AIRMAN CORPORATION
6364・Prime Market・Machinery
Construction Machinery Business
Core business deploying Engine Compressors, Generators, and Aerial Work Platform Vehicles both domestically and overseas
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (current consolidated fiscal year) | ¥44,552 million | ¥44,128 million | ↑ |
| Segment profit (current consolidated fiscal year) | ¥7,043 million | ¥6,295 million | ↑ |
| Segment sales YoY change rate | up 1.0% | — | ↑ |
| Segment profit YoY change rate | up 11.9% | — | ↑ |
| Depreciation and amortization (current consolidated fiscal year) | ¥940 million | ¥960 million | ↓ |
| Domestic construction machinery sales | ¥19,626 million | ¥20,354 million | ↓ |
| Overseas construction machinery sales | ¥24,925 million | ¥23,773 million | ↑ |
Business Details
The core segment engaged in the manufacture and sale of Engine Compressors, Engine Generators, Aerial Work Platform Vehicles, and other products. Revenue is composed of two pillars: domestic construction and infrastructure demand, and exports to North America, Southeast Asia, and the Middle East, making it the core business accounting for approximately 80% of total group sales. In FY2026 (ending March 2026), an increase in shipments of Engine Compressors and Generators for North America offset the decline domestically, and both segment sales and segment profit reached record highs.
Recent Overview
Record-high segment sales and profit driven by increased shipments of compressors and generators for North America
In the Construction Machinery Business for FY2026 (ending March 2026), domestic Engine Compressors struggled amid stagnation in construction plans due to labor shortages and rising raw material costs, while Engine Generators for North America trended toward recovery as the impact of rental companies' inventory adjustments settled, and Engine Compressor shipments also grew substantially. Shipments to Asia, including China, remained weak, but North America offset the domestic decline, resulting in record-high segment sales of ¥44,552 million (up 1.0% year on year) and segment profit of ¥7,043 million (up 11.9% year on year). Progress in passing on sales prices and a weaker yen trend also contributed to profit growth.
Key Products
Growth Drivers
- Expanding transactions with and developing new major wide-area rental companies in North America (a core strategy of the Mid-term Vision 2027)
- Continued expansion of market share for Engine Compressors and Engine Generators in the North American market
- Development of new business area in cold chain logistics through the reefer container generator "SDG25S-4B1"
- Improving profit margins by advancing price pass-through for overseas products
- Smooth progress in expansion negotiations for generator sales to domestic wide-area rental companies
- Sales expansion in the Southeast Asia, Oceania, and Middle East markets
Risks
- Foreign exchange fluctuation risk (transactions in North America and Europe are denominated in US dollars and euros, and yen appreciation directly affects performance)
- Increased export costs to North America due to rising tariff burdens from US trade policy (expected to continue in FY2027, ending March 2027)
- Impact on segment profit from fluctuations in raw material prices (iron, copper, crude oil, etc.)
- Concerns over the long-term contraction of the domestic Engine Compressor market (stagnation in construction plans due to labor shortages and rising material costs)
- Risk of inventory adjustments by North American rental companies (Engine Generator shipments struggled to grow in the prior consolidated fiscal year)
- Risk of continued weak shipments to Asia, including China
- Risk of changes in public regulations such as emissions regulations, product safety standards, and import/export regulations
- Reliance on sales to major customer Alliance North America, Inc.
Last updated: June 25, 2026