IWAKI CO.,LTD.
6237・Prime Market・Machinery
Business
IWAKI Co., Ltd. was founded in 1956 as a specialized manufacturer of chemical pumps. Through its corporate group (14 subsidiaries and 5 affiliated companies), the company develops, manufactures, and sells pumps and peripheral equipment that enable the safe transfer of chemical liquids. Its products are supplied to a wide range of industrial fields, including semiconductors/liquid crystal displays, medical devices, water treatment, chemicals, and new energy, with a lineup of over 60 product series and tens of thousands of models. Domestically, the company has an annual production capacity of approximately 800,000 units across two sites, the Saitama Plant and the Miharu Plant, while overseas it operates a global sales and service network through 19 affiliated companies in 15 countries.
Business Model
Approximately 24% of the domestic workforce is assigned to the sales division, which conducts customer-focused proposal-based sales through 13 domestic branch/sales offices and a nationwide dealer network. Overseas, 19 affiliated companies in 15 countries handle sales and service under exclusive distributorship agreements. In addition to product sales, Maintenance Services (Including Purchased Products) is positioned as a "product" in its own right, generating revenue through ongoing customer engagement via overhaul proposals and improvement proposals.
Company Strengths
The company offers over 60 product series and tens of thousands of models across six categories—Magnet Pump, Metering Pump, Air-Operated Pump, Rotary Positive Displacement Pump, Air Pump, and System Products—with an annual production capacity of approximately 800,000 units. This product network, which covers a wide range of industries from semiconductors to medical, water treatment, and new energy, contributes to customer retention.
Approximately 21% of all domestic employees are assigned to technology and development divisions, driving the development of core technologies in fluids, electromagnetics, mechanics, electricity, control, materials, and chemistry. R&D expenses for FY2026 (ending March 2026) totaled ¥921 million. Through a dual structure comprising the Development Division (product-out approach) and the Technology Division (market-in approach), the company continuously creates proprietary safety mechanisms and high-quality products.
Starting with the establishment of a European subsidiary in 1985, the company has built a network of 19 affiliated companies across 15 countries, including the United States, Europe, Asia, China, and Brazil. Each affiliate handles local sales and service under total agency agreements, with some engaging in knock-down production to meet short lead-time demand. Overseas sales for FY2026 (ending March 2026) reached ¥25,124 million, accounting for approximately 52.7% of consolidated net sales.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, rising from ¥32,440 million in FY2022 (ended March 2022) to ¥47,692 million in FY2026 (ending March 2026), representing a CAGR of approximately 10.1% over the period. Operating profit expanded roughly 2.8-fold, from ¥2,139 million in FY2022 (ended March 2022) to ¥5,924 million in FY2026 (ending March 2026). However, while revenue growth in FY2026 (ending March 2026) accelerated to 4.2% from 2.7% in the previous year, operating profit growth was limited to 1.4% due to increased fixed manufacturing cost burden associated with production adjustments and inventory optimization, causing the operating margin to decline to 12.4% (from 12.8% in the previous year). As external factors, solid demand in the medical device and water treatment markets and foreign exchange gains (¥131 million) supported ordinary profit and net income, with profit attributable to owners of parent rising 8.2% to ¥4,835 million, updating the record high. For FY2027 (ending March 2027), the company forecasts revenue of ¥50,959 million (up 6.8% year on year) and operating profit of ¥6,428 million (up 8.5% year on year).
Growth Strategy
Under the NEXT10 long-term vision, the company is advancing steady growth and building a foundation for the future through the Medium-Term Management Plan 2027
Executing a three-year plan spanning FY2026 (ending March 2026) to FY2028 (ending March 2028) under the theme of "steady growth and laying the foundation for future leaps." In the first year, FY2026 (ending March 2026), net sales reached ¥47,692 million (up 4.2% year on year), and net sales for FY2027 (ending March 2027) are forecast at ¥50,959 million (up 6.8% year on year). The company is expanding sales by deploying solution-proposal-based sales activities both domestically and overseas.
The water treatment market (¥11,428 million in FY2026 (ending March 2026), up 3.9% year on year) and the medical device market (¥8,841 million, up 6.5% year on year) are positioned as key growth drivers, with continued expansion particularly in U.S. water treatment applications (¥7,849 million, up 8.4% year on year). Both markets are expected to continue trending favorably in FY2027 (ending March 2027) as well.
Overseas sales in the semiconductor and LCD markets for China, South Korea, and Taiwan (¥7,299 million in FY2026 (ending March 2026), up 6.2% year on year) performed well. The company plans to continue capturing growing demand in the Asian region (Taiwan and South Korea) and in China (semiconductor and LCD markets).
Under the banner "Aid daily life globally, evolving for future needs," the company is pursuing six key themes, including contributing to overseas water treatment needs and responding to next-generation energy requirements. The FY2026 (ending March 2026) result of ¥47,692 million represents approximately 47.7% of the target level, requiring continued average annual growth of approximately 8%.
Last updated: July 19, 2026