Azbil Corporation
Cite as: Japan IR Index, Azbil Corporation (6845), methodology GNT-BDS v1.1.1, reviewed 2026-10-12.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S5 Results-briefing transcripts or Q&A published in English 3/5 Translation
Publish the results-briefing Q&A summary in English, on the same day as the Japanese.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 changed under a rule change on 21 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Electric Appliances) | 80.8 | 9 of 33 |
| Same size band (¥500bn–2tn) | 84.2 | 11 of 43 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 31 scored 3 or more and 0 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2027 (IFRS), dated and filed 6 August 2026 with the Japanese: 36 pages against the Japanese 31, with the qualitative overview by segment, financial position and forecast, the condensed statements, notes on segment information and cash flows, and the IFRS first-time-adoption note - section for section the Japanese table of contents. Every quarter is in the English Presentation Materials library. Same day, complete. Source document →
F2English results summary is a full translation, not an excerpt5/5
Latest English tanshin: 'Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2027 (Based on IFRS)', 36 pages, PDF created 6 Aug 2026. The Japanese 2027年3月期 第1四半期決算短信〔IFRS〕 is 31 pages. The English has the summary pages with forecast and dividend tables, and an accompanying-document contents list matching the Japanese: 1. overview of results (by segment), financial position and forecast; 2. condensed statements of financial position, profit and loss, comprehensive income and changes in equity; notes on going concern, segment information, cash flows and first-time IFRS adoption. The FY3/2026 tanshin is the same (English 39 pp against Japanese 32, with the segment note on p.31). Whole document, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q1 FY3/2027, 6 Aug 2026) carries the condensed statements: financial position, profit and loss, comprehensive income and changes in equity. It also has the notes: going concern, segment information with segment definitions and the reconciliation to profit before tax, cash flow notes, and the first-time IFRS adoption reconciliations from p.19. The year-end tanshin (13 May 2026) adds the full cash flow statement. The Audited Financial Report FY2025 (42 pp) has the audited statements with notes. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form3/5
Audited Financial Report for the Fiscal Year Ended March 31, 2026 (42 pages, posted August 2026): Deloitte's independent auditor's report and the consolidated statements with notes. None of the securities report's narrative parts (business overview, risks, MD&A, facilities, governance); the azbil Report and the CG report both describe the 有価証券報告書 as 'Japanese only'. Financial statements only, with the opinion. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are three reportable segments: Building Automation, Advanced Automation and Life Automation. Each English tanshin has revenue (customers and inter-segment) and segment profit (business profit) for each, with the reconciliation (Q1 FY3/2027 restated comparatives: BA 29,833/2,581, AA 24,895/4,339, LA 8,057/190, ¥m). The note states how the segments are identified and what each one supplies. The deck adds a page per segment every quarter (pp.7-9), and the plan breaks down by segment. Every period, with definitions stated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
Each English IR Financial Information page (Financial Results, Per Share Data, Statement of Income, Balance Sheet, Cash Flows, Ratios, Employees) embeds a Euroland table with an 'Export all the data into an Excel' link (asia.tools.euroland.com/tools/IA/Excel/...format=xls). We fetched each export inside the rendered page and read the .xls (OLE/BIFF, 'Data.xls'). Income statement: 2014/3 to 2026/3, net sales to comprehensive income. Balance sheet: the same 13 years. Cash flows: 13 years. Per share: EPS, PER, BPS, PBR and dividends, with split-adjustment notes. Financial results: consolidated, plus BA, AA and LA business and overseas sales, and USD and EUR rates. All are J-GAAP, current to FY3/2026. Thirteen years of P&L, BS, CF and per-share data, plus segments, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY3/2027 forecast is in English in the tanshin: revenue ¥315.0bn, business profit ¥48.2bn, PBT ¥50.0bn, net ¥35.3bn, with a first half of ¥139.5bn and ¥17.3bn. The Q1 text gives the market view by segment and the Middle East caveat. The FY deck (13 May 2026, pp.13-16) gives the FX assumptions (USD/JPY 156, CNY/JPY 22.2), the H1/H2 plan, the BA, AA and LA revenue and profit plans with the reasons for each, and the IFRS basis. Revisions are explained: the 30 Oct 2025 'Notification Regarding Revisions to Forecasts' is in English, and the FY deck sets results against the initial and revised plans. Forecast, FX, market view, segment plans and revisions, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the three months to 30 June 2026 published 6 August 2026, the same period and day as the Japanese first-quarter tanshin. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan, the Medium-term Plan FY2025-2027, is set out in the English 'Presentation Materials of the azbil Group Management Strategy for Medium-term Plan (FY2025-2027)'. It is 30 pp, the same as the Japanese 経営戦略説明資料 (30 pp). Both were listed with the 13 May 2025 results, and both revised files (r02) are dated 29 Aug 2025. It gives FY2027 targets (net sales ¥340bn, overseas ¥62bn, OI ¥51bn, margin 15%, ROE 14%), FY2030 revised targets (¥420bn, OI ¥65bn, ROE 15%), segment targets (BA ¥174bn/26.9bn, AA ¥123bn/21bn, LA ¥43bn/2.8bn) and investment amounts. The FY3/2026 deck says the FY2027 plan is unchanged. Complete and simultaneous, so 5. Source document →
S2IR presentations published in English5/5
An English presentation deck for every quarter: Q1 FY2026, 42 pages, 7 August 2026, the same day and page count as the Japanese 決算説明資料. Neither language publishes a results-briefing Q&A or transcript; the business strategy meeting deck and Q&A summary and the outside-director dialogue summary are in English as well. (A retail-investor presentation and its Q&A, March 2026, are Japanese only.) Every period, matching the Japanese. Source document →
S3English equity-story or investment-highlights page4/5
There is no 'why invest' or investment-highlights page on the English IR site. The English azbil Report 2026 has a dedicated 'The azbil Group at a Glance' spread (p.25: business structure, sales and profit by segment, group companies), and 'Financial and Capital Management' with ROE, DOE and balance-sheet targets. The Euroland Fact Sheet in the IR Library gives a company profile with key figures. It is a dedicated section, but its figures are segment results and scale rather than quantified strengths, so 4. (Wording revised 21 Oct 2026; the score does not rest on the section sitting inside the report.) Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and quantified in English. In the MTP deck, growth businesses go from ¥88.0bn to ¥125.0bn and core businesses from ¥197.7bn to ¥215.0bn by FY2027, with examples by segment: GX and data-centre air conditioning in BA, MEMS sensors for semiconductor equipment in AA, smart meters in LA. Segment sales and profit targets come with CAGRs (BA +5.2%, AA +4.7%, LA +10.0%, overseas +8.5%). The three-year investment increases are stated: personnel +¥32bn, R&D +¥9bn, DX +¥5bn. The azbil Report 2026 adds ~¥50bn of strategic investment for M&A. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English3/5
Neither language publishes a Q&A for the quarterly or full-year results briefings: decks and video only. The Japanese side does publish Q&A for other briefings. The Business Strategy Meeting (30 Sep 2025) 質疑応答概要 was posted 9 Oct, and the English 'Business Strategy Meeting Q&A Summary' (6 pp) came about 8-11 days later (PDF created 17 Oct, folder 20 Oct). The outside-director dialogue summary was posted 23 Oct in Japanese and 24 Oct in English. But the annual 個人投資家向け会社説明会 'ご質問への回答' (23 Mar 2026; also 2025, 2024, 2023) and the 104th AGM 質疑応答（要旨） (26 Jun 2026) are Japanese only. English covers the institutional strategy briefing, late, but not every Japanese briefing Q&A, so 3 (occasional). Source document →
S6Integrated or annual report available in English5/5
azbil Report 2026 in English, 81 pages (29 September 2026), period covered 1 April 2025 to 31 March 2026, page for page with the Japanese edition (81 pages, 18 September). Current and complete. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The English MTP deck (pp.3-4) sets the previous plan (FY2021-2024, May 2021) against FY2024 actuals: net sales target ¥300.0bn vs ¥300.3bn (¥285.7bn ex-Telstar), overseas sales ¥66.0bn vs ¥63.1bn (¥48.5bn), OI ¥36.0bn vs ¥41.4bn (¥41.0bn), margin 12% vs 13.8%, ROE 12% vs 17.9% (14.2%). It adds a year-by-year FY2021-2024 table and an achievements/issues review (cost pass-through, portfolio restructuring including the Telstar transfer). The explanation covers the beats, but the overseas-sales shortfall is not explained beyond listing overseas growth as an issue. A reconciliation with partial explanation, so 4 (floor). Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report in English, 49 pages, 'Last update: June 24, 2026' - the TSE filing in full, linked from IR > Management Policies > Corporate Governance. Current. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
In the English Notice of the 104th AGM (104 pp, 21 May 2026), all eleven directors are candidates (annual election, three-committee company). Each has a dated career history (e.g. Katsuta 'June 2022 Director'; Hung 'June 2020 Outside Director'), board and committee attendance, shares held, and reasons for nomination naming the expertise. Each outside director has their tenure stated ('term of office ... shall be four (4) years') and an independence analysis, and the table marks independent directors. Every director, all three elements, so 5. Source document →
G3Board skills matrix published in English5/5
The English 104th AGM notice (pp.28-29) has '(Reference) Skills expected of directors (Skills matrix)'. It covers all eleven directors with age, position, committees, independence and gender, against seven skills: corporate management/sustainability, global business, finance/accounting, IT/technology/control and automation, sales/marketing, manufacturing/R&D, and legal/risk/compliance. It also explains how the skills were chosen. Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English 104th AGM notice, Business Report '(2) Remuneration, etc., paid to directors and corporate executives' (pp.59-62), has FY3/2026 amounts by category and type. Total ¥718m: fixed cash ¥350m, fixed stock ¥78m, performance-linked cash ¥218m, performance-linked stock ¥72m. Directors get ¥160m (outside ¥118m), corporate executives ¥558m. The structure is basic pay, bonus and stock, each 1/3 for the CEO, with the bonus paid at 0-200%. The bonus KPIs and their weights for the CEO are given: net sales 45%, business profit 45%, plus engagement, diversity and an individual evaluation. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the performance-linked stock pays on the medium-term plan targets with no weights. So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 104th Ordinary General Meeting in English, 104 pages (file 21 May; IR News 1 June; the company says it posts the English simultaneously with the Japanese about a month ahead) for a meeting on 24 June 2026, with reference materials for both proposals - every one of the eleven director candidates with reasons for nomination - plus the business report, statements and audit reports. But the English is 'abridged': it gives no voting methods, deadline or internet-voting site at all. The proposals are whole; the route to act on them is only in Japanese. Source document →
G6Shareholder vote results disclosed in English2/5
English Notice of Resolutions of the 104th Ordinary General Meeting (24 June 2026, 2 pages): each item 'approved and adopted as proposed', no counts. The Japanese meeting page carries 議決権行使結果（臨時報告書）; no English version on the Shareholders' Meeting page or in IR News. Outcome only. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The English Corporate Governance Report (Principle 1-4) gives the policy: reduce holdings that cannot be shown to raise enterprise value, with a per-stock capital-cost check and board review. It says the holdings themselves are disclosed in the Securities Report, which is Japanese only. Neither the azbil Report 2026 nor the IR site gives a count, a strategic-shareholdings amount, a reduction target or progress. The Audited Financial Report shows only the accounting line: equity securities ¥27.1bn and sales proceeds ¥2.3bn, described as 'mainly ... stocks of companies with which the Azbil Group has business relationships'. Policy boilerplate only, with no cross-shareholding disclosure as such, so 2 (floor; 3 is arguable on the balance-sheet figure). Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (azbil.com/index.html), 'Investor Relations' is a visible link in the global navigation that goes straight to /ir/index.html. One click, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 27 English document links across types and years, and every one opened as an English PDF. Tanshin: Q1 FY26, FY25, Q3 FY25, Q2 FY25, Q1 FY23 (2023). Decks: Q1 FY26, FY25, Q3 FY25, Q2 FY25, FY23 (2024). Also: the MTP deck; the strategy-meeting deck and Q&A; the outside-director dialogue; the 104th and 99th AGM notices; the 101st notice of resolutions; the CG report; azbil Reports 2026, 2023 and 2020; Audited Financial Reports 2026 and 2022; the ESG Databook 2023; the 1 Oct 2026 repurchase notice; the 30 Oct 2025 forecast revision; the 7 Aug 2026 correction notice. So 5. Source document →
O3English IR archive free of dead links5/5
In the same sample of 27 links (2020-2026), every one resolved to a live PDF (1 to 130 pp). No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered in Chromium the IR top (news and calendar tabs), the IR News archive, IR Calendar, Presentation Materials, azbil Report, Audited Financial Reports, ESG Databook, Other IR materials, Fact Sheet (Euroland iframe), all the Financial Information pages (Euroland interactive tables with data FY2014-FY2026), Stock Information, the stock chart (Euroland share graph: price and volume rendered), Dividends, Shareholders' Meeting, Ratings and Analyst Coverage. All render their content, with no empty lists or failed widgets, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
IR News (/ir/news/) is one dated list by year back to 2004. It carries results-materials postings, the AGM notice and resolutions, every timely-disclosure PDF, the azbil Report and the ESG Databook. It is untyped, and some types are missing: the Audited Financial Report (Aug 2026) and the CG report are not listed. The library itself is split by type across pages (Presentation Materials, azbil Report, Audited Financial Reports, ESG Databook, Others, Shareholders' Meeting). One dated page, not typed and not every type, so 4 under the ruling. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. Presentation Materials (tanshin and decks) go back by fiscal year to FY2004. There are AGM notices and resolutions from the 96th (2018) onward, azbil Reports from 2019, Audited Financial Reports from FY2021, ESG Databooks from 2022, and IR News from 2004. Several years across types, so 5. Source document →
O7Named English IR contact published3/5
The English IR pages carry no IR contact; only the site-wide 'Contact Us' header link, whose page offers a shared form category 'Stock & IR information, Sustainability, SDGs, CSR initiatives, Others' (form.azbil.com, renders in English). A genuine IR route, shared and not obvious from the IR site. The tanshin names Yasunori Nawata, General Manager, Accounting Department, +81-3-6810-1009. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Listing dates are identical in the English and Japanese libraries, and the PDF dates agree. Q1 FY3/2027: tanshin 6 Aug 2026 both (English PDF created 6 Aug, TDnet 15:30 both); decks 7 Aug both (both files created 7 Aug). FY3/2026: tanshin 13 May both (TDnet JP 15:30, EN 16:00); deck English 13 May, Japanese file re-posted 15 May. Q3: 6 Feb 2026, all four files created 5-6 Feb. Q2: tanshin 5 Nov 2025 both; decks both 17 Nov (both files created 17 Nov). Tanshin and deck the same day as the Japanese every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese. Q1 FY3/2027 tanshin: 6 Aug / 6 Aug = 0. FY3/2026 tanshin: 13 May / 13 May = 0. 104th AGM notice: site 21 May both, TDnet 22 May 08:00 both = 0. Corporate Governance Report: Japanese TDnet 24 Jun 2026, English TDnet 31 Jul ('[Delayed] Corporate Governance Report', PDF created 30 Jul) = 37. Yuho: Japanese 19 Jun 2026; English has only the Audited Financial Report (statements), so it counts as untranslated, >90. Sorted 0, 0, 0, 37, >90: the median is 0, so 5. Source document →
R3Timely disclosures published in English5/5
TDnet list (kabutan), 16 Oct 2025 to 16 Oct 2026. Beyond results, AGM and CG filings, the Japanese timely disclosures are: forecast revision (30 Oct 2025); IFRS adoption (31 Mar 2026); dividend increase, 120th-anniversary dividend forecast, buyback decision and ToSTNeT-3 purchase (13 May); ToSTNeT-3 result (14 May); and monthly buyback status (1 Jun, 1 Jul, 3 Aug, 1 Sep, 1 Oct). Each has an English counterpart on TDnet at the same minute and on the English IR News the same day. Only the 独立役員届出書 filing form (22 May) has no English. All same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, library, meeting page and IR Disclaimer and searched the visible text. There is no machine- or AI-translation notice or pop-up. The Disclaimer says only that 'The English translation is provided solely for the convenience of overseas investors ... the Japanese original shall prevail', which is human-translation precedence language (R5). The documents carry the same reference-only line. Nothing is presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin ('only for reference purposes ... the latter shall prevail'), the results deck (last page), the AGM notice and the notice of resolutions all subordinate the English. The azbil Report 2026 and the Corporate Governance Report carry no such statement. Disclaimed on some documents. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-12. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
FY2025-FY2027 growth investment and capital-efficiency plan
Strategy or target reset · In progress · Plan announced 13 May 2025
Azbil set FY2027 sales, margin and ROE targets and an approximately ¥50bn business-expansion investment program.
Timeline and sources (1 step)
- 13 May 2025New plan announced Azbil disclosed the FY2025-FY2027 targets and investment priorities. Management Strategy for Medium-term Plan FY2025-FY2027
What management said it would do
Management targets ¥340bn sales, ¥51bn operating income, 15% margin and 14% ROE by FY2027.
From the company’s own disclosure · Management Strategy for Medium-term Plan FY2025-FY2027
What it actually did, and when
Azbil has begun the program; the selected sources do not yet reconcile each investment and realized return.
Partly disclosed — a gap remains · azbil report 2025
What it disclosed about the economics
The company plans approximately ¥50bn for expansion, can use debt, and embeds ROIC and portfolio review in governance.
Partly disclosed — a gap remains · Management Strategy for Medium-term Plan FY2025-FY2027 · azbil report 2025
What has happened since
The FY2027 result is not due.
Partly disclosed — a gap remains · Management Strategy for Medium-term Plan FY2025-FY2027
The question this leaves open
Investor question: Which projects earn above the cost of capital? IR preparation: bridge allocation, spend, milestones and returns.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
Azbil expects approximately ¥50bn of business-expansion investment while increasing human-capital, R&D and DX spending.
Capital structure
Management plans to use debt proactively from a low-leverage balance sheet rather than relying only on cash.
Governance of capital decisions
The plan embeds ROIC in decision-making, regularly reviews the portfolio and links executive incentives to ROE.
Preliminary and not scored: a selected-source reading, reviewed 28 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Rule change 21 October 2026 · G4: 5 → 4. Under v1.1.1, a 5 needs the weight of each performance measure in every performance-linked element. The performance-linked stock pays on the medium-term plan targets with no weights.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.