ENVALITH
株式会社ミマキエンジニアリング logo

MIMAKI ENGINEERING CO.,LTD.

6638・Prime Market・Electric Appliances

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株式会社ミマキエンジニアリング logo
MIMAKI ENGINEERING CO.,LTD.6638

Business

Mimaki Engineering's core business consists of the development, manufacture, sale, and maintenance service of industrial inkjet printers, cutting plotters, functional inks, and related products. The company operates primarily across three markets: Sign Graphics (SG), Industrial Products (IP), and Textile & Apparel (TA), while also engaging in the FA Business (Factory Automation). With a total of 29 companies, including 25 consolidated subsidiaries, the company conducts operations across three regional segments: Japan, Asia & Oceania, North, Central & South America, and Europe, Middle East & Africa. Consolidated net sales for FY2026 (ending March 2026) were ¥83,725 million. The Kazawa Plant in Tomi City, Nagano Prefecture serves as the company's core manufacturing and development base, with approximately 540 employees—roughly 40% of domestic employees—engaged in the development division.

Business Model

The company adopts a stock-type (recurring revenue) business model in which printer hardware (net sales of ¥31,410 million in FY2026 (ending March 2026)) forms the user base, while ongoing sales of consumable ink (net sales of ¥32,931 million, 39.3% of composition) and maintenance parts (net sales of ¥7,486 million) secure stable earnings. Ink sales achieved year-on-year growth across all markets, forming a structure that supports profits even when hardware sales are soft.

Company Strengths

In FY2026 (ending March 2026), ink sales reached ¥32,931 million (up 4.2% year on year), growing to a scale exceeding that of the printer hardware itself. Ink sales achieved year-on-year growth across the SG, IP, and TA markets, with the North American and European TA markets recording double-digit sales growth. This provides a structural earnings stability that supports profits even when printer hardware sales are sluggish.

Centered on the Kazawa Plant in Tomi City, Nagano Prefecture, the company maintains five in-house fields: mechanical design, control design, firmware, application software, and ink technology. Over the three years from FY2024 (ending March 2024) to FY2026 (ending March 2026), the company launched 22 new printer models. In February 2026, the new Building F was completed, further strengthening the development structure.

In FY2026 (ending March 2026), operating profit reached ¥9,431 million (up 3.5% year on year), a record high, with an operating margin of 11.3%. This was supported by cost reduction activities and improvements in the product mix of ink and hardware. Even as revenue declined slightly (down 0.3% year on year), profit expanded, confirming the resilience of the earnings structure.

ENVALITH's Perspective

The operating margin for FY2026 (ending March 2026) improved to 11.3% from the previous period's 10.9%, marking a new record profit. The main drivers were cost reduction activities, product mix improvement, and a decrease in market-response expenses associated with quality improvements. The focus is whether this level can be maintained once these one-time factors fade. In the FY2027 (ending March 2027) forecast, operating profit is expected to increase to ¥9,500 million (up 0.7% year on year), while ordinary profit and net income are forecast to decline (down 3.5% and 9.5% year on year, respectively). A shift toward yen appreciation in the exchange rate assumptions (¥146/USD, ¥170/EUR) and increased development investment in new fields could be factors pushing down the margin.

Ink, which accounts for 39.3% of net sales, offers a high gross margin and continuity, but the spread of third-party compatible inks and intensified lock-in strategies by competing manufacturers pose potential risks. In FY2026 (ending March 2026), ink sales exceeded the previous year's level in each of the SG, IP, and TA markets, and double-digit revenue growth was achieved in North America and Europe as well, demonstrating high customer loyalty. However, the continued decline in sales of DTF models (a significant decrease in the TA market overall) suggests a partial contraction in the ink consumption base, making the replenishment of the installed unit base through new products a medium-term challenge.

Net sales for FY2026 (ending March 2026) were ¥83,725 million, down 0.3% year on year, requiring approximately 79% growth over four years to reach the FY2030 (ending March 2030) target of ¥150,000 million. The FY2027 (ending March 2027) forecast of ¥91,000 million (up 8.7% year on year) indicates acceleration toward the target, but the significant decline in the FA Business (Factory Automation) (down 18.1% year on year) and the conservative planning that excludes sales and profit from the Middle East region point to uncertainty in growth. Amid external factors such as U.S. tariff policy, geopolitical risk, and exchange rate fluctuations affecting performance, stable growth in core businesses combined with results from investment in new fields will be key to achieving the target.

Growth Strategy

Based on MI30, the company is pursuing new product launches and the development of new business areas, aiming for net sales of ¥150,000 million in FY2030 (ending March 2030)

The company continues its strategy of regularly launching innovative new products for the SG, IP, and TA markets. In FY2026 (ending March 2026), it launched the hybrid UV printer "UJ330H-160" and the sublimation transfer flagship model "TS330-1800," with new products for the SG market performing well throughout the period. Net sales growth is expected across all markets and regions in FY2027 (ending March 2027).

The company aims to expand recurring revenue from ink and maintenance parts as the installed base of units grows. In FY2026 (ending March 2026), ink sales increased 4.2% year on year and maintenance parts sales increased 8.4% year on year, offsetting the decline in unit sales. Ink sales exceeded the previous year's level in all markets and regions, improving earnings stability.

Under MI30, in addition to growing the core business and maintaining stable earnings, taking on challenges in new business areas is positioned as a key initiative. In FY2027 (ending March 2027), under the management policy of "Transform," the company is promoting structural reform through strengthening its technology foundation and development management. It plans to increase development investment in new areas, which is expected to be a factor increasing selling, general and administrative expenses.

In February 2026, the new Building F was completed at the Kazawa Plant (Tomi City, Nagano Prefecture), the company's main plant, and began operations in April 2026. This investment aims to further enhance the development structure and will contribute to strengthening future new product development capabilities and expanding production capacity. Construction in progress increased significantly from ¥409 million at the end of the previous fiscal year to ¥2,160 million at the end of the current fiscal year.

As future growth is expected to center on capturing overseas markets, increasing the importance of the role of overseas subsidiaries, the company is considering adopting IFRS, which would facilitate unified accounting treatment across the group. At present, the company continues to apply Japanese GAAP, and the timing and schedule for adoption remain undecided.

Last updated: July 19, 2026