SAGAMI RUBBER INDUSTRIES CO., LTD.
5194・Standard Market・Rubber Products
Healthcare Business
Core segment engaged in the manufacture and sale of healthcare products centered on condoms
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (FY2026, ending March 2026) | ¥4,675 million | ¥4,270 million (FY2025, ended March 2025) | ↑ |
| Operating income (FY2026, ending March 2026) | ¥762 million | ¥611 million (FY2025, ended March 2025) | ↑ |
| Segment assets (FY2026, ending March 2026) | ¥15,875 million | ¥15,281 million (FY2025, ended March 2025) | ↑ |
| Depreciation (FY2026, ending March 2026) | ¥696 million | ¥670 million (FY2025, ended March 2025) | ↑ |
| Revenue year-on-year change (FY2026, ending March 2026) | +9.5% | — | ↑ |
| Operating income year-on-year change (FY2026, ending March 2026) | +24.7% | — | ↑ |
Business Details
The core segment of the Group manufactures and sells condoms (latex and polyurethane), medical rubber products, daily living aids, and other items. Operations include production at the Malaysian base, and the segment captures cross-border e-commerce and inbound demand in addition to domestic and overseas sales channels. In FY2026 (ending March 2026), the segment achieved increased revenue and profit through a recovery in demand following price revisions and the addition of new cross-border e-commerce channels.
Recent Overview
Revenue and profit increased on demand recovery after price revisions and expansion of cross-border e-commerce, though rising Malaysian manufacturing costs weighed on profit
In FY2026 (ending March 2026), the Healthcare Business achieved a significant increase in revenue and profit, with revenue of ¥4,675 million (up 9.5% year on year) and operating income of ¥762 million (up 24.7% year on year). Latex condoms recovered from the demand decline following price revisions and performed steadily both domestically and overseas. Polyurethane condoms saw increased revenue due to the addition of new cross-border e-commerce channels. On the other hand, manufacturing costs at the Malaysian base rose due to persistently high energy prices and the weak yen, which was a factor weighing on profit.
Key Products
Growth Drivers
- Expansion of sales of Polyurethane Condoms (Sagami Original) through cross-border e-commerce channels
- Increase in the proportion of high-value-added products through capturing inbound demand
- Promotion of price optimization (price increases, etc.) for latex and polyurethane condoms
- Sales expansion through deepening penetration of existing overseas markets (policy for FY2027, ending March 2027)
- High-value-added product strategy targeting the top 10% of the world's population by income
Risks
- Rising manufacturing costs at the Malaysian production base due to persistently high raw material and energy prices
- Increased manufacturing costs due to the continuing weak yen trend
- Risk of demand decline associated with price revisions
- Rising fuel and raw material prices and increased logistics costs associated with US tariff policy and geopolitical risks
- Intensifying global competition and geopolitical risks such as China's economic slowdown
- Risk of revenue dependence on major customers
Last updated: June 26, 2026