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.
May 14, 2026
Company name: TOKYO RADIATOR MFG. CO.,LTD.
Listing: Tokyo Stock Exchange
Securities code: 7235
URL: https://www.tokyo-radiator.co.jp/ Representative: HIRONORI KIMURA, PRESIDENT AND CEO Inquiries: HIDEAKI SATO, CORPORATE OFFICER
Telephone: +81-466-87-1231
Scheduled date of annual general meeting of shareholders: June 25, 2026 Scheduled date to commence dividend payments: June 26, 2026
Scheduled date to file annual securities report: June 23, 2026
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
-
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2026
35,382
3.9
2,358
37.5
2,541
32.3
2,038
43.3
March 31, 2025
34,060
2.0
1,714
22.7
1,920
24.0
1,422
(15.4)
Note: Comprehensive income For the fiscal year ended March 31, 2026:
¥2,760 million
[15.7%]
For the fiscal year ended March 31, 2025:
¥2,386 million
[(21.2)%]
Basic earnings per share
Diluted earnings per share
Return on equity
Ratio of ordinary profit to total assets
Ratio of operating profit to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2026
214.85
-
8.9
7.7
6.7
March 31, 2025
151.12
-
6.8
6.0
5.0
-
Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2026
33,439
26,099
72.0
2,527.53
March 31, 2025
32,918
23,950
66.7
2,327.87
Reference: Equity
As of March 31, 2026: ¥24,065 million
As of March 31, 2025: ¥21,960 million
- Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Fiscal year ended
Millions of yen
Millions of yen
Millions of yen
Millions of yen
March 31, 2026
1,711
(2,038)
(737)
5,716
March 31, 2025
2,253
(599)
(410)
6,697
-
Consolidated operating results (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
Total cash dividends (Total)
Payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
Fiscal year ended March 31, 2025
-
13.00
-
32.50
45.50
429
30.1
2.0
Fiscal year ended March 31, 2026
-
29.00
-
36.00
65.00
618
30.3
2.7
Fiscal year ending March 31, 2027 (Forecast)
38.00
39.00
77.00
40.6
- Forecast of consolidated financial results for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)
(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, 2027 | Millions of yen 35,500 | % 0.3 | Millions of yen 2,450 | % 3.9 | Millions of yen 2,600 | % 2.3 | Millions of yen 1,800 | % (11.7) | Yen 189.70 |
Significant changes in the scope of consolidation during the period: 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 March 31, 2026
10,400,000 shares
As of March 31, 2025
10,400,000 shares
Number of treasury shares at the end of the period
As of March 31, 2026
878,617 shares
As of March 31, 2025
966,158 shares
Average number of shares outstanding during the period
Fiscal year ended March 31, 2026 | 9,488,648 shares |
Fiscal year ended March 31, 2025 | 9,416,177 shares |
-
Non-consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2026
29,082
9.5
1,500
69.3
2,592
27.2
2,338
24.5
March 31, 2025
26,564
1.6
886
31.6
2,038
37.3
1,878
(5.2)
Basic earnings per share
Diluted earnings per share
Fiscal year ended
Yen
Yen
March 31, 2026
246.49
-
March 31, 2025
199.53
-
- Non-consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | |
As of | Millions of yen | Millions of yen | % | Yen |
March 31, 2026 | 21,113 | 15,498 | 73.4 | 1,627.75 |
March 31, 2025 | 20,593 | 13,475 | 65.4 | 1,428.44 |
Reference: Equity
As of March 31, 2026: ¥15,498 million
As of March 31, 2025: ¥13,475 million
"Reasons for the difference between non-consolidated financial results and the financial results of the previous fiscal year"
Attachment 2 page "1. For the same reasons as those described in "Summary of Operating Results, etc. (1) Analysis of Operating Results," there is a discrepancy between the actual figures for the previous fiscal year and the actual figures for the current fiscal year.
Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.
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 currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors.
(Method of accessing supplementary material on financial results)
Supplementary financial results materials are disclosed on TDnet on the same day.
Consolidated balance sheet(Thousands of yen)
As of March 31, 2025 As of March 31, 2026Assets | ||
Current assets | ||
Cash and deposits | 8,413,749 | 8,544,833 |
Notes and accounts receivable - trade, and contract assets | 5,940,487 | 5,793,178 |
Electronically recorded monetary claims - operating | 2,845,188 | 3,185,069 |
Merchandise and finished goods | 1,070,357 | 950,297 |
Work in process | 467,540 | 467,119 |
Raw materials and supplies | 1,937,245 | 1,785,674 |
Other | 448,023 | 567,164 |
Allowance for doubtful accounts | (485) | - |
Total current assets | 21,122,106 | 21,293,338 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 6,708,326 | 6,900,355 |
Accumulated depreciation | (4,028,294) | (4,211,133) |
Buildings and structures, net | 2,680,032 | 2,689,221 |
Machinery, equipment and vehicles | 17,917,880 | 18,086,848 |
Accumulated depreciation | (14,067,867) | (14,406,430) |
Machinery, equipment and vehicles, net | 3,850,013 | 3,680,417 |
Tools, furniture and fixtures | 7,390,738 | 7,592,109 |
Accumulated depreciation | (6,470,543) | (6,801,923) |
Tools, furniture and fixtures, net | 920,194 | 790,185 |
Land | 1,106,558 | 1,106,558 |
Construction in progress | 197,669 | 200,399 |
Total property, plant and equipment | 8,754,467 | 8,466,783 |
Intangible assets | 184,445 | 190,808 |
Investments and other assets | ||
Investment securities | 1,806,728 | 2,064,339 |
Deferred tax assets | 90,183 | 84,160 |
Retirement benefit asset | 888,113 | 1,256,299 |
Distressed receivables | 22,035 | 22,502 |
Other | 72,184 | 83,593 |
Allowance for doubtful accounts | (22,035) | (22,502) |
Total investments and other assets | 2,857,210 | 3,488,392 |
Total non-current assets | 11,796,124 | 12,145,984 |
Total assets | 32,918,230 | 33,439,322 |
(Thousands of yen)
As of March 31, 2025 | As of March 31, 2026 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 3,127,287 | 2,861,425 |
Electronically recorded obligations - operating | 2,243,235 | 616,864 |
Accrued expenses | 1,171,653 | 1,340,375 |
Income taxes payable | 139,102 | 211,916 |
Provision for product warranties | 30,480 | 30,791 |
Provision for loss on special claims | 76,834 | 56,972 |
Electronically recorded obligations - non-operating | 136,782 | 147,639 |
Accounts payable - facilities | 339,983 | 279,364 |
Other | 421,945 | 512,870 |
Total current liabilities | 7,687,305 | 6,058,220 |
Non-current liabilities | ||
Retirement benefit liability | 24,608 | 31,871 |
Deferred tax liabilities | 995,966 | 1,005,971 |
Other | 259,455 | 243,478 |
Total non-current liabilities | 1,280,029 | 1,281,321 |
Total liabilities | 8,967,335 | 7,339,542 |
Net assets | ||
Shareholders' equity | ||
Share capital | 1,317,600 | 1,317,600 |
Capital surplus | 778,300 | 795,208 |
Retained earnings | 16,576,348 | 18,032,220 |
Treasury shares | (714,117) | (647,675) |
Total shareholders' equity | 17,958,132 | 19,497,352 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 900,087 | 1,083,460 |
Foreign currency translation adjustment | 2,426,041 | 2,671,333 |
Remeasurements of defined benefit plans | 676,495 | 813,432 |
Total accumulated other comprehensive income | 4,002,625 | 4,568,226 |
Non-controlling interests | 1,990,138 | 2,034,200 |
Total net assets | 23,950,895 | 26,099,779 |
Total liabilities and net assets | 32,918,230 | 33,439,322 |
Consolidated statement of income | |||
(Thousands of yen) | |||
Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2026 | ||
Net sales | 34,060,230 | 35,382,680 | |
Cost of sales | 29,368,105 | 30,016,949 | |
Gross profit | 4,692,125 | 5,365,730 | |
Selling, general and administrative expenses | 2,977,149 | 3,007,557 | |
Operating profit | 1,714,975 | 2,358,173 | |
Non-operating income | |||
Interest income | 90,323 | 86,802 | |
Dividend income | 78,469 | 80,085 | |
Foreign exchange gains | 1,734 | - | |
Rental income | 1,610 | 1,630 | |
Commission income | 9,531 | 7,671 | |
Government grants | 28,384 | 17,493 | |
Other | 16,095 | 14,246 | |
Total non-operating income | 226,148 | 207,928 | |
Non-operating expenses | |||
Interest expenses | 17,630 | 14,769 | |
Foreign exchange losses | - | 5,780 | |
Vehicle Referral system incentive fee | 96 | 14 | |
Other | 2,763 | 3,794 | |
Total non-operating expenses | 20,491 | 24,358 | |
Ordinary profit | 1,920,633 | 2,541,743 | |
Extraordinary income | |||
Gain on sale of non-current assets | 1,917 | 715 | |
Total extraordinary income | 1,917 | 715 | |
Extraordinary losses | |||
Loss on sale of non-current assets | 277 | - | |
Loss on retirement of non-current assets | 3,238 | 139,104 | |
Impairment losses | 166,406 | - | |
Total extraordinary losses | 169,922 | 139,104 | |
Profit before income taxes | 1,752,628 | 2,403,354 | |
Income taxes - current | 364,641 | 407,867 | |
Income taxes - deferred | (65,364) | (125,646) | |
Total income taxes | 299,277 | 282,221 | |
Profit | 1,453,351 | 2,121,133 | |
Profit attributable to non-controlling interests | 30,422 | 82,472 | |
Profit attributable to owners of parent | 1,422,928 | 2,038,661 | |
Consolidated statement of comprehensive income | |||
(Thousands of yen) | |||
Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2026 | ||
Profit | 1,453,351 | 2,121,133 | |
Other comprehensive income | |||
Valuation difference on available-for-sale securities | 7,937 | 183,372 | |
Foreign currency translation adjustment | 735,331 | 319,039 | |
Remeasurements of defined benefit plans, net of tax | 189,899 | 136,892 | |
Total other comprehensive income | 933,169 | 639,304 | |
Comprehensive income | 2,386,520 | 2,760,438 | |
Comprehensive income attributable to | |||
Comprehensive income attributable to owners of parent | 2,237,876 | 2,604,262 | |
Comprehensive income attributable to non-controlling interests | 148,644 | 156,176 |
(Thousands of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 1,317,600 | 778,300 | 18,363,652 | (3,704,604) | 16,754,947 |
Changes during period | |||||
Dividends of surplus | (254,071) | (254,071) | |||
Profit attributable to owners of parent | 1,422,928 | 1,422,928 | |||
Purchase of treasury shares | (35) | (35) | |||
Disposal of treasury shares | 361 | 34,000 | 34,362 | ||
Cancellation of treasury shares | (2,956,523) | 2,956,523 | - | ||
Transfer of negative balance in other capital surplus | 2,956,161 | (2,956,161) | - | ||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | - | (1,787,303) | 2,990,487 | 1,203,184 |
Balance at end of period | 1,317,600 | 778,300 | 16,576,348 | (714,117) | 17,958,132 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||
Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 892,149 | 1,808,945 | 486,582 | 3,187,677 | 1,960,256 | 21,902,882 |
Changes during period | ||||||
Dividends of surplus | (254,071) | |||||
Profit attributable to owners of parent | 1,422,928 | |||||
Purchase of treasury shares | (35) | |||||
Disposal of treasury shares | 34,362 | |||||
Cancellation of treasury shares | - | |||||
Transfer of negative balance in other capital surplus | - | |||||
Net changes in items other than shareholders' equity | 7,937 | 617,096 | 189,913 | 814,947 | 29,881 | 844,829 |
Total changes during period | 7,937 | 617,096 | 189,913 | 814,947 | 29,881 | 2,048,013 |
Balance at end of period | 900,087 | 2,426,041 | 676,495 | 4,002,625 | 1,990,138 | 23,950,895 |
(Thousands of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 1,317,600 | 778,300 | 16,576,348 | (714,117) | 17,958,132 |
Changes during period | |||||
Dividends of surplus | (582,790) | (582,790) | |||
Profit attributable to owners of parent | 2,038,661 | 2,038,661 | |||
Purchase of treasury shares | (80) | (80) | |||
Disposal of treasury shares | 16,908 | 66,521 | 83,430 | ||
Cancellation of treasury shares | |||||
Transfer of negative balance in other capital surplus | |||||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | 16,908 | 1,455,871 | 66,441 | 1,539,220 |
Balance at end of period | 1,317,600 | 795,208 | 18,032,220 | (647,675) | 19,497,352 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||
Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 900,087 | 2,426,041 | 676,495 | 4,002,625 | 1,990,138 | 23,950,895 |
Changes during period | ||||||
Dividends of surplus | (582,790) | |||||
Profit attributable to owners of parent | 2,038,661 | |||||
Purchase of treasury shares | (80) | |||||
Disposal of treasury shares | 83,430 | |||||
Cancellation of treasury shares | ||||||
Transfer of negative balance in other capital surplus | ||||||
Net changes in items other than shareholders' equity | 183,372 | 245,291 | 136,936 | 565,600 | 44,062 | 609,663 |
Total changes during period | 183,372 | 245,291 | 136,936 | 565,600 | 44,062 | 2,148,884 |
Balance at end of period | 1,083,460 | 2,671,333 | 813,432 | 4,568,226 | 2,034,200 | 26,099,779 |
(Thousands of yen)
Fiscal year ended March 31, 2026Cash flows from operating activities | ||
Profit before income taxes | 1,752,628 | 2,403,354 |
Depreciation | 1,401,208 | 1,226,750 |
Increase (decrease) in provisions | (38,170) | (20,250) |
Increase (decrease) in retirement benefit liability | 387,974 | 6,149 |
Decrease (increase) in retirement benefit asset | (438,229) | (61,089) |
Interest and dividend income | (168,792) | (166,888) |
Interest expenses | 17,630 | 14,769 |
Foreign exchange losses (gains) | (2,387) | (1,401) |
Loss on retirement of non-current assets | 3,238 | 139,104 |
Impairment losses | 166,406 | - |
Decrease (increase) in trade receivables | (259,037) | (157,266) |
Decrease (increase) in inventories | 555,847 | 322,630 |
Decrease (increase) in dies for sales | (2,377) | - |
Increase (decrease) in trade payables | (535,559) | (1,908,205) |
Increase (decrease) in accrued expenses | (259,030) | 165,105 |
Increase (decrease) in accrued consumption taxes | (95,096) | 11,113 |
Other, net | (33,171) | (80,198) |
Subtotal | 2,453,082 | 1,893,676 |
Interest and dividends received | 191,553 | 168,330 |
Interest paid | (18,335) | (14,769) |
Income taxes refund (paid) | (372,815) | (335,995) |
Net cash provided by (used in) operating activities | 2,253,485 | 1,711,242 |
Cash flows from investing activities | ||
Payments into time deposits | - | (1,155,312) |
Proceeds from withdrawal of time deposits | 309,480 | 167,520 |
Purchase of property, plant and equipment | (817,570) | (941,104) |
Proceeds from sale of property, plant and equipment | 2,223 | 15,626 |
Purchase of intangible assets | (77,888) | (41,824) |
Purchase of investment securities | (2,575) | (2,671) |
Other, net | (13,049) | (80,354) |
Net cash provided by (used in) investing activities | (599,381) | (2,038,123) |
Cash flows from financing activities | ||
Dividends paid | (254,071) | (582,790) |
Dividends paid to non-controlling interests | (118,762) | (112,113) |
Repayments of lease liabilities | (37,948) | (42,338) |
Purchase of treasury shares | (35) | (80) |
Net cash provided by (used in) financing activities | (410,817) | (737,323) |
Effect of exchange rate change on cash and cash equivalents | 277,088 | 83,086 |
Net increase (decrease) in cash and cash equivalents | 1,520,375 | (981,118) |
Cash and cash equivalents at beginning of period | 5,176,813 | 6,697,189 |
Cash and cash equivalents at end of period | 6,697,189 | 5,716,070 |