MITSUBOSHI CO.,LTD.
5820・Standard Market・Nonferrous Metals
Business
Mitsuboshi Co., Ltd. is a comprehensive wire and cable manufacturer headquartered in Osaka, founded in 1947, operating three segments: Wires and Cables, Polymatech, and Heating Wire. In the core Wires and Cables segment, the company manufactures rubber cabtyre cables, cross-linked polyethylene cables, welding cables, and other products, which are sold to the construction and electrical retail markets through wholesalers, electrical materials stores, and trading companies. The Polymatech segment handles Extruded Products (Synthetic Resin Profile Extrusions), Functional Resin Products (High-Performance Tubes), and LED-Related Products, while the Heating Wire segment supplies Heating Wires and Tapes and resistance wire for industrial equipment, white goods, and electronic components. The group comprises five subsidiaries, including the Philippine subsidiary Mitsuboshi Philippines Corporation, and is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The Wires and Cables business is based on build-to-forecast production, while the Polymatech and Heating Wires and Tapes businesses are based on build-to-order production, combining indirect sales via wholesalers, electrical material dealers, and trading companies with direct sales to users. Raw material costs for copper, nickel, and other inputs are absorbed through pass-through to selling prices (base price revisions and copper price-linked revisions), and the company aims to maintain and improve profit margins through stronger sales of high-value-added products and continuous productivity improvements and cost reductions. As a medium- to long-term target, the company has set a consolidated ordinary income margin of 3.0% or higher.
Company Strengths
In FY2026 (ending March 2026), in addition to price revisions accompanying copper price fluctuations, the company announced a review of base prices to customers and promoted price pass-through, resulting in Wires and Cables segment profit of ¥476 million (up 59.2% year on year). The consolidated ordinary income margin also reached 3.3%, exceeding the mid- to long-term target of 3.0%, demonstrating the company's strong price pass-through capability through actual results.
The Wires and Cables Division holds ISO9001 certification (obtained in 1997), the Polymatech Division holds ISO9001 certification (obtained in 2003), and the head office along with the Shiga Plant and Habikino Plant hold ISO14001 certification (obtained in 2007). In addition to the two-site production system at the Shiga Plant and Habikino Plant, the company established the Technology Development Center in 2020, building a foundation for product development and quality improvement.
The company has an overseas procurement network through Mitsuboshi Philippines Corporation, established in 2007, which it utilizes for cost management of purchases in the wires and cables business. In 2023, the company made Kanan Shindosho Co., Ltd. and MC Refilla Co., Ltd. subsidiaries, achieving an expansion of the group's supply chain and business domains.
ENVALITH's Perspective
Performance Trend
Net sales grew for five consecutive fiscal periods, from ¥9,187 million in FY2022 (ended March 2022) to ¥11,728 million in FY2026 (ending March 2026). Operating profit bottomed out at ¥60 million in FY2024 (ended March 2024) and then recovered sharply, reaching ¥355 million in FY2026 (ending March 2026), up 152.2% year on year. As an external factor, the sharp rise in copper prices (reaching an all-time high of ¥2,190 thousand per ton in January) pushed up sales of Wires and Cables, while an increase in accounts payable of ¥387 million and a decrease in accounts receivable of ¥213 million contributed to a substantial improvement in operating cash flow, which rose by ¥627 million. On the other hand, inventories increased by ¥692 million, embedding a risk related to copper price fluctuations. For FY2027 (ending March 2027), net sales are forecast at ¥12,163 million (up 3.7% year on year) and operating profit at ¥402 million (up 13.2% year on year).
Growth Strategy
Sustainable growth through the "4S (New) Movement" and a new medium-term management plan starting in FY2027 (ending March 2027)
Amid an environment where industry association forecasts for order value and demand volume are increasing year on year, the company is strengthening efforts to acquire new customers and projects while continuing price pass-through to address rising raw material costs, including copper prices. It aims to reduce manufacturing costs through cost containment and productivity improvements at its plants.
Amid continued weakness in new housing starts, the company is expanding new orders through an active approach to the non-residential sector. Mass production of new projects for which mold fabrication was advanced in fiscal 2025 is scheduled to begin in fiscal 2026. Against the backdrop of the government's target of achieving 100% LED conversion of road lighting by 2030, the company is steadily capturing LED conversion projects from the Shuto Expressway, national roads, and municipal roads.
The company is focusing on developing new business in growth areas such as automotive, industrial robots, and semiconductor manufacturing equipment related to generative AI. It is also promoting expansion into emerging overseas markets such as India and Southeast Asia. The company aims to capture the full-scale recovery in demand, which showed signs of bottoming out in the second half of the fiscal year.
The company will formulate and execute a new medium-term management plan starting in FY2027 (ending March 2027), aiming for a sustainable growth trend. With ESG at the core of its management policy, it will continue to expand into businesses that address social issues, such as decarbonization, automation, and maintenance of aging infrastructure.
Last updated: July 19, 2026