Murata Manufacturing raised its operating-profit forecast for the year to March 2027 from ¥430bn to ¥520bn, an increase of ¥90bn or 20.9% on the guide it published on 31 July 2026. Revenue guidance rose from ¥2.11tn to ¥2.26tn. The company's revision notice gives two reasons: further growth in data-centre-related demand lifts revenue, and profit gains from higher production volume (better utilisation of factories) and an improved product mix.
| Item | July forecast | October forecast | Change |
|---|---|---|---|
| Revenue | ¥2.11tn | ¥2.26tn | +¥150bn (7.1%) |
| Operating profit | ¥430bn | ¥520bn | +¥90bn (20.9%) |
| Pre-tax profit | ¥451bn | ¥532bn | +¥81bn (18.0%) |
| Profit attributable to owners of parent | ¥338bn | ¥396bn | +¥58bn (17.2%) |
The currency assumption did not move
From the third quarter onward Murata still assumes ¥155 to the dollar, the same as in July. The first-half average was ¥159.37, and the full-year assumption works out to ¥157.19. Murata puts its sensitivity at about ¥4.5bn of annual operating profit for each ¥1 move against the dollar.
Where the extra ¥90bn comes from
Murata's results presentation breaks the change into company estimates. Higher production volume adds ¥80bn, milder-than-expected price erosion adds ¥16bn, currency adds ¥5bn, and product mix and other items add ¥5bn. Against that, higher fixed and semi-variable costs take away ¥13bn and higher depreciation ¥4bn. The company's planned production output rises to ¥2.278tn from ¥2.13tn in the July forecast.
The demand story is concentrated. Murata now expects data-centre-related revenue of ¥425bn for the year, up from ¥370.6bn in July. In the first half, that category was ¥164.9bn, up 101.8% from a year earlier.
Half-year results and the second-half ask
For the six months to September, revenue was ¥1.09tn, up 20.8%, and operating profit was ¥245.9bn, up 48.9%. Those are year-on-year changes and should not be confused with the 20.9% forecast revision. The new full-year forecast implies second-half operating profit of ¥274.1bn on revenue of ¥1.169tn, according to the presentation. The prior-year comparison is also distorted: the company's one-off list for last year includes a ¥43.8bn goodwill impairment on its surface acoustic wave filter business.
Costs and a demand caveat
Murata flags rising costs in its forecast assumptions, including higher precious-metal and other raw-material prices, the effect of the Strait of Hormuz closure, and labour costs tied to higher output. On orders, it says it will keep watching an increase in long-lead-time orders and concern about pull-forward orders in some uses. The revision notice also warns that actual results may differ from the forecast.
Capital spending guidance rose to ¥270bn from ¥255bn, mainly for device and module products, to meet future demand. The annual dividend forecast is unchanged, and the ¥150bn share buyback goes ahead as originally planned.
Murata holds its IR Day business briefing online on 30 November 2026.