GALILEI CO.LTD.
6420・Prime Market・Machinery
Business
GALILEI CO.LTD. (formerly Fukushima Galilei Co., Ltd.) is a commercial refrigeration and freezing equipment manufacturer founded in 1951. In April 2025, it transitioned to a holding company structure and changed its trade name to its current one. The company operates across six business areas—food service equipment, refrigerated & frozen showcases, large food processing machinery, panel refrigeration equipment, medical and scientific products, and service maintenance—serving primarily the restaurant, distribution, food manufacturing, cold-chain logistics, and medical industries as its main customer base. In addition to 19 domestic consolidated subsidiaries, the company has local subsidiaries across various Asian countries (Singapore, Thailand, Vietnam, Malaysia, Indonesia, the Philippines, Cambodia, Myanmar, etc.), and provides value through a vertically integrated model spanning manufacturing, design, construction, and maintenance. For FY2026 (ending March 2026), consolidated net sales reached ¥138,616 million, with an operating margin of 12.3%.
Business Model
In addition to product sales of core offerings such as Refrigerated & Frozen Showcases (sales of ¥54,304 million), Food Service equipment (¥31,970 million), and Panel Refrigeration Equipment (large ¥18,302 million, small ¥9,481 million), Service Sales (¥15,832 million) forms a stable earnings base. By handling design, manufacturing, installation, and maintenance in-house on an integrated basis, the company builds long-term relationships with customers, and through the expansion of services such as maintenance contracts and the "10-Year Refrigerant Gas Leak Warranty," it maintains a structure that accumulates recurring revenue.
Company Strengths
The shareholders' equity ratio for FY2026 (ending March 2026) rose to 73.4% (72.4% in the prior period, 71.0% two periods prior), increasing for three consecutive periods. Interest-bearing debt is zero, and both the cash flow-to-interest-bearing debt ratio and interest coverage ratio are at levels that do not require measurement, with net assets reaching ¥113,392 million. This high level of financial soundness provides the foundation for funding large-scale capital investment (¥17,857 million in the current period) with internal capital.
The company has an in-house group structure capable of consistently handling everything from commercial refrigerators and freezers to the design and construction of large-scale refrigerated warehouses, with manufacturer-level maintenance technology as a core strength. It achieves customer lock-in through continuous post-sale services such as a "10-year refrigerant gas leak warranty" and AI-powered smart diagnostics via "Zero Call Company (ZCC)." Service Sales grew steadily, up 7.3% year on year to ¥15,832 million.
Revenue is diversified across six categories—Food Service Sales, Showcase Sales, Large Food Processing Machinery Sales, Panel Refrigeration Equipment Sales, Medical & Scientific Products Sales, and Service Sales—reducing dependence on specific customers or industries. In FY2026 (ending March 2026), Large Food Processing Machinery Sales declined 11.1% year on year, while Small Panel Refrigeration Equipment Sales grew 21.1% and Large Panel Refrigeration Equipment Sales grew 15.7%, offsetting the decline and resulting in overall growth of 6.1% year on year.
ENVALITH's Perspective
Performance Trend
Revenue expanded 44% over five fiscal years, from ¥96,073 million in FY2022 to ¥138,616 million in FY2026. Operating profit also grew steadily, from ¥9,806 million to ¥17,078 million. In FY2026, Food Service Sales rose 5.3% year on year, driven by inbound demand in the food service industry (as a market environment factor), while Large Panel Refrigeration Equipment Sales grew 15.7% and Small Panel Refrigeration Equipment Sales grew 21.1%, driven by demand for low-temperature logistics facility construction (as a market environment factor related to addressing the 2024 logistics problem). On the other hand, Large Food Processing Machinery Sales declined 11.1% year on year due to a decrease in large-scale projects. Rising corporate taxes and cash flow pressure from a sharp increase in capital expenditure have emerged as challenges.
Growth Strategy
Pursuing multi-axis growth through the holding company structure, new plant construction, overseas expansion, and service expansion
Completed the transition to a holding company structure via absorption-type split effective April 1, 2025. Aims to enhance corporate value by leveraging group synergies through optimized allocation of management resources, active use of M&A, and increased independence of each business.
The new distribution center at the Okayama Plant, which manufactures commercial refrigerators/freezers, ice machines, and related products, was completed in June 2025. Product storage capacity was increased 1.5 times compared to the previous center (to over 6,000 units), and receiving/shipping capacity was more than doubled, strengthening the ability to respond to diverse customer needs.
A new plant is under construction aimed at developing next-generation high-performance products and improving productivity. Construction in progress (construction account) has surged from ¥2,903 million to ¥10,267 million, reflecting ongoing efforts to build increased production capacity. Once completed, expanded supply capacity for high-performance products is expected.
Selected in April 2026 for a Ministry of Economy, Trade and Industry subsidy (second public call, large-scale demonstration project for non-ASEAN member countries). Plans to locally produce and supply commercial refrigerators/freezers equipped with energy-saving technology and advanced hygiene management functions in India, aiming to realize GALILEI Global Vision 2030 (overseas sales of ¥20.0 billion and an operating margin of 10% in FY2030 (ending March 2031)).
Rolled out a 10-year refrigerant gas leak warranty across all models of products with built-in refrigeration units, and is expanding value-added services combining maintenance contracts with refrigerant leak early-detection systems. Service Sales in FY2026 (ending March 2026) continued to grow steadily, up 7.3% year on year.
Last updated: July 19, 2026