ENVALITH
株式会社酉島製作所 logo

Torishima Pump Mfg. Co., Ltd

6363・Prime Market・Machinery

Official website
株式会社酉島製作所 logo
Torishima Pump Mfg. Co., Ltd6363

Business

Torishima Pump Mfg. Co., Ltd., founded in 1919, is a pump-specialist manufacturer whose core businesses comprise the manufacture, sale, installation, and servicing of pumps and pump plants, mechanical seals, environmental equipment, and small-scale hydroelectric power generation equipment. The company derives over 90% of its sales from the pump business, making it effectively a single-segment company, and it holds the world's top share in high-pressure pumps for seawater desalination (RO membrane method). It has also established an overwhelmingly leading position as a manufacturer of boiler feedwater pumps for power plants both in Japan and overseas. The company operates offices, factories, and service locations across 36 sites in 20 countries worldwide, and maintains a diverse customer base spanning public-sector demand, private-sector demand, and overseas demand (the Middle East, Asia, Europe, and the Americas). Sales for FY2026 (ending March 2026) were ¥92,927 million.

Business Model

The company employs a compound revenue model combining made-to-order pump sales with after-delivery service operations such as maintenance, parts supply, and installation work. A substantial order backlog (¥106,199 million at the end of FY2026 (ending March 2026)) provides visibility into future sales and enhances management stability. The overseas sales ratio is high at 60.8%, with a global service network deployed primarily across the Middle East and Asia. The company also implements shareholder returns combining a progressive dividend policy (targeting DOE of 3% and a payout ratio of 35%) with share buybacks.

Company Strengths

Holds the world's top share in large, high-pressure pumps that are indispensable to seawater desalination processes using the RO membrane method. Selected in 2020 by the Ministry of Economy, Trade and Industry as one of the "100 Global Niche Top Companies." In FY2026 (ending March 2026), sales to the Middle East reached ¥24,833 million, while total overseas demand reached ¥56,483 million (60.8% of the composition ratio), with the company's long track record of deliveries forming a barrier to competitor entry.

Has earned tremendous trust from domestic and overseas turbine manufacturers and plant manufacturers for boiler feedwater pumps for GTCC power plants that withstand high-temperature, high-pressure environments. Maintains a one-stop supply system for a wide range of pumps, including boiler circulation, condensate, and cooling water pumps, with orders having increased significantly over the past two years. The majority of the order backlog of ¥106,199 million at the end of FY2026 (ending March 2026) is attributable to power generation and water infrastructure applications.

Commercialized the "Superconducting Motor Liquefied Hydrogen Pump," which operates at extremely low temperatures of minus 253°C, through joint development with Kyoto University. Completed JAXA testing in 2024, and in January 2026 received an order for five liquefied hydrogen boost pumps and one loading pump for Kawasaki Heavy Industries' "Kawasaki LH2 Terminal." Also has a track record of multiple orders for liquefied ammonia pumps, establishing a first-mover advantage in the next-generation decarbonization market.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales grew to ¥92,927 million (+7.4% YoY), but operating income decreased for the second consecutive year to ¥5,005 million (-8.2% YoY) due to increased costs such as outsourcing expenses and higher fixed costs including labor costs. Gross margin declined to 26.2% (from 27.2% in the previous period). The substantial increase in net income attributable to owners of the parent to ¥5,945 million (+46.1% YoY) depended on an extraordinary gain of ¥2,844 million from the sale of held securities, leaving improvement in core business profitability as a remaining challenge.

In FY2026 (ending March 2026), foreign exchange losses shrank substantially to ¥465 million from ¥1,711 million in the previous period, contributing to an improvement in ordinary income to ¥5,204 million (+14.6% YoY). The structure whereby changes in the foreign exchange environment significantly affect performance as an external factor remains unchanged, and given the business structure with an overseas demand ratio exceeding 60%, there is a risk that foreign exchange losses could expand again during yen appreciation phases. The FY2027 (ending March 2027) forecast is premised on an exchange rate of ¥155 to the dollar, and attention should be paid to the fact that changes in this exchange rate assumption could be a factor causing the earnings forecast to fluctuate up or down.

The planned acquisition of Shin Nippon Machinery (expected acquisition price of approximately ¥14.9 billion), scheduled to be completed in July of FY2027 (ending March 2027), is not included in the FY2027 (ending March 2027) earnings forecast (net sales of ¥95,500 million, net income of ¥3,800 million). The integration costs following completion of the acquisition, the burden of goodwill amortization, and the timing of contribution to consolidated results remain unclear, and given that the FY2027 (ending March 2027) net income forecast anticipates a substantial decline of -36.1% YoY, acquisition-related expenses could become an additional downward factor. On the other hand, this can be evaluated as an important step toward achieving the medium-term goal of ¥100 billion in net sales.

Growth Strategy

Under the medium-term plan "Beyond110," the company is pursuing sales of ¥100.0 billion in FY2029 (ending March 2029) and business expansion through M&A

Building on an order backlog of ¥106,199 million as of the end of FY2026 (ending March 2026) (up 1.9% year on year), the company continues to secure orders driven mainly by overseas demand and private-sector demand. It is also expanding into new technology areas, including its first order for a superconducting motor liquefied hydrogen pump. The company aims for sales of ¥95,500 million in FY2027 (ending March 2027).

The company will acquire Shin Nippon Machinery (steam turbines and process pumps) from Sumitomo Heavy Industries, Ltd. for an expected acquisition price of approximately ¥14.9 billion, aiming to enter the petrochemical field and complement its technology portfolio. This will strengthen its global competitiveness as a comprehensive manufacturer of fluid rotating machinery.

The company is promoting software development and expansion of its service network to address the service market for pumps and other equipment. By building up high-margin after-sales service revenue, it aims to enhance the earnings stability of its make-to-order business. R&D expenses in the current fiscal year totaled ¥626 million.

The company continued its progressive dividend policy, with an annual dividend of ¥63 per share in FY2026 (ending March 2026) (up from ¥60 in the previous fiscal year) and a projected ¥64 per share in FY2027 (ending March 2027). During the current fiscal year, the company conducted share buybacks totaling ¥1,000 million. It has clarified its shareholder return policy targeting a DOE of 3% and a payout ratio of 35%, aiming to improve capital efficiency.

Last updated: July 19, 2026