ENVALITH
三浦工業株式会社 logo

MIURA CO., LTD.

6005・Prime Market・Machinery

Official website
三浦工業株式会社 logo
MIURA CO., LTD.6005

Business

Miura Co., Ltd. was founded in 1927 and is headquartered in Matsuyama City, Ehime Prefecture, engaged in the manufacture, sale, and maintenance of boilers and related equipment. The company has 59 consolidated subsidiaries and 4 equity-method affiliates, and operates in three segments: Japan Domestic business (revenue of ¥138,818 million), Americas business (¥91,264 million), and Other Asia business (¥38,617 million). Centered on steam boilers, the company offers a diverse range of products including water treatment, food equipment, medical equipment, marine equipment, and environmental analysis instruments, serving a broad range of industrial customers across food, medical, manufacturing, and shipping sectors. In 2024, the company successively made Cleaver-Brooks (US) and CERTUSS (Germany) subsidiaries, accelerating its global expansion.

Business Model

The company builds its customer base through sales of boilers and other equipment, and generates recurring revenue through paid maintenance management contracts (ZMP), inspection contracts, energy-saving proposals, and parts sales. The Domestic Maintenance Business segment maintains a high profit margin of 27.5%, significantly exceeding that of equipment sales (Domestic Equipment Sales Business margin of 15.5%). Through energy management proposals via MEIS CLOUD (Energy Management System) and the Maintenance Service (Marugoto Maintenance), the company is deepening its one-stop service offering, aiming for a "super maintenance company" model in which long-term customer relationships serve as the foundation for revenue.

Company Strengths

The Domestic Maintenance Business boasts a segment profit margin of 27.5%, with the continuous increase in the number of ZMP (Paid Maintenance Management) Contracts supporting stable earnings. Even after equipment sales, the company suppresses cancellation rates through customer engagement leveraging energy-saving activities and MEIS CLOUD (Energy Management System), building sustained customer relationships that competitors find difficult to replicate in a short period.

Centered on steam boilers, the company develops and manufactures in-house a wide range of products including water treatment equipment, Food Machinery & Medical Equipment, Marine Equipment, environmental analysis equipment, air compressors, and laundry equipment. R&D expenses of ¥5,117 million (FY2026 (ending March 2026)) were invested, with new products such as the electric compact once-through boiler AE-900A and hydrogen peroxide gas sterilizers continuously launched to market.

In 2024, the company successively made Cleaver-Brooks (U.S.) and CERTUSS (Germany) subsidiaries, establishing Americas business revenue of ¥91,264 million and Other Asia business revenue of ¥38,617 million. While securing access to capital markets through obtaining an R&I rating of A, the company has built a group network comprising 59 consolidated subsidiaries and 4 equity-method affiliates.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue reached ¥268,701 million (up 6.9% year on year), operating profit was ¥30,917 million (up 22.1%), and profit attributable to owners of parent was ¥27,621 million (up 20.7%), with all profit items marking new record highs. The sharp decline in M&A-related expenses from ¥2,625 million to ¥125 million was the main factor pushing the operating margin up from 10.1% to 11.5%, and this needs to be distinguished from organic improvement in earning power. Equity in earnings of affiliates also expanded from ¥4,284 million to ¥6,489 million, with contributions from equity-method companies such as Daikin Applied Systems supporting pre-tax profit.

Segment profit in the Americas business declined 13.1% from ¥11,901 million to ¥10,344 million, reflecting a combination of rising raw material prices, changes in sales mix, and increased labor costs. Other Asia also declined 6.9%, from ¥4,139 million to ¥3,851 million. Amid continued external pressure from inflation and rising labor costs in the US, the recovery of Cleaver-Brooks' profitability holds the key to achieving the medium-term plan target (operating profit of ¥36,500 million in FY2028, ending March 2028).

The company's forecast for FY2027 (ending March 2027) calls for revenue of ¥284,500 million (up 5.9% year on year) and operating profit of ¥32,600 million (up 5.4%), representing continued growth in both revenue and profit, though the growth rate is expected to slow from FY2026. Against the final-year target of the medium-term plan (FY2028, ending March 2028) of ¥300,000 million in revenue and ¥36,500 million in operating profit, it will be necessary to continuously verify the degree of achievability as of the FY2027 forecast stage. Uncertainty surrounding the Middle East situation has not been factored into the forecast, and attention should be paid to the potential for downside risk should geopolitical risk materialize.

Growth Strategy

Aiming to achieve the medium-term plan through the dual pillars of deepening total solutions in Japan and expanding overseas as a heat provider

Deepening sustained connections with customers through continuous growth in the number of paid maintenance contracts and expansion of Marugoto Maintenance services. In FY2026 (ending March 2026), the domestic segment posted revenue of ¥138,818 million (up 7.7% year on year) and segment profit of ¥21,530 million (up 7.8% year on year), a solid performance confirming the effectiveness of the strategy.

Strengthening the overseas revenue base through the full-period contribution of Cleaver-Brooks and CERTUSS results, along with expansion of the branch network and human capital investment in each region. In FY2026 (ending March 2026), revenue increased to ¥91,264 million in the Americas and ¥38,617 million in Other Asia, but segment profit in the Americas declined 13.1% year on year due to rising raw material and labor costs, leaving a challenge to address.

Continuing to generate business synergies through M&A, including making Daikin Applied Systems an equity-method affiliate (equity in earnings of affiliates of ¥6,489 million). Maintaining the policy of utilizing retained earnings for R&D on new products and services and for M&A aimed at acquiring unique technologies. In FY2026 (ending March 2026), expenditure for acquisition of subsidiaries was significantly reduced to ¥362 million from ¥126,034 million in the previous period, marking a shift to the integration phase.

Strengthening the development and proposal of clean heat supply products toward realizing a decarbonized society. Domestically, promoting energy-saving activities; overseas, deploying boiler proposals and energy-saving sales activities in response to environmental impact reduction needs. While tightening decarbonization regulations serve as a tailwind in the external environment, the company's own technological development capabilities remain the source of differentiation.

Last updated: July 19, 2026