ENVALITH
マイポックス株式会社 logo

Mipox Corporation

5381・Standard Market・Glass & Ceramics Products

Official website
マイポックス株式会社 logo
Mipox Corporation5381

Business

Mipox Corporation, founded in 1925, marked its 100th anniversary in November 2025 as a specialized manufacturer of abrasive materials. Built on the core technologies of 'coating, slitting, and polishing,' the company operates two segments: the Products Business, which manufactures and sells Polishing Film, Liquid Abrasives (Precision Cleaning Agents / Slurries), Polishing Equipment, and other polishing-related products; and the Contract Services Business, which handles Contract Coating Manufacturing, Contract Converting (Slitting), and Contract Polishing Processing. Its main customers span high-tech fields such as optical fiber connectors, HDDs, and semiconductor inspection probe cards, as well as the general polishing sector. The company operates in Japan, Malaysia, China, the United States, and India, with overseas sales accounting for more than 50% of total revenue. Consolidated net sales for FY2026 (ending March 2026) totaled ¥12,059 million.

Business Model

In the Products Business, the company manufactures Polishing Film and other products at its own factories (in Japan and Malaysia) and sells them to domestic and overseas customers through direct sales and distributors. In the Contract Services Business, the company undertakes coating, polishing, and converting processing using materials supplied by customers. The two businesses share equipment, personnel, and know-how, forming a structure in which product development capabilities and contract processing capabilities complement each other. The Products Business accounts for approximately 94% of sales, while the Contract Services Business is currently unprofitable but is aiming to transition toward an engineering services business.

Company Strengths

Sales of fiber optic Polishing Film to key customer Fiber Optic Center, Inc. reached ¥2,347 million in FY2026 (ending March 2026), up approximately 46.8% year on year, accounting for 19.5% of total sales performance. The company's product development track record in high-tech applications, including Polishing Film for HAMR media and flocked Polishing Film for fiber optic connectors, has supported the deepening of its customer base.

Under a grant from the Ministry of Economy, Trade and Industry's Green Innovation Fund, the company is developing ultra-high-quality, low-cost processing technology for 8-inch SiC wafers in its Contract Services Business. It has also conducted joint research with universities under a grant from a National Research and Development Agency, and has a track record of presentations at domestic and international academic conferences. Based on the developed technology, the company plans to provide inspection and evaluation solutions, including an 8-inch SiC processing line, evaluation equipment, and consulting.

The company has continuously expanded its product lineup and production capacity through ongoing M&A activity, including the acquisition of Misumi Chemical Co., Ltd. as a subsidiary in 2022, the takeover of Suga Coatings' coating business in 2023, the acquisition of Okubo Iron Works Co., Ltd. as a subsidiary in 2023, and the acquisition of Ujike Co., Ltd. as a subsidiary in 2025. In May 2026, the Board of Directors resolved to make Sanko Chemical Industry Co., Ltd. a subsidiary, continuing to execute M&A as a pillar of growth strategy.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales rose to ¥12,059 million (up 7.9% year on year), securing revenue growth; however, operating profit fell sharply to ¥579 million (down 38.5% year on year), and the operating margin dropped steeply to 4.8% (from 8.4% in the previous fiscal year). The main cause was the expansion of total SG&A expenses to ¥4,101 million (up 19.7% year on year), with notable increases in packing and transportation expenses (up 47.2% year on year), salaries and bonuses (up 16.5% year on year), and R&D expenses (up 33.7% year on year). The structure in which cost increases outpaced the revenue growth effect is the key focal point in assessing the feasibility of achieving the FY2027 (ending March 2027) forecast (operating profit of ¥900 million, up 55.3% year on year).

The Contract Services Business posted net sales of ¥720 million (down 40.8% year on year) and a segment loss of ¥348 million, continuing its large deficit. A decline in mass-production projects combined with difficulty securing new prototype projects meant that, despite efforts to curb fixed costs, the loss only narrowed slightly. On the financial front, short-term borrowings surged to ¥3,579 million at the end of FY2026 (ending March 2026) (up ¥1,511 million from the previous fiscal year-end), and the equity ratio declined to 49.5% (from 53.1% in the previous fiscal year). With operating cash flow falling sharply to ¥322 million (from ¥1,596 million in the previous fiscal year), the rising reliance on borrowings warrants close attention as a liquidity risk.

As an external factor, the expansion of the optical fiber and HDD markets, driven by the proliferation of generative AI, is expected to continue from FY2027 (ending March 2027) onward, and is set to function as a growth driver for the Products Business. On the other hand, rising trade costs due to U.S. trade policy (tariffs), the continued stagnation of the Chinese economy, and higher resource prices stemming from the situation in the Middle East all pose risks of pushing up raw material and transportation costs. For the company, with overseas sales accounting for more than 50% of the total, foreign exchange risk is also significant, and progress in hedging measures such as forward exchange contracts will be a key factor determining the stability of its earnings.

Growth Strategy

Growth acceleration through three pillars: enhancing the added value of high-tech polishing materials, manufacturing DX, and strengthening M&A

Promoting factory automation and labor savings through manufacturing DX, along with AI-related capital investment. In FY2026 (ending March 2026), ¥583 million in acquisitions of property, plant and equipment has already been executed. Aiming to strengthen the ability to respond to growing demand for optical fiber and HDD applications by improving production efficiency and stabilizing quality.

In August 2025, made Ujike Co., Ltd., a company engaged in press-bonding and adhesive processing, a wholly owned subsidiary at an acquisition cost of ¥9,596 thousand. Realizing synergies in the "coating and polishing" domain by incorporating its coating equipment and know-how. Recorded a gain on negative goodwill of ¥218 million as extraordinary income. Plans to continue strengthening M&A strategy going forward to expand its business domain.

Promoting the transition from mass-production contract processing to high-value-added engineering services. In FY2026 (ending March 2026), net sales were ¥720 million (down 40.8% year on year) and segment loss was ¥348 million, remaining challenging. Despite efforts to contain fixed costs, acquiring new prototype projects remains an issue, and progress on the transition is behind schedule.

Promoting diversification of sales channels through EC utilization, accelerating the switch from competitors' products for General Polishing-Related Products. Strengthening foreign exchange risk hedging, including through forward contracts, to address an overseas sales ratio exceeding 50%. Sales in the United States are expanding, reaching ¥2,589 million (up 38.0% year on year).

Implementing base pay increases leading to higher personnel expenses, and fostering employee motivation to improve business performance through J-ESOP (a stock-granting trust). Salaries and bonuses for FY2026 (ending March 2026) were ¥1,267 million (up 16.5% year on year). Plans to continue strengthening investment in talent development to enhance corporate value over the medium to long term.

Last updated: July 19, 2026