MEIDENSHA CORPORATION
6508・Prime Market・Electric Appliances
Power Infrastructure Business
Meidensha's core growth segment providing heavy electrical equipment and systems for electric power companies
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (including inter-segment transactions) | ¥100,844 million | ¥86,437 million | ↑ |
| Revenue from external customers | ¥100,295 million | ¥85,417 million | ↑ |
| Operating profit | ¥12,584 million | ¥7,988 million | ↑ |
| Segment assets | ¥112,239 million | ¥91,675 million | ↑ |
| Depreciation | ¥3,843 million | ¥3,042 million | ↑ |
| Increase in property, plant and equipment and intangible assets | ¥5,469 million | ¥5,394 million | ↑ |
| Unamortized goodwill balance | ¥749 million | ¥1,411 million | ↓ |
Business Details
A business that provides electric power companies and others with substation products such as generators, transformers, switchgear, and lightning arresters, as well as Power Generation, Substation & Distribution Systems, Monitoring & Control Equipment, Hydroelectric Power Generation Equipment, and Energy Systems. Composed of two pillars: the domestic power energy business and the overseas substation business centered mainly on the United States and Singapore. Major affiliated companies include MEIDEN SINGAPORE PTE. LTD., TRIDELTA MEIDENSHA GmbH, and MEIDEN T&D (INDIA) LIMITED. In FY2026 (ending March 2026), both revenue and operating profit reached record highs.
Recent Overview
In FY2026 (ending March 2026), both revenue and operating profit reached record highs, with a substantial increase in profit year on year
In the Power Infrastructure Business for FY2026 (ending March 2026), revenue increased 16.7% year on year to ¥100,844 million, and operating profit improved by ¥4,596 million year on year to ¥12,584 million, with both revenue and operating profit reaching record highs. In the overseas-centered substation business, revenue and profit increased due to demand growth in the United States, Singapore, and other countries as well as efforts to improve profitability. The domestic-centered power energy business also achieved increased revenue and profit against a backdrop of increased demand for projects from electric power companies. The unamortized goodwill balance decreased from ¥1,411 million at the end of the prior period to ¥749 million.
Key Products
Growth Drivers
- Expanding demand for replacement of aging facilities built during Japan's period of rapid economic growth in the domestic power market
- Surging demand for SF6-gas-free products (environmentally friendly products), mainly in overseas developed countries
- Expanding investment in power infrastructure in policy-supported fields such as generative AI, semiconductors, and GX
- Business expansion and profitability improvement in the substation business in the United States, Singapore, Germany, and India
- Demand for planned and stable development of domestic power transmission and distribution networks driven by the introduction of the revenue cap system
- Investment to strengthen domestic and overseas production bases under the Medium-Term Management Plan 2027 (total capital expenditure plan exceeding ¥260 million)
Risks
- Increased construction costs and impact on profitability due to rising material and labor costs
- Risk of construction progress delays mainly due to labor shortages in the domestic construction field
- Pressure on profitability due to rising raw material and energy prices amid a weak yen
- Impact on overseas business from geopolitical risks such as US tariff policy
- Risk of fluctuations in cost estimates for construction contracts (possibility of additional provisions for losses on orders received)
- Risk of impairment of goodwill (balance of ¥749 million at the end of the current period)
Last updated: July 13, 2026