ENVALITH
株式会社TVE logo

TVE Co.,Ltd.

6466・Standard Market・Machinery

Official website
株式会社TVE logo
TVE Co.,Ltd.6466

Business

TVE Co., Ltd. is a group company centered on the Valve Business, focused on the manufacturing, sales, and maintenance of high-temperature, high-pressure valves for nuclear and thermal power plants, and also operates the Steelmaking Business (cast steel product manufacturing), the Electrical Equipment Business (electrical equipment construction for nuclear power plants and public facilities), and the decommissioning-related Refine Metal Business and Regional Revitalization Business. The company's main customers are nuclear and thermal power plants in Japan and overseas, with Seika Corporation (35.3% of net sales) and Tokyo Power Technology Ltd. (12.2%) as major sales destinations. The company traces its origins to Toa Valve Co., Ltd., founded in 1940, and changed to its current corporate name in 2020. It is listed on the Standard Market of the Tokyo Stock Exchange. The group includes 4 consolidated subsidiaries (3 domestic, 1 overseas) and has set forth becoming a "Global Niche Top" as its Long-Term Vision 2030.

Business Model

Valve products are almost entirely produced under a complete build-to-order model based on customer-specific specifications, generating revenue through a combination of new valve and replacement part sales together with nuclear power plant periodic inspection work and maintenance services. The Steelmaking Business earns revenue from external sales of cast steel products, while the Electrical Equipment Business derives revenue from construction contracts for nuclear power plants and public facilities. Because sales timing depends on nuclear power plants' periodic inspection schedules, results fluctuate significantly from year to year, and the structure is such that an accumulating order backlog enhances the visibility of future sales.

Company Strengths

Since its founding in 1940, the company has manufactured high-temperature, high-pressure valves for nuclear and thermal power plants for over 80 years. The "TOA" brand has a proven track record of adoption in nuclear and thermal power facilities both in Japan and overseas, and the company has concluded a technology licensing agreement (for up to 23 years) with China's Harbin Power Plant Valve Co., Ltd., underscoring the international recognition of its technological capabilities.

As of the end of FY2025 (ending September 2025), the order backlog for the Valve Business reached ¥5,695 million, up 108.1% from the end of the previous fiscal year. Against the backdrop of progress in restarting nuclear power plants (restarts of Onagawa Unit 2 and Shimane Unit 2, with efforts underway toward the 2027 restart of Tomari Unit 3) and the clarification of nuclear power utilization policy under the 7th Strategic Energy Plan, visibility into future sales has improved significantly.

As of the end of FY2025 (ending September 2025), net assets stood at ¥11,944 million and liabilities at ¥3,987 million, indicating a sound financial structure. The company has also established a flexible fundraising framework through a ¥500 million commitment line agreement with MUFG Bank. This stable financial foundation, based mainly on internal funds, supports large-scale capital investments in Ohi Town, Fukui Prefecture, and Port Island, Kobe City.

ENVALITH's Perspective

Revenue of ¥6,003 million and operating profit of ¥839 million for the interim period of FY2026 (ending March 2026) represent progress rates of 57.2% and 119.9%, respectively, against the full-year forecast (revenue of ¥10,500 million and operating profit of ¥700 million). Notably, operating profit for the interim period alone has already exceeded the full-year forecast. However, the company has explicitly stated that in the second half, the impact of provisions for loss on order backlog due to deteriorating profitability on certain projects, as well as a decrease in inventory balances, could become factors worsening profitability, and it has not revised its full-year forecast. The trend in provisions for loss on order backlog in the Steelmaking Business (which increased by ¥64 million in the interim period) will be a focal point in the second half.

In terms of market environment, policy support for nuclear power utilization is strengthening, as seen in the restart of Tokyo Electric Power Company's Kashiwazaki-Kariwa Nuclear Power Plant Unit 6 in April 2026—its first restart in approximately 14 years—and the explicit target of around 20% nuclear power share by fiscal 2040 set forth in the 7th Strategic Energy Plan (approved by the Cabinet in February 2025). Combined with the company's technological foundation and customer relationships, this has led to a sharp recovery, with interim revenue up 27.0% year on year and operating profit up 339.5% year on year. While this partly reflects a rebound from the significant profit decline in the same period of the previous year (interim period of FY2025, ending March 2025), the level of the order backlog suggests that the sustainability of this recovery is high.

In the Steelmaking Business, interim revenue was ¥604 million (down 17.3% year on year), and the segment loss widened to ¥48 million (compared with a loss of ¥2 million in the same period of the previous year). The balance of provisions for loss on order backlog reached ¥612 million at the end of the interim period (up ¥64 million from ¥547 million at the end of the previous fiscal year), indicating the presence of a certain number of low-profitability projects. While strong performance in the Valve Business and Electrical Equipment Business is driving overall results, structural profitability improvement in the Steelmaking Business remains a medium- to long-term challenge.

Growth Strategy

Capturing demand from nuclear power plant restarts and replacements, and cultivating the decommissioning-related Refine Metal Business, to drive medium- to long-term growth

With the aim of continuing and expanding the Valve Business in the Wakasa region, the company acquired land in Ohi Town, Fukui Prefecture in December 2024. A project team has been formed for the construction of Plant No. 1, which will handle the safety valve business, and design work toward the start of construction is underway. The company aims to strengthen its ability to respond to increasing demand from nuclear power plants by expanding production capacity.

With the aim of promoting the Refine Metal Business, which mainly involves recycling clearance metals generated from nuclear power plant decommissioning, the company is considering constructing Plant No. 2 on the same site in Ohi Town, Fukui Prefecture. This aims to establish a first-mover advantage by entering the decommissioning market early.

For the purposes of BCP measures, enhancement of plant functions, and strengthening of R&D capabilities, the company acquired land in Port Island, Kobe City from Kobe City in June 2025. This aims to strengthen medium- to long-term technological development capabilities and improve business continuity.

The 7th Strategic Energy Plan (approved by the Cabinet in February 2025) explicitly set a nuclear power ratio of approximately 20%, and moves to utilize nuclear power are accelerating, including efforts toward the 2027 restart of Hokkaido Electric Power's Tomari Nuclear Power Plant Unit 3 and the start of on-site surveys for the successor unit to Kansai Electric Power's Mihama Nuclear Power Plant Unit 1. The company will continue to expand orders for Nuclear Power Plant Periodic Inspection Work and repair work.

Last updated: July 17, 2026