ENVALITH
守谷輸送機工業株式会社 logo

MORIYA TRANSPORTATION ENGINEERING AND MANUFACTURING CO.LTD

6226・Standard Market・Machinery

Official website
守谷輸送機工業株式会社 logo
MORIYA TRANSPORTATION ENGINEERING AND MANUFACTURING CO.LTD6226

Business

Moriya Transportation Engineering and Manufacturing Co., Ltd. is an elevator specialty manufacturer founded in 1950, focusing mainly on Freight Elevators (for Buildings) while also offering Marine Elevators. The company has established an integrated system covering design and development, manufacturing, sales, installation, and Maintenance & Repair Services through renewal, with major customers including logistics facilities, refrigerated warehouses, semiconductor plants, data centers, and shipbuilding companies. Domestically, the company covers the entire country with 3 plants, 11 branch offices, and 50 service locations, maintaining a 24-hour, 365-day reception system. Overseas, Shanghai Moriya Elevator Co., Ltd. functions as a materials procurement point of contact and also supports installation of Marine Elevators.

Business Model

The company acquires customers through new elevator installation and replacement work, and after installation, generates recurring revenue through Maintenance & Repair Services under full maintenance contracts or POG contracts. The number of maintenance and inspection contracts at fiscal year-end reached 7,727 units, and Maintenance & Repair Services revenue amounted to ¥10,786 million, accounting for approximately 46% of total revenue. Since expanding demand for new installations directly contributes to the future accumulation of maintenance units, sales expansion and maintenance revenue growth form a mutually reinforcing structure.

Company Strengths

The number of maintenance and inspection contracts at fiscal year-end reached 7,727 units (an increase of 282 units year on year), and Maintenance & Repair Services revenue recorded ¥10,786 million (up 19.9% year on year). Against 109 cancellations/suspensions, there were 343 new contracts, continuing a net increase; the contract count that accumulates each period forms a stable revenue base that is less susceptible to economic fluctuations.

As a result of continuously promoting the review of overseas procurement sources, parts review, and in-house production, the gross profit margin improved by 3.8 points, from 31.8% in the previous period to 35.6% in the current period, and the operating profit margin improved by 4.6 points, from 21.1% to 25.7%. The Haga Plant, which began operations in March 2026, also functions as part of cost control, confirming a structural improvement in cost competitiveness.

The order backlog at the end of the current period reached ¥23,755 million (up 10.6% from the end of the previous period), with Freight Elevators (for Buildings) at ¥18,363 million (up 12.1%) and Marine Elevators at ¥2,916 million (up 23.8%), building up on both axes. The order backlog is at a level comparable to revenue, securing visibility for revenue recognition in the following period and beyond.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved high growth across all metrics: net sales of ¥23,589 million (up 21.4% year-on-year), operating profit of ¥6,071 million (up 48.3% year-on-year), and net income of ¥4,138 million (up 45.7% year-on-year). The operating margin improved further to 25.7% (from 21.1% in the prior period), and ROE rose to 31.4% (from 27.6%), indicating a further improvement in profitability indicators. While the buoyant semiconductor and data center investment environment served as an external tailwind, cost control through in-house production and procurement reform is the primary driver of margin improvement, and this can be assessed as a structural improvement.

The forecast for FY2027 (ending March 2027) calls for net sales of ¥25,400 million (up 7.7% year-on-year) and operating profit of ¥6,250 million (up 2.9% year-on-year), representing continued growth in both revenue and profit. However, the operating margin is expected to decline to 24.6% from 25.7% in the current period. Risks such as rising material costs and delays in construction plans due to U.S. trade policy and Middle East tensions have become apparent, and a slowdown in the pace of growth is anticipated. Order intake was roughly flat at 99.7% of the prior period level, and it should also be noted that the pace of order backlog accumulation is decelerating.

Cash flow from investing activities in FY2026 (ending March 2026) surged to an outflow of ¥3,341 million (compared to ¥261 million in the prior period). The primary driver was a ¥2,698 million increase in land, associated with the acquisition of land for the construction of the second Fukuura plant (a product development center, etc.) in Kanazawa Ward, Yokohama City. Cash and cash equivalents decreased from ¥5,739 million to ¥4,308 million. The equity ratio stands at a high 71.4%, reflecting strong financial soundness, and the company continues to maintain a debt-free management policy; nevertheless, the scale and timing of future construction investment and its impact on capital efficiency and dividend policy warrant continued monitoring.

Growth Strategy

Pursuing sustainable growth along four axes: expansion of production capacity, accumulation of maintenance contracts, expansion of marine elevator sales, and deepening of in-house production

The Haga Plant began operations in March 2026, achieving cost control through in-house production and expanded construction and maintenance capacity. This has contributed to a decline in the material cost ratio (from 44.5% to 43.1%), and a production foundation has been established to accommodate future increases in orders.

The company acquired land for the construction of a product development site, etc. (tentatively named Fukuura No. 2 Plant) in Kanazawa Ward, Yokohama City. The land acquisition cost was ¥2,698 million. The investment phase, aimed at further expanding next-generation product development and production capacity, has begun and will serve as a foundation for strengthening medium- to long-term competitiveness.

The number of maintenance and inspection contracts at period-end steadily increased to 7,727 units (7,445 units in the previous period). New contracts of 343 units and cancellations of 109 units resulted in a net increase of 234 units. Against a backdrop of growing demand for "preventive maintenance," repair projects also grew, with Maintenance & Repair Services revenue reaching ¥10,786 million (up 19.9% year on year).

Orders received for Marine Elevators expanded sharply to ¥1,582 million (up 140.7% year on year), and the order backlog also grew to ¥2,916 million (123.8% of the level at the end of the previous period). Revenue also progressed steadily at ¥981 million (up 4.7% year on year), and further revenue recognition is expected going forward.

Last updated: July 19, 2026