IBIDEN CO.,LTD.
4062・Prime Market・Electric Appliances
Business
Ibiden Co., Ltd. is an integrated manufacturing company founded in 1912 and headquartered in Ogaki City, Gifu Prefecture. In its core Electronics Business, the company manufactures High-Performance IC Package Substrates for generative AI and data center applications, with leading global semiconductor makers such as NVIDIA and Intel as key customers. In its Ceramics Business, the company manufactures and sells automotive exhaust system components (DPF, AFP) and Special Carbon Products (FGM) at locations around the world. Under Other Businesses, the company operates in construction, building materials, slope construction, healthcare, and other fields, with each domestic group company maintaining its own distinctive competitive strengths. The company has 29 subsidiaries and 1 affiliated company, with global production bases in the Philippines, Malaysia, Hungary, Mexico, and other locations.
Business Model
In the Electronics Business, the company manufactures and sells High-Performance IC Package Substrates based on long-term order relationships with customers, capturing added value backed by strong technological capabilities and quality control. The structure maintains and enhances profitability through manufacturing cost reduction activities at the Philippine plant. The Ceramics Business operates on a build-to-forecast basis, providing stable supply to automotive manufacturers. Other Businesses complement both the Electronics and Ceramics Businesses through diverse revenue sources such as construction, building materials, and services, enhancing the overall earnings stability of the group.
Company Strengths
In FY2026 (ending March 2026), sales to NVIDIA totaled ¥122,470 million (29.4% of total sales) and sales to Intel totaled ¥75,319 million (18.1%), with these two of the world's largest semiconductor design companies accounting for approximately 47% of total sales. Strong customer relationships built on years of accumulated technology and proven quality track record form a barrier to competitive entry.
In FY2026 (ending March 2026), Electronics Business sales reached ¥243,316 million (up 23.4% year on year), and operating profit reached ¥45,248 million (up 68.5% year on year). The combination of the continued effects of manufacturing cost reduction activities at the Philippine plant and expanding orders for generative AI applications pushed the operating profit margin to approximately 18.6%.
The company operates manufacturing facilities in the Philippines, Malaysia, Hungary, Mexico, China, South Korea, and other locations, building a global production network across both the Electronics and Ceramics Businesses. Through integrated operation of domestic and overseas plants based on the One Factory concept, the company achieves both quality uniformity and production flexibility.
ENVALITH's Perspective
Performance Trend
Revenue expanded sharply to ¥416,201 million in FY2026 (ending March 2026), following a flat trend (in the ¥369,000-370,000 million range) since FY2023 (ending March 2023). The Electronics Business drove overall performance, achieving a 23.4% increase in revenue and a 68.5% increase in profit year on year, backed by continued firm demand for generative AI servers and a gradual recovery in general-purpose servers. Operating margin improved from 12.9% to 14.9%. Meanwhile, the Ceramics Business saw lower revenue and profit due to slowing automobile production growth and a deceleration in the EV market. For FY2027 (ending March 2027), revenue is projected at ¥500,000 million (up 20.1% year on year) and operating profit at ¥90,000 million (up 45.1% year on year), with the effects of large-scale investments in the Electronics Business expected to materialize.
Growth Strategy
Through a three-year investment of ¥500,000 million in the Electronics Business, the company aims to capture AI-related demand while diversifying through the Ceramics Business and Other Businesses
Executing investments totaling approximately ¥500,000 million in the Electronics Business over the three-year period from FY2026 to FY2028 (ending March 2028). The company aims to maximize its capture of demand growth for High-Performance IC Package Substrates (for AI Servers) and general-purpose servers, and to increase orders for high-value-added products.
Based on the One Factory concept, which aims for highly efficient, high-quality manufacturing utilizing digital technology, the company is promoting the strengthening of global quality capabilities and on-site capabilities through the development of skilled craftsmen. Cost reduction activities at the Philippine plant also continue.
Capturing demand for DPF and AFP for industrial vehicles in emerging markets centered on China and India, and making planned investments in new markets such as the energy (nuclear power) field in the FGM business. Also focusing on expanding orders for NEV.
Promoting core business expansion and selection and concentration at domestic group companies in construction, building materials, healthcare, slope construction, landscaping, and other areas. In FY2026 (ending March 2026), Other Businesses achieved steady growth, with net sales of ¥90,330 million (up 2.5% year on year) and operating profit of ¥8,964 million (up 3.0% year on year).
Last updated: July 19, 2026