Earnings digests and industry comparisons for Japan's biggest listed companies.
10 reports
Shipbuilding and marine engineering peers Namura and Mitsui E&S both grew revenue and operating profit in Q1 FY2027. Mitsui led in scale, but Namura's 22.5% margin topped Mitsui's 11.1% as larger ships and yen weakness lifted earnings.
Mitsui leads in scale; Namura leads in earnings power.
Plant and Offshore Engineering companies delivered mixed FY2026 results, with profitability proving more decisive than revenue scale. Mitsui E&S led on margin and growth, while JGC returned to profit, but outlooks diverged.
Backlog depth and margins determined the winners.
Power Tools and Compact Construction Equipment had mixed Q1 FY2027 results. Makita's sales rose 10.7% and operating profit 17.2%, aided by yen weakness and a U.S. tariff refund. Takeuchi's sales climbed 12.2%, but tariffs and discounts cut operating profit 9.3%.
Revenue growth did not translate into profit growth.
For FY2025, material handling and pneumatic equipment makers grew sales on semiconductor and automation demand, but profit growth diverged. Daifuku's operating profit rose 24.4%, versus 0.2% at revenue leader SMC; their fiscal year-ends differ.
SMC led sales, while Daifuku delivered stronger profit growth.
Pump and water-treatment makers Ebara and Organo reported Q2 FY2026 results as AI-chip demand drove orders. Ebara posted record interim orders and higher profit, while Organo's orders surged but operating profit fell. Their reporting periods differ: six months for Ebara, three for Organo.
Order momentum and profit growth diverged.
Air conditioning and refrigeration equipment makers all grew sales in Q1 FY2027, led by Daikin at 17.5%. Hoshizaki topped margins at 12%, while Miura's 40.4% net profit gain owed much to equity-method income; Hoshizaki reported a half-year.
Sales rose at all three, but profit growth and margins diverged.
In Q1 FY2027, all three Bearings and Drivetrain Components makers grew revenue and profit. NSK led growth, while JTEKT had the largest operating profit and NTN the lowest margin; NSK's gains also reflect its newly consolidated steering business.
Growth momentum and earnings power diverged across the three companies.
Machine Tools makers grew sales and profit in Q1 FY2027, though DMG MORI reported half-year results and the others a quarter. Amada orders jumped 78.0%, Okuma's 38.9%, while margins ranged from Tsugami's 31.3% to DMG MORI's 3.4%.
Strong orders did not translate evenly into profitability.
The six companies in Heavy Industry, Defense and Energy Machinery posted mixed results for FY2026, as defense, aviation and power demand lifted sales but project profitability varied. MHI led in sales and operating profit, while Kanadevia's profit fell sharply despite higher revenue.
Orders were strong, but profits depended on execution and project selection.
Scandals and a U.S. slowdown eroded profits for Japan's Forklift Majors in Q3 FY2026. While Toyota Ind. saw revenue rise despite heavy settlement costs, Logisnext suffered a net profit plunge as both move to go private.
Despite temporary profit hits, a clear gap in core earning power remains.
