MORY INDUSTRIES INC.
5464・Standard Market・Iron & Steel
Japan
Core segment responsible for manufacturing and sales of domestic stainless steel-related products
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales | ¥41,483 million | ¥44,042 million | ↓ |
| Segment Operating Income | ¥4,349 million | ¥5,339 million | ↓ |
| Segment Assets | ¥71,166 million | ¥68,478 million | ↑ |
| Depreciation and Amortization | ¥1,073 million | ¥980 million | ↑ |
| Increase in Tangible and Intangible Fixed Assets (Capital Expenditure) | ¥2,113 million | ¥1,305 million | ↑ |
Business Details
The Company Group's principal segment, engaged in the manufacture and sale of Stainless Steel Pipes, Stainless Steel Bars, Processed Stainless Steel Products, and Steel Pipes, as well as the manufacture and sale of machinery such as pipe cutting machines. Products are supplied to a wide range of industries including automobiles, construction, and water heaters, and this core business accounts for approximately 95.8% of Group net sales. Securing the price spread between product prices and material prices is key to profitability.
Recent Overview
Net sales declined across all product divisions; decreasing sales volume combined with falling prices led to an 18.5% decline in operating income
In FY2026 (ending March 2026), the Japan segment recorded net sales of ¥41,483 million (down 5.8% year on year) and segment operating income of ¥4,349 million (down 18.5% year on year). Sluggish demand stemming from labor shortages in the construction industry and deteriorating market conditions due to inflows of inexpensive imported materials affected all divisions. The Stainless Steel Bars division saw the largest decline (down 11.6%). On the other hand, capital expenditure increased substantially to ¥2,113 million from ¥1,305 million in the prior period, with continued investment aimed at strengthening production capacity.
Key Products
Growth Drivers
- Recovery in sales of flexible pipes for water heaters (Processed Stainless Steel Products division)
- Recovery trend in sales volume of steel pipes for temporary construction materials
- Strengthening quality and cost competitiveness through renovation of stainless steel pipe manufacturing equipment, among other measures
- Promotion of development and expanded sales of high value-added products under the medium-term management plan "MORY-PLAN26"
- Expansion of capital expenditure (¥2,113 million) to promote improved production efficiency and plant consolidation
- Promotion of passing on rising material prices to selling prices
Risks
- Risk of a narrowing product price-material price spread due to fluctuations in nickel market conditions
- Downward pressure on market prices due to a surge in inexpensive imported materials, centered on those from China
- Sluggish demand for construction materials due to construction delays stemming from labor shortages in the construction industry
- Increased fixed costs and profit pressure due to rising prices of labor costs, transportation costs, packaging materials, and other auxiliary materials
- Impact on exports and production from geopolitical risks such as U.S. trade policy (additional tariffs)
- Risk of continuation of the significant downward trend in sales volume in the Stainless Steel Bars division
Last updated: June 23, 2026