Takatori Corporation
6338・Standard Market・Machinery
Business
Takatori Corporation is a manufacturing equipment maker headquartered in Kashihara City, Nara Prefecture, founded in 1956. In its core Electronic Equipment Business, the company manufactures and sells Semiconductor Manufacturing Equipment (wafer protective tape application and removal, etc.), New Materials Processing Equipment for SiC wafers (multi-wire saws), and Display Manufacturing Equipment for OLED and XR devices. In its Textile Machinery Business, it handles Automatic Cutting Machines, while its Medical Equipment Business covers the mobile M-CART Pleural/Ascitic Fluid Filtration and Concentration System as well as OEM/ODM Contract Manufacturing for Medical & Health Equipment. Its main customers are domestic and overseas semiconductor and electronic component manufacturers, and it is listed on the Standard Market of the Tokyo Stock Exchange. It has Takatori (Changshu) Precision Machinery Co., Ltd. as a consolidated subsidiary, but a resolution to dissolve it was passed in July 2025, and it is currently in liquidation.
Business Model
Centered on "eight core technologies" spanning bonding, vacuum, transport, cutting, control, polishing, measurement, and peeling, the company independently develops and manufactures original products that anticipate customer needs, selling them through domestic and overseas distributor networks (China, the US, Europe, Southeast Asia, etc.). Made-to-order equipment sales are the primary revenue source, with the Electronic Equipment Business accounting for approximately 95% of net sales. In the Medical Equipment Business, the company pursues revenue diversification through OEM/ODM Contract Manufacturing for Medical & Health Equipment.
Company Strengths
The company's securities report states that it has maintained its product share in cutting equipment even as the SiC wafer market for power devices shifts from 6-inch to 8-inch wafers. MWS is a proprietary product developed in-house in 1990, and the company maintains a competitive advantage backed by over 30 years of accumulated technology.
As of the end of FY2025 (ending September 2025), the equity ratio stood at 64.5%, with cash and deposits of ¥5,120 million. Against total assets of ¥15,911 million, the company held net assets of ¥10,266 million (retained earnings of ¥7,894 million), maintaining high financial soundness despite carrying short-term borrowings of ¥4,100 million. The company maintains a policy of funding working capital and capital expenditures primarily through internal funds.
The company has entered into sales agency agreements in multiple regions, including Toei Electronics Co., Ltd. (China), Grinding Technology, Inc. (US and Europe), TOYO ADTEC PTE. LTD (China, Taiwan, and the Philippines), and MILLICE PRIVATE LIMITED (Singapore and Malaysia). In FY2025 (ending September 2025), sales to TOYO ADTEC PTE. LTD expanded to ¥1,145 million (15.6% of net sales), confirming the effectiveness of its overseas sales channels.
ENVALITH's Perspective
Performance Trend
In the first half of FY2026 (ending September 2026) (October 2025–March 2026), net sales came to ¥2,733 million (down 28.5% year on year), with an operating loss of ¥91 million (versus operating income of ¥504 million in the same period of the prior year) and an ordinary loss of ¥33 million. Net income attributable to owners of the parent was ¥6 million, narrowly remaining in the black due to the recording of a ¥41 million extraordinary gain from the liquidation of a subsidiary. Looking at the trend over the past five fiscal years, sales peaked at over ¥16,000 million in FY2023 and FY2024, then plunged to ¥7,331 million in FY2025, with further deterioration continuing into the first half of FY2026. External factors—including restrained capital investment in the SiC industry, slowing growth in the EV market, and uncertainty stemming from tariff policy and geopolitical risk—have weighed on performance. The export sales ratio declined to 44.1% (versus 59.2% in the same period of the prior year), with Asia accounting for 75.8% of exports. Total assets stood at ¥15,380 million, net assets at ¥9,848 million, and the equity ratio at 64.0%, indicating that financial soundness has been maintained.
Growth Strategy
Deepening 8 core technologies and diversifying revenue sources through horizontal expansion into advanced semiconductors and medical equipment
Cautious stance on new capital investment continues in the SiC industry, and other new materials fields including GaN have not yet reached full-scale investment. The challenge is to maintain a product and technology framework capable of responding immediately to a market recovery. Sales and services for equipment aimed at a wide range of materials continue both domestically and internationally.
Sales to overseas users continue for manufacturing equipment used in ICs and communication semiconductors, as well as equipment for the semiconductor package testing field. Orders for some equipment fell short of plan, and the stage of capturing benefits from AI-related investment has not yet been reached. Sales of related equipment for the battery field have also commenced.
Strong sales of OEM products achieved net sales of ¥180 million (up 48.6% year on year). For M-CART, information dissemination through academic conference exhibitions and corporate seminars, as well as sales, rental, and trial lending to medical institutions, continue. Although the order backlog has accumulated to ¥348 million, a segment loss of ¥57 million continues, and monetization has not yet been achieved.
Transition to non-consolidated financial reporting from the third quarter of FY2026 (ending September 2026). A review of the group structure is underway, including the liquidation of a subsidiary (a gain on liquidation of ¥41 million was recorded in the current interim period). Following the change from consolidated to non-consolidated earnings forecasts, the information disclosure framework will also change.
Last updated: July 17, 2026