MOLITEC STEEL CO., LTD.
5986・Standard Market・Metal Products
Business
Moritex Steel Co., Ltd. is a specialty steel strip trading company and manufacturer founded in 1943, comprising four segments: Trading Business (sales of Special Steel Strip, Ordinary Steel, etc.), Hardened Steel Strip Business, Sheet Metal Processed Products Business, and Overseas Business. Domestically, the company manufactures Hardened Steel Strip and Sheet Metal Processed Products at its Mie Oyamada Plant and Keihanna R&D Center, while operating five overseas sites in Thailand, China, Vietnam, Indonesia, and Mexico for steel processing & sales and automotive parts manufacturing. Its main customers are in the automotive (engine and transmission parts), agricultural machinery, home appliance, and semiconductor-related industries. Consolidated net sales for FY2026 (ending March 2026) were ¥48,193 million. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The Trading Business procures and sells Special Steel Strip and Ordinary Steel to customers, while the manufacturing division processes these steel materials into Hardened Steel Strip and Sheet Metal Processed Products to increase their added value, forming a vertically integrated model. Domestic subsidiaries such as Nakagawa Sangyo and Nichirin Kogyo, along with five overseas locations, complement sales channels and processing capacity, enabling the group to exert competitiveness as a unified entity. Earnings are composed of two pillars: the trading spread (difference between purchase and sales prices) and manufacturing margin.
Company Strengths
Since its founding in 1943, the company has been rooted in the market as a specialized trading company for Special Steel Strip, accumulating proprietary manufacturing technologies such as the mass industrialization of Hardened Steel Strip and Bainite Steel Strip (1966). Built on the Trading Business's revenue of ¥33,462 million, the vertically integrated structure in which the manufacturing division handles high value-added processing serves as a differentiating factor against competitors.
Starting with the establishment of a Thai subsidiary in 1997, the company sequentially expanded into China, Vietnam, Indonesia, and Mexico, building a five-location overseas presence. In FY2026 (ending March 2026), Overseas Business revenue was ¥5,770 million (up 4.6% year on year), and segment profit was ¥300 million (up 277.3% year on year), a significant improvement, indicating that the global manufacturing and sales foundation is beginning to function effectively.
Centered at the Keihanna R&D Center, the company is advancing development of EV Chargers (for standard chargers, DC chargers, and mechanical parking equipment), with orders increasing from major customers. Orders received by the Sheet Metal Processed Products Business rose significantly to ¥6,931,366 thousand (up 17.2% year on year), demonstrating that expansion into new EV-related fields is materializing into concrete order results.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2025) was ¥48,192 million (down 4.6% year on year), marking a second consecutive year of decline. The mainstay Trading Business led the decrease, falling 7.8% due to demand adjustments in the automotive, home appliance, and semiconductor sectors. Meanwhile, operating profit improved to ¥444 million (up 12.1% year on year), and ordinary profit rose to ¥630 million (up 95.4% year on year). The sharp increase in ordinary profit was driven by the disappearance of foreign exchange losses (¥181 million in the prior period) and the recording of ¥88 million in foreign exchange gains. Profit attributable to owners of parent reached ¥1,042 million (up 216.5% year on year), but this was mainly due to a gain on sale of investment securities of ¥768 million (recorded as extraordinary income). The equity ratio improved to 45.9% (from 39.8% in the prior period). Over the past five fiscal years, revenue remained flat in the ¥50,000 million range from FY2024 onward before turning to decline in FY2026. Operating profit has been on a recovery trend since falling into a loss in FY2023, but its absolute level remains low.
Growth Strategy
Aiming to improve profitability through three pillars: price pass-through in the Trading Business, expansion of EV Charger sales, and optimization of Overseas Business operations
Continuing to pass through rising raw material and energy costs to selling prices, with thorough spread management. While awaiting recovery in demand from the automotive, home appliance, and semiconductor sectors, the company aims to secure profits by leveraging favorable spread conditions in certain products. For FY2027 (ending March 2026), the Trading Business is expected to remain sluggish, making price management key to maintaining profit margins.
Promoting the development and order expansion of EV Chargers based at the Keihanna R&D Center. In addition to continuing to capture solid demand for agricultural machinery, the company is accelerating expansion into new fields such as new orders related to EVs. In FY2026 (ending March 2026), sales increased 2.6% due to solid demand for agricultural machinery, but challenges remain as segment profit decreased 22.5% due to a review of profitability related to inventory of certain products.
Continuing to improve production efficiency and quality at five sites in Thailand, China, Vietnam, and other locations, while aiming to expand new parts orders. In FY2026 (ending March 2026), segment profit significantly improved, increasing 277.3% year on year. The company is also working to optimize the production systems of each subsidiary in response to the shift in demand toward hybrid vehicles in certain regions and in line with the overseas strategies of Japanese manufacturers.
Last updated: July 19, 2026