FUMAKILLA LIMITED
4998・Standard Market・Chemicals
Business
Fumakilla Limited traces its origins to a company founded in 1924 as a specialized insecticide manufacturer, and now operates four business segments—Insecticides, Household Products, Gardening Products, and Sanitation Products—both domestically and internationally. The consolidated group, including 24 consolidated subsidiaries, reported net sales of ¥77,366 million (FY2026 (ending March 2026)), with overseas sales accounting for 65.6% of the total. Its key markets are Japan, Southeast Asia (Indonesia, Malaysia, Thailand, Vietnam, Myanmar), Europe (Italy), India, and Mexico, with a sales network spanning approximately 70 countries worldwide. The main customer base consists primarily of general consumers, though the Sanitation Products segment also serves government agencies and public institutions. The company owns proprietary brands such as "VAPE" and "Osudake VAPE," and continues to launch products that capture demand related to infectious disease control.
Business Model
The company manufactures products with Indonesia as its main production base, and sells them through local subsidiaries in Japan, Southeast Asia, Europe, and emerging markets, adopting a vertically integrated model. Domestically, it develops proprietary brand products across four segments—Insecticides, Household Products, Gardening Products, and Sanitation Products—while overseas, local subsidiaries handle manufacturing and sales. R&D is conducted at four sites in Japan, Indonesia, Malaysia, and Italy, securing added value by introducing products tailored to the regulations and pest characteristics of each region.
Company Strengths
Since its founding in 1924, the company has produced multiple world-first products, including the world's first electric mosquito coil "Vape" (1963), the world's longest-lasting battery-powered insect repellent "Doko Demo Vape" (2000), and "Osudake Vape," which requires no fire, electricity, or water (2008). In 2025, "Fumakilla Insecticide Liquid" and "Vape" were certified as the 16th Chemical Heritage, and the brand's historical credibility is a unique asset that competitors cannot easily replicate in a short period.
The company has established local subsidiaries in five Southeast Asian countries (Indonesia, Malaysia, Thailand, Vietnam, and Myanmar), Europe (two companies in Italy), India, and Mexico, building a system that completes manufacturing and sales locally. Through the consolidation of ZAPI as a subsidiary in 2022, the company established manufacturing and R&D bases in Europe, and net sales in the Europe segment for FY2026 (ending March 2026) continued to grow, reaching ¥13,672 million (up 17.8% year on year).
The company is constructing and expanding Brains Park Hiroshima, consisting of an R&D building and production facilities, within the Hiroshima Plant, with capital expenditure for FY2026 (ending March 2026) in the Japan segment alone reaching ¥1,663 million. In collaboration with R&D bases in Japan, Southeast Asia, and Europe, the company has established a system for continuously developing new value-creating products, such as countermeasures against invasive species, infectious disease control, and disinfectants.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥52,729 million in FY2022 (ending March 2022) to ¥77,366 million in FY2026 (ending March 2026). However, operating profit declined 17.2% from ¥2,646 million in FY2025 (ending March 2025) to ¥2,190 million in FY2026 (ending March 2026), with the operating margin falling to 2.8%, the lowest level in the past five fiscal years. As an external factor, the weaker yen boosted the yen-denominated value of overseas sales (the real revenue growth rate excluding currency effects was 1.8%), while increased advertising and promotional investment in Southeast Asia and higher domestic personnel costs pushed up SG&A expenses by 9.2%. Operating cash flow decreased 53.6% year on year to ¥843 million, and investing activities centered on tangible fixed asset acquisitions of ¥2,066 million led to a decrease in period-end cash to ¥8,326 million (from ¥9,361 million in the previous period).
Growth Strategy
Strengthening the management foundation for geographic expansion overseas and enhancing domestic R&D and production systems to improve global competitiveness
The company is actively increasing advertising and promotional investment in key countries such as Indonesia, Malaysia, Thailand, Vietnam, and Myanmar, aiming to expand market share while maintaining local-currency-based sales growth. In FY2026 (ending March 2026), profit declined 39.1% due to increased investment, but sales secured a 6.0% increase.
By leveraging European manufacturing and R&D bases centered on ZAPI S.p.A. and FUMAKILLA EUROPE, the company aims to expand European sales by combining local-currency-based sales growth with the effect of yen depreciation. In FY2026 (ending March 2026), sales reached ¥13,672 million (up 17.8% year on year), with segment profit of ¥529 million (up 8.7% year on year), showing steady expansion.
The company is strengthening its capture of demand for infectious disease control through local subsidiaries in India and Mexico. In FY2026 (ending March 2026), sales in the "Other" segment reached ¥3,052 million (up 37.7% year on year), with segment profit of ¥128 million (up 100.0% year on year), growing rapidly and being cultivated as the group's fourth pillar of earnings.
The company continues to expand the R&D building and production facilities within the Hiroshima plant, aiming to strengthen medium- to long-term product competitiveness. In FY2026 (ending March 2026), expenditure on acquisition of tangible fixed assets increased to ¥2,066 million (from ¥1,688 million in the previous fiscal year), indicating accelerating capital investment.
Through a capital and business alliance with S.T. Corporation, the company is promoting collaboration in sales, development, and production. In the domestic Household Products segment, new products such as alcohol-based disinfectants and Aller Shatt performed well, achieving a 10.9% increase in FY2026 (ending March 2026), with some effects of the alliance already materializing.
Last updated: July 19, 2026