AICHI CORPORATION
6345・Prime Market・Machinery
Business
Aichi Corporation is a specialized manufacturer of Hole-Digging & Pole-Erecting Trucks and Aerial Work Platform Vehicles for electric power, electrical, and telecommunications construction work, Aerial Work Platform Vehicles for construction and cargo handling, and Specialty Vehicles such as Skid Steer Loaders & Other Specialty Vehicles. Founded in 1962, the company is listed on the Prime Market of the Tokyo Stock Exchange. Domestically, its main customers are in the electric power, telecommunications, and construction industries, and it maintains a leading domestic share in truck-mounted Aerial Work Platform Vehicles. Overseas, it operates through subsidiaries in China (two subsidiaries in Zhejiang and Hangzhou) and New Zealand (AICHI NZ LIMITED), conducting manufacturing, sales, and after-sales service. In March 2025, the company entered into a capital and business alliance with ITOCHU Corporation, entering a new phase to accelerate the extension of its domestic value chain and the development of overseas markets.
Business Model
New specialty vehicle sales account for approximately 75% of net sales (¥44,652 million in FY2026 (ending March 2026)), while parts, repair and after-sales services account for approximately 24% (¥14,062 million in the same period). The company builds its customer base through new vehicle sales, creating a structure in which demand for parts and repair naturally expands as the number of vehicles in operation increases. Through the aggressive rollout of one-stop services (incorporating preventive maintenance and vehicle inspections), the gross margin of after-sales services has remained at a level exceeding that of Specialty Vehicles. As a basic policy, funding needs are covered by operating cash flow and internal funds, maintaining a debt-free management approach.
Company Strengths
The securities report explicitly states that the company "maintains a high-level share domestically in truck-mounted aerial work platform vehicles," and through years of product development and sales network building, it has established a market position that competitors cannot easily replicate in a short period. Production output of Aerial Work Platform Vehicles expanded to ¥40,762 million (up 11.8% year-on-year) in FY2026 (ending March 2026), confirming that share maintenance and production scale expansion are being achieved simultaneously.
In FY2026 (ending March 2026), the Parts & Repair segment posted net sales of ¥14,062 million (up 11% year-on-year) and gross profit of ¥5,199 million (up 18% year-on-year), showing a higher growth rate and profit margin than the Specialty Vehicles segment. The cumulative increase in the number of operating Aerial Work Platform Vehicles provides steady support for after-sales service demand, while vehicle inspection capture and preventive maintenance proposals through the one-stop service rollout are boosting earnings.
In March 2025, the company concluded a capital and business alliance agreement with ITOCHU Corporation, which serves as an other affiliated company providing business operation expertise and various forms of support. The agreement explicitly cites the utilization of ITOCHU's network in extending the domestic value chain (maintenance leasing and used vehicle business) and in developing overseas markets including Europe and Southeast Asia, giving a contractual basis for expected reinforcement of sales channels and distribution routes that would be difficult to achieve independently.
ENVALITH's Perspective
Performance Trend
Revenue was ¥59,614 million (+0.5% YoY), only a slight increase, but operating profit of ¥7,512 million (+1.0%) and net income of ¥6,658 million (+5.1%) both renewed record-high levels for the second consecutive year. While Specialty Vehicles revenue declined 3% YoY, Parts & Repair revenue expanded 11% YoY to ¥14,062 million, underpinning overall performance. The operating profit margin remained at a high level of 12.6% (12.5% in the previous period). Amid continuing cost-increase pressures from the external environment—rising labor costs, higher parts prices, and foreign exchange fluctuations—the company absorbed these through productivity improvements and cost-reduction activities. For FY2027 (ending March 2027), the company forecasts revenue of ¥63,000 million (+5.7%) and operating profit of ¥7,900 million (+5.2%).
Growth Strategy
Aiming for net sales of ¥63,000 million in FY2027 (ending March 2027) through collaboration with ITOCHU Corporation, value chain expansion, and overseas market development
The company continues proactive business activities such as preventive maintenance proposals and incorporation of vehicle inspection operations, achieving external net sales of ¥14,062 million (up 11% year on year) in FY2026 (ending March 2026). It aims to further expand after-sales service revenue by capturing structural demand growth driven by an increase in the number of operating vehicles.
Centered on collaboration with the ITOCHU Corporation group, the company is promoting entry into the maintenance lease business and expanding revenue from used vehicle sales. Net sales in the "Others" segment expanded sharply to ¥900 million (up 52% year on year) in FY2026 (ending March 2026), with the effects of the collaboration becoming increasingly apparent.
The company is strengthening the rollout of new vehicle sales and after-sales service through overseas group companies. Positioned as a growth engine to complement the maturing domestic market, it aims to expand overseas revenue contribution toward achieving the projected net sales of ¥63,000 million for FY2027 (ending March 2027).
In FY2026 (ending March 2026), the company made capital expenditures of ¥4,919 million for property, plant and equipment (a significant increase from ¥3,000 million in the previous fiscal year), expanding net buildings and structures from ¥6,225 million to ¥10,070 million. Construction in progress also remains at ¥2,825 million, with plant infrastructure development underway to achieve both improved production efficiency and environmental compliance.
Last updated: July 19, 2026