ENVALITH
株式会社MARUWA logo

MARUWA CO.,LTD.

5344・Prime Market・Glass & Ceramics Products

Official website
株式会社MARUWA logo
MARUWA CO.,LTD.5344

Business

MARUWA Co., Ltd. was founded in 1973 as a ceramics specialist manufacturer, and has built a two-segment structure centered on ceramic components for semiconductors, automotive, and information & communications applications as its core business, with LED Lighting / Design Lighting as a second pillar. The Ceramic Components Business offers a diverse product lineup including High Thermal Conductivity Substrates / High Strength Substrates, Semiconductor Equipment Components / High-Purity SiC Products, antenna components, and EMC suppression components, with major customers among domestic and overseas electronic component, semiconductor, and automobile manufacturers. The company has established a global framework with a production subsidiary in Malaysia and sales subsidiaries in Europe, the US, and Asia. In the Lighting Equipment Business, the company develops Facility Lighting / Residential Lighting and Design Lighting / Lighting Space Design through its subsidiaries MARUWA SHOMEI and Yamagiwa. Consolidated net sales for FY2026 (ending March 2026) totaled ¥74,476 million.

Business Model

In the Ceramic Components Business, the company develops and manufactures differentiated products based on its proprietary ceramic material technology, achieving a high profit margin (segment profit margin of 38.5%). In the Lighting Equipment Business, the company designs and sells high-value-added lighting that combines its in-house LED Light Source Modules with ceramic material technology, securing a profit margin of 20.1%. Funding is primarily covered by internal resources, and under a financial structure that is nearly debt-free (equity ratio of 90.5%), the company continuously carries out capital expenditure and R&D investment in growth areas.

Company Strengths

The Ceramic Components Business achieved an extremely high segment profit margin of 38.5% (FY2026, ending March 2026). Leveraging materials technology and core technologies cultivated over many years, the company mass-produces differentiated products that are difficult for competitors to imitate, such as High Thermal Conductivity Substrates / High Strength Substrates and specialty ceramic substrates, establishing a profit structure that does not rely on price competition.

As of the end of FY2026 (ending March 2026), the equity ratio stood at 90.5%, with net assets of ¥147,262 million and cash and cash equivalents of ¥66,986 million. The company's reliance on interest-bearing debt is extremely low, and its financial capacity to fund large-scale capital investments of ¥22,525 million using its own funds is a source of competitive advantage.

In FY2026 (ending March 2026), order intake reached ¥80,628 million (up 116.8% year on year), and the order backlog reached ¥28,971 million (up 127.0% year on year). In particular, the order backlog for the Ceramic Components Business expanded rapidly to ¥27,253 million (up 129.8% year on year), supporting continued growth in revenue in subsequent periods through robust order accumulation.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue rose to ¥74,476 million (up 3.7% year on year), securing an increase in sales, but key profit metrics turned to decline, with operating profit of ¥24,976 million (down 7.2% year on year) and net income attributable to owners of parent of ¥18,163 million (down 5.6% year on year). The main causes were softening market conditions related to automotive applications and a timing lag in the recovery of demand for general-purpose memory. On the other hand, the fourth quarter achieved record-high quarterly results driven by the launch of next-generation models related to next-generation high-speed communications, confirming recovery momentum heading into the second half.

The company disclosed a full-year forecast for FY2027 (ending March 2027) of revenue of ¥84,100 million (up 12.9% year on year) and operating profit of ¥29,700 million (up 18.9% year on year). This assumes further expansion in demand related to next-generation high-speed communications, a full-fledged recovery in general-purpose memory-related demand from the second half onward, and continued strength in the Lighting Equipment Business. The forecast assumes an exchange rate of ¥153 to the dollar. Ordinary profit and figures below are undisclosed due to foreign exchange volatility risk, and it should be noted that further yen appreciation poses a downside risk.

Cash flow from investing activities in FY2026 (ending March 2026) sharply increased to negative ¥21,757 million (compared to negative ¥7,682 million in the previous fiscal year). The main cause was ¥22,474 million in expenditures for the acquisition of tangible fixed assets, which exceeded operating cash flow of ¥16,933 million, resulting in negative free cash flow. However, with a cash balance of ¥66,986 million, the financial base remains solid, and this can be judged to be within an acceptable range as an advance-investment phase toward the FY2028 target of ¥100 billion in revenue. The company continued to increase dividends, with dividends per share of ¥102 (versus ¥94 in the previous fiscal year), maintaining its stance on shareholder returns.

Growth Strategy

Concentrated investment in next-generation communications, semiconductors, and EV markets, targeting achievement of ¥100,000 million in sales for FY2028

Amid expectations for even stronger demand for next-generation models related to next-generation high-speed communications, production capacity is being strengthened at the new Seto Plant building. Significant increased production began in the fourth quarter with the launch of next-generation models, and continued demand expansion is expected in FY2027 (ending March 2027) as well.

Although the recovery in demand related to general-purpose memory that had been expected in the second half of FY2026 (ending March 2026) has been delayed, full-scale demand expansion is anticipated from the second half of FY2027 (ending March 2027). A production system to meet robust demand is being built at the new Miharu Plant building.

Amid a slowdown in the growth of the new energy vehicle market, the company aims to further expand market share through differentiated products. It is also focusing on improving profitability through productivity improvements and the use of AI. In FY2026 (ending March 2026), softening market conditions in automotive-related business weighed on performance.

While capturing increased LED demand toward the government's goal of 100% LED adoption by 2030, the company is winning demand for LED lighting for public facilities, high-end lighting for luxury condominiums, and office renovations. In FY2026 (ending March 2026), net sales grew significantly to ¥10,679 million (+14.1% year on year), with segment profit of ¥2,141 million (+49.0% year on year).

Under the medium-term plan, the company aims to grow net sales from ¥74,476 million in FY2026 (ending March 2026) to ¥100.0 billion (¥100,000 million) in FY2028. It is proactively implementing capital investment ahead of demand, with construction in progress of ¥16,351 million and expenditures for acquisition of property, plant and equipment of ¥22,474 million, focusing on strengthening its production capacity.

Last updated: July 19, 2026