TACMINA CORPORATION

Business Details

The company manufactures and sells High-Performance Solution Pumps (Smoothflow Pump) as its core product, along with General-Purpose Chemical Injection Pumps, Chemical Transfer Pumps, Measuring Instruments & Equipment, Fluid Equipment, and Chemical Tanks, serving a wide range of industries including environmental conservation, water treatment, chemicals, electronic materials, sterilization, food, and pharmaceuticals. The domestic chemical industry is the primary market, with overseas expansion into South Korea, China, and other parts of Asia. In FY2026 (ending March 2026), both net sales and profit at every stage renewed record highs for the fourth consecutive fiscal year.

Recent Overview

Record highs for the fourth consecutive fiscal year, but overseas EV slowdown caused a decline in High-Performance Pump sales and a significant drop in order backlog

In FY2026 (ending March 2026), net sales reached ¥11,155 million (up 0.3% year on year) and operating profit reached ¥1,630 million (up 1.7% year on year), renewing record highs for the fourth consecutive fiscal year. Domestically, the chemical industry (materials-related) led growth, with Chemical Transfer Pumps (+17.1%) and Fluid Equipment (+28.6%) increasing significantly. Meanwhile, overseas, High-Performance Solution Pumps saw a 7.3% decline in sales due to a slowdown in secondary battery-related investment in South Korea amid decelerating EV demand, and total overseas sales also fell 20.0% to ¥1,379 million. Although the gross margin declined due to changes in sales mix, a decrease in overseas agency commissions pushed down SG&A expenses, allowing operating profit to increase. The order backlog at fiscal year-end stood at ¥1,834 million (down 16.4% from the previous fiscal year-end), indicating some softening in forward-looking indicators. For FY2027 (ending March 2027), the company forecasts net sales of ¥11,200 million (+0.4%) and operating profit of ¥1,635 million (+0.3%), representing modest increases in both sales and profit.

Key Products

Growth Drivers

• Continued orders for Smoothflow Pumps driven by resilient capital investment demand in the domestic chemical industry (materials-related)
• Acquisition of large-scale projects for General-Purpose Chemical Injection Pumps for water treatment plants
• Capture of large-scale projects for Chemical Transfer Pumps and Fluid Equipment for steelmaking and industrial plants
• Expansion of customer base for Smoothflow Pumps through new applications in research and development fields and appeal around TCO reduction
• Strengthening of the testing-facility-integrated sales structure through the newly established Fluid Solution Center (Yokohama LAB) in March 2025
• Deployment of Smoothflow Technology for the hydrogen and fuel cell markets (including exhibition at Smart Energy Week)

Risks

• Stagnation and contraction of secondary battery-related capital investment in South Korea due to decelerating overseas EV demand (overseas sales down 20.0%)
• Risk of decline in contribution margin and gross margin ratio due to changes in sales composition
• Pressure on SG&A expenses from ongoing wage increases, sales promotion investment, and R&D investment
• Impact of U.S. trade policy trends on the global economy and customers' capital investment plans
• Impact of geopolitical risks, including the situation in Iran, on resource price surges, orders, and production
• Uncertainty regarding next fiscal year's performance due to a significant decline in the fiscal year-end order backlog (¥1,834 million, down 16.4% from the previous fiscal year-end)