IMURA & Co., Ltd.
3955・Standard Market・Pulp & Paper
Business
Imura Co., Ltd. was founded in 1950 as a specialist manufacturer of envelopes and packaging, and is listed on the Standard Market of the Tokyo Stock Exchange. The company operates through three segments: the Package Solutions Business (envelope manufacturing and sales, Lightweight EC Package Products, etc.) as its core business, the Mailing & Digital Solutions Business (Direct Mail Fulfillment Service, BPO, Data Print Service, etc.), and Others (printed materials and packaging for medical institutions, overseas business). Its main customers include telecommunications and electric power companies, financial institutions, government agencies, and mail-order businesses, and it operates through a six-company structure that includes multiple domestic plants and a Vietnamese subsidiary (SONGLAM). Consolidated net sales for FY2026 (ending January 2026) were ¥21,831 million.
Business Model
In the Package Solutions Business, the company operates an integrated system of envelope and packaging material manufacturing at its own factories and sales, securing cost competitiveness by curbing outsourced processing costs through in-house production promotion. In the Mailing & Digital Solutions Business, the company provides BPO services such as enclosing, packing, fulfillment, data printing, and campaign secretariat services, generating recurring revenue by taking on outsourced business processes from customers. A stable customer base spanning government agencies, mail-order businesses, and financial institutions underpins revenue.
Company Strengths
Starting with the in-house development of Plamad envelopes in 1960, the company has continuously launched proprietary products to the market, including side seam envelopes (1977) and embossed envelopes (introduced with technology from TENSION INTERNATIONAL of the US, 1998). Over 70 years of manufacturing know-how combined with a multi-plant system (Nara Shinjo, Sagamihara, Miyakonojo, Gose, Tsukuba, etc.) forms a barrier to entry.
Demand from government agencies for services such as resident notifications and election-related matters serves to underpin business performance. The mail-order market has expanded for 25 consecutive years from FY1998 through FY2023 (according to a survey by the Japan Direct Marketing Association), and the company is capturing this growing market through the introduction of Lightweight EC Package Products.
As of the end of FY2026 (ending January 2026), the equity ratio stood at 70.9% (down 7.8 percentage points year on year but still at a high level), with net assets of ¥16,758 million. Although short-term borrowings increased (up ¥2,090 million) due to the construction of a new plant, the financial base remains solid, and the company retains capacity for capital investment over the medium to long term.
ENVALITH's Perspective
Performance Trend
Revenue maintained a gradual upward trend, growing from ¥20,234 million in FY2022 to ¥21,831 million in FY2026. In the first quarter of FY2027 (ending January 2027), revenue was ¥5,523 million, down slightly 2.1% year-on-year. Operating profit, on the other hand, has continued to decline after peaking at ¥1,421 million in FY2023, falling to ¥1,137 million in FY2026. In the first quarter of FY2027 (ending January 2027), operating profit plunged 53.8% year-on-year to ¥236 million. The main causes were a sharp increase in depreciation expenses (up ¥89 million year-on-year) associated with the launch of the Nara Shinjo No. 2 Plant, and the loss of government-related demand (such as the national census) that had been received in the prior period. As an external headwind, the decrease in postal handling volume following the postage rate revision also weighed on results. The full-year forecast remains unchanged at revenue of ¥22,500 million (up 3.1% year-on-year) and operating profit of ¥700 million (down 38.4% year-on-year).
Growth Strategy
Building a growth foundation through EC packaging, BPO, and overseas expansion under "IMURA VISION 2030 Stage II"
In response to the continued expansion of the mail-order market (which has expanded for 26 consecutive years from FY1998 through FY2024) and the trend away from plastics, the company is promoting the development and expanded sales of Lightweight EC Package Products and packaging materials. In the first quarter of FY2027 (ending January 2027), expansion of sales of product packages has also been confirmed to be progressing.
The Nara Shinjo No. 2 Plant began operations in February 2026, consolidating the functions of the Package Solutions Business and the Mailing & Digital Solutions Business in the western Japan region. While this aims to strengthen production capacity and enhance customer responsiveness, at present the increased depreciation burden is arising first and is putting pressure on profitability.
The company aims to strengthen its profit base through the deployment of services integrating paper and digital, promotion of insourcing to curb outsourcing costs, and the acquisition of new projects. In the first quarter of FY2027 (ending January 2027), the combination of a drop-off in demand from government agencies and holdback on large-scale projects resulted in operating profit of ¥4 million, effectively disappearing, making recovery an urgent priority.
The company is promoting the development of new business partners at its overseas subsidiaries while continuing efforts to rebuild its business foundation. In the first quarter of FY2027 (ending January 2027), the Others segment turned profitable with operating profit of ¥24 million, indicating that the effects of the restructuring are becoming apparent to a certain degree.
Last updated: July 17, 2026