OKANO VALVE MFG.CO.LTD.
6492・Standard Market・Machinery
Valve Business
The sole reportable segment, centered on valve manufacturing and maintenance for power plants
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (cumulative interim period, FY2026 (ending March 2026)) | ¥5,845 million | ¥4,229 million (same period prior year) | ↑ |
| Operating profit (cumulative interim period, FY2026 (ending March 2026)) | ¥1,787 million | ¥760 million (same period prior year) | ↑ |
| Ordinary profit (cumulative interim period, FY2026 (ending March 2026)) | ¥1,861 million | ¥825 million (same period prior year) | ↑ |
| Interim net profit attributable to owners of the parent | ¥1,292 million | ¥589 million (same period prior year) | ↑ |
| Gross profit | ¥2,413 million | ¥1,437 million (same period prior year) | ↑ |
| Operating profit margin | 30.6% | 18.0% (same period prior year) | ↑ |
| Equity ratio (end of interim period, FY2026 (ending March 2026)) | 79.3% | 82.5% (end of FY2025 (ended September 2025)) | ↓ |
| Total assets (end of interim period, FY2026 (ending March 2026)) | ¥16,735 million | ¥14,547 million (end of FY2025 (ended September 2025)) | ↑ |
| Net assets (end of interim period, FY2026 (ending March 2026)) | ¥13,292 million | ¥12,001 million (end of FY2025 (ended September 2025)) | ↑ |
| Interim net profit per share | ¥805.05 | ¥367.78 (same period prior year) | ↑ |
| Full-year forecast - Revenue (FY2026 (ending March 2026)) | ¥10,000 million | ¥7,007 million (FY2025 (ended September 2025)) | ↑ |
| Full-year forecast - Operating profit (FY2026 (ending March 2026)) | ¥1,950 million | ¥865 million (FY2025 (ended September 2025)) | ↑ |
Business Details
The only reportable segment of the Okano Valve Mfg. Co., Ltd. group. The valve manufacturing and sales division primarily manufactures and sells Nuclear Valves and General Valves mainly for nuclear power plants and thermal power plants, while the maintenance division provides maintenance services centered on periodic inspections of power plant valves. Sales are conducted primarily through Okano Shoji Co., Ltd. as the main distributor, with Tokyo Electric Power Company Holdings, Incorporated as the main direct customer. Some manufacturing and maintenance operations are outsourced to the subsidiary Okano Craft Co., Ltd. In addition to domestic sales, the company also conducts overseas sales to China, Vietnam, Singapore, Saudi Arabia, and other countries. From the current interim period, Alterboost Inc. was newly acquired as a consolidated subsidiary, expanding the scope of consolidation.
Recent Overview
Interim revenue and profit increased substantially due to progress in nuclear restarts and advance booking of maintenance work
Revenue for the interim period of FY2026 (ending March 2026) (October 2025 to March 2026) was ¥5,845 million (up 38.2% year on year), and operating profit was ¥1,787 million (up 135.2% year on year), representing substantial increases in both revenue and profit. In the valve manufacturing division, high-value-added nuclear-related orders increased, including check valves for the ALPS-treated water dilution facility at Fukushima Daiichi Nuclear Power Station and Valves for Specified Severe Accident Countermeasure Facilities for Kashiwazaki-Kariwa and Tokai No. 2. In the maintenance division, progress ahead of plan on periodic inspection work at Onagawa Unit 2 and the advance booking of periodic inspection work at Kashiwazaki-Kariwa Unit 7 contributed to results. In addition, the company acquired Alterboost Inc. as a new consolidated subsidiary (acquisition consideration of ¥874 million), recording goodwill of ¥838 million. For the second half, revenue and profit are both expected to decline compared to the first half due to a decrease in maintenance projects and a decrease in highly profitable projects, but there is no change to the full-year forecast (revenue of ¥10,000 million, operating profit of ¥1,950 million).
Key Products
Growth Drivers
- Steady progress in the utilization of nuclear power generation, including the operation of Kashiwazaki-Kariwa Nuclear Power Station Unit 6 (the third BWR unit), expanding demand for nuclear-related valves and maintenance
- Expansion of orders for Valves for Specified Severe Accident Countermeasure Facilities from multiple domestic power plants (Kashiwazaki-Kariwa, Shimane, Tokai No. 2, etc.)
- Continued increase in orders for decommissioning-related work at Fukushima Daiichi Nuclear Power Station and the resulting improvement in profit margins for the maintenance division
- Stable maintenance revenue from continued periodic inspection work at Onagawa Nuclear Power Station Unit 2 and Shimane Nuclear Power Station Unit 2
- Expansion of business domain through the consolidation of Alterboost Inc. as a subsidiary
- Diversification and expansion of overseas sales to China, Saudi Arabia, Vietnam, Singapore, and other countries
- Improved profit margins from an increase in high-value-added additional orders, primarily nuclear-related
Risks
- Shifts in order and revenue recognition timing due to changes or delays in nuclear power plant restart schedules
- Risk of divergence from performance forecasts due to changes in customer delivery schedules or fluctuations in the order environment
- In the second half, revenue and profit are both expected to decrease substantially compared to the first half due to a decrease in maintenance projects and a decrease in highly profitable projects
- Economic downturn and capital investment restraint due to trends in US trade policy and geopolitical risks (Middle East situation, etc.)
- Risk of impairment of goodwill of ¥838 million related to the newly consolidated subsidiary, Alterboost Inc.
- Risk of delayed monetization of the new business (utilizing drones, robots, and IoT)
- Risk of transaction concentration due to dependence on sales through Okano Shoji Co., Ltd.
- Decline in equity ratio from 82.5% to 79.3% (increased financial leverage due to increase in long-term borrowings)
Last updated: December 22, 2025