HISAKA WORKS, LTD.
6247・Prime Market・Machinery
Business
Hisaka Works, Ltd. was founded in 1942 and is listed on the Prime Market of the Tokyo Stock Exchange as an industrial machinery manufacturer. Its core technology is "technology for controlling the heat and pressure of fluids," and the company is organized into three segments: the Heat Exchanger Business, centered on Plate Heat Exchangers (PHE) and Brazed Plate Heat Exchangers (BHE); the Process Engineering Business, which handles Retort Cooking Sterilization Systems / Aseptic Rice Production Plants, Pharmaceutical Sterilization Equipment, and High Temperature High Pressure Dyeing Machines, among others; and the Valve Business, which manufactures Ball Valves (Various Types) and other products. Its customer base spans a wide range of industries, including chemicals, food, pharmaceuticals, textiles, energy, shipbuilding, semiconductors, and water and sewage systems, and the company provides products and engineering services to manufacturers and infrastructure operators both in Japan and overseas. Consolidated net sales for FY2026 (ending March 2026) reached a record high of ¥44,890 million.
Business Model
All three core segments are built on a made-to-order equipment/system sales foundation, with a structure that continuously captures post-delivery maintenance and parts replacement demand. In particular, the Maintenance Service business is expanding across segments as a stable revenue source. In addition, royalty income through technical assistance agreements (with South Africa, Italy, Portugal, France, etc.) and local sales/manufacturing utilizing overseas group companies (Malaysia, China, Thailand, the Middle East, etc.) also supplement the revenue base.
Company Strengths
The three businesses—Heat Exchanger, Process Engineering, and Valve—supply products to a range of industries including chemicals, food, pharmaceuticals, energy, semiconductors, and water/sewage infrastructure, diversifying dependence on the capital expenditure cycles of any specific industry. In FY2026 (ending March 2026), all three segments achieved year-on-year sales growth, with total sales reaching a record high of ¥44,890 million.
Domestic maintenance projects have been performing well across all businesses, forming a stable base of recurring demand. Overseas, new sites have been established in Southeast Asia and the Middle East to strengthen Maintenance Service. The previous medium-term management plan "G-23" positioned expansion of the maintenance business as a priority initiative, and progress has been made in capturing this demand.
In 2024, the company established the new Ikoma site in Ikoma City, Nara Prefecture, boosting production capacity for the Process Engineering Business. The company is also strengthening the production framework for the Heat Exchanger Business and Valve Business through the reconstruction of the Konoike site. Total capital expenditure in FY2026 (ending March 2026) amounted to ¥2,863 million, with ¥12.5 billion invested in growth over the three years of the previous medium-term management plan.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) reached a record high of ¥44,890 million (up 17.0% year on year). The main driver of the revenue increase was concentrated delivery of large-scale orders in the Process Engineering Business. Operating profit was ¥3,303 million (up 12.7% year on year) and ordinary profit was ¥3,620 million (up 6.8% year on year), securing profit growth, but the operating profit margin declined slightly to 7.4% from 7.6% in the previous fiscal year. Increases in fixed costs such as depreciation and personnel expenses put pressure on the profit margin. Profit attributable to owners of parent decreased to ¥3,449 million (down 8.8% year on year). This was impacted by ¥890 million in extraordinary losses related to factory restructuring and environmental measures. For FY2027 (ending March 2027), the company forecasts revenue of ¥4,400.0 billion, operating profit of ¥3,300 million, and net income of ¥2,410 million, a conservative forecast that anticipates a decline as a reaction to the large-scale orders in the previous period.
Growth Strategy
Under "Challenge2028," the company aims to capture demand for climate change response and energy/labor saving, targeting operating profit of ¥5,000 million in FY2028 (ending March 2028)
Under the three-year plan starting in FY2026 (ending March 2026), the company has set its management vision as "Challenge to Climate Change." With three pillars—strengthening environmentally conscious products and services, optimizing the business portfolio, and improving productivity—the company aims to achieve operating profit of ¥5,000 million in the final year, FY2028 (ending March 2028).
The Ikoma Plant (Nara Prefecture), which opened in 2024, has transitioned to a stable operation phase, strengthening the capacity to handle large-scale orders in the Process Engineering Business. Reconstruction of the Konoike Plant is also underway, developing the production system for the Heat Exchanger Business. In FY2026 (ending March 2026), the company achieved simultaneous delivery of multiple large-scale orders.
The company continues to receive orders for and deliver large-scale projects such as LNG-related and CO2 capture plants, overseas power-related large orders, aseptic packaged rice production plants, and pharmaceutical culture plants. Accumulation of domestic and overseas maintenance projects has expanded the stable earnings base. In FY2026 (ending March 2026), sales increased across all segments.
Sales of products addressing energy-saving and labor-saving needs, such as the Fully Automatic Continuous Sterilization and Cooling System, have been strong. The company is strengthening its expansion into new demand areas, including large orders for dyeing finishing equipment for Southeast Asia and valves for secondary batteries and semiconductors. The company continues to promote expansion of the overseas sales ratio (overseas sales of ¥9,510 million in FY2026 (ending March 2026), a 21.2% share).
The company continues to record gains from the sale of cross-shareholdings (¥1,492 million in FY2026 (ending March 2026)) while promoting their reduction. Dividends for FY2026 (ending March 2026) were ¥55 (an increase from ¥45 in the previous period), with the payout ratio rising to 42.2%. The company also conducted share buybacks (¥1,344 million in FY2026 (ending March 2026)), strengthening shareholder returns.
Last updated: July 19, 2026