REG - Maruwa Co Ld - 3rd Quarter Results
03/02/2026 07:00
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RNS Number : 4827R Maruwa Co Ld 03 February 2026
DISCLAIMER:
This document has been translated from a part of the Japanese original for
reference purposes only. In the event of any discrepancy between this
translated document and the Japanese original, the original shall prevail.
February 3, 2026
Consolidated Financial Results for the Third Quarter of Fiscal Year 2025
Company name: MARUWA CO., LTD.
Listing: Tokyo Stock Exchange /
Nagoya Stock Exchange
Securities code: 5344
URL:
https://www.maruwa-g.com/
Representative: Toshiro Kambe, Representative
Director and President
Inquiries: Daisuke Yamaguchi,
Director and Head of Administration Division
Telephone: +81-561-51-0841
Scheduled date to commence dividend
payments:
-
Preparation of supplementary material on financial
results:
None
Holding of financial results
briefing:
Yes (for analysts and institutional investors)
Rounded down to the nearest million yen
1. Consolidated financial results for the nine months ended December
31, 2025 (from April 1, 2025 to December 31, 2025)
(1) Consolidated operating results
(cumulative)
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit attributable to owners of parent
Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen %
December 31, 2025 52,225 (1.7) 17,124 (13.2) 18,029 (10.0) 12,332 (11.7)
December 31, 2024 53,141 18.0 19,734 37.1 20,034 33.9 13,965 31.7
Note: Comprehensive income For the nine months ended December 31,
2025: \14,197
million (5.7)%
For the nine months ended December 31,
2024: \15,056
million 37.8%
Basic earnings per share Diluted earnings per share
Nine months ended Yen Yen
December 31, 2025 999.46 -
December 31, 2024 1,131.80 -
(2) Consolidated financial position
Total assets Net assets Equity-to-asset ratio
As of Millions of yen Millions of yen %
December 31, 2025 152,670 140,835 92.2
March 31, 2025 142,285 127,854 89.9
Reference: Equity
As of December 31, 2025: \140,835
million
As of March 31, 2025:
\127,854 million
2. Cash dividends
Annual dividends per share
First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total
Yen Yen Yen Yen Yen
Fiscal year ended - 47.00 - 47.00 94.00
March 31, 2025
Fiscal year ending - 51.00 -
March 31, 2026
Fiscal year ending 51.00 102.00
March 31, 2026
(Forecast)
Note: Revisions to the forecast of cash dividends most recently announced:
None
3. Forecast of consolidated financial results for the fiscal year ending March
31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share
Millions of yen % Millions of yen % Yen % Yen % Yen
Fiscal year ending 75,100 4.5 27,000 0.3 - - - - -
March 31, 2026
Note: Revisions to the earnings forecasts most recently announced: None
* Notes
(1) Significant changes in the scope of consolidation during the period:
None
(2) Adoption of accounting treatment specific to the preparation of
quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and
restatement
(i) Changes in accounting policies due to revisions to accounting
standards and other regulations: None
(ii) Changes in accounting policies due to other reasons: None
(iii) Changes in accounting estimates: None
(iv) Restatement: None
(4) Number of issued shares (common shares)
(i) Total number of issued shares at the end of the period
(including treasury shares)
As of December 31, 2025 12,372,000 shares
As of March 31, 2025 12,372,000 shares
(ii) Number of treasury shares at the end of the period
As of December 31, 2025 33,334 shares
As of March 31, 2025 32,112 shares
(iii) Average number of shares outstanding during the period (cumulative
from the beginning of the fiscal year)
Nine months ended December 31, 2025 12,339,082 shares
Nine months ended December 31, 2024 12,338,844 shares
* Review of the Japanese-language originals of the attached consolidated
quarterly financial statements by certified public accountants or an audit
firm:None
* Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results,
contained in these materials are based on information available to the Company
and on certain assumptions deemed to be reasonable. Actual financial results
may differ from the results anticipated in the statements due to various
factors.
1. Overview of Operating Results, etc.
(1) Business results
During the third quarter of the fiscal year ending March 31, 2026 (April 1 to
December 31, 2025), concerns over geopolitical risks persisted due to
developments in the Middle East and Ukraine, as well as heightened attention
to monetary policies in various countries and tariff policies involving the
United States and other countries. In the high-tech market, rapid
technological advancements and active investments were observed across a wide
range of fields related to generative AI.
In our business, working within this business environment, while the
next-generation high-speed communications-related business continued to remain
at a high level, a recovery was observed in the automobile- and
semiconductor-related businesses, which had experienced weaker market
conditions during the first half of the fiscal year.
As a result, consolidated net sales for the third quarter of the fiscal year
ending March 31, 2026, decreased by 1.7% year on year to 52,225 million yen,
operating profit decreased by 13.2% to 17,124 million yen, ordinary profit
decreased by 10.0% to 18,029 million yen, and quarterly net profit
attributable to owners of the parent decreased by 11.7% year on year to 12,332
million yen.
From the fourth quarter onward, growth in the telecommunication-related
business is expected to accelerate due to a significant increase in production
for next-generation high-speed communication. In the next fiscal year, we
expect a full-scale recovery in the automobile- and semiconductor-related
businesses. Toward achieving our medium-term plan targeting net sales of 100
billion yen in the fiscal year ending March 31, 2029, we will continue to
steadily focus on strengthening our business foundation.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In this segment, while the next-generation high-speed communications-related
business continued to remain at a high level, a recovery was observed in the
automobile- and semiconductor-related businesses, which had experienced weaker
market conditions during the first half of the fiscal year.
As a result, net sales for the third quarter of the fiscal year ending March
31, 2026, decreased by 3.4% year on year to 45,023 million yen, and segment
profit decreased by 15.5% year on year to 16,906 million yen.
(Lighting Equipment Business)
This segment performed solidly, supported by strong demand for lighting
products for the high-end new condominium market, as well as steady progress
in public LED lighting installation projects.
As a result, net sales for the third quarter of the fiscal year ending March
31, 2026, increased by 9.8% year on year to 7,201 million yen, while segment
profit increased by 61.9% year on year to 1,418 million yen.
(2) Financial conditions
(Assets)
Current assets at the end of the third quarter of the fiscal year ending March
31, 2026, totaled 100,691 million yen, an increase of 401 million yen from the
end of the previous fiscal year, primarily due to an increase in accounts
receivable. Non-current assets amounted to 51,979 million yen, an increase of
9,983 million yen from the end of the previous fiscal year, mainly
attributable to an increase in construction in progress.
As a result, total assets amounted to 152,670 million yen, an increase of
10,384 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the third quarter of the fiscal year ending
March 31, 2026, amounted to 11,306 million yen, a decrease of 2,626 million
yen from the end of the previous fiscal year, primarily due to a decrease in
income taxes payable. Non-current liabilities amounted to 528 million yen, an
increase of 30 million yen from the end of the previous fiscal year, mainly
due to an increase in deferred tax liabilities.
As a result, total liabilities amounted to 11,835 million yen, a decrease of
2,596 million yen from the end of the previous fiscal year.
(Net Assets)
Net assets at the end of the third quarter of the fiscal year ending March 31,
2026, amounted to 140,835 million yen, an increase of 12,981 million yen from
the end of the previous fiscal year, primarily due to the recording of 12,332
million yen in quarterly net profit attributable to owners of the parent.
As a result, the equity ratio was 92.2% (89.9% at the end of the previous
fiscal year).
(3) Future outlook
There are no changes to the consolidated earnings forecast for the fiscal year
ending March 31, 2026, which was announced on November 5, 2025.
Current outlook by segment is as follows.
In the telecommunication-related business, growth is expected to accelerate,
driven by a significant increase in production from the fourth quarter onward
following the full-scale launch of a successor model for next-generation
high-speed communication. As end-user demand has further strengthened, we
expect continued growth in the next fiscal year.
In the automobile-related business, inventory adjustments related to new
energy vehicles have been completed, and the business has entered a recovery
phase. From the next fiscal year, the business is expected to return to a
growth phase. For medium- to long-term growth, we will continue to strengthen
profitability through automation and yield improvement.
In the semiconductor-related business, demand related to generative AI remains
strong, and differentiated high-purity SiC products have also begun to expand
from the second half of the fiscal year. While a full-scale recovery in demand
for general-purpose memory has been delayed, a steady recovery is underway.
Toward a full market recovery in the next fiscal year, we will focus on
strengthening production capacity at our new plant.
In the industrial equipment-related business, demand for power modules has
slowed due to market conditions, but demand for new medical-related products
is increasing.
In the lighting equipment-related business, high-end lighting products
continue to perform steadily, supported by increasing LED demand due to
Japan's upcoming policy to phase out fluorescent lamp production by 2027 and
the expansion of the high-end new condominium market in metropolitan areas.
On the earnings front, we will continue to enhance profitability through
further factory automation and improved yields on new products. Regarding
profit figures below ordinary profit, it is difficult to provide forecasts at
this time due to the potential volatility caused mainly by exchange rate
fluctuations.
Quarterly consolidated balance sheet
(Millions of yen)
As of March 31, 2025 As of December 31, 2025
Assets
Current assets
Cash and deposits 71,793 67,840
Notes receivable - trade 139 70
Accounts receivable - trade 12,420 13,867
Electronically recorded monetary claims - operating 1,319 1,467
Merchandise and finished goods 2,645 2,532
Work in process 3,803 4,876
Raw materials and supplies 5,398 6,935
Other 2,832 3,109
Allowance for doubtful accounts (62) (8)
Total current assets 100,290 100,691
Non-current assets
Property, plant and equipment
Buildings and structures, net 14,996 16,401
Machinery, equipment and vehicles, net 13,039 14,297
Land 5,047 5,064
Construction in progress 5,474 13,538
Other, net 798 852
Total property, plant and equipment 39,356 50,154
Intangible assets
Other 444 441
Total intangible assets 444 441
Investments and other assets 2,194 1,382
Total non-current assets 41,995 51,979
Total assets 142,285 152,670
(Millions of yen)
As of March 31, 2025 As of December 31, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade 2,965 4,206
Electronically recorded obligations - operating 840 984
Income taxes payable 4,929 1,233
Provision for bonuses 1,191 589
Provision for bonuses for directors (and other officers) 149 75
Other 3,856 4,215
Total current liabilities 13,933 11,306
Non-current liabilities
Deferred tax liabilities 131 165
Other 366 362
Total non-current liabilities 498 528
Total liabilities 14,431 11,835
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,103 12,103
Retained earnings 105,705 116,828
Treasury shares (198) (205)
Total shareholders' equity 126,257 137,373
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 39 35
Foreign currency translation adjustment 1,556 3,426
Total accumulated other comprehensive income 1,596 3,461
Total net assets 127,854 140,835
Total liabilities and net assets 142,285 152,670
Quarterly consolidated statement of income
(Millions of yen)
Nine months ended Nine months ended
December 31, 2024
December 31, 2025
Net sales 53,141 52,225
Cost of sales 24,237 25,252
Gross profit 28,903 26,973
Selling, general and administrative expenses 9,169 9,848
Operating profit 19,734 17,124
Non-operating income
Interest income 187 395
Rental income 93 95
Foreign exchange gains - 359
Other 90 149
Total non-operating income 371 1,000
Non-operating expenses
Interest expenses 0 -
Foreign exchange losses 24 -
Rent expenses on real estate for investments 36 39
Loss on extinguishment of share-based payment expenses 0 41
Other 8 14
Total non-operating expenses 71 95
Ordinary profit 20,034 18,029
Extraordinary income
Gain on sale of non-current assets 0 1
Gain on sale of investment securities - 147
Subsidy income 2,576 42
Total extraordinary income 2,576 191
Extraordinary losses
Loss on sale and retirement of non-current assets 89 36
Loss on tax purpose reduction entry of non-current assets 2,360 42
Other - 14
Total extraordinary losses 2,450 93
Profit before income taxes 20,160 18,126
Income taxes - current 6,026 5,405
Income taxes - deferred 168 388
Total income taxes 6,194 5,794
Profit 13,965 12,332
Profit attributable to owners of parent 13,965 12,332
Quarterly consolidated statement of comprehensive income
(Millions of yen)
Nine months ended Nine months ended
December 31, 2024
December 31, 2025
Profit 13,965 12,332
Other comprehensive income
Valuation difference on available-for-sale securities (89) (4)
Foreign currency translation adjustment 1,180 1,869
Total other comprehensive income 1,091 1,865
Comprehensive income 15,056 14,197
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 15,056 14,197
(Notes on segment information, etc.)
Segment Information
I. The nine months of the previous fiscal year (April 1, 2024 to December 31,
2024)
1. Information on sales and the amount of profit or loss for each reported
segment
(Millions of yen)
Reportable segments Adjustment amount (Note) 1 Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPORNENT LIGHTING EQUIPMENT Total
Sales
Revenues from external customers 46,585 6,556 53,141 - 53,141
Transactions with other segments 5 34 40 (40) -
Total 46,591 6,590 53,182 (40) 53,141
Segment Profit 19,996 876 20,872 (1,138) 19,734
Note: 1. Segment profit adjustment of (1,138) million yen includes 38 million
yen of inter-segment transaction elimination and (1,176) million yen of
company-wide expenses not allocated to each reporting segment. Corporate
expenses are selling, general and administrative expenses that are primarily
not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the quarterly
consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting
segment
Not applicable.
II. The nine months of the current fiscal year (April 1, 2025 to December 31,
2025)
1. Information on sales and the amount of profit or loss for each reported
segment
(Millions of yen)
Reportable segments Adjustment amount (Note) 1 Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPORNENT LIGHTING EQUIPMENT Total
Sales
Revenues from external customers 45,023 7,201 52,225 - 52,225
Transactions with other segments 6 2 9 (9) -
Total 45,030 7,204 52,234 (9) 52,225
Segment Profit 16,906 1,418 18,325 (1,200) 17,124
Note: 1. Segment profit adjustment of (1,200) million yen includes 70 million
yen of inter-segment transaction elimination and (1,271) million yen of
company-wide expenses not allocated to each reporting segment. Corporate
expenses are selling, general and administrative expenses that are primarily
not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the quarterly
consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting
segment
Not applicable.
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