ENVALITH
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KOMORI CORPORATION

6349・Prime Market・Machinery

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株式会社小森コーポレーション logo
KOMORI CORPORATION6349

Business

Komori Corporation is a printing machinery specialist manufacturer founded in 1923, forming a group consisting of the company and 26 subsidiaries. Centered on its core Offset Sheet-fed Printing Press, the company offers a wide range of products including Security Printing Press (banknotes and securities), Digital Printing Press (DPS business), Carton/Paperboard Printing Machinery, Post-press Processing Machine, and Printed Electronics (PE)-related equipment. Its manufacturing bases are centered in Japan (Toride, Sekiyado, Tsukuba), with additional operations in Europe, Greater China, and North America. Its sales network covers the globe through five segments: Japan, North America, Europe, Greater China, and ASEAN/India. Major customers range from commercial and package printing companies to government-affiliated security printing institutions in various countries. In FY2026 (ending March 2026), the overseas sales ratio reached 72.1%, effectively functioning as a global enterprise.

Business Model

The main revenue source is the manufacture and sale of printing machinery units, delivered to customers through sales subsidiaries and distributor networks around the world, using machines produced at manufacturing sites in Japan. After machinery sales, the supply of consumables and parts, along with maintenance services, generates ongoing revenue. The company strengthens after-sales service through Smart Factory proposals leveraging "KP-Connect (Smart Factory Platform)" and a 24-hour contact center, building long-term relationships with customers. In the Security Printing Press business, ultra-long-term service contracts for government agencies support stable revenue, while the DPS business aims to establish a recurring-type business model.

Company Strengths

The company has accumulated a track record of transactions with government-affiliated institutions that undergo rigorous bidding evaluations, including an order for banknote printing equipment from the U.S. Bureau of Engraving and Printing (BEP) and an order for the LITHRONE SX29 from NexG Berhad in Malaysia. The Security Printing Press business has a structure in which the order backlog converts into sales in subsequent periods, forming a stable revenue base.

The company operates independent sales subsidiaries across five segments—Japan, North America, Europe, Greater China, and ASEAN/India—and secured an order backlog of ¥75,705 million at the end of FY2026 (ending March 2026). The order backlog in the Europe segment increased 33.2% year on year to ¥17,841 million, and the effect of exhibiting at drupa2024 is expected to convert into sales in the next period.

At the end of FY2026 (ending March 2026), the equity ratio stood at 69.0% (up 2.2 points year on year), and total net assets reached ¥122,896 million. The company has obtained a long-term rating of A- from Rating and Investment Information, Inc. (R&I), and secured access to capital markets, including the issuance of ¥9,000 million in straight corporate bonds in April 2025. Cash and cash equivalents amounted to ¥52,851 million, indicating sufficient liquidity on hand.

ENVALITH's Perspective

Orders received in FY2026 (ending March 2026) decreased 12.5% year on year to ¥114,534 million. Although sales secured a 6.8% increase due to the consumption of the order backlog, the preceding decline in orders may constrain the room for growth from FY2027 (ending March 2027) onward. The company's forecast of ¥124,000 million in sales for FY2027 (ending March 2027) (up 4.5% year on year) is an achievable level, but sluggish demand in Greater China (sales down 18.1% year on year) and the continued loss in the Europe segment (a loss of ¥1,919 million) remain constraining factors for company-wide growth.

The Europe segment loss expanded from ¥778 million in the previous fiscal year to ¥1,919 million, weighed down by upfront costs from human capital investment made to respond to increased orders at Komori-Chambon. In addition, cash flow from operating activities sharply decreased from ¥17,018 million in the previous fiscal year to ¥3,533 million. The main causes were a decrease in accounts payable (¥5,740 million) and an increase in corporate tax payments (¥3,294 million), indicating a structure in which fluctuations in working capital cause cash flow generation to fall significantly short of the profit level, which warrants continued monitoring.

The company forecasts ordinary profit for FY2027 (ending March 2027) at ¥9,200 million (down 14.2% year on year), a substantial decrease in profit. Ordinary profit of ¥10,718 million in FY2026 (ending March 2026) included a foreign exchange gain of ¥383 million due to yen depreciation, meaning that changes in the foreign exchange environment, as an external factor, directly affect business performance. In addition, an increase in interest expenses associated with the issuance of corporate bonds (¥8,948 million) is expected to also weigh on ordinary profit. Meanwhile, whether the full-scale market launch of the DPS business (J-throne 29) will function as a new revenue source is a point of attention over the medium term.

Growth Strategy

Transforming the business portfolio through strengthening the offset and security printing foundation and cultivating growth businesses in DPS and PE

Continuing to introduce high value-added machines equipped with elemental technologies such as extended sheet-feeding for half-cut chrysanthemum size, double-sided coaters, and simulated embossing, led by the LITHRONE GX29 advance. Aiming to expand orders in the package, pharmaceutical, and specialty paper printing fields, and to improve cost of sales ratio and profitability.

Realizing "visualization," "automation," and "streamlining" through inter-process data linkage, supporting customers in maximizing productivity, responding to environmental requirements, and resolving labor shortages. Combined with the strengthening of after-sales service through the opening of the Contact Center in October 2025, this will promote the building of long-term relationships with customers.

Launching the B2 sheet-fed UV inkjet digital printing press "J-throne 29," the fastest in the B2 size class (6,000 sheets per hour single-sided), to appeal for the world's best-in-class ROI. Following its debut for the Greater China market at China Print 2025, aiming to expand sales globally.

Further strengthening the security printing technology cultivated in banknote printing, aiming to provide new solutions that protect the identity of nations, companies, and individuals. Leveraging the award received at HSP Asia 2025 to continue securing new orders from government-related institutions.

Accelerating technology development through open innovation via joint development with partner companies and industry-academia collaboration, advancing the development of new applications. Aiming to diversify long-term revenue sources by entering the electronic device manufacturing field utilizing printing technology.

Last updated: July 19, 2026