JMACS Japan Co., Ltd.
5817・Standard Market・Nonferrous Metals
Business
JMACS Corporation is a wire and cable specialty manufacturer founded in 1965, engaged in the manufacture and sale of Fire Prevention Wire, Communication Cable, Instrumentation & Control Cable, and Other Low-Voltage Wire. Production is consolidated at the Hyogo Plant in Kato City, Hyogo Prefecture, where a new plant and head office building were completed in November 2023. The company's main customer is Senshu Electric Co., Ltd. (39.1% of net sales), and it develops customized products with short lead times for the industrial, information & communication, and environment & energy sectors, targeting the domestic market. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
A vertically integrated business model that procures raw materials such as copper and petroleum-based products, and manufactures and sells fire prevention, communication, and instrumentation wires at its Hyogo Plant. The majority of net sales consists of the Electric Wire Business (Single Segment). Under the banner of "speed and technology," the company avoids price competition through short lead-time responsiveness and the development of value-added products, aiming to secure profitability by maintaining appropriate sales prices. In the fiscal year under review, net sales were ¥5,200,678 million, while the operating margin remained at approximately 1.3%.
Company Strengths
The company positions "Speed and Technology" as its management policy, placing short-lead-time response at the core of its competitive advantage. In the domestic electric wire market, where price competition is intensifying, it seeks to maintain profitability by using delivery responsiveness as a differentiating axis, and this is a strategic strength repeatedly stated in its securities reports.
Since its founding in 1965, the company has expanded its product lineup from heat-resistant and fire-resistant wires for disaster prevention to instrumentation cables and high-strength optical fiber cables. It holds ISO9001 certification (obtained in 1999) and JIS labeling authorization (obtained in 1984). Based on its long-accumulated manufacturing and processing technologies, it provides customized products across three fields: industrial, information and communications, and environmental energy.
In November 2023, a new plant and head office building were completed at the Hyogo Plant in Kato City, Hyogo Prefecture, achieving improvements in production capacity and efficiency. Production results for the fiscal year under review increased to 102.0% year on year, with capital expenditures of ¥77,183 thousand undertaken, mainly for equipment renewal.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, net sales trended as follows: ¥4,784 million (FY2022) → ¥5,061 million → ¥5,343 million → ¥5,201 million → ¥6,028 million (FY2026), with FY2026 achieving substantial growth of +15.9% year on year. Operating profit remained subdued at ¥80 million and ¥68 million in FY2024 and FY2025, respectively, but recovered sharply to ¥502 million in FY2026. In Q1 of FY2027 (ending February 2027) (March–May 2026), net sales reached ¥1,647 million (+26.5% year on year), operating profit was ¥227 million (+238.8% year on year), and quarterly net income was ¥161 million (+209.4% year on year), indicating continued acceleration. External factors such as substantial expansion in demand from the semiconductor industry and rising capital expenditure appetite among domestic manufacturers have provided a tailwind. Gross profit margin improved from 25.6% in the same period of the previous year to 30.7%, confirming a qualitative improvement in the earnings structure.
Growth Strategy
Expansion of sales of short-lead-time, high-value-added products, combined with active capture of semiconductor and capital investment demand, to drive revenue growth
A strategy of actively capturing the significant expansion in demand from the semiconductor industry and capital investment demand from domestic factories, leveraging short-lead-time responsiveness under the "speed and technology" approach. In the first quarter of FY2027 (ending February 2027), revenue increased +26.5%, a notable achievement, with orders for plant projects, FA (factory automation), and instrumentation cables also trending solidly.
Continuous efforts in cost reduction activities at manufacturing sites, promotion of multi-skilled workers, and productivity improvement, building a structure that translates revenue growth directly into profit. The gross profit margin of 30.7% in the first quarter of FY2027 (ending February 2027) (versus 25.6% in the same period of the prior year) reflects the results of these efforts.
With "becoming a 100-year company" set as a management goal, the company continues product development and sales strengthening. The policy is to maintain long-term competitiveness through maintaining and expanding production capacity using the new factory completed in 2023, and through product development that matches customer needs. The company also continues shareholder returns, maintaining an annual dividend of ¥15 (FY2027 (ending February 2027) forecast).
Last updated: July 17, 2026