SHINPO CO.,LTD.
5903・Standard Market・Metal Products
SHINPO CO.,LTD. (Single Segment: Smokeless Roaster-Related Business)
A single-business company engaged in the manufacture and sale of smokeless roasters for the yakiniku (Japanese BBQ) industry, along with ancillary construction work and after-sales services
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (cumulative Q3 FY2026, ending June 2026) | ¥5,166 million | ¥5,618 million (same period of prior year) | ↓ |
| Operating profit (cumulative Q3 FY2026, ending June 2026) | ¥557 million | ¥785 million (same period of prior year) | ↓ |
| Ordinary profit (cumulative Q3 FY2026, ending June 2026) | ¥563 million | ¥794 million (same period of prior year) | ↓ |
| Quarterly net profit attributable to owners of the parent (cumulative Q3 FY2026, ending June 2026) | ¥381 million | ¥480 million (same period of prior year) | ↓ |
| Operating margin (cumulative Q3 FY2026, ending June 2026) | 10.8% | 14.0% (same period of prior year) | ↓ |
| Net sales (full-year forecast, FY2026 ending June 2026) | ¥6,734 million | ¥7,368 million (full-year actual, FY2025 ended June 2025) | ↓ |
| Operating profit (full-year forecast, FY2026 ending June 2026) | ¥650 million | ¥976 million (full-year actual, FY2025 ended June 2025) | ↓ |
| Total assets (end of Q3 FY2026, ending June 2026) | ¥8,843 million | ¥8,699 million (end of FY2025, ended June 2025) | ↑ |
| Equity ratio (end of Q3 FY2026, ending June 2026) | 80.7% | 79.6% (end of FY2025, ended June 2025) | ↑ |
| Quarterly net profit per share (cumulative Q3 FY2026, ending June 2026) | ¥69.32 | ¥86.12 (same period of prior year) | ↓ |
Business Details
The Group operates the manufacture and sale of smokeless roasters and related ancillary construction as a single segment. Its main customers are in the yakiniku (Japanese BBQ) industry, and its strength lies in a "one-stop service" that provides, in addition to Duct-Type and Non-Duct-Type smokeless roaster products, everything from installation work and interior work to duct cleaning and Grill Net Rental services. Domestic sales account for the majority of revenue, with overseas operations centered on Asia (ASEAN and Taiwan) and North America. On April 28, 2026, an MBO (tender offer by Yamatake Sogyo Co., Ltd.) was announced, and delisting is planned.
Recent Overview
Both sales and profit declined sharply; delisting planned following MBO announcement
For the cumulative third quarter of FY2026 (ending March 2026) (July 2025 - March 2026), net sales were ¥5,166 million (down 8.0% year on year) and operating profit was ¥557 million (down 29.1% year on year), representing a significant decline in both revenue and profit. Product sales and store environment work sales were sluggish due to weak demand for new store openings and renovations in the yakiniku industry, while grill net cleaning sales increased due to the operation of the Nagoya Grill Net Cleaning Plant. Overseas sales had declined significantly through the second quarter, but recovered to roughly the same level as the prior-year period in the third quarter, driven by the completion of product certification specification changes in North America and large-scale orders received in ASEAN. The full-year earnings forecast was revised downward (net sales of ¥6,734 million, operating profit of ¥650 million). Additionally, on April 28, 2026, an MBO (tender offer) by Yamatake Sogyo Co., Ltd. was announced, and the Board of Directors resolved to support the tender offer and recommend that shareholders tender their shares. Delisting is planned, and the year-end dividend forecast has been revised to no dividend.
Key Products
Growth Drivers
- Full-scale operation of the Nagoya Grill Net Cleaning Plant (from May 2025) accelerating expansion of Grill Net Rental services into Eastern Japan and driving steady growth in new orders
- Tailwinds for the yakiniku industry driven by growing inbound tourism demand (boosting demand for after-sales services through increased customer traffic at existing stores)
- Recovery in overseas sales: substantial increase in sales volume in North America following completion of product certification specification changes, and large-scale orders received in ASEAN, Taiwan, and Indonesia
- Increased orders for continued store openings by major domestic food service chains in the ASEAN region, and acquisition of comprehensive contracts with local chains
- Stabilization of earnings through active expansion of after-sales services (stock-type revenue) such as duct cleaning and grill net rental
Risks
- Sluggish new store openings in the yakiniku industry: rising procurement costs due to yen depreciation and inflation, together with rising labor costs, are squeezing the management of existing stores, continuing to weigh on sales of mainstay products and store environment work
- MBO and delisting process risk: potential impact on management if the tender offer by Yamatake Sogyo Co., Ltd. fails to be completed, or if the process is prolonged
- Fluctuations in overseas demand: orders in Taiwan, ASEAN, and North America are highly dependent on large-scale projects, creating a risk of a downturn once such projects are completed
- Deterioration of product mix: a rising proportion of lower-margin store environment construction work is pushing down the gross margin, and the decline in operating margin (from 14.0% in the same period of the prior year to 10.8% in the current period) continues
- Product quality risk: possibility of additional costs arising from recall response related to defects in the Up-Draft Hood SVR and similar products (a product warranty provision of ¥60 million is currently recorded)
- Geopolitical and macro risks: uncertainty over the economic outlook due to U.S. tariff policy, the Russia-Ukraine situation, the situation in Iran leading to higher crude oil and logistics costs, and the economic slowdown in China
Last updated: September 18, 2025