ENVALITH
株式会社タカキタ logo

TAKAKITA CO., LTD.

6325・Standard Market・Machinery

Official website
株式会社タカキタ logo
TAKAKITA CO., LTD.6325

Business

Takakita Co., Ltd. is an agricultural machinery specialist manufacturer founded in 1912, headquartered in Mie Prefecture, operating two segments: the Agricultural Machinery Business and the Bearing Business. In the Agricultural Machinery Business, the company manufactures and sells forage harvesters and feed-related work machinery for dairy and livestock farming, Soil Preparation Machinery (Organic Fertilizer Spreaders, Compost Spreaders, etc.), and work machinery for paddy fields, upland farming, and orchards. Its main customers are major agricultural machinery manufacturers such as Kubota, Yanmar Agribusiness, and Japan New Holland, with OEM supply as its core business. In the Bearing Business, the company handles processing of large bearings for industrial machinery and railway rolling stock. In FY2026 (ending March 2026), net sales were ¥6,549 million, with the Agricultural Machinery Business accounting for approximately 93.7% of the total. The company is listed on the Standard Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange.

Business Model

OEM supply to major agricultural machinery manufacturers such as Kubota (27.2% of sales), Yanmar Agri (19.5%), and Japan New Holland (10.5%) forms the core of earnings. In addition to sales of finished products, sales of replacement parts (aftermarket) are expanding, reaching ¥998 million (up 112.4% year on year) in FY2026 (ending March 2026), supplementing the stable earnings base. Production employs a build-to-forecast method, and cost reduction is being pursued through in-house production promotion via the construction of a new welding plant.

Company Strengths

Organic fertilizer spreaders and compost spreaders have received certification of a foundation-building business implementation plan under the Act on Promotion of Environmentally Friendly Food System (Midori no Shokuryo System Law), and are eligible products under the Green Investment Promotion Tax System, serving as a differentiating factor versus competitors. Possessing a product lineup directly linked to national environmental policy constitutes a company-specific competitive advantage.

In the Agricultural Machinery Business for FY2026 (ending March 2026), sales of parts reached ¥998 million, up 112.4% year on year, partially offsetting the decline in sales of finished products. Aftermarket revenue, which relies on the existing customer base, is a stable revenue source and functions as a structural strength that is less susceptible to economic fluctuations.

The company has 31 R&D staff, equivalent to 11.5% of total employees, with R&D expenses of ¥104 million in FY2026 (ending March 2026). It has continuously launched products to market such as self-propelled manure spreaders, the compact land-leveling machine Multi Grader, and cutting feeders, and maintains an in-house product development structure aimed at developing new markets such as paddy fields, upland fields, and orchards.

ENVALITH's Perspective

For FY2026 (ending March 2026), net sales came to ¥6,548 million (down 6.6% year-on-year) and operating profit was ¥326 million (down 5.3%), marking the second consecutive year of declining revenue and profit. Net income fell 63.7% to ¥205 million from ¥566 million in the prior period, but this was mainly due to the reversal effect of the ¥453 million gain on sale of investment securities recorded in the prior period, and the decline diverges from the decrease on an ordinary income basis (down 5.9%). As an external factor, sluggish machinery investment sentiment among livestock farmers continues due to persistently high imported feed and fuel costs, and the failure of orders for the mainstay Chopper Series to recover is a structural concern.

In FY2026 (ending March 2026), sales to Kubota came to ¥1,783 million, to Yanmar Agri ¥1,275 million, and to Japan New Holland ¥687 million, with the top three companies combined accounting for ¥3,745 million (approximately 57.2% of the total). Although this was down slightly from the prior period (approximately 58.4%), the risk structure in which changes in specific customers' procurement policies or fluctuations in overall demand in the agricultural machinery market directly impact performance remains unchanged. The reversal of front-loaded demand ahead of price hikes in the South Korean market also illustrates the risk of overseas dependence.

The earnings forecast for FY2027 (ending March 2026) projects net sales of ¥7,000 million (up 6.9% year-on-year), operating profit of ¥346 million (up 6.0%), and net income of ¥248 million (up 20.6%), anticipating a shift to increased revenue and profit. This is premised on a recovery in demand for paddy field market products against the backdrop of rising rice prices, as well as the completion of inventory adjustments in the South Korean market. However, against the targets set out in the original medium-term business plan (for FY2026, ending March 2026) of net sales of ¥8.5 billion and an operating margin of 8.5%, actual results of net sales of ¥6,548 million and an operating margin of 5.0% fell significantly short, and the feasibility of achieving a "return to a growth trajectory" under the second medium-term plan (FY2027–FY2029, ending March 2029) needs to be carefully assessed.

Growth Strategy

The second medium-term plan sets out a "return to a growth trajectory," promoting expanded sales in the paddy field market, diversification overseas, and deeper in-house production

Against a backdrop of rising rice prices, the company is promoting expanded sales of combination implements for the paddy field market and Soil Preparation Machinery (Organic Fertilizer Spreaders, Compost Spreaders, etc.). Through the introduction of new products, it aims to develop latent demand in the paddy field, upland farming, and orchard fields, thereby diversifying revenue away from dependence on the livestock farming market. Signs of an order recovery have been observed from the second half of FY2026 (ending March 2026).

In addition to continued deepening of presence in the steady European and US markets, the company expects demand recovery in the Korean market once inventory adjustments have run their course. It is advancing diversified expansion into Australia, Latin America, India, and the ASEAN region, aiming to expand overseas net sales and diversify geographically. In FY2026 (ending March 2026), overall overseas sales declined due to a rebound decrease in the Korean market.

In FY2026 (ending March 2026), the company established a new welding plant to advance in-house production, and the effect of cost reduction through improved plant utilization rates became evident. Together with the effect of product price revisions, the company will continue to promote improvement in profit margins. This contributed to operating cash flow of ¥695 million in FY2026 (ending March 2026) (up 101.8% year on year).

By expanding Replacement Parts (Aftermarket) sales leveraging the existing customer base, the company strengthens a stable revenue foundation that is less susceptible to economic fluctuations. It has been confirmed that increased parts sales also contributed to improved profitability in FY2026 (ending March 2026).

Last updated: July 19, 2026