ENVALITH
株式会社ジーテクト logo

G-TEKT CORPORATION

5970・Prime Market・Metal Products

Official website
株式会社ジーテクト logo
G-TEKT CORPORATION5970

Business

G-TEKT Corporation is an automotive parts manufacturer whose core business is the manufacture and sale of automotive Body Press Parts (white bodies). In Japan, the company directly manufactures and sells its products, while in North America, Europe, Asia, China, and South America, local subsidiaries conduct business with technical assistance from the parent company. The group consists of 19 consolidated subsidiaries and 1 equity-method affiliate, with consolidated net sales of ¥333,413 million for FY2026 (ending March 2026). The company's principal customer is the Honda Motor Co., Ltd. group, with Honda Development & Manufacturing of America, LLC and Honda Motor Co., Ltd. together accounting for approximately 28% of net sales. Production Equipment such as Dies and Jigs/Tools is mainly supplied within the group by domestic subsidiaries and subsidiaries in Thailand and China, forming a vertically integrated business structure.

Business Model

Revenue is composed of two pillars: continuous sales from order-based production of mass-produced parts, and vehicle model development sales such as dies and prototypes that arise when launching new vehicle models. Mass-production sales are linked to customers' production volumes and form a stable revenue base, while vehicle model development sales serve as a high-value-added revenue source that fluctuates according to the new model development cycle. Overseas subsidiaries also generate royalty income based on technical assistance agreements. The company maintains an R&I rating of "A-" and has established a funding structure combining internal funds with borrowings from financial institutions.

Company Strengths

1964年（菊池プレス工業）および1967年（高尾金属工業）にHondaとの取引を開始し、60年超の取引実績を持つ。FY2026 (ending March 2026)においてHonda Development & Manufacturing of America, LLCへの販売額は¥64,001 million（売上比19.2%）、本田技研工業株式会社への販売額は¥30,384 million（同9.1%）と、Honda向けが売上の約3割を占める安定的な受注基盤を形成している。

日本・北米・欧州・アジア・中国・南米の6地域に生産拠点を持ち、連結子会社19社を通じてグローバルに事業展開する。各海外子会社には技術援助契約（14社）を締結し、製造ノウハウを供与するとともにロイヤリティを受領する体制を構築。

金型・治工具の内製供給体制も整備しており、グループ内での技術・品質管理の一貫性を確保している。

FY2026 (ending March 2026)末の純資産合計は¥239,443 million、資産合計¥372,445 millionであり、自己資本比率は64%超と経営目標の50%以上を大幅に上回る。2020年4月にR&Iより信用格付「A-」を取得・維持しており、資金調達コストの安定化に寄与している。

営業CFは¥35,053 millionと潤沢で、設備投資（¥40,201 million）の大部分を自己資金で賄える収益力を有する。

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales decreased 1.7% year on year to ¥333,413 million and operating profit decreased 4.6% to ¥15,623 million, resulting in lower revenue and profit. However, non-operating income items such as foreign exchange gains of ¥912 million, subsidy income of ¥637 million, and equity in earnings of affiliates of ¥884 million contributed positively, leading to an increase in ordinary profit of 5.4% to ¥18,480 million and net profit attributable to owners of the parent of 8.2% to ¥13,455 million. While the high degree of dependence on external factors (foreign exchange) warrants attention, the fact that profit contribution from vehicle model development sales has enhanced the quality of earnings is commendable.

In the China segment, net sales decreased 7.9% year on year to ¥53,171 million, and the operating loss widened to ¥947 million (from a loss of ¥145 million in the previous period), directly impacted by production cuts at local Japanese manufacturers. Meanwhile, in the North America segment, the increase in tangible and intangible fixed assets amounted to ¥19,064 million, the largest investment scale among all segments. Whether this investment translates into increased mass-production sales will be key to the recovery of business performance from FY2027 (ending March 2027) onward. Close attention should be paid to the structural deterioration of the competitive environment in China and the outlook for recovery of the North America investment.

The consolidated business forecast for FY2027 (ending March 2027) indicates a bullish outlook, with net sales projected to increase 7.7% year on year to ¥359,000 million and operating profit to increase 22.9% to ¥19,200 million. The main basis for this is the increase in vehicle model development sales accompanying the start of mass production of new models for customers in Europe and Asia, as well as an increase in the per-unit cost of new models. However, there is high uncertainty regarding external factors that could affect performance, such as the foreign exchange rate assumption (1 US dollar = ¥150), geopolitical risks (Middle East, US-China relations), and the impact of US tariff policy. The shareholder return policy of a dividend payout ratio of 30% or more and DOE of 3.0% or more (target for FY2031, ending March 2031) remains unchanged, with an annual dividend of ¥98 planned (an increase of ¥2 year on year).

Growth Strategy

Aiming for ¥400,000 million in sales by 2030 through evolution into a Tier 0.5 system supplier and global smart factory expansion

Expanding the business domain from supplying individual press parts to proposing large integrated products and systems in the body area. Leveraging deep business relationships with the Honda group, the company aims to strengthen participation from the vehicle model development phase to enhance added value and profitability. In FY2026 (ending March 2026), vehicle model development sales increased in Japan and North America, confirming the effectiveness of the strategy.

Using the phased operation of the domestic Chubu Plant as a leading case, automation and unmanned operation of production, inspection, and logistics are being rolled out globally. Smart factory operations have also begun at the China Nansha Plant. Capital expenditure on tangible fixed assets in FY2026 (ending March 2026) was ¥40,201 million, a significant increase year on year, as investment in facilities in North America and Asia is being actively pursued.

In FY2027 (ending March 2027), an increase in dies and vehicle model development sales, along with an increase in the unit price per new model, is expected due to the development and start of mass production of new models by customers in Europe and Asia. This forms the main basis for the forecast of sales of ¥359,000 million (up 7.7% year on year) and operating profit of ¥19,200 million (up 22.9% year on year).

While maintaining a payout ratio of 30% or more, the company targets a DOE (dividend on equity) of 3.0% or more by FY2031 (ending March 2031). The annual dividend for FY2026 (ending March 2026) is planned at ¥96 (up ¥9 year on year, payout ratio of 30.5%), and ¥98 (up ¥2) is planned for FY2027 (ending March 2027). Retained earnings have accumulated to ¥140,842 million, providing ample capacity for shareholder returns.

Last updated: July 19, 2026