ICHIKAWA CO., LTD.
3513・Standard Market・Textiles & Apparels
Paper Machine Clothing Business (Japan)
Core segment supplying paper machine equipment domestically and internationally as the Group's sole manufacturing base
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (including internal sales) | ¥12,435 million | ¥12,144 million | ↑ |
| Sales to external customers | ¥8,361 million | ¥8,876 million | ↓ |
| Segment profit (operating profit) | ¥2,964 million | ¥2,723 million | ↑ |
| Segment assets | ¥15,919 million | ¥15,102 million | ↑ |
| Depreciation | ¥791 million | ¥814 million | ↓ |
| Increase in property, plant and equipment and intangible assets | ¥1,644 million | ¥865 million | ↑ |
Business Details
This is the Japan segment of the Paper Machine Clothing Business, in which Ichikawa Co., Ltd. itself handles manufacturing and sales. The segment manufactures Paper Machine Felt, Shoe Press Belt, Transfer Belt and other products, selling to domestic paper and pulp manufacturers to meet domestic demand while also handling exports (internal sales) to overseas subsidiaries. It bears sole responsibility for the entire Group's production function, and in the fiscal year under review, segment sales (including internal sales) were ¥12,435 million, accounting for approximately 64% of the total of all reported segments, making it the largest segment. During the period, production capacity improved due to the operation of new belt production equipment.
Recent Overview
Sales to external customers decreased 5.8% year on year, but segment profit improved 8.8% year on year, showing improved profitability
In FY2026 (ending March 2026), although active order-taking efforts were pursued for Paper Machine Felt for domestic demand, sales volume decreased, and for export Paper Machine Belt, sales volume decreased because the sales channel for customers in China was changed to sales through a subsidiary; as a result, sales to external customers were ¥8,361 million (down 5.8% year on year). On the other hand, internal sales (exports to overseas subsidiaries) increased to ¥4,073 million (from ¥3,267 million in the prior period), bringing total segment sales to ¥12,435 million (up 2.4% year on year). Production efficiency improved through the utilization of new belt production equipment that came online during the period, and segment profit improved to ¥2,964 million (up 8.8% year on year). In addition, capital expenditure increased significantly to ¥1,644 million from ¥865 million in the prior period, reflecting continued strengthening of the belt production system.
Key Products
Growth Drivers
- Improved production capacity and enhanced production efficiency through the operation of new belt production equipment
- Active sales expansion of belts for tissue paper applications and increased production volume through a review of the belt production structure
- Expansion of internal sales to overseas subsidiaries (¥4,073 million in the current period, up 24.7% year on year)
- Positive translation effect on overseas sales due to the yen's depreciation
- Expansion of exports driven by increased orders across North America, Europe, China, and Thailand
Risks
- Structural decline in domestic demand for newsprint and printing/communication paper due to the digitalization of paper
- Continued decline in domestic demand sales volume amid an ongoing downward trend in domestic demand for paperboard and other products
- Upward cost pressure from rising energy and raw material prices against the backdrop of the Middle East situation
- Decrease in Japan segment export volume due to a change in sales channel (shift to subsidiary sales) by customers in China
- Deterioration of the business environment due to U.S. tariff policy, geopolitical risk, and exchange rate uncertainty
- Downward pressure on selling prices due to intensifying competition in the global market
Last updated: June 18, 2026