MARUYAMA MFG. CO., INC.
6316・Standard Market・Machinery
Business
Maruyama Mfg. Co., Ltd. is a long-established industrial machinery manufacturer founded in 1895 and incorporated in 1937. With three core competencies—high-pressure pump technology, two-cycle gasoline engine technology, and fire extinguisher technology—the company operates across four segments: Agricultural & Forestry Machinery (pest control machinery, brush cutters, etc.), Industrial Machinery (high-pressure pumps, Ultra Fine Bubble Products), Other Machinery (fire fighting machinery), and Real Estate Leasing. Domestically, its main customers are Kubota Corporation and the National Federation of Agricultural Cooperative Associations (Zen-Noh), while overseas it is expanding globally with subsidiaries in the United States, Thailand, India, Colombia, and elsewhere. Consolidated net sales for FY2025 (ending September 2025) were ¥41,266 million.
Business Model
Domestically, the company centers manufacturing on the Chiba Plant and sells Agricultural & Forestry Machinery through distribution networks including nationwide agricultural cooperatives (JA), Kubota, and home centers. For Industrial Machinery, specialized staff are stationed at 25 sales offices nationwide to directly develop the market. Overseas, the company secures cost competitiveness through local production subsidiaries in Thailand, India, and elsewhere, while selling through distributor networks in the US, Europe, Asia, and South America. The Real Estate Leasing Business and Electricity Sales Business function as stable, high-margin (61.8%) revenue sources.
Company Strengths
Sales to Kubota Corporation of ¥4,734 million (11.5% of revenue) and to the National Federation of Agricultural Cooperative Associations (Zen-Noh) of ¥4,603 million (11.2%) form a stable sales base through transactions with the two largest agricultural distribution companies. In FY2025 (ended September 2025), the Agricultural & Forestry Machinery segment recorded revenue of ¥32,020 million (up 5.9% year on year) and operating profit of ¥1,309 million (up 16.3% year on year), with the core segment on a recovery trend.
The Industrial Machinery segment recorded revenue of ¥6,581 million against operating profit of ¥1,269 million, representing an operating margin of 19.3%, far exceeding the company-wide average (2.6%), making it a highly profitable segment. The company is developing new markets for Ultra Fine Bubble Products (such as hot water washers and Bublish) built around its high-pressure pump technology, and increased sales of industrial pumps to Europe have also been confirmed.
The company is advancing multi-site overseas expansion, including a local production subsidiary in Thailand (established 2008), a local subsidiary in India (established 2023, with construction of its own factory underway), and a local subsidiary in Colombia (established 2025). It invests ¥1,069 million annually in R&D-related expenses (R&D expenses of ¥461 million plus manufacturing expenses of ¥608 million), continuing to develop proprietary technologies such as MFC processing technology and long-life packing.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years peaked at ¥41,426 million in FY2023 (up from ¥37,503 million in FY2021), then declined to ¥40,006 million in FY2024 and stagnated at ¥41,266 million in FY2025. Operating profit also peaked at ¥1,732 million in FY2023 before falling to ¥1,080 million in FY2025. However, in H1 FY2026 (ending September 2026), the company posted revenue of ¥20,349 million (+11.2% year on year) and operating profit of ¥729 million (versus an operating loss of ¥24 million in the same period a year earlier), marking a clear turnaround. External factors—rising demand for agricultural machinery driven by surging wholesale rice prices and expanding demand for industrial pumps destined for North America—pushed up performance. The full-year forecast remains unchanged at revenue of ¥42,000 million (+1.8%) and operating profit of ¥1,500 million (+38.9%).
Growth Strategy
Revenue structure reform through overseas multi-site expansion, new market development for Industrial Machinery, and strengthening of After-Sales Service
MARUYAMA COLOMBIA S.A.S. was newly consolidated in the first half of FY2026 (ending September 2026), marking the start of full-scale entry into the South American market. This is expected to contribute to medium- to long-term sales growth as a new sales channel for Agricultural & Forestry Machinery.
The company is pursuing share expansion in the North American market on the back of additional orders from newly developed sales channels. In the first half of FY2026 (ending September 2026), Industrial High-Pressure Pumps for North America increased significantly, and overseas sales rose 27.5% year on year.
The company is expanding its framework for periodic inspection and maintenance of Large Pest Control Machinery and drones, and strengthening collaboration with business partners and affiliated service outlets. This contributes to stabilizing the earnings base as a source of recurring revenue following product sales.
The company is developing new individual consumer markets through the introduction of hot water washing machines to public facilities and bus companies, the expansion of sales channels for TechShower and Ultra Pump in the agricultural sector, and the rollout of the laundry adapter "Bubbliish" through consumer electronics retailers and e-commerce.
The company conducted the "Self-Propelled RC Set Power Sprayer Campaign" commemorating a model change of its mainstay Power Sprayers & Power Dusters through the end of March 2026, and the campaign ended with unit sales exceeding the previous year's results. The company continues to strengthen sales through domestic agricultural distribution channels.
Last updated: July 17, 2026