TSURUMI MANUFACTURING CO.,LTD.
6351・Prime Market・Machinery
Business
Tsurumi Manufacturing Co., Ltd. was founded in 1924 and marked its 100th anniversary in 2024 as a manufacturer specializing in submersible pumps. With submersible pumps as its core business, the company manufactures, sells, repairs, and installs various pumps, environmental equipment, and related devices, operating across five segments: Japan, North America, Asia, Europe, and Other (China, Australia, Middle East, Africa, etc.). Under a group structure comprising 22 subsidiaries and 4 affiliated companies, the company supplies products to a diverse range of markets including construction, facilities, government agencies, mining, plants, and livestock farming, with consolidated net sales reaching ¥77,227 million in FY2026 (ending March 2026).
Business Model
Most of the products are general-purpose items, and the company adopts a make-to-forecast production system based on demand forecasts. Domestically, the Kyoto Plant and Yonago Plant serve as the main manufacturing bases, supplying products in coordination with overseas manufacturing sites in Taiwan, Vietnam, Italy (ZENIT), and others. Sales are conducted through the sales networks of subsidiaries and affiliates in each country, and in addition to product sales, Repair, After-Sales Service & Construction Work also serves as a source of revenue.
Company Strengths
The Submersible Non-Clog Type Smash Pump, equipped with proprietary Smash technology (achieving both foreign-object passage and energy efficiency), has earned high acclaim in road cave-in restoration work, the facility market, the livestock market, and other fields, expanding orders both domestically and overseas. Amid decarbonization and labor-saving needs, sales in the facility market have increased substantially, demonstrating the company's product competitiveness through actual results.
Starting with the establishment of a Hong Kong base in 1976, the company has successively set up subsidiaries and affiliates in Singapore, the United States, Taiwan, Vietnam, Thailand, China, Australia, South Africa, the Middle East, Chile, and elsewhere, building a global-scale sales and manufacturing network. In FY2026 (ending March 2026), total overseas sales reached ¥46,265 million (North America ¥15,560 million, Asia ¥17,290 million, Europe ¥6,815 million, Other ¥6,600 million), accounting for approximately 60% of group sales.
The company continues to make integrated in-house production investments spanning from components to finished products, including in-house production of submersible motors at the Kyoto Plant's motor production building (completed September 2024), the launch of a new casting plant (supporting FC and FCD) at Alloy Technology's Nanbu-cho site, and the development of overseas manufacturing bases in Taiwan, Vietnam, and China. Total capital expenditure for FY2026 (ending March 2026) amounted to ¥2,472 million, simultaneously advancing production efficiency improvements and strengthening BCP (business continuity planning).
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥51,214 million in FY2022 (ending March 2022) to ¥77,227 million in FY2026 (ending March 2026) (up 13.5% year on year), driven by the consolidation of ZENIT's income statement (from Q3 of the previous fiscal year) and steady performance across each segment. Operating profit increased to ¥10,715 million (up 4.5% year on year), but the recording of goodwill amortization of ¥366 million and customer-related asset amortization expense of ¥105 million in the Europe segment caused the operating profit margin to decline from 15.1% to 13.9%. Ordinary profit rose sharply to ¥13,603 million (up 29.6% year on year), reflecting the recording of foreign exchange gains of ¥1,771 million due to yen depreciation at fiscal year-end. Meanwhile, net income declined sharply to ¥5,160 million (down 41.2% year on year), due to the disappearance of the previous fiscal year's gain on step acquisition of ¥1,721 million and the recording of an impairment loss on ZENIT of ¥4,434 million (of which goodwill accounted for ¥3,117 million and customer-related assets for ¥899 million). For FY2027 (ending March 2026), revenue is forecast at ¥77,800 million (up 0.7%) and operating profit at ¥7,300 million (down 31.9%), reflecting an expected significant decline in profit levels mainly due to the disappearance of foreign exchange gains and continued costs in Europe.
Growth Strategy
Final year of "Transformation2027": building the foundation for the next 100 years through manufacturing innovation and global site expansion
FY2027 (ending March 2027) is the final year of the three-year medium-term plan. The company will continue reforms centered on "manufacturing" while maintaining a stable supply system for social infrastructure and strengthening its management foundation. In March 2026, the company updated and announced "Measures toward Management Conscious of Capital Costs and Stock Price," setting policies for the reliable execution of capital policy and growth strategy, along with timely and appropriate shareholder returns and allocation of management resources.
Due to the prolonged war in Ukraine and the slowdown in the Chinese market, the company revised its business plan and recorded an impairment loss (goodwill of ¥3,117 million and customer-related assets of ¥899 million). The company plans new capital investment aimed at improving productivity and quality, with the goal of expanding its share in the global market. The remaining goodwill balance has been reduced to ¥33 million, significantly easing the future amortization burden.
The company established a local subsidiary in the Republic of Chile and a representative office in the Kingdom of Thailand for Southeast Asia (liquid-ring vacuum pumps), achieving geographic expansion into South America and Southeast Asia. A commemorative dividend was also implemented to mark the occasion. The company also plans to acquire 100% of the shares of Fujimaru Sangyo Co., Ltd. (the occasion for the commemorative dividend at the end of the second quarter of FY2027, ending March 2027), and is concurrently pursuing the strengthening of its domestic business foundation through M&A.
On May 12, 2026, the company resolved to conduct a share buyback of up to 1,200,000 shares and ¥2,500 million (buyback period: May 13, 2026 to November 11, 2026). Combined with the 1-for-2 stock split in October 2025, this aims to improve share liquidity and capital efficiency. The projected dividend payout ratio for FY2027 (ending March 2027) is 30.8%, exceeding the target of over 30%.
Last updated: July 19, 2026