DISCO Q2: Implied Consolidated Shipments ¥92.3B - 10.4% Above Guidance as Parent Shipments Fall 16.7% QoQ

DISCO (TSE: 6146) released preliminary results for Q2 of fiscal year ending March 2026, and the headline shipment number landed about where the market expected.

The parent-company revenue came in at ¥85.3 billion - up 13.1% from the prior quarter and 2.5% year-over-year. The company reported shipments of ¥77.4 billion, which is a step down: -16.7% versus the previous quarter and -8.5% versus the year-ago period.

Crunching the numbers with a regression model points to consolidated revenue of roughly ¥101.9 billion and consolidated shipments near ¥92.3 billion. That implied shipment tally is about 10.4% above DISCO's guidance and nudges past the street by 0.7%.

On the revenue side, the implied consolidated top line is 11.7% higher than the company's own guidance but about 2.5% below consensus estimates. Management flagged that the consolidated-to-parent ratio is a touch higher than the usual ~1.2x this quarter, driven largely by higher costs at overseas sites.

DISCO also said it's focused on boosting value-added work at overseas plants and lifting average selling prices - operational tweaks that explain some of the variance between parent and consolidated figures.

Numbers are in-line overall: shipments didn't surprise on the upside in any major way, but they did beat the company's guidance on a consolidated basis. The implied consolidated shipment of ¥92.3 billion is the standout figure this round - and it's where the debate will start.