KIKUCHI SEISAKUSHO CO.,LTD.
3444・Standard Market・Metal Products
Business
Kikuchi Seisakusho Co., Ltd. was founded in 1970 and is listed on the Standard Market of the Tokyo Stock Exchange as a precision processing manufacturer. The company integrates a diverse range of technologies—including mold design and manufacturing, sheet metal processing, machining, molding, and press processing—under an "integrated one-stop system," providing everything from prototypes to mass-produced products through a single company. Its main customers include manufacturers of precision electronic equipment (digital cameras, watches, office equipment), automotive parts manufacturers, and semiconductor manufacturing equipment makers. In addition to domestic plants (Hachioji and Fukushima), the company has overseas bases in South Korea, Hong Kong, and China, forming a group comprising 8 consolidated subsidiaries and 5 equity-method affiliates. In recent years, the company has also focused on providing comprehensive business commercialization support for startups in the service and support robotics field.
Business Model
Main revenue comes from contract manufacturing and processing of Prototype & Mold Products (¥2,752 million), Mass-Produced Products (¥1,417 million), and Robots & Equipment, etc. (¥1,249 million). Through its "integrated one-stop system," the company replaces customers' complex outsourcing processes, differentiating itself through short lead times and high-difficulty capabilities. In addition, it is developing a "platform concept" that comprehensively handles development, prototyping, mass production, sales, and fundraising support for startups. Public funding such as grants and subsidies is also utilized to improve the efficiency of R&D expenses.
Company Strengths
The company possesses eight technologies in-house: mold making, magnesium molding, metal injection molding, plastic molding, machining, precision sheet metal, precision pressing, and aluminum hot die casting. This eliminates customers' need to place orders with multiple outside suppliers, enabling faster time-to-market. Processing dimensional accuracy has been improved from the conventional 2-3/100 mm level to the 1000ths-of-a-mm level.
The company has its head office and No. 1 to No. 3 plants in Tokyo (Hachioji), and No. 1 to No. 7 plants, the Kawanai Plant, the Minamisoma Plant, and the Osasyu Research Institute in Iitate Village, Fukushima Prefecture. Overseas, it operates KOREA KIKUCHI (South Korea) and KIKUCHI (HONG KONG) / Dongguan Kikuchi Metal Products (China). Through the dispersion of production sites both domestically and internationally, the company has built a structure capable of responding to customers' diverse procurement needs.
The company has built a structure encompassing consolidated subsidiaries and equity-method affiliates across multiple robotics-related fields, including Muscle Suit (Innophys), industrial drones (iRobotics), walking assistance robots (WALK-MATE LAB), guide robots (SOCIAL ROBOTICS), surgical support robots (TCC Media Lab), and high-efficiency motors (Magnetear), providing comprehensive support from manufacturing to business development.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥5,045 million in FY2022 (ending April 2022) to ¥6,094 million in FY2026 (ending April 2026), up 11.7% year on year. The operating loss, which peaked at ¥649 million in FY2024 (ending April 2024), continued to narrow, improving to ¥248 million in FY2026 (ending April 2026). The gross profit margin improved to 20.0% (from 18.4% in the prior period), aided also by reductions in SG&A expenses (from ¥1,522 million in the prior period to ¥1,465 million in the current period). As an external factor, a gradual recovery in the precision electronics equipment market and expanding demand from new fields related to semiconductor manufacturing equipment and hobby-related products provided tailwinds. On the other hand, weakness in Robots & Equipment-related products constrained the upper limit of the improvement. Operating cash flow turned to a net inflow of ¥505 million (from a net outflow of ¥663 million in the prior period), and cash-generating capacity also recovered. For the full year of FY2027 (ending April 2027), the company forecasts revenue of ¥6,177 million (up 1.4% year on year), operating profit of ¥177 million, ordinary profit of ¥227 million, and profit attributable to owners of parent of ¥137 million.
Growth Strategy
Deepening the integrated one-stop system and diversifying revenue through establishment of a robotics and startup support platform
The company is promoting improved utilization rates in production divisions through organizational integration and production-sales coordination, capacity expansion through capital investment, and direct cost reduction through strengthened purchasing networks. Progress is being made in developing new fields such as semiconductor manufacturing equipment and hobby-related products, and in FY2026 (ending April 2026), the company achieved a year-on-year increase in sales and a gross profit margin of 20.0%.
The company is promoting expanded sales of drones for agriculture, logistics, and defense applications, assist suits, and automated transport robots, as well as expanding contract development and contract manufacturing through comprehensive commercialization support for startups. It aims to reduce costs and improve profitability by scrutinizing the project portfolio and selling at appropriate prices. In FY2026 (ending April 2026), performance was weak, falling short of plan.
The company is strengthening its sales capabilities through the commercialization of original products created via commissioned research and development from public institutions, and through cross-selling that shares customer networks across various startups. It aims to improve the profitability of affiliated companies while making R&D expenses more efficient through continued securing of grant and subsidy income.
The term loan with financial covenants was fully repaid by the end of June 2025. With an equity ratio of 65.4% and investment securities balance of ¥2,867 million secured, concerns over cash flow have been resolved. The company aims to eliminate material doubt about its going-concern assumption through a return to core business profitability in FY2027 (ending April 2027).
Last updated: July 17, 2026