FUJIDIE Co., Ltd.

Business Details

The sole business segment of Fuji Die Co., Ltd. (6167). The company manufactures and sells wear-resistant tools and dies/molds using cemented carbide, whose main raw material is tungsten carbide, through an integrated production system covering powder blending, metallurgy, processing, and inspection. It supplies custom-made products to a wide range of industries, including transportation machinery, steel, beverage cans, and electric/electronic components. The company operates sales offices both domestically and overseas, and also handles steel and ceramic products other than cemented carbide. Based on the Medium-Term Management Plan 2026, the company is promoting production automation, overseas business expansion, and the establishment of new businesses.

Recent Overview

In FY2026 (ending March 2026), both net sales and operating profit recovered significantly; the next fiscal year is expected to see higher sales but lower profit due to price revisions in response to raw material price surges

In FY2026 (ending March 2026), net sales rose sharply to ¥17,446 million (up 5.1% year on year) and operating profit rose to ¥822 million (up 68.5% year on year), a substantial recovery. Strong sales of cemented carbide materials and a decrease in outsourced processing costs and electricity/fuel costs contributed to this. On the other hand, subsidy income decreased sharply from ¥74 million to ¥4 million, and ¥10 million in commission fees related to the acquisition of treasury stock were incurred. For FY2027 (ending March 2027), the company expects net sales to increase substantially to ¥26,000 million (up 49.0% year on year), incorporating the impact of price revisions in response to the significant surge in raw material prices, while operating profit is forecast to decline to ¥700 million (down 14.9% year on year). In response to the Chinese government's tightening of tungsten export restrictions, the company is promoting the full-scale launch of its cemented carbide recycling business and diversifying its procurement sources.

Key Products

Growth Drivers

• Strong sales of can-making dies, battery-related dies, and motor core dies within Cemented Carbide Dies & Molds (up 9.4% in FY2026, ending March 2026)
• Expansion of cemented carbide material sales within Other Cemented Carbide Products (up 15.0% in FY2026, ending March 2026)
• Strong sales of high-pressure equipment and cold rolling related tools within Cemented Carbide Tools (up 3.7% in FY2026, ending March 2026)
• Doubling of binder-less alloy production volume in a short period through automation of production processes (introduction of robots and full-scale operation of an optimized parts-cutting system)
• Expansion of sales of optical equipment-related products to local companies in the Chinese market and strong sales of semiconductor-related materials
• Promotion of overseas market development through exhibitions in China, Thailand, Indonesia, and India (Asia sales increased from ¥2,979 million to ¥3,677 million)
• Development of new alloy "Sasteroy STN30" (significantly reduced use of rare metals) and cultivation of new demand through its first exhibition appearance
• Full-scale launch of the cemented carbide recycling business, reducing raw material procurement risk and establishing a new revenue source
• Continued strengthening of management foundations, promotion of DX, and overseas business expansion as the final year of the Medium-Term Management Plan 2026

Risks

• Sluggish sales of Non-Cemented-Carbide Products (kneading tools, etc.) (down 8.9% in FY2026, ending March 2026)
• Extremely unstable tungsten supply to Japan due to the Chinese government's tightening of export restrictions on critical minerals
• Significant risk of steep increases in raw material prices (tungsten carbide and other rare metals), already incorporated into the FY2027 (ending March 2027) earnings forecast
• Impact on demand and costs from fluctuations in U.S. trade policy (tariff policy)
• Trends in resource export restrictions amid escalating tensions in the Middle East and strained Japan-China relations
• Risk of demand fluctuations for existing products (for internal combustion engines) due to the shift toward electrification in the automotive industry
• Reduction in non-operating income due to a significant decrease in subsidy income (from ¥74 million in the prior period to ¥4 million in the current period)
• Decrease in net assets due to treasury stock acquisition (¥310 million spent in the current period), with net assets declining from ¥20,748 million to ¥20,445 million
• Pressure on operating cash flow due to an increase in inventories (¥682 million), with operating cash flow declining from ¥1,800 million in the prior period to ¥1,159 million in the current period
• Contraction of the domestic market and intensifying competition for human resources due to the declining birthrate, aging population, and population decline