Tamura raised its operating-profit forecast for the year to March 2027 to ¥7.5bn from the ¥6.5bn it projected in August, saying demand for large transformers and reactors, mainly for US AI data centres, is holding up.
The new guide puts revenue at ¥148bn (previously ¥145bn) and net profit at ¥6.5bn (previously ¥5.2bn). Last year's operating profit was ¥5.29bn and the company booked a net loss of ¥1.39bn. Operating margin is forecast at 5.1%, or 5.6% excluding costs tied to the EMG Power Electric acquisition and its integration. Tamura expects return on equity of 9.9%. For the medium-term plan's final year, it targets an operating margin of 7% or more and ROE of 8% or more.
Interim results
For the six months to September, revenue rose 22.3% to ¥71.1bn and operating profit rose 23.6% to ¥3.57bn, with the operating margin flat at 5.0%. Excluding EMG-related costs the margin was 5.3%. In electronic components, sales rose 15.9% to ¥45.5bn, and large transformers and reactors grew 40.8% to ¥13.5bn, which Tamura attributes mostly to US AI data centres.
The 14-fold rise in interim net profit, to ¥4.6bn from ¥319mn, should not be read as a demand signal. Tamura says it booked special gains from selling its stake in a Chinese consolidated subsidiary and from selling investment securities.
EMG and capacity
Tamura bought 80% of Italy's EMG Power Electric, a maker of large transformers and reactors, for about ¥9.3bn, with a share acquisition date of 29 October 2026. EMG's latest results show sales of €27.9mn and operating profit of €7.0mn. The presentation says EMG adds medium-voltage products, and Tamura plans to move EMG's technology to its Mexico plant and double capacity there.
For earlier guidance, see Earlier Tokyo Brief coverage.