GLORY LTD.
6457・Prime Market・Machinery
Business
GLORY LTD. was founded in 1918 and is headquartered in Himeji City, Hyogo Prefecture, as a global manufacturer of currency handling machines and self-service equipment. The Group comprises 82 subsidiaries and 5 affiliated companies, and domestically manufactures, sells, and maintains currency handling machines and Card Systems for financial institutions, supermarkets, food service, transportation, and pachinko halls. Overseas, the company mainly develops products for the retail and financial markets across Europe, the Americas, and Asia, and has Acrelec Group (Self-Service Kiosk) and Flooid Group (cloud-based solutions for retail) under its umbrella. Overseas markets account for approximately 64% of revenue, giving the company a global business foundation.
Business Model
The business is built on a model of manufacturing and selling hardware such as currency handling machines, then accumulating continuous revenue through post-installation maintenance services. In FY2026 (ending March 2026), maintenance service revenue reached ¥125,268 million, accounting for approximately 37% of total revenue, forming a stable recurring revenue base. In addition, the company is promoting the expansion of recurring revenue through solution sales such as UBIQULAR™, Remote Customer Service, and cloud platforms, advancing the transformation of its revenue structure from hardware dependence to a solution-based model.
Company Strengths
The company supplies products to all major domestic markets—Financial Market, Retail & Transportation Market, and Amusement Market—and operates sales subsidiaries across the Americas, Europe, and Asia overseas. Overseas revenue has reached a record high for seven consecutive fiscal years, reaching ¥216,091 million in FY2026 (ending March 2026). Its long-standing customer relationships and extensive maintenance network are proprietary assets that competitors cannot easily replicate in the short term.
Building on core technologies cultivated in counting, transporting, and identifying banknotes and coins, the company has 1,533 R&D staff (approximately 14% of group employees). R&D expenses for FY2026 (ending March 2026) totaled ¥19,611 million. The company continues to invest in new technology development such as facial recognition, biometrics, and AI camera analysis, supporting the maintenance and enhancement of product competitiveness.
Maintenance Service revenue in FY2026 (ending March 2026) was ¥125,268 million, accounting for approximately 37% of total revenue. The structure whereby maintenance contracts continue to accumulate after product sales functions as a revenue stabilization mechanism that mitigates economic fluctuations and the reactionary decline following special demand, supporting resilient revenue even after the peak demand for domestic new banknote compatibility subsided.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥372,478 million in FY2024 (ended March 2024) and has declined for two consecutive periods, reaching ¥339,582 million in FY2026 (ending March 2026), down 7.9% year on year. Operating profit also fell 29.2% from ¥42,032 million (FY2025, ended March 2025) to ¥29,752 million, while EBITDA contracted from ¥62,207 million to ¥50,147 million. Domestically, the Financial Market declined 31.9% year on year, the Retail & Transportation Market fell 17.3%, and the Amusement Market dropped 23.2%, with broad-based sharp revenue declines across the board. Meanwhile, the Overseas Market achieved record highs in both revenue and operating profit, providing support for overall results. As an external factor, the yen's depreciation (assumed rate: ¥150 to the US dollar, ¥170 to the euro) also pushed up the yen-converted value of overseas revenue. For FY2027 (ending March 2027), the company forecasts revenue of ¥360,000 million, operating profit of ¥32,000 million, and profit attributable to owners of parent of ¥20,000 million (up 30.0% year on year), anticipating a recovery driven by the normalization of domestic demand and continued overseas growth.
Growth Strategy
Under the 2026 Medium-Term Management Plan, the Company is pursuing a three-pronged approach: expansion of overseas core businesses, support for store DX, and a high shareholder-return policy.
The Company continues to capture growing adoption of the CI-X Series in Europe, the U.S., and Asia, along with solid demand for the GLR Series in the Americas' financial market. In FY2026 (ending March 2026), the Overseas Market segment achieved record-high revenue and operating profit, and it will continue to function as the primary growth engine for the entire company.
In November 2025, the Company made Acrelec a wholly owned subsidiary, accelerating strategic execution in the food service market DX domain centered on Self-Service Kiosks. Due to delays in certain business negotiations, FY2026 (ending March 2026) revenue declined 1.3% year on year to ¥32,768 million, but the Company is promoting faster decision-making through full consolidation and deeper integration with its product and software platforms.
Under the 2026 Medium-Term Management Plan (FY2025 (ending March 2025) to FY2027 (ending March 2027)), the Company has set a target of a total shareholder return ratio of 100% or more. In FY2026 (ending March 2026), it achieved a total shareholder return ratio of 126.4%. For FY2027 (ending March 2027), the Company raised its DOE target from 3% or more to 4% or more, and resolved an annual dividend of ¥154 per share (up 37.5% year on year) along with a share buyback of up to ¥12,000 million.
In the domestic market, following the falloff in special demand related to new banknote compatibility, the Company is promoting the capture of demand for self-service products driven by labor-saving and operational efficiency needs, as well as expanding recurring revenue through stronger sales of solutions such as UBIQULAR™. Revenue levels in all domestic segments now exceed those of FY2023 (ending March 2023), confirming a structural uplift in underlying demand.
Last updated: July 19, 2026