AIRTECH JAPAN,LTD.
6291・Standard Market・Machinery
Business
Nippon Air Tech Co., Ltd., founded in 1973, is a specialist manufacturer of clean air systems, primarily serving the semiconductor/electronics industry and the biological field. The company offers a wide range of products and services, including Clean Rooms, Air Showers, clean booths, clean benches, Biological Equipment, and Installation & Maintenance Service. It is listed domestically on the Standard Market of the Tokyo Stock Exchange, and also maintains a global network through technology licensing agreements with partners in Singapore, Taiwan, China, South Korea, India, and Vietnam. Net sales for FY2025 (ending December 2025) were ¥14,151 million.
Business Model
Starting from technology development at its in-house research institute (staffed by 7 personnel), the company manufactures and sells a full range of products from Clean Rooms to equipment and consumables. Installation & Maintenance Service, accounting for approximately 23% of sales, forms a stable revenue base. The company has a structure in which royalty income from technology licensing agreements with 7 overseas companies and dividends received from affiliated companies (¥437 million in FY2025 (ending December 2025)) boost ordinary income as non-operating income.
Company Strengths
Since its founding in 1973, the company has accumulated technology as a specialized manufacturer of clean air systems. With a research staff of 7, it has continuously pursued airflow simulation and DC motor-driven fan development, with R&D expenses of ¥132 million in FY2025 (ending December 2025). In November 2025, it newly launched the "Clean Room Compatible Robot Vacuum Cleaner (Model C30CR)" and achieved 7 new patent applications and 1 patent granted.
The company has concluded technology licensing agreements with a total of 7 companies in Singapore, Taiwan, China, South Korea, India (2 companies), and Vietnam, earning royalty income and dividends received from affiliated companies. In FY2025 (ending December 2025), dividends received from overseas affiliates and others amounted to ¥437 million, exceeding expectations, contributing to ordinary income of ¥1,606 million (+¥443 million versus operating income).
The company serves both the electronics industry, driven by growing AI and semiconductor demand, and the pharmaceutical and regenerative medicine fields amid a super-aging society. In FY2025 (ending December 2025), Clean Room sales grew 53.0% year on year (¥1,977 million) and Biological Equipment sales grew 14.2% year on year (¥1,220 million), confirming growth in both fields.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue bottomed out at ¥13,172 million in FY2022 and recovered to ¥14,151 million in FY2025. Operating profit also improved from a trough of ¥707 million in FY2023 to ¥1,164 million in FY2025. However, the full-year forecast for FY2026 points to a slight decline, with revenue of ¥14,000 million (down 1.1% year on year) and operating profit of ¥1,150 million (down 1.2%). Results for Q1 of the fiscal year ending December 2026 showed a decline in both revenue and profit, with revenue of ¥3,689 million (down 2.9% year on year) and operating profit of ¥313 million (down 14.6%). The main causes were a decrease in large-scale projects and an increase in personnel expenses. As external factors, surging energy and raw material prices driven by the situation in the Middle East, along with rising personnel costs, continue to weigh on profitability.
Growth Strategy
Aiming for net sales of ¥18,000 million in FY2028 through production capacity expansion, an increased ratio of standard products, global expansion, and enhanced shareholder returns
Leveraging the Akagi No. 2 Plant, scheduled to commence operations in September 2026, to improve equipment productivity and increase sales, while achieving greater transportation efficiency and lower transportation costs through the downsizing and consolidation of rented warehouses. This is the most critical initiative directly linked to profitability improvement from the second half onward.
As part of decarbonization efforts, solar power generation and storage battery systems will be installed at both plants. This initiative simultaneously pursues cost reduction through energy conservation and enhancement of corporate value (ESG response). Construction in progress of ¥21 million has already been recorded for the Isesaki Plant portion.
As the third year of the Medium-Term Management Plan (FY2024–FY2028), the company is proactively investing in human capital. An increase in salary and bonus provisions is reflected in the Q1 results, reflecting a policy that prioritizes strengthening organizational capabilities over the medium to long term.
The company is considering the need to revise the Medium-Term Management Plan formulated in 2023, in light of changes in domestic and international political, economic, and social conditions and market circumstances. It will maintain a high standard of governance and promote 'management conscious of cost of capital and stock price,' working toward sustainable growth and enhanced corporate value.
The annual dividend forecast for FY2026 (ending December 2026) is maintained at ¥55 (unchanged from the previous fiscal year). The company will continue its high level of shareholder returns with a total payout ratio of 68.9%, and will promote initiatives aimed at improving PBR.
Last updated: July 17, 2026