ENVALITH
株式会社JMC logo

JMC Corporation

5704・Growth Market・Nonferrous Metals

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株式会社JMC logo
JMC Corporation5704

Business

JMC Corporation operates under the vision "Bringing Intelligence to Manufacturing," running a manufacturing service business across three segments: the Resin 3D Printer Business, Casting Business, and Industrial CT Business. Using 3D CAD data technology as a common platform, the company provides integrated support from prototypes to final products, primarily serving manufacturers in the automotive, precision equipment, electrical equipment, aerospace, and medical device industries. With its Concept Center in Iida City, Nagano Prefecture as its main base, the company has built an integrated in-house system covering wooden pattern making, casting, heat treatment, machining, and inspection. In the medical field, the company develops the cardiac catheter simulator "HEARTROID" as its own product, expanding sales to medical institutions and device manufacturers both in Japan and overseas.

Business Model

The main revenue source is a business model in which the company receives customer CAD data and undertakes 3D Printer Output, Sand Casting, and CT Inspection & Measurement services on a contract basis. By leveraging market characteristics where short lead times are valued more than cost, the company achieves high-value-added orders while avoiding price competition. In the CT Business, the company also handles sales of industrial CT equipment. In the 3D Printer Business, sales of standardized products from its proprietary "HEARTROID" product line drive high profitability (segment profit margin of 31.6%). The CT Business has an extremely high-profitability structure, with a segment profit margin of 66.1%.

Company Strengths

In the Casting Business, all processes—wooden pattern making, casting, heat treatment, machining, and inspection—are handled in-house (integrated raw-to-finished production). This eliminates delivery losses and information-sharing gaps that arise between outsourced processes, achieving short lead times and stable quality. The company has been selected as a Tier 1 supplier by some finished vehicle manufacturers and maintains a quality inspection system certified to ISO9001 and JISQ9100.

The company integrates CAD data know-how from 3D printers, sand casting molding technology, and industrial CT non-destructive inspection capabilities under unified in-house operations. Personnel rotation and shared use of equipment are possible, and CT equipment is utilized for internal quality evaluation of cast products, among other applications, realizing integrated services that are difficult for a single-business operator to provide.

The cardiac catheter simulator "HEARTROID," developed through a collaborative project with the Graduate School of Medicine at Osaka University and Fuyo Co., Ltd., is being marketed as the company's own product. In the fourth quarter of FY2025 (ending December 2025), orders from domestic and overseas device manufacturers and hospitals exceeded expectations, contributing to a 21.3% year-on-year increase in sales and a 60.3% year-on-year increase in segment profit for the 3D Printer Business.

ENVALITH's Perspective

Operating profit for the first quarter of FY2026 (ending December 2026) improved significantly to ¥99 million (versus ¥43 million in the same period last year). The main driver was a ¥81 million year-on-year increase in segment profit for the Casting Business. This reflects the reduction in fixed costs resulting from the impairment loss recorded in FY2025 (ended December 2025), as well as improved manufacturing efficiency from the establishment of a quality control system. The sharp profit recovery came even as net sales declined 3.8% year-on-year, confirming the effectiveness of the cost structure improvements.

Net sales in the CT Business were ¥104 million, down 28.9% year-on-year. The main reason was that CT equipment sales recorded in the same period last year did not occur in the current first quarter, compounded by a trend toward smaller-scale scanning projects. Because equipment sales depend on the timing of individual deals, they are subject to large quarter-to-quarter fluctuations, making whether equipment sales are recorded for the full fiscal year a key factor in achieving the earnings forecast. It should also be noted that capital expenditure trends in the manufacturing sector, as an external factor, affect equipment sales.

Following the impairment loss of ¥1,319 million and net loss of ¥1,264 million recorded in the previous fiscal year, a material event related to the going concern assumption continues to exist. Regarding the breach of financial covenants under the commitment line agreement, consent has already been obtained from the financial institution, and liquidity is secured through the undrawn balance of ¥950 million. Against the full-year earnings forecast (net sales of ¥3,020 million, operating profit of ¥205 million), the first-quarter progress rate stood at 24.4% for sales and 48.5% for operating profit, showing solid progress on the profit side. However, the company itself has stated that the situation remains uncertain, with order trends in the second half of the year being the key focus.

Growth Strategy

Restructuring the earnings structure around three pillars: overseas expansion of HEARTROID, establishment of a mass-production system for casting, and development of new demand in the CT business

Promoting responses to the enlargement of prototypes, establishing an efficient production system for mass-production cast parts, and diversifying the business portfolio. In Q1 FY2026 (ending March 2026)*, the company achieved certain results in establishing a quality control system, and continued to win prototype and replacement parts orders for large castings for industrial robots in the EV-related and FA fields. Segment profit recovered significantly, up ¥81 million year on year.

Promoting expanded sales to medical institutions and medical device manufacturers. In Q1 FY2026 (ending March 2026)*, delivery delays occurred for some overseas customers, but the 3D Printer Business as a whole maintained a level roughly on par with the same period of the previous year. Stabilizing overseas expansion is the next growth step.

Continuing to hold in-house exhibitions for client companies and customized seminars to expand awareness of industrial CT. Demand for scanning services is being captured across a range of fields, but the smaller scale of scanning projects and the lack of CT equipment sales were factors behind the decline in revenue in Q1 FY2026 (ending March 2026)*. Winning high-value-added projects, such as non-destructive inspection of next-generation storage batteries, remains a challenge.

Order volume increased due to responding to diverse modeling needs, including mock-ups for exhibitions and events in addition to industrial parts prototyping. Segment profit in Q1 FY2026 (ending March 2026)* was solid, up 2.5% year on year. Establishing the AM Service (Additive Manufacturing Service, a system for taking mass-production orders) is being pursued as a medium-term goal.

Last updated: July 17, 2026