Fulltech Co.Ltd.
6546・Standard Market・Services
Business
Fultec Corporation was founded in 1963 as a Hokkaido-area sales agent for Teraoka Auto-Door Co., Ltd., and is now a specialist automatic door company operating 38 locations centered on the Hokkaido, Tohoku, and Kanto regions. In its core Automatic Door-Related Business (sales of ¥8,671 million), the company provides sales, design, installation, and Maintenance Services through an integrated in-house system staffed by full-time employees, and manages 323,386 automatic door opening/closing units. In its second pillar, the Fittings-Related Business (sales of ¥4,038 million), consolidated subsidiary Artex Corporation manufactures Stainless Steel Sash and other products, which are sold as a set together with automatic doors. The company also operates peripheral businesses including environmental equipment, security, bicycle parking systems, and control boards. Its main customers span multiple layers, including building owners, design firms, and general contractors.
Business Model
After new automatic door installations, the company signs periodic inspection and maintenance contracts (93,022 units; sales of ¥3,808 million), leading to renewal orders driven by aging deterioration (sales of ¥3,029 million, up 8.8% year on year), thereby building a circular business model. By keeping installation work in-house rather than outsourcing it, the company maintains quality control and customer touchpoints, and its network of service locations—operating 24 hours a day, 365 days a year, with a response time of within two hours by car—contributes to preventing cancellations and improving the maintenance contract rate. The Fittings-Related Business complements earnings through cross-selling via bundled sales with automatic doors.
Company Strengths
As of the end of FY2025 (ending December 2025), the total number of automatic door opening/closing systems under management reached 323,386 units (up 2.8% year on year), of which 93,022 units under maintenance contracts generated maintenance revenue of ¥3,808 million. The Greater Tokyo area (Kanto region) showed the highest growth, with 131,503 units under management (up 4.6% year on year), and the recurring revenue base continues to expand.
The entire process for automatic doors—from sales and design to installation and after-sales service—is handled in-house by full-time employees. The company has 266 qualified automatic door installation technicians (Grade 1 and Grade 2) and a network of 38 locations that enables it to reach any customer within a maximum two-hour drive. Zero outsourcing of installation work supports quality control and maintains customer touchpoints, serving as a key differentiator from competitors.
In the Fittings-Related Business for FY2025 (ending December 2025), sales were ¥4,038 million (down 8.1% year on year), but segment profit rose to ¥462 million (up 50.4% year on year), with an operating margin of 11.4%, driven by improved utilization at the subsidiary factory (Artex) and thorough order selection and profitability management. Orders received increased 12.2% year on year, and the order backlog grew 17.6% year on year, indicating a notable buildup of future sales.
ENVALITH's Perspective
Performance Trend
Revenue continued on an expansionary trend from ¥11,506 million in FY2021 to ¥13,814 million in FY2024, but turned to a decline in FY2025 at ¥13,567 million, and Q1 FY2026 (ending March 2026) also remained weak at ¥3,622 million (down 1.1% year on year). On the profit side, operating profit in Q1 FY2026 (ending March 2026) plunged to ¥124 million (down 57.9% year on year), reflecting a decline in gross profit due to lower Fittings-Related revenue, combined with rising fixed costs from increased personnel expenses and higher depreciation of the new core system. As external factors, downside risks to the economy stemming from price increases, geopolitical risk, and US policy trends are heightening uncertainty in the business environment. The full-year earnings forecast (revenue of ¥14,000 million, operating profit of ¥600 million) remains unchanged.
Growth Strategy
Toward Vision 2030, the company is strengthening its earnings structure through deepening penetration of the stock market, improving profit margins, and leveraging the new core system
The company is promoting the Entrance Area Renovation Business and, by strengthening touchpoints with automatic door users, aims to expand Renewal (Replacement/Refurbishment) orders and improve the maintenance contract rate. In the first quarter of FY2026 (ending December 2026), maintenance sales increased, and expansion of the recurring revenue base is progressing steadily.
The company aims to improve profit margins through thorough order selection and enhanced profitability management. It seeks to achieve a recovery in performance by recognizing the order backlog of ¥4,829 million as of the end of FY2025 (ending December 2025) as sales from the second half onward; however, segment profit in the first quarter of FY2026 (ending December 2026) declined 54.0% year on year, indicating that profitability improvement remains a work in progress.
The company is proceeding with the introduction of a new core system. In the first quarter of FY2026 (ending December 2026), related depreciation expenses increased, becoming a short-term cost factor. Over the medium to long term, benefits are expected from operational efficiency gains, more sophisticated customer management, and strengthened earnings power through integration with the Customer My Page (Platform).
In addition to the order backlog carried over from the previous period, the company is focusing on accumulating orders for short-lead-time projects and improving profit margins. In the first quarter of FY2026 (ending December 2026), a large loss-making construction project occurred in the new Automatic Door-Related segment, and thorough project selection and profitability management remain ongoing challenges.
Last updated: July 17, 2026