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.
October 31, 2025
Company name: Inaba Denki Sangyo Co., Ltd. Listing: Tokyo Stock Exchange
Securities code: 9934
URL: https://www.inaba.co.jp
Representative: Masayuki Tamagaki, President and Representative Director
Inquiries: Naoto Mizokoshi, Director and Executive Officer, Administrative Headquarters Telephone: +81-6-4391-1781
Scheduled date to file semi-annual securities report: November 14, 2025
Scheduled date to commence dividend payments: December 1, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
Note: Comprehensive income For the six months ended September 30, 2025:
¥14,980 million
[78.2%]
For the six months ended September 30, 2024:
¥8,405 million
[(5.6)%]
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
192,246
7.0
14,053
18.8
15,201
22.4
10,622
25.9
September 30, 2024
179,729
13.2
11,826
20.7
12,417
16.3
8,438
12.7
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
188.82
186.85
September 30, 2024
150.29
148.30
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
September 30, 2025
275,391
184,688
66.9
March 31, 2025
278,983
173,023
61.8
Reference: Equity
As of September 30, 2025: ¥184,161 million
As of March 31, 2025: ¥172,429 million
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
-
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 March 31, 2025
-
60.00
-
80.00
140.00
Fiscal year ending March 31, 2026
-
70.00
Fiscal year ending
March 31, 2026 (Forecast)
-
35.00
-
Note: Revisions to the forecast of cash dividends most recently announced: None
As the Company plans to conduct a two-for-one stock split of shares of common stock, effective December 1, 2025, the year-end dividend per share for the fiscal year ending March 31, 2026 (forecast) reflects the impact of the stock split, and the total annual dividend per share is presented as "-".
If the impact of the stock split were not taken into account, the year-end dividend per share for the fiscal year ending March 31, 2026 (forecast) would be 70.00 yen, and the total annual dividend per share would be 140.00 yen.
-
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
Fiscal year ending March 31, 2026
Millions of yen
392,000
%
2.1
Millions of yen
26,700
%
4.5
Millions of yen
27,400
%
2.6
Millions of yen
19,400
%
3.3
Yen
172.85
Note: Revisions to the earnings forecasts most recently announced: None
As the Company plans to conduct a two-for-one stock split of shares of common stock, effective December 1, 2025, "Basic earnings per share" in the forecast of consolidated financial results reflects the impact of the stock split. If the impact of the stock split were not taken into account, "Basic earnings per share" in the consolidated earnings forecasts for the fiscal year ending March 31, 2026 (full year) would be 345.71 yen.
- Notes
Significant changes in the scope of consolidation during the period: None
Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2025
56,829,800 shares
As of March 31, 2025
56,824,200 shares
Number of treasury shares at the end of the period
As of September 30, 2025
310,384 shares
As of March 31, 2025
707,604 shares
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2025 | 56,257,509 shares |
Six months ended September 30, 2024 | 56,148,136 shares |
* Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
Semi-annual consolidated balance sheet(Millions of yen)
As of March 31, 2025 As of September 30, 2025Assets | ||
Current assets | ||
Cash and deposits | 62,062 | 64,169 |
Notes and accounts receivable - trade, and contract assets | 76,507 | 66,215 |
Electronically recorded monetary claims - operating | 33,751 | 31,314 |
Securities | 15,000 | 15,000 |
Merchandise and finished goods | 22,680 | 21,842 |
Work in process | 367 | 352 |
Raw materials and supplies | 2,763 | 2,636 |
Other | 2,591 | 2,041 |
Allowance for doubtful accounts | (3) | (3) |
Total current assets | 215,720 | 203,569 |
Non-current assets | ||
Property, plant and equipment | ||
Land | 14,099 | 14,095 |
Other, net | 7,336 | 7,405 |
Total property, plant and equipment | 21,435 | 21,500 |
Intangible assets | 2,673 | 3,039 |
Investments and other assets | ||
Investment securities | 19,974 | 27,527 |
Other | 19,185 | 19,762 |
Allowance for doubtful accounts | (5) | (8) |
Total investments and other assets | 39,154 | 47,282 |
Total non-current assets | 63,262 | 71,822 |
Total assets | 278,983 | 275,391 |
(Millions of yen)
As of March 31, 2025 | As of September 30, 2025 | |||
Liabilities | ||||
Current liabilities | ||||
Electronically recorded obligations - operating | 7,330 | 4,990 | ||
Accounts payable - trade | 75,028 | 64,534 | ||
Short-term borrowings | 232 | 221 | ||
Income taxes payable | 4,941 | 3,553 | ||
Provision for bonuses | 7,363 | 3,436 | ||
Provision for bonuses for directors (and other officers) | 125 | 94 | ||
Other | 5,169 | 4,822 | ||
Total current liabilities | 100,190 | 81,653 | ||
Non-current liabilities | ||||
Retirement benefit liability | 45 | 55 | ||
Other | 5,724 | 8,993 | ||
Total non-current liabilities | 5,769 | 9,049 | ||
Total liabilities | 105,959 | 90,703 | ||
Net assets | ||||
Shareholders' equity | ||||
Share capital | 14,521 | 14,529 | ||
Capital surplus | 14,729 | 14,737 | ||
Retained earnings | 138,223 | 144,033 | ||
Treasury shares | (2,756) | (1,208) | ||
Total shareholders' equity | 164,717 | 172,091 | ||
Accumulated other comprehensive income | ||||
Valuation difference on available-for-sale securities | 6,861 | 11,287 | ||
Deferred gains or losses on hedges | (0) | (0) | ||
Foreign currency translation adjustment | 851 | 782 | ||
Total accumulated other comprehensive income | 7,711 | 12,069 | ||
Share acquisition rights | 593 | 527 | ||
Total net assets | 173,023 | 184,688 | ||
Total liabilities and net assets | 278,983 | 275,391 |
Semi-annual consolidated statement of income | (Millions of yen) | ||
Six months ended September 30, 2024 | Six months ended September 30, 2025 | ||
Net sales | 179,729 | 192,246 | |
Cost of sales | 148,394 | 157,608 | |
Gross profit | 31,335 | 34,638 | |
Selling, general and administrative expenses | 19,509 | 20,585 | |
Operating profit | 11,826 | 14,053 | |
Non-operating income | |||
Interest income | 57 | 170 | |
Dividend income | 514 | 919 | |
Other | 194 | 151 | |
Total non-operating income | 766 | 1,241 | |
Non-operating expenses | |||
Interest expenses | 10 | 11 | |
Loss on cancellation of insurance policies | 33 | 63 | |
Foreign exchange losses | 110 | 5 | |
Other | 20 | 13 | |
Total non-operating expenses | 174 | 93 | |
Ordinary profit | 12,417 | 15,201 | |
Extraordinary income | |||
Gain on sale of non-current assets | 1 | 3 | |
Total extraordinary income | 1 | 3 | |
Extraordinary losses | |||
Loss on retirement of non-current assets | 1 | 2 | |
Loss on sale of non-current assets | - | 0 | |
Impairment losses | 173 | - | |
Total extraordinary losses | 175 | 2 | |
Profit before income taxes | 12,243 | 15,202 | |
Income taxes - current | 3,061 | 3,306 | |
Income taxes - deferred | 743 | 1,273 | |
Total income taxes | 3,804 | 4,580 | |
Profit | 8,438 | 10,622 | |
Profit attributable to owners of parent | 8,438 | 10,622 |
Semi-annual consolidated statement of comprehensive income | (Millions of yen) | |
Six months ended September 30, 2024 | Six months ended September 30, 2025 | |
Profit | 8,438 | 10,622 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (12) | 4,426 |
Deferred gains or losses on hedges | (1) | 0 |
Foreign currency translation adjustment | (18) | (68) |
Total other comprehensive income | (32) | 4,357 |
Comprehensive income | 8,405 | 14,980 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 8,405 | 14,980 |