costs for a loss-making system development project, for which the company booked an additional provision for contract losses, cut the segment's ordinary profit 33.3% to ¥2,691 million, partly cushioned by an actuarial gain from a higher discount rate on pension obligations. Group ordinary profit was flat at ¥9,741 million.
A plan to 2029 starts with investment
The company launched the MRI Group Medium-Term Management Plan 2029 and described FY9/2027 as a year of upfront investment and rebuilding, including generative AI and information security. It forecast net sales of ¥132,000 million (+4.7%), operating profit of ¥7,500 million (−10.7%), ordinary profit of ¥9,500 million and attributable profit of ¥6,200 million (−3.4%). The annual dividend rose to ¥180 (¥80 interim, ¥100 year-end) and is forecast at ¥195 for FY9/2027. The equity ratio rose to 60.0%, and a data-centre construction project added ¥2,075 million to construction in progress.
| Metric | FY9/2026 | FY9/2025 | Change |
|---|---|---|---|
| Net sales (¥ million) | 126,059 | 121,458 | +3.8% |
| Operating profit (¥ million) | 8,395 | 8,010 | +4.8% |
| Ordinary profit (¥ million) | 9,741 | 9,734 | +0.1% |
| Net profit attrib. to owners of parent (¥ million) | 6,421 | 6,386 | +0.6% |
| Comprehensive income (¥ million) | 8,189 | 7,717 | +6.1% |
| EPS (¥) | 407.54 | 405.55 | +0.5% |
| Think Tank & Consulting — revenue (¥ million) | 53,379 | — | +13.4% |
| Think Tank & Consulting — segment profit (¥ million) | 7,051 | — | +23.4% |
| IT Services — revenue (¥ million) | 72,679 | — | -2.3% |
| IT Services — segment profit (¥ million) | 2,691 | — | -33.3% |
| Total assets (¥ million) | 128,774 | 128,113 | +0.5% |
| Net assets (¥ million) | 86,517 | 81,346 | +6.4% |
| Equity ratio | 60.0% | 56.1% | +3.9 pt |
| FY9/2027 guidance — revenue (¥ million) | 132,000 | — | +4.7% |
| FY9/2027 guidance — operating profit (¥ million) | 7,500 | — | -10.7% |
| FY9/2027 guidance — ordinary profit (¥ million) | 9,500 | — | -2.5% |
| FY9/2027 guidance — net profit (¥ million) | 6,200 | — | -3.4% |
| Annual dividend per share (¥) | 180.00 | 165.00 | +9.1% |
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.