IMURA & Co., Ltd.
3955・Standard Market・Pulp & Paper
Package Solutions Business
IMURA's core segment centered on the manufacture and sale of envelopes
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (external customers) - Q1 FY2027 (ending January 2027) | ¥3,889 million | ¥3,928 million (Q1 FY2026, ending January 2026) | ↓ |
| Segment operating income - Q1 FY2027 (ending January 2027) | ¥208 million | ¥402 million (Q1 FY2026, ending January 2026) | ↓ |
| Sales (external customers) - full-year results | ¥15,099 million (full-year FY2026, ended January 2026) | — | — |
| Segment operating income - full-year results | ¥1,004 million (full-year FY2026, ended January 2026) | — | — |
| Depreciation expense - Q1 FY2027 (ending January 2027) (consolidated total) | ¥279 million | ¥190 million (Q1 FY2026, ending January 2026) | ↑ |
Business Details
Develops the manufacture and sale of various envelopes (long, square, western-style, windowed, etc.), Lightweight EC Package Products, non-woven fabric envelopes, Landscaping Materials, and various printed materials, along with transportation and warehousing operations. Serves a broad customer base including telecommunications/electricity/gas billing, shareholder meeting notices, and government agency notifications. Main affiliated companies are IMURA Printing Co., Ltd. and Logitech Co., Ltd. This core business accounts for approximately 70% of consolidated group sales.
Recent Overview
Operating income fell 48.2% year-on-year due to the drop-off in government demand and increased depreciation costs from the new plant
Sales for the Package Solutions Business in the first quarter of FY2027 (ending January 2027) (February–April 2026) were ¥3,889 million (down 1.0% year-on-year). While the expansion of sales of developed products in the product packaging field progressed, this was offset by the decline resulting from the prior-period rebound effect from government agency demand such as the national census that had been commissioned in the previous period. On the profit side, operating income fell sharply to ¥208 million (down 48.2% year-on-year), primarily due to increased depreciation costs associated with the Nara Shinjo No. 2 plant, which began operations in February 2026, and a higher cost ratio resulting from rising material prices.
Key Products
Growth Drivers
- Capturing demand for Lightweight EC Package Products and packaging materials against the backdrop of the continued expansion of the mail-order market (expanding for 26 consecutive years since fiscal 1998)
- Development of new fields through the active introduction of products into the packaging materials and product packaging field
- Enhanced production capacity and creation of inter-business synergies through the Nara Shinjo No. 2 plant (operational from February 2026)
- Improved customer responsiveness through the consolidation of functions between the Package Solutions Business and the Mailing & Digital Solutions Business in the Western Japan region
- Sales expansion measures targeting strategic markets based on the medium-term management plan 'IMURA VISION 2030 Stage II' (fiscal 2024–2026)
Risks
- Structural decline in demand for paper media (office envelopes, direct mail envelopes) due to the progress of digitalization in society
- Wider decline in postal handling volumes due to the postal rate revision in October 2024
- Rising cost ratio and declining gross profit margin due to persistently high raw material prices
- Increased burden of depreciation expenses associated with the operation of the new plant (becoming apparent from FY2027, ending January 2027)
- Risk of earnings volatility depending on whether large-scale, one-off government demand such as the national census is secured
- Rising prices and material costs due to supply constraints such as the prolonged weak yen and labor shortages
Last updated: April 27, 2026