MEIDENSHA CORPORATION
6508・Prime Market・Electric Appliances
Business
Meidensha, founded in 1897, is a comprehensive electrical equipment manufacturer with a group structure of 48 companies in Japan and overseas. The company operates across five segments: Power Infrastructure (transformers, switchgear, etc.), Social Systems (railway systems, water infrastructure, etc.), Industrial Electronics & Mobility (motors, EV Drive Systems, etc.), Field Engineering (maintenance and upkeep), and Real Estate. Its main customers include electric power companies, government agencies, railway operators, and private companies, with a wide business scope ranging from domestic infrastructure development to overseas substation businesses. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Adopts a composite model combining the manufacture and sale of heavy electrical equipment and systems (flow revenue) with post-delivery maintenance and inspection (stock-type revenue). The Field Engineering Business functions as a highly profitable segment boasting an operating margin of 22.2%, and complements product sales in the Power Infrastructure Business and Social Systems Business. Real estate leasing (ThinkPark Tower, etc.) also contributes as a stable revenue source.
Company Strengths
In FY2026 (ending March 2026), the Field Engineering Business achieved net sales of ¥57,007 million, operating profit of ¥12,673 million, and an operating margin of 22.2%, marking record-high net sales and operating profit for the third consecutive year. The continuity of maintenance and upkeep demand forms a revenue base that is less susceptible to external environmental fluctuations.
In FY2026 (ending March 2026), the Power Infrastructure Business achieved record-high net sales of ¥100,844 million and operating profit of ¥12,584 million. The company has overseas bases in the United States, Singapore, Germany, and India, and has a track record of developing and selling environmentally friendly products that do not use SF6 gas (such as the 123kV EcoTank-type vacuum circuit breaker). The order backlog remains at a high level of ¥179,365 million.
The company has five segments—Power Infrastructure Business, Social Systems Business, Industrial Electronics & Mobility Business, Field Engineering Business, and Real Estate Business—which diversifies dependence on any specific business. In FY2026 (ending March 2026), the Power Infrastructure Business and Field Engineering Business drove performance, offsetting the slowdown in the Industrial Electronics & Mobility Business. The group's overall order backlog reached ¥411,933 million.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, rising from ¥255,046 million in FY2022 (ended March 2022) to ¥326,194 million in FY2026 (ending March 2026), a cumulative increase of +27.9% over the five-year period. Operating profit recovered sharply from a trough of ¥8,539 million in FY2023 (ended March 2023), reaching a record high of ¥27,122 million in FY2026 (ending March 2026), up 26.1% year on year. The operating margin also improved to 8.3% (from 7.1% in the previous fiscal year). This was mainly driven by both the Power Infrastructure Business and the Field Engineering Business achieving record-high results. External tailwinds included growing demand for replacement of aging equipment in the domestic power market and increasing demand for SF6-gas-free products in developed overseas markets. Meanwhile, the Industrial Electronics & Mobility Business was affected by a slowdown in the EV shift, with operating profit sharply declining to ¥21 million, widening the profitability gap between segments. Comprehensive income increased significantly to ¥42,778 million (from ¥16,636 million in the previous fiscal year), supported by an increase in the fair value of investment securities (a ¥9,399 million increase in valuation difference on available-for-sale securities) and remeasurements of defined benefit plans (¥5,936 million).
Growth Strategy
A medium-term management plan (Chuki 2027) capturing domestic and overseas power and social infrastructure demand across three areas: 'Products, Businesses, and Technologies'
Capturing demand for replacement of aging equipment from domestic power companies and disaster-prevention/national resilience policies, while also capturing growing demand for SF6-gas-free products in overseas advanced economies such as the United States and Singapore. In FY2026 (ending March 2026), both net sales and operating profit reached record highs, and the strategy is progressing smoothly.
Against a backdrop of solid demand for maintenance services, the company is advancing the sophistication and expansion of the service business through data utilization. In FY2026 (ending March 2026), both net sales and operating profit reached record highs for the third consecutive year, achieving an operating profit margin of 22.2%. Under Chuki 2027, the company will continue to promote value enhancement through digital utilization.
Declining sales and profit continued due to a drop in unit sales of vehicle models equipped with the EV business's products, resulting in an impairment loss of ¥3,303 million recorded in FY2026 (ending March 2026). The Mobility T&S (Testing Systems for the Automotive Industry) business saw increased sales and profit due to progress on large-scale orders, but overall segment operating profit remained at only ¥21 million. Recovery of the EV market and diversification of the product portfolio remain challenges.
As measures to strengthen the management foundation under Chuki 2027, the company is promoting deeper green strategy through expansion of SF6-gas-free products, investment in human capital (wage increases and talent development), and acceleration of internal DX. In FY2026 (ending March 2026), the first year of 'Growth & Challenge,' each initiative was rolled out, with a target of ¥375,000 million in order intake (up 4.7% year on year) for FY2027 (ending March 2027).
Last updated: July 19, 2026