JRC Co.,Ltd.
6224・Growth Market・Machinery
Business
JRC Co., Ltd. originated as a conveyor parts manufacturer founded in 1961, and now operates across three segments: the Conveyor Business, the Environmental Plant Business, and the Robot SI Business. In the Conveyor Business, the company designs, manufactures, and sells outdoor belt conveyor parts (Idlers, Rollers, Pulleys, etc.) for steel mills, cement plants, mines, and power plants, while also offering solution proposals and maintenance. In the Environmental Plant Business, it provides one-stop support for waste treatment, water treatment, and biomass power generation facilities, while the Robot SI Business focuses mainly on the food and pharmaceutical industries, supporting the introduction of industrial robots. The company listed on the Tokyo Stock Exchange Growth Market in August 2023. Its vision is to "eliminate the world's inconveniences."
Business Model
In the Conveyor Business, the company secures stable recurring revenue from consumable parts that require replacement every few months in harsh operating environments, while building up solution sales based on on-site surveys and issue-driven proposals (solution ratio of 20.0%) as well as construction and maintenance revenue. The Environmental Plant Business secures orders from government and public-sector projects through an integrated system covering design, manufacturing, installation, and maintenance. The Robot SI Business improves profitability through repeat orders and Composite Line Proposals. Each business leverages M&A to expand its value chain and geographic reach.
Company Strengths
In FY2026 (ending March 2026), the Conveyor Business posted segment sales of ¥10,186 million with a high segment margin of 25.3%. Outdoor belt conveyor parts cannot be substituted by manpower and account for only a minor portion of overall costs, making them unlikely targets for cost cutting. Replacement demand occurring every few months generates stable recurring revenue.
An in-house integrated structure covering design, manufacturing, installation, and maintenance has earned strong trust in government and public-sector projects. In FY2025, sales in the Environmental Plant Business surged to ¥2,152 million (up 39.6% year on year), with segment profit of ¥451 million (up 75.1% year on year). The group's addition of Mukai Kakoki Co., Ltd. also accelerated expansion into the Kanto region.
In FY2024 alone, the company made Nakamura Jidokikai, Miyoshi Kikai Sangyo, Takahashi Kikan Kogyo, and Mukai Kakoki consolidated subsidiaries, and established JRC IFM Co., Ltd. in Thailand. In March 2025, it absorbed and merged Taisei Co., Ltd. and Nakamura Jidokikai to consolidate management resources, demonstrating a track record of non-linear growth through M&A.
ENVALITH's Perspective
Performance Trend
Revenue expanded rapidly from ¥9,473 million in FY2024 to ¥11,065 million in FY2025 to ¥13,747 million in FY2026, but cumulative revenue for Q1 of FY2027 (ending February 2027) was ¥3,538 million (+4.2% year on year), showing a sharp deceleration in growth. On the profit side, operating profit fell to ¥439 million (-37.0% YoY), ordinary profit to ¥427 million (-36.3% YoY), and net profit to ¥293 million (-43.2% YoY), representing a substantial decline. The main causes were the reversal of a temporary profit boost in the Environmental Energy Business seen in the same period last year, and increased construction-related costs for certain projects. The full-year forecast remains unchanged, with revenue of ¥15,099 million (+9.8% year on year) and operating profit of ¥1,965 million (+0.1% year on year). The equity ratio improved from 43.9% (at the end of FY2026, ending February 2026) to 45.2%, maintaining financial soundness.
Growth Strategy
Five pillars: deepening the Conveyor Business's three-in-one model, Southeast Asia expansion, integration of the environmental energy business, growth of the Robot SI Business, and active use of M&A
Continuing to refine the three-in-one model of "parts × solutions × maintenance," the company is promoting expansion of sales of functional products, growth in construction and maintenance work, and development of peripheral areas such as remote monitoring. It is strengthening its sales foundation through capturing repeat demand via its distributor network and deepening relationships with existing customers. In Q1 of FY2027 (ending February 2027), net sales were ¥1,936 million (up 3.1% year on year), a solid performance.
On May 29, 2026, the company established JRC Vietnam Co., Ltd. to accelerate the expansion of the JRC brand in the Southeast Asian market. Preparations for the start of operations are underway, and in June 2026 the company raised a total of ¥800 million unsecured from four banks over a five-year term, to be allocated to capital and equipment funds.
On March 1, 2026, JRC C&M, Seiko Tech, and Takahashi Kikan Kogyo were integrated to establish JRC E&E. By combining expertise in environmental plants and power generation plants, the company is strengthening its capability to handle large-scale projects. In Q1 of FY2027 (ending February 2027), net sales were ¥1,173 million (up 0.9% year on year), in line with the plan; however, operating profit fell 55.6% year on year due to increased construction costs, as integration costs became apparent.
The company is promoting order-taking activities centered on projects for the food industry and implementing structural reforms to strengthen its profit base. In Q1 of FY2027 (ending February 2027), net sales were ¥430 million (up 17.3% year on year) and operating profit was ¥51 million (up 18.4% year on year), achieving the only increase in both revenue and profit among the three segments. However, results fell short of plan due to the timing shift of some projects.
The company continues to make active use of M&A aimed at creating new businesses that contribute to solving social issues, having expanded net sales by approximately 45% over the past three fiscal periods through this approach. It has introduced a restricted stock compensation plan (up to ¥50,000 thousand per year) to design incentives for management and employees and to promote shared value creation with shareholders.
Last updated: July 17, 2026