Mirai Industry (7931): FY2025 Results Summary — Record Sales but Lower Profit on Rising Raw Material Costs

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: Mirai Industry does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. The source materials label the most recently completed fiscal year, ended March 31, 2026, as FY3/2026 (2026年3月期); the body and tables below follow the labels used in the materials, while the title uses FY2025 under this site’s naming convention.

Mirai Industry (TSE Prime: 7931) announced consolidated results for the fiscal year ended March 2026 (FY3/2026; March 21, 2025 to March 20, 2026). On the back of the penetration of price revisions in the Electrical & Piping Materials and Wiring Device businesses, among other factors, net sales rose for the fifth consecutive fiscal year, reaching a record 45,673 million yen (up 1.2% year on year). On the other hand, reflecting higher raw material unit costs, operating profit came to 6,723 million yen (down 2.5%), ordinary profit to 6,899 million yen (down 2.4%), and profit attributable to owners of parent to 4,696 million yen (down 2.8%), resulting in higher sales but lower profit.

Consolidated Results (Full Year)

Consolidated results were net sales of 45,673 million yen (up 559 million yen, or 1.2%, year on year), operating profit of 6,723 million yen (down 173 million yen, or 2.5%), ordinary profit of 6,899 million yen (down 168 million yen, or 2.4%), and profit attributable to owners of parent of 4,696 million yen (down 136 million yen, or 2.8%). The penetration of price revisions for Electrical & Piping Materials as well as Wiring Device products drove net sales to a record high for the fifth consecutive fiscal year of increase, while operating profit, ordinary profit and net income all declined due to higher raw material unit costs. (Figures in millions of yen.)

Item	FY3/2026	FY3/2025	Change
Net sales	45,673	45,113	+1.2%
Operating profit	6,723	6,897	△2.5%
Ordinary profit	6,899	7,067	△2.4%
Profit attributable to owners of parent	4,696	4,833	△2.8%

Segment Results

The mainstay Electrical & Piping Materials business (76.0% of net sales) saw a decrease in piping materials, resulting in net sales of 34,733 million yen (down 0.1% year on year) and segment profit of 5,993 million yen (down 6.4%), for lower sales and profit. The Wiring Device business (17.6% of net sales) benefited from steady sales of products such as the “J Wide Slim Square” and the penetration of price revisions, posting net sales of 8,037 million yen (up 9.7%) and segment profit of 872 million yen (up 25.0%), for higher sales and profit. The Other business (6.4% of net sales) posted net sales of 2,902 million yen (down 3.2%), as steady sales of the “Mirai Rental Server” service were outweighed by a decrease in labor-saving machinery and resin molding dies, while segment profit rose to 711 million yen (up 24.5%) on cost reductions at the cable TV operation, among other factors. (Figures in millions of yen.)

Segment	Metric	FY3/2026	FY3/2025
Electrical & Piping Materials	Net sales	34,733	34,784
Electrical & Piping Materials	Segment profit	5,993	6,400
Wiring Device	Net sales	8,037	7,329
Wiring Device	Segment profit	872	698
Other	Net sales	2,902	2,999
Other	Segment profit	711	571

FY3/2027 Forecast

Regarding the full-year earnings forecast for FY3/2027, the company has designated it as “undetermined,” citing the difficulty of forecasting the impact of the situation in the Middle East, and says it will announce a forecast once a reasonable estimate becomes possible. For the first quarter, the company forecasts net sales of 11,820 million yen (up 1.2% year on year versus the first quarter of the prior fiscal year), operating profit of 1,290 million yen (down 12.8%), ordinary profit of 1,316 million yen (down 13.0%), and quarterly profit attributable to owners of parent of 877 million yen (down 15.0%). (Figures in millions of yen.)

Item	FY3/2027 1Q (Forecast)	FY3/2026 1Q (Actual)	Change
Net sales	11,820	11,677	+1.2%
Operating profit	1,290	1,479	△12.8%
Ordinary profit	1,316	1,513	△13.0%
Quarterly profit attributable to owners of parent	877	1,032	△15.0%

Segment	Metric	FY3/2027 1Q (Forecast)	FY3/2026 1Q (Actual)
Electrical & Piping Materials	Net sales	8,967	9,019
Electrical & Piping Materials	Segment profit	1,122	1,301
Wiring Device	Net sales	2,079	1,903
Wiring Device	Segment profit	247	198
Other	Net sales	773	754
Other	Segment profit	70	165

Shareholder Returns

This cannot be confirmed from the materials; the results presentation contains no disclosure regarding dividends, share buybacks, or other shareholder return policies for the period.

Capital Expenditure

Capital expenditure for FY3/2026 came to 3,619 million yen, exceeding the plan as investment progressed through the second half of the fiscal year. Depreciation expense was 2,605 million yen. The capital expenditure plan for FY3/2027 has likewise been designated as “undetermined,” given the difficulty of forecasting the impact of the situation in the Middle East. (Figures in millions of yen.)

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.