ANEST IWATA Corporation
6381・Prime Market・Machinery
Business
Anest Iwata Corporation was founded in 1926 and marked its 100th anniversary in 2026. It is a specialized manufacturer of industrial equipment. The Group consists of 31 consolidated subsidiaries and 2 affiliated companies, and operates as a single business segment engaged in the manufacture and sale of Compressors (Screw Compressors, etc.), Vacuum Equipment, Coating Equipment (Spray Guns, Airbrush, etc.), and Coating Systems. The company has manufacturing and sales bases across five regions—Japan, Europe, the Americas, China, and Asia/Oceania, etc.—serving a wide range of industrial customers including automotive, semiconductor, general industrial, and R&D sectors. Consolidated net sales for FY2026 (ending March 2026) were ¥55,909 million.
Business Model
Domestic plants (Yokohama, Akita, Fukushima) serve as the core of manufacturing, supplying internally to overseas group companies (Japan segment internal sales of ¥7,788 million in FY2026 (ending March 2026)) while local subsidiaries in each region supplement with local manufacturing and sales. In addition to product sales, the company also accumulates service revenue from repair and maintenance of compressors and vacuum pumps, giving it a composite revenue structure combining product sales and after-sales service.
Company Strengths
The company has a track record of launching the world's first Oil-Free Scroll Compressor in 1991 and the world's first air-cooled Oil-Free Vacuum Pump in 1993. In Europe, sales of Oil-Free Compressors have increased on the back of expanding demand from OEM supply destinations, contributing to an improved product mix with higher profit margins. Its first-mover advantage in proprietary technology forms the basis for differentiation from competitors.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 68.0% (up 0.3 percentage points year on year), with cash and cash equivalents of ¥18,096 million against short-term borrowings of only ¥899 million. The company has also secured overdraft facilities and commitment line agreements totaling ¥8,007 million, giving it the financial flexibility to nimbly execute M&A and capital investment using its own funds.
In FY2026 (ending March 2026), external customer sales by region were ¥19,387 million in Japan, ¥9,809 million in Europe, ¥6,909 million in the Americas, ¥11,256 million in China, and ¥8,546 million in Other, reflecting advancing regional diversification. Even as the China segment softened, Japan, Europe, and Asia compensated, allowing the group's overall sales to secure a 2.8% year-on-year increase.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥42,337 million in FY2022 (ended March 2022) to ¥55,909 million in FY2026 (ending March 2026). On the other hand, operating profit peaked at ¥6,176 million in FY2024 (ended March 2024) before declining for two consecutive periods to ¥5,903 million in FY2025 (ended March 2025) and ¥5,563 million in FY2026 (ending March 2026), with the operating margin falling to 10.0%. Net profit of ¥5,356 million in FY2026 (ending March 2026) (up 25.2% year on year) was driven by non-operating and extraordinary income items such as equity in earnings of affiliates of ¥1,056 million, foreign exchange gains of ¥467 million, and gain on sale of fixed assets of ¥785 million. Weak market conditions in China (China segment profit down 41.4%) and increased SG&A expenses (including provision for allowance for doubtful accounts of ¥405 million) weighed on operating profit. External factors such as yen depreciation, geopolitical risk, and slowing demand in China are affecting business performance.
Growth Strategy
Advancing toward ¥100 billion in sales by 2035 through M&A, overseas expansion, DX, and a long-term vision tied to the company's 100th anniversary
In May 2026, the company resolved to acquire all shares of compressor manufacturer SANWA Co., Ltd., entering the high-pressure and gas compressor domain. Investment securities also expanded to ¥5,181 million (up 63.3% year on year), actively advancing investment in new business area development. The company continues to build an M&A pipeline toward achieving ¥100 billion in sales by fiscal 2035.
Following the organizational change implemented from April 2026, the company is formulating and promoting individual growth strategies tailored to the characteristics of each region. In Europe, it aims to expand OEM sales of Oil-Free Compressors and increase penetration of new coating equipment products; in India and Thailand, it seeks to expand orders for medium-sized compressors and large-scale coating systems. In China, the company continues to develop new customers in anticipation of a bottoming-out recovery.
The company is expanding and deepening the use of data and generative AI technology in production sites and sales activities. It aims to improve operational efficiency and build new business models through system integration, cloud migration, enhanced talent development programs, and strengthened security measures. Developing DX-specialized personnel and reforming the organizational structure are positioned as urgent priorities.
From FY2026 (ending March 2026), the company shifted to a dividend policy targeting a DOE of 7.0% to 7.5%, and declared progressive dividend increases with the FY2026 (ending March 2026) annual dividend amount as the floor. For FY2027 (ending March 2027), the company plans an annual dividend of ¥93, including a special commemorative dividend of ¥5 for its 100th founding anniversary. The company aims to maintain a high level of returns with a dividend payout ratio of 64.0% (FY2026, ending March 2026) while balancing this with growth investment.
Last updated: July 19, 2026