TOKYO KIKAI SEISAKUSHO,LTD.
6335・Standard Market・Machinery
Business
Tokyo Kikai Seisakusho Ltd. is an industrial machinery manufacturer founded in 1888, with a history that includes completing Japan's first domestically produced newspaper rotary printing press in 1906. Its core business is the manufacture, sale, and Maintenance Services of offset rotary presses for newspapers, with approximately 200 units in operation both domestically and internationally. Its consolidated subsidiary KKS Co., Ltd. handles peripheral equipment such as Newspaper Dispatch Systems & Peripheral Equipment, and The Yomiuri Shimbun Tokyo Head Office is listed among its other affiliated companies. In recent years, the company has leveraged the machine design and control technologies cultivated in its rotary press business to expand into the FA business centered on the All-Weather Autonomous Mobile Robot (AMR), as well as into processing and assembly business for parts used in battery manufacturing equipment, among other areas. Its main customers are domestic newspaper publishers and newspaper printing contractors, with The Yomiuri Shimbun Tokyo Head Office accounting for 50.4% of net sales in FY2026 (ending March 2026).
Business Model
The printing press business is a build-to-order model for large equipment with a long lead time from order receipt to delivery, and Maintenance Services after delivery generate stable recurring revenue. The company has been improving payment terms for new machines and maintenance work above a certain amount, building a structure that collects funds in advance as advance payments received (contract liabilities). The FA business and the fabrication/assembly business aim to diversify revenue sources by applying technology accumulated in printing press manufacturing to provide products and services for new markets such as logistics, defense, and food.
Company Strengths
The next-generation standard web offset press COLOR TOP ECOWIDE III has already received orders from The Yomiuri Shimbun Tokyo Head Office, The Miyazaki Nichinichi Shimbun, and Shimotsuke Shimbun and is currently in production. The order backlog reached ¥11,751 million (up 250.8% from the previous fiscal year-end), significantly improving medium-term sales visibility. The first unit is scheduled to begin operation around June 2026, and accelerated sales expansion is expected once a track record has been established.
As of the end of FY2026 (ending March 2025), interest-bearing debt consisted only of ¥25 million in lease obligations, making the company effectively debt-free. Cash and deposits stood at ¥7,976 million, and the equity ratio was 58.4%, indicating a solid financial foundation. Operating cash flow was ¥1,078 million, providing sufficient financial flexibility to allocate toward new business investment and shareholder returns.
Since the completion of Japan's first domestically produced web offset press in 1906, the company has accumulated over 120 years of manufacturing experience, with approximately 200 units in operation both domestically and overseas. Leveraging this technological foundation, the company's ability to flexibly customize products to individual customer specifications—such as outdoor-capable, shutter-equipped AMRs and automation/labor-saving equipment for the Ministry of Defense—serves as a key differentiating factor versus competitors.
ENVALITH's Perspective
Performance Trend
Revenue trended as follows: ¥6,859 million in FY2022 → ¥8,770 million in FY2023 → ¥9,315 million in FY2024 → ¥7,402 million in FY2025 → ¥8,457 million in FY2026. FY2025 saw a sharp revenue decline of -20.5% year-on-year, but FY2026 turned to a 14.2% increase, driven by revenue recognition under the percentage-of-completion method for the COLOR TOP ECOWIDE III. Operating profit has remained positive for three consecutive periods after moving out of the red in FY2022, and continued to improve in FY2026, reaching ¥721 million (operating margin of 8.5%). Net income attributable to owners of the parent surged to ¥1,057 million, boosted by litigation-related income of ¥452 million (extraordinary income) and the recognition of deferred tax assets (income tax adjustment of -¥170 million); however, excluding these one-time factors, the underlying earnings level is close to that of operating profit. For FY2027 (ending March 2027), the company forecasts revenue of ¥10,960 million, supported by an order backlog of ¥11,751 million, while operating profit is expected to see a slight decline to ¥700 million.
Growth Strategy
Targeting net sales of ¥10,960 million in FY2027 (ending March 2027) through expanded sales and backlog fulfillment of next-generation web offset presses, alongside cultivation of new FA and defense-related businesses
COLOR TOP ECOWIDE III units, already ordered by The Yomiuri Shimbun Tokyo Head Office, Miyazaki Nichinichi Shimbun, and Shimotsuke Shimbun, are currently in production. The order backlog of ¥11,751 million (up 250.8% from the end of the previous fiscal year) will be recognized as sales progressively from FY2027 (ending March 2027) onward, serving as the primary driver behind the projected net sales of ¥10,960 million.
The company is expanding its All-Weather Autonomous Mobile Robot (AMR) and Autonomous Cleaning Robot "Ichibou Dajin." Following exhibition at the Logis-Tech Tokyo 2025 international logistics show in September 2025 to raise brand awareness, the company aims to make a full-scale entry into the defense market, starting with the conclusion of a contract for automated transport and storage equipment for the Ministry of Defense.
The company will transfer land and buildings (36,736 sq. meters) located in Kisarazu City, Chiba Prefecture, to Kyowa Co., Ltd. for ¥399 million (contract concluded January 27, 2026; transfer scheduled for June 30, 2026). Against a book value of ¥286 million, a gain on sale of approximately ¥113 million is expected to be recognized as extraordinary income in FY2027 (ending March 2027).
Last updated: July 19, 2026