TVE Co.,Ltd.
6466・Standard Market・Machinery
Valve Business
Core business centered on manufacturing and maintenance of high-temperature, high-pressure valves for nuclear and thermal power plants
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (first-half cumulative) | ¥4,234 million | ¥2,967 million | ↑ |
| Segment profit (first-half cumulative) | ¥1,027 million | ¥383 million | ↑ |
| Orders received (first-half cumulative) | ¥4,616 million | ¥4,239 million (up 8.9% year on year) | ↑ |
| Order backlog (end of first half) | ¥6,076 million | ¥5,695 million (end of prior fiscal year) | ↑ |
| Net sales (full year, previous consolidated fiscal year actual) | ¥6,797 million | – | — |
| Segment profit (full year, previous consolidated fiscal year actual) | ¥1,237 million | – | — |
Business Details
Develops manufacturing, sales, and maintenance of various industrial valves, including high-temperature, high-pressure valves for power plants such as nuclear and thermal power stations, as well as valves for marine and petrochemical plant applications. The company also possesses on-site repair and modification methods using portable special machine tools. Affiliated companies include Toa Service Corporation (domestic) and TVE GLOBAL ASIA PACIFIC Pte. Ltd. (overseas), supporting the safe and stable operation of nuclear and thermal power facilities both domestically and internationally. The main customer is Seiwa Corporation (35.3% of net sales).
Recent Overview
Completion of periodic inspection work at multiple nuclear power plants drove first-half net sales up 42.7% year on year
In the first half of FY2026 (ending September 2026) (October 2025 to March 2026), periodic inspection work was completed and revenue recognized at Kansai Electric Power's Takahama Nuclear Power Station, Shikoku Electric Power's Ikata Nuclear Power Station, and Kyushu Electric Power's Genkai and Sendai Nuclear Power Stations. Net sales for the Valve Business overall were ¥4,234 million (up 42.7% year on year), with segment profit surging to ¥1,027 million (up 168.1% year on year). Order backlog also grew to ¥6,076 million (up 6.7% from the end of the prior fiscal year). In April 2026, Tokyo Electric Power's Kashiwazaki-Kariwa Nuclear Power Station Unit 6 restarted for the first time in approximately 14 years, further activating the business environment surrounding nuclear power.
Key Products
Growth Drivers
- Progress in the restart of domestic nuclear power plants (in April 2026, Tokyo Electric Power's Kashiwazaki-Kariwa Nuclear Power Station Unit 6 restarted for the first time in approximately 14 years, and Hokkaido Electric Power's Tomari Nuclear Power Station Unit 3 is working toward a 2027 restart)
- The 7th Strategic Energy Plan (approved by Cabinet decision in February 2025) explicitly sets nuclear power at approximately 20% of the power generation mix for FY2040, providing policy support for nuclear utilization
- Increased visibility of future sales due to a buildup in order backlog (¥6,076 million at the end of the first half, up 6.7% from the end of the prior fiscal year)
- Progress in studies toward nuclear power plant replacement and next-generation innovative reactor construction (site survey initiated for the successor unit to Kansai Electric Power's Mihama Nuclear Power Station Unit 1)
- Growing need for nuclear power utilization amid expected increases in electricity demand driven by DX and GX progress
- Expansion of production capacity through the ongoing construction project for a new manufacturing facility (the first plant for the safety valve business) in Ohi Town, Fukui Prefecture
Risks
- Significant year-to-year and quarter-to-quarter revenue fluctuations because the timing of revenue recognition for nuclear power plant periodic inspection work depends on specific inspection schedules
- Risk of provisions for losses on order backlog (the possibility that the impact on earnings from provisions for losses on orders, associated with deteriorating profitability of certain projects, could exceed expectations even in the second half)
- Because production is entirely made-to-order, fluctuations in inventory balances associated with changes in production volume could be a factor in deteriorating profitability
- Risk of rising material costs due to surging resource prices amid geopolitical risks (the situations in Ukraine and the Middle East)
- Uncertainty in the schedule for periodic inspection work and plant restarts due to delays in regulatory review or prolonged safety examinations of nuclear power plants
- Indirect impact on the business from deterioration in the overseas economic environment, including the effects of US trade policy and sluggishness in the Chinese economy
Last updated: December 23, 2025