ENVALITH
エブレン株式会社 logo

EBRAINS,INC.

6599・Standard Market・Electric Appliances

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エブレン株式会社 logo
EBRAINS,INC.6599

Business

EBRAINS,INC. is a specialized industrial computer manufacturer founded in 1973, engaged in the design, manufacture, and sale of Backplanes, System Racks, Board Computers, and related products. Its main customers are major electronics and machinery equipment manufacturers in fields such as semiconductor manufacturing equipment, railways, defense, medical, and telecommunications, providing computer hardware embedded in social and industrial infrastructure. The company has multiple domestic locations (Hachioji, Osaka, Ueno) and a consolidated subsidiary in Suzhou, China. It listed on the TSE Standard Market in 2020. Its application fields span multiple areas, led by Measurement & Control (57.3% of sales composition), followed by Transportation-related (19.0%), Defense & Other (8.6%), Electronic Applications (8.1%), and Communications & Broadcasting (6.9%).

Business Model

The majority of revenue consists of contract design, manufacturing, and sales of custom products (customer-specific backplanes, system racks, etc.). The company seeks to increase value-added by expanding the scope of contracted work according to configuration level—from standalone backplanes, to system racks incorporating power supplies and fans, and further to Computer Platforms including Board Computers. The Chinese subsidiary is utilized as a base for parts procurement and manufacturing cost reduction, maintaining price competitiveness across the group as a whole.

Company Strengths

1973年創業以来バックプレーン専業で技術を蓄積し、コネクタ自動圧着装置（プレスフィットマシン）・電気検査機を自社設計・開発・運用している。自社製造装置により高品質製品を短納期で供給できる体制を構築しており、大手電子機器メーカーからの継続的な受注関係がその技術力の評価を裏付けている。

計測・制御・交通・防衛・医療・通信等の多分野にわたる大手電子機器メーカーとの取引を継続しており、特定分野の需要変動を他分野でカバーできる分散構造を持つ。2026年3月期の受注実績は4,472百万円（前期比18.0%増）と販売実績を上回り、次期への受注残が積み上がっている。

2026年3月期末の純資産合計は5,104百万円で、現金及び現金同等物2,065百万円に加え長期性預金1,000百万円を保有する。有利子負債への依存がなく、営業キャッシュフローは570百万円を確保。財務的な安定性が高く、設備投資や人材補強を自己資金で賄える体制にある。

ENVALITH's Perspective

While net sales remained nearly flat, down 0.8% year on year to ¥3,993 million, operating profit increased 14.2% to ¥530 million and ordinary profit increased 15.8% to ¥550 million, achieving substantial profit growth. Progress in passing on the sales price of purchased components led to an improvement in gross profit from ¥864 million to ¥921 million, while SG&A expenses were also reduced from ¥399 million to ¥391 million. It is worth noting that structural improvement enabling profit growth despite a sales decline can be confirmed.

The company's forecast for FY2027 (ending March 2026) is net sales of ¥4,400 million (up 10.2% year on year) and operating profit of ¥620 million (up 16.9%). The company plans for the Measurement & Control field to grow 25.8% year on year to ¥2,880 million, supported by an external tailwind from SEAJ's forecast of 12% growth in the Japan-made semiconductor manufacturing equipment market in fiscal 2026. However, if delays in capital expenditure recur due to U.S. trade policy or geopolitical risks, there remains a risk that the plan will not be achieved.

In FY2027 (ending March 2026), Defense & Other is projected to see only slight growth of 1.9% year on year to ¥350 million, while Transportation-related is planned to decline sharply by 21.0% year on year to ¥600 million. Both fields, which performed well in FY2026 (ending March 2026), are expected to contract, suggesting limits to the sustainability of revenue diversification. Ultimately, the key variable for performance remains demand for semiconductor manufacturing equipment in the Measurement & Control field (planned to account for over 65% of the sales composition), and the structural risk of concentration in this field has not been resolved.

Growth Strategy

Backplane core business expands into unit supply, with growth accelerating through recovery in measurement & control and new fields in defense and electric power

The core semiconductor manufacturing equipment segment is expected to benefit from expanded investment in HBM and increased investment in advanced logic semiconductors for AI servers. The company plans sales of ¥2,880 million in the measurement & control field for FY2027 (ending March 2026), up 25.8% year on year. In FY2026 (ending March 2026), sales remained at ¥2,289 million (down 6.9% year on year) due to postponed capital expenditure, but a significant recovery is expected as market conditions improve.

Against the backdrop of Japan's increased defense budget, the company has won new projects related to defense radar and communications. In FY2026 (ending March 2026), sales in this field expanded sharply, up 51.2% year on year to ¥343 million. For FY2027 (ending March 2026), the company plans only a modest increase of 1.9% year on year to ¥350 million in the defense and other fields, but the continued expansion of the defense budget serves as a medium- to long-term tailwind.

New projects related to electric power have increased against the backdrop of strengthened power supply networks driven by growing AI server demand. In FY2026 (ending March 2026), sales in the communications and broadcasting field rose 21.1% year on year to ¥277 million. For FY2027 (ending March 2026), the company plans overall sales in this field to decline 9.8% year on year to ¥250 million due to reduced capital expenditure related to communications and broadcasting, but sales related to electric power are expected to continue increasing.

The company is expanding its contract manufacturing scope from standalone Backplane supply to the supply of entire system chassis and units, aiming to raise unit prices and deepen relationships with customers. Combined with progress in passing on the costs of purchased materials to sales prices, the company aims for continuous improvement in gross profit margin. In FY2026 (ending March 2026), the gross profit margin improved to 23.1% (from 21.5% in the previous fiscal year), reflecting the effects of this strategy in the numbers.

Last updated: July 19, 2026