ENVALITH
タイガースポリマー株式会社 logo

TIGERS POLYMER CORPORATION

4231・Standard Market・Chemicals

Official website
タイガースポリマー株式会社 logo
TIGERS POLYMER CORPORATION4231

Business

Tigers Polymer Corporation is a comprehensive rubber and resin products manufacturer that supplies products to four markets—home appliances, automobiles, civil engineering & housing, and industrial materials—based on three core technologies: hose manufacturing technology, rubber sheet manufacturing technology, and mold (molded product) manufacturing technology. Domestically, the company manufactures and sells Home Appliance Hoses for vacuum cleaners, washing machines, and air conditioners, Industrial Hoses, Rubber Sheets & Mats, and Automotive Parts (Rubber & Resin Molded Products), while maintaining overseas production bases in the United States, Mexico, Thailand, Malaysia, and China. Of consolidated net sales of ¥50,132 million, sales to Honda Motor Co., Ltd. account for 41.5%, and sales to Kuriyama of America, Inc. account for 12.6%, indicating a high degree of dependence on major customers. The group as a whole, including 14 subsidiaries, has built a global structure based on local production and local sales.

Business Model

The company concentrates management resources to secure high market share in each niche market, supplying differentiated products by leveraging its in-house developed material, processing, mold, and equipment technologies. Revenue is generated from four segments—Japan, Americas, Southeast Asia, and China—capturing regional demand while partially mitigating foreign exchange risk through local production and local sales. By investing ¥1,471 million in R&D (2.9% of net sales), the company aims to strengthen its earnings base by concurrently advancing new product development for next-generation vehicles, EVs, and FCVs, as well as cost reduction through production automation.

Company Strengths

By deploying its three manufacturing technologies—hoses, rubber sheets, and molded products—across four markets (home appliances, automobiles, civil engineering/construction, and industrial materials), the company maintains a revenue structure that limits dependence on any single market. In FY2026 (ending March 2026), segment sales were diversified across Hoses (¥14,090 million), Rubber Sheets (¥5,474 million), and Molded Products (¥29,011 million), providing resilience against fluctuations in any single market.

Starting with the establishment of Tigerflex Corporation in the United States in 1978, the company progressively expanded its operations into Thailand, Malaysia, Mexico, and China, building a system of local production and local sales. Of the FY2026 (ending March 2025) consolidated net sales of ¥50,132 million, overseas segments (Americas, Southeast Asia, and China) combined accounted for approximately ¥29,604 million, or about 59%, establishing a solid global revenue base.

The company retains core technologies in materials, processing, molds, and equipment in-house, with R&D personnel concentrated at its development research institute in Nishi-ku, Kobe. R&D expenses in FY2026 (ending March 2026) totaled ¥1,471 million (up 13.9% year on year), as the company advances the mass production of next-generation products such as components for EVs and FCVs, silicone rubber sponge applications for EVs, and dual-layer resin tubing, continuously achieving technological differentiation.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales to Honda Motor Co., Ltd. amounted to ¥20,632 million, accounting for 41.8% of the group's total net sales. The risk that changes in the company's production plans, shifts in procurement policy, and the acceleration of EV adoption could directly impact business performance remains high, and progress in customer diversification will be a key medium- to long-term evaluation point.

In FY2026 (ending March 2026), the company achieved net sales of ¥50,133 million (up 1.6% year-on-year) and operating profit of ¥3,015 million (up 6.4% year-on-year), representing increased revenue and operating profit. However, net income for the period declined 30.4% to ¥2,353 million from ¥3,384 million in the previous period. A decrease of ¥1,560 million in net defined benefit assets/liabilities has weighed on operating cash flow, and it is necessary to assess the underlying earnings power excluding the impact of such one-time factors. Additionally, capital expenditures increased significantly to ¥3,578 million compared to the previous period, and attention should be paid to the progress of investment recovery.

In the China segment, an operating loss of ¥284 million was recorded against net sales of ¥4,143 million in FY2025 (ended March 2025), and losses have continued. Despite ongoing efforts to improve profitability through reductions in labor costs and other expenses, a fundamental turnaround to profitability has not yet been achieved. Additionally, the high profitability of the Americas segment includes foreign exchange translation effects from yen depreciation, and there is a risk that underlying earnings could decline if the yen appreciates, as this is an external factor. It should also be noted, from a disclosure quality perspective, that a correction was made to the statement of cash flows (income taxes paid restated from ¥582 million to ¥406 million, along with reclassification of other items).

Growth Strategy

Strengthening corporate fundamentals through niche market share expansion, enhanced overseas consolidated management, and promotion of automation and DX

Promote price revisions in Japan and overseas against the backdrop of rising raw material costs, aiming to restore profitability. Combined with increased sales volume of Industrial Hoses, Home Appliance Hoses, and Automotive Parts, this is expected to achieve both revenue and profit growth. Contributes to the improvement in operating profit for FY2026 (ending March 2026) (+6.4% year on year).

Promote the introduction of automation equipment at domestic manufacturing sites to reduce labor costs and improve production efficiency. Capital expenditure for FY2026 (ending March 2026) increased significantly year on year to ¥3,578 million, and future cost reduction effects are expected.

Continue to increase sales and production volume of automotive parts in Mexico (up 1.5% year on year), aiming to maintain high profitability in the Americas segment. Also pursue partial mitigation of foreign exchange risk through deepening the local production and local sales system.

Continue to reduce labor costs and various expenses at China operations, aiming to narrow the loss margin. Increased sales of Home Appliance Hoses are also expected to contribute to profitability improvement, but as of the fiscal year ended March 2025, an operating loss of ¥284 million continued, and fundamentally achieving profitability remains a challenge.

Last updated: July 19, 2026