ALMETAX MANUFACTURING CO., LTD.
5928・Standard Market・Metal Products
Business
Almetax Co., Ltd. is a domestic specialty manufacturer whose principal business is the manufacture and sale of aluminum-based housing building materials, including sashes, doors, and Exterior and Interior Products. Founded in 1969, the company listed on the Osaka and Kyoto Stock Exchanges in 1991, and transferred to the TSE Standard Market in 2022. Its major customers are large housing manufacturers centered on Sekisui House, Ltd. (approximately 50% of net sales) and Sekisui Heim Industry Co., Ltd. (approximately 10%), and the company operates in both the Sashes and Doors for New Housing field and the Building Materials for Renovation field. It operates multiple plants in Shiga, Ibaraki, Yamaguchi, Shizuoka, and Miyagi, and has built a manufacturing system whose strengths lie in handling a wide variety of products in small quantities, short delivery times, and custom orders. The company operates under the single Housing Building Materials Segment (Single Segment).
Business Model
The company's core business is a BtoB model in which it manufactures and sells aluminum building materials such as sashes primarily to major housing manufacturers, including Sekisui House Group, using a build-to-forecast production approach. It differentiates itself through the ability to handle a wide variety of products in small quantities with short lead times and custom specifications, and it is focusing on expanding orders for renovation applications in addition to new housing. Working capital and capital expenditure are funded from internal resources, and surplus funds are managed through investment securities and similar instruments, reflecting the company's financial structure.
Company Strengths
As of the fiscal year-end, the company had no interest-bearing liabilities, maintaining a current ratio of 487.0% and an equity ratio of 82.4%. Against total assets of ¥11,395 million, net assets reached ¥9,387 million, with cash and cash equivalents secured at ¥1,733 million. This stable financial base serves as a structural advantage supporting business continuity and investment capacity even amid deteriorating industry conditions.
The company pursues responsiveness and originality that large competitors lack, having built a manufacturing system with overwhelming capability to handle custom orders through high-mix low-volume production and short lead times. It operates multiple plants in Shiga, Ibaraki, Yamaguchi, Shizuoka, and Miyagi, and is promoting production efficiency through horizontal deployment, standardization, and operational consolidation across plants. The gross profit margin improved from 15.7% in the previous fiscal year to 19.5% in the current fiscal year, reflecting the results of profit structure reforms in the numbers.
The company is working on the development of next-generation high-performance sashes, leveraging testing verification and analytical technology at its own testing laboratory. R&D expenses for the current fiscal year totaled ¥89 million. Under a development organization capable of utilizing accumulated technical information, the company focuses on the speedy development of original products, while also carrying out new product development for various housing-related building materials in parallel.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥9,542 million in FY2022 and has declined for five consecutive periods, reaching ¥7,886 million in FY2026 (down 4.9% year on year). The main cause is the external factor of sluggish new housing starts, with continued weak demand for the core Sashes and Doors for New Housing. On the profit side, however, structural profitability reforms—productivity improvements, operational rationalization, and product price revisions—have proven effective, improving the gross profit margin to 19.5% (from 15.7% in the prior period). Operating profit turned positive at ¥9 million, up from a loss of ¥214 million in the prior period, and ordinary profit also recovered to ¥162 million from a loss of ¥70 million. The structure in which dividend income of ¥148 million (from investment securities and shares in affiliated companies) supports ordinary profit continues. For the full-year forecast for FY2027 (ending March 2027), the company expects revenue of ¥8,000 million (up 1.4%), operating profit of ¥30 million, ordinary profit of ¥190 million, and net income of ¥125 million.
Growth Strategy
Promoting revenue diversification and structural transformation through renovation, e-commerce, real estate, and IT investment
Leveraging national subsidy measures as a tailwind, the company is focusing on expanding orders in the Building Materials for Renovation field. It has newly established a construction department to enhance in-house construction capability, thereby promoting cost reduction and profitability improvement. This is being developed as a revenue source to compensate for the decline in Sashes and Doors for New Housing. Note that continuation of the subsidy measures is a prerequisite as an external factor.
The company has newly established a sales promotion department and is focusing on EC sales of various housing-related building materials to general customers and business partners, as well as the development of new business partners. This aims to reduce the risk of concentrated sales to the Sekisui House Group and diversify the revenue base. During the current period, results in acquiring new business partners were limited, and continued strengthening is needed.
The company is acquiring income-producing properties (rental apartments) and considering a business model that anticipates sale after enhancing real estate value. It obtained a real estate brokerage license in February 2026. The company aims to create synergies with its existing housing-related businesses. Land increased from ¥1,449 million in the previous period to ¥1,568 million, indicating that real estate investment is progressing.
In preparation for a future core system renewal, construction in progress for software increased significantly from ¥143 million in the previous period to ¥333 million. The company is proceeding with infrastructure development for revenue structure reform through operational efficiency and productivity improvement. As this is in the advance investment stage, it may pressure profits as a cost burden in the short term.
The company is reforming its personnel evaluation system from a seniority-based system to one emphasizing performance evaluation, promoting improved employee motivation and productivity. Salaries and allowances increased from ¥484 million in the previous period to ¥514 million, reflecting continued investment in human resources. This is positioned as a foundation for strengthening mid- to long-term earnings power.
Last updated: July 19, 2026