KAJI TECHNOLOGY CORPORATION
6391・Standard Market・Machinery
Business
Kaji Technology Co., Ltd. was founded in 1905 and is headquartered in Sakai City, Osaka Prefecture, as a specialty compressor manufacturer. Its core business is the manufacture and sale of fluid machinery and industrial machinery such as air/gas compressors, and it also undertakes contracting work for machinery and equipment installation and piping work. The company has established itself as the leading domestic manufacturer of ultra-high-pressure compressors for hydrogen stations, and since launching compressors for FCV (fuel cell vehicle) hydrogen stations in 2014, it has steadily increased unit sales. Its major customers are energy-related companies including Iwatani Corporation, and it operates with the carbon-neutral market as its primary target. Its parent company is Mitsui E&S Co., Ltd., and it is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The business is composed of two axes: one-time revenue from the manufacture and sale of compressor units, and recurring revenue from after-sales services such as maintenance, repair, and parts supply following delivery. After-Sales Service Business is essential to the continued operation of previously delivered equipment and forms a stable revenue base. In FY2026 (ending March 2026), the segment achieved net sales of ¥7,799 million and operating profit of ¥925 million (operating margin of 11.9%), with ongoing efforts to reduce costs contributing to the improvement in profit margin.
Company Strengths
Since launching ultra-high-pressure compressors for FCV hydrogen stations to the market in 2014, the company has steadily increased unit sales and established itself as the domestic top manufacturer of compressors for hydrogen stations. As a member of the Hydrogen Value Chain Promotion Association (JH2A), the company also participates in shaping industry standards, and the accumulation of brand strength and technical track record forms a barrier to competitive entry.
The company has built a circular business model in which, after delivering compressor units, it provides after-sales services such as maintenance, repair, and parts supply. During the 23rd Medium-Term Management Plan period, the After-Sales Service Business achieved orders and sales exceeding the plan, and it remained strong in FY2026 (ending March 2026) as well. It functions as a stable revenue source that complements fluctuations in unit sales.
The equity ratio at the end of FY2026 (ending March 2026) remained at a high level of 68.9%, with interest-bearing debt limited to ¥1,286 million. Operating cash flow generated ¥1,027 million, and the majority of working capital and capital expenditure needs are covered by internal funds. The company also owns a comprehensive assembly plant completed in fiscal 2022, and its production base is well established.
ENVALITH's Perspective
Performance Trend
Looking at the performance trend over the past five fiscal years, net sales grew rapidly from ¥4,578 million and operating profit from ¥435 million in FY2022 to net sales of ¥7,261 million and operating profit of ¥767 million in FY2024, before FY2025 saw a decline in both net sales and operating profit (net sales of ¥7,004 million, operating profit of ¥620 million). In FY2026 (ending March 2026), net sales reached ¥7,799 million, operating profit ¥925 million, and net income ¥723 million, with all indicators setting new record highs. The acquisition of multiple large-scale orders related to hydrogen mobility and carbon neutrality, combined with cost reduction effects, led to a substantial improvement in the operating profit margin to 11.9% (up from 8.9% in the previous fiscal year). As an external factor, the Bank of Japan's Tankan Survey (March 2026 survey) also provided a tailwind, showing capital expenditure plans holding firm at a 7.9% year-on-year increase. For FY2027 (ending March 2027), net sales are forecast at ¥7,100 million (down 9.0% year on year), reflecting an anticipated pullback from the large-scale orders, but the company maintains its forecast for a profit increase, with operating profit projected at ¥970 million (up 4.8% year on year).
Growth Strategy
Pursuing sustainable growth through the carbon-neutral market and After-Sales Service Business expansion under the '2026 Medium-Term Management Plan'
The company continues to promote the acquisition of large-scale orders for high-pressure compressors for hydrogen stations and hydrogen mobility-related projects. In FY2026 (ending March 2026), multiple large-scale orders were received, contributing to an increase in net sales. The company will continue to expand sales in the carbon-neutral market, including Compressors for CO2 Recovery Equipment.
Against the backdrop of an increasing cumulative number of delivered compressors, the company is promoting the expansion of sales in the After-Sales Service Business, which covers maintenance, repair, and parts supply. In FY2026 (ending March 2026) as well, sales in the After-Sales Service Business performed favorably, contributing to an increase in net sales.
The company continues to promote efficiency improvements in manufacturing processes and cost reduction measures. Gross profit in FY2026 (ending March 2026) increased significantly to ¥2,411 million (up 18.5% year on year), and the operating margin improved to 11.9%. Operating profit is expected to increase in FY2027 (ending March 2027) despite a decline in net sales.
The company is promoting research and development related to Power-to-Gas (P2G) systems, aiming to enter the market for hydrogen conversion and storage of renewable energy. Research and development expenses amounted to ¥276 million in FY2026 (ending March 2026) (¥268 million in the previous fiscal year), reflecting continued investment.
The company has newly formulated a three-year medium-term management plan beginning in FY2026. By steadily executing each initiative, the company aims to achieve medium- to long-term sustainable growth and contribute to the realization of a carbon-neutral society.
Last updated: July 19, 2026