TOYOTA INDUSTRIES CORPORATION
6201・Prime Market・Transportation Equipment
Business
Toyota Industries Corporation, founded in 1926, is a core company of the Toyota Group. With 300 subsidiaries and 23 affiliates, it operates globally across three businesses: (1) Industrial Vehicles (Forklift Trucks, etc., approximately 70% of net sales), (2) Automobile (Engines (Gasoline/Diesel), Car Air Conditioning Compressor, electric compressors, etc.), and (3) Textile Machinery (Spinning Machinery, quality inspection instruments, etc.). Its main customers are Toyota Group companies such as Toyota Motor Corporation and Denso. In March 2026, a tender offer by Toyota Asset Management Preparation Co., Ltd. was completed, and the company was delisted in June of the same year. Consolidated net sales reached ¥4,369,512 million (FY2026, ending March 2026).
Business Model
In the Industrial Vehicles segment, in addition to manufacturing and sales of forklifts, the company secures stable and multi-layered earnings by combining financial income from its Sales Financing business (Toyota Industries Commercial Finance, etc.) with its Logistics Solutions business through Bastian Solutions, Vanderlande Industries, and others. The Automobile segment is based primarily on made-to-order production supply to Toyota Motor Corporation and Denso, generating stable earnings based on long-term business relationships. The company invests ¥157,542 million in R&D expenses and ¥484,848 million in capital expenditures to maintain the competitiveness of its electrification- and automation-compatible products.
Company Strengths
The Industrial Vehicles segment recorded external customer sales of ¥3,043,058 million (up 9.2% year on year), orders received of ¥3,290,752 million (up 20.1% year on year), and an order backlog of ¥1,756,973 million (up 16.4% year on year). The company has manufacturing and sales bases in Europe, North America, Asia, and Australia, establishing a global supply system.
The Automobile segment adopts a build-to-forecast production system based on production plans provided by Toyota Motor Corporation and Denso Corporation. Sales to Toyota Motor Corporation amounted to ¥573,063 million (13.1% of total sales), an increase year on year. Stable demand within the group underpins the Automobile segment's sales of ¥1,190,313 million.
R&D expenses for the fiscal year totaled ¥157,542 million (including capitalized amounts). In the Automobile segment, the company is advancing development of electric compressors, on-board chargers, batteries, and other products, while in the Industrial Vehicles segment it is developing electric forklifts, automation technologies, and logistics solution systems. Of total capital expenditures of ¥484,848 million, ¥374,931 million was invested in the Industrial Vehicles segment alone, steadily building capabilities to respond to next-generation products.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 61% over four years, from ¥2,705,183 million in FY2022 to ¥4,369,512 million in FY2026, maintaining a revenue growth trend. However, operating profit for FY2026 (ending March 2026) fell sharply to ¥137,023 million (down 38.2% from ¥221,695 million in the prior period), with the operating margin declining from 5.4% to 3.1%. The main causes were increased expenses including engine certification-related costs, personnel costs, U.S. tariffs, and R&D expenses. External factors such as high tariff measures and slowing global economic growth stemming from geopolitical risk were also headwinds. Profit before income taxes was ¥279,193 million (down 20.6% year on year), and profit attributable to owners of the parent was ¥223,785 million (down 14.7% year on year). Operating cash flow improved substantially to ¥398,794 million from ¥171,578 million in the prior period, and cash and cash equivalents at period-end increased to ¥495,827 million.
Growth Strategy
Sustainable growth built on three pillars: deepening Logistics Solutions, advancing electrification, and rebuilding compliance
Promoting expanded sales of high-value-added services combining Automated Warehouses, AGVs, and logistics system integration. In FY2026 (ending March 2026), the Logistics Solutions business drove revenue growth in the Industrial Vehicles segment, offsetting declining forklift sales in Europe and China. The strategy of capturing rising demand for automation and labor-saving continues.
Rolling out electrification products such as on-board chargers, batteries, and electric compressors within the Automobile segment; the Electronics and Others (On-board Chargers, Batteries, etc.) category achieved revenue growth of 7% year-on-year in FY2026 (ending March 2026). Expansion of electric forklifts in Industrial Vehicles also continues. Capital expenditure of ¥204,923 million in property, plant and equipment acquisitions is building the foundation for electrification readiness.
Engine certification-related costs were one of the main factors significantly pressuring operating profit in FY2026 (ending March 2026). Rectifying certification processes and strengthening internal control systems are urgent priorities. Others costs surged from ¥28,050 million in the previous period to ¥89,308 million, and the effectiveness of recurrence-prevention measures will be key to future earnings recovery.
Last updated: July 19, 2026