Improved Cash GenerationTTM operating cash flow and free cash flow materially rebounded to ~¥15.4B and ~¥9.5B respectively, reversing prior cash burn. This provides durable funding for capex, program qualification, working capital and debt reduction, increasing financial flexibility over the next several quarters.
Balance Sheet ResilienceLeverage near 0.62x and a rising equity base (≈¥98B to ≈¥117B TTM) indicate a conservative capital structure. That resilience supports investment in manufacturing, cushions cyclical downturns, and reduces immediate refinancing risk, helping sustain long-term commercial programs.
Stable Gross Margins & Manufacturing StrengthNissha’s core processing and precision manufacturing capabilities have supported steady gross margins (~22–23%) since 2022. Durable manufacturing know‑how and diversified B2B product streams help preserve unit economics and enable design‑win driven, higher‑margin engineered products over time.