HIRANO TECSEED Co,.Ltd.
6245・Standard Market・Machinery
Business
Hirano Tecseed Co., Ltd. is an industrial machinery manufacturer founded in 1935 that manufactures and sells high-precision manufacturing equipment built on three core pillars: coating and laminating technology, drying technology, and running (web-handling) control technology. The business is organized into three segments: Coating Machine-Related Equipment (coating and laminating equipment for secondary battery electrodes, optical films, packaging materials, etc.), Chemical Machinery-Related Equipment (plastic film deposition equipment, vacuum film deposition equipment, electronic substrate manufacturing equipment, etc.), and Other (dyeing and finishing machinery, parts, repair and modification). Major customers include global leading companies such as Nitto Denko and LG Energy Solution, and the company supplies equipment to advanced materials, energy, and electronic components markets both domestically and internationally. The company operates globally as a group, including three consolidated subsidiaries (Hirano Giken Kogyo, Hirano K&E, and HIRANO AMERICA).
Business Model
The company designs, manufactures, and installs high-precision manufacturing equipment on a made-to-order basis tailored to customer specifications, with equipment sales as its primary revenue source. It employs a contract structure that collects advance payments at the time of order receipt, and cost-recovery provisions in the event of cancellation are also built into the contract terms. After equipment sales, the company maintains ongoing customer contact through after-sales services such as equipment modification, relocation, parts supply, and maintenance. Joint development and prototype testing with customers utilizing the research and development facility "Technicum" also serve as an important means of securing orders.
Company Strengths
Since its founding in 1935, the company has continuously deepened its coating, laminating, drying, and running control technologies, and holds 182 patents as of the end of the consolidated fiscal year. It is also working on in-house production of core components such as high-precision rolls and slot dies, as well as the automation of coating operations and digital twin development through integration with 3D-CAD and the latest automation technologies, forming a technical entry barrier.
The company has established a facility called 'Technicum' equipped with precision measurement instruments such as scanning electron microscopes, rheometers, and surface tensiometers, building a system that enables joint development and prototype testing with users and domestic and overseas universities and research institutions. It is also promoting the introduction of next-generation dry electrode film-forming test equipment and new multi-purpose experimental machines, and by engaging with customers from the development stage, this leads to order acquisition.
As of the end of FY2026 (ending March 2025), the order backlog stood at ¥31,649 million (Coating Machine-Related Equipment ¥20,907 million, Chemical Machinery-Related Equipment ¥10,250 million), maintaining a substantial order backlog even after the occurrence of ¥7,229 million in EV-related cancellations. The order backlog for Chemical Machinery-Related Equipment expanded by 56.9% compared to the end of the previous fiscal year, and the accumulation of orders across multiple segments supports mid-term revenue visibility.
ENVALITH's Perspective
Performance Trend
Revenue decreased 33.2% from ¥48,356 million in FY2025 (ending March 2025) to ¥32,285 million in FY2026 (ending March 2026), marking the first major revenue decline in five periods. This is believed to reflect the impact of an adjustment phase in the capital investment cycle in the North American EV and secondary battery markets as an external factor. Meanwhile, operating profit came to ¥1,599 million (versus ¥1,682 million in the previous period), a modest decline, while net income recovered to ¥1,313 million from ¥906 million in the previous period. Operating cash flow improved significantly to an inflow of ¥4,703 million (versus an outflow of ¥724 million in the previous period), and cash and cash equivalents stood at ¥11,628 million (up ¥375 million year on year), indicating a stable financial base. Depreciation expense was ¥828,285 thousand (consolidated), and the increase in tangible and intangible fixed assets was ¥1,370,147 thousand (consolidated, post-revision), reflecting continued capital investment.
Growth Strategy
Restructuring the revenue base through reduced reliance on North America, new market development, and deepening of core technologies
To mitigate excessive dependence on the North American EV market, the company is stepping up order-taking activities in regions outside North America, including Asia. In the Chemical Machinery-Related Equipment segment, the export order backlog has begun to show results, increasing 35.7% from the end of the previous fiscal year (as of the end of Q3), with the aim of stabilizing earnings through geographic diversification.
Learning from specification-determination and machinery/equipment adjustment costs incurred in the previous fiscal year, the company has reviewed order terms for certain projects. The recovery in net income attributable to owners of parent for FY2026 (ending March 2026) compared to the previous fiscal year suggests initial effects of the profit margin improvement measures.
In FY2026 (ending March 2026), the increase in consolidated tangible and intangible fixed assets was ¥1,370,147 thousand (as corrected), a substantial increase from ¥672,244 thousand in the previous fiscal year. By continuing capital investment even amid declining sales, the company indicates its policy of maintaining the capacity to respond when order volumes recover.
Last updated: July 19, 2026