MIRAINI has already decided its first half is going better than it thought in May. The group raised earnings guidance for the year ending March 2027 and nudged up its dividend after stronger demand for semiconductor memory and electronic parts for electric two-wheelers sold into India. Full-year sales are now seen at ¥542bn, operating profit at ¥14.6bn, ordinary profit at ¥12.5bn and net profit attributable to owners of the parent at ¥15.2bn. The planned interim dividend rises to ¥48 a share from ¥45, taking the full-year plan to ¥96 from ¥93.
| Metric | Previous guide | Revised guide | Change |
|---|---|---|---|
| First-half sales | ¥230bn | ¥272bn | +¥42bn |
| First-half operating profit | ¥5bn | ¥7.6bn | +¥2.6bn |
| First-half ordinary profit | ¥4bn | ¥6.5bn | +¥2.5bn |
| First-half net profit | ¥9.5bn | ¥11.2bn | +¥1.7bn |
| Full-year sales | ¥500bn | ¥542bn | +¥42bn |
| Full-year operating profit | ¥12bn | ¥14.6bn | +¥2.6bn |
| Full-year ordinary profit | ¥10bn | ¥12.5bn | +¥2.5bn |
| Full-year net profit | ¥13.5bn | ¥15.2bn | +¥1.7bn |
| Interim dividend per share | ¥45 | ¥48 | +¥3 |
| Year-end dividend per share | ¥48 | ¥48 | No change |
| Full-year dividend per share | ¥93 | ¥96 | +¥3 |
The upgrade is front-loaded. MIRAINI said its assumptions from the third quarter onward are unchanged, so the higher full-year numbers mainly reflect a stronger first half rather than a broad rewrite of late-year demand. For the six months to September, it now expects sales of ¥272bn, up from ¥230bn, operating profit of ¥7.6bn from ¥5bn, ordinary profit of ¥6.5bn from ¥4bn, and net profit of ¥11.2bn from ¥9.5bn.
Management pointed to two demand pockets: expanding demand and higher prices for semiconductor memory, and stronger demand for electronic components used in electric two-wheelers for the Indian market. Those are the signals buried inside the headline upgrade, because they are what management said drove the ¥42bn lift in first-half sales guidance. For readers tracking Japan's electronics supply chain, the read-through is simple: memory pricing and India EV two-wheeler demand are strong enough to move group forecasts even before later-year assumptions change.
The caveat is that not all of the higher net profit guide is operational. MIRAINI said the outlook also includes a ¥7bn negative-goodwill gain tied to the integration, expected in the first quarter. Excluding that effect, earnings per share would be ¥118.15 for the first half and ¥235.05 for the full year.
That accounting boost is also being kept away from dividend logic. MIRAINI left its year-end dividend forecast unchanged at ¥48 and said the integration-related gain will not be treated as a source of shareholder returns because it is a one-off accounting profit that does not involve substantive cash creation. The company said its broader policy remains stable and continuous dividends with a target payout ratio of 40 to 50 per cent, balanced against growth investment and financial soundness.