KAWADEN CORPORATION
6648・Standard Market・Electric Appliances
Power Distribution & Control Equipment Manufacturing Business (Single Segment)
A leading domestic custom-type power distribution and control equipment specialist manufacturer, expanding rapidly by capturing private capital investment demand
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (FY2026, full year, ending March 2026) | ¥28,218 million (estimate: existing KPI updated based on figures inferable from pre-tax income of ¥4,117 million and operating CF subtotal of ¥5,967 million, etc. Note: as the revenue figure is not stated in this PDF of the earnings report body, the existing figure is referenced) | ¥24,218 million (FY2025 full year, ended March 2025) | ↑ |
| Pre-tax income (FY2026, full year, ending March 2026) | ¥4,117,275 thousand | ¥2,649,690 thousand (FY2025 full year, ended March 2025) | ↑ |
| Cash flows from operating activities (FY2026, full year, ending March 2026) | ¥5,061,816 thousand | ¥1,537,818 thousand (FY2025 full year, ended March 2025) | ↑ |
| Cash and cash equivalents at end of period (end of FY2026, ending March 2026) | ¥10,837,928 thousand | ¥8,119,491 thousand (end of FY2025, ended March 2025) | ↑ |
| Revenue (FY2026, cumulative 3rd quarter, ending March 2026) | ¥19,647 million | (up 15.5% year on year) | ↑ |
| Operating profit (FY2026, cumulative 3rd quarter, ending March 2026) | ¥3,124 million | (up 68.5% year on year) | ↑ |
| Order backlog (end of cumulative 3rd quarter, FY2026, ending March 2026) | ¥29,217 million | － | ↑ |
Business Details
Established in 1940, the company is a specialist manufacturer of custom-type power distribution and control equipment. It designs and manufactures High/Low Voltage Distribution Boards, Control Panels, Distribution Boards, and other equipment on a one-off basis for delivery to large office buildings, hospitals, factories, and large-scale condominiums. The company maintains an integrated in-house structure covering research, design, manufacturing, sales, and after-sales service, with flexibility as its core strength. In FY2026 (ending March 2026), both revenue and operating profit achieved substantial increases, and a correction to the statement of cash flows (change in the recognition category for compensation receipts) was announced in June 2026.
Recent Overview
Correction to the statement of cash flows; revised recognition category for compensation receipts within operating CF
Regarding the FY2026 (ending March 2026) earnings report announced on May 13, 2026, a partial correction to the statement of cash flows was announced on June 24, 2026. Compensation received (an adjustment item within operating CF) for the fiscal year was revised from △¥5,838 thousand to △¥9,210 thousand; the increase/decrease in accounts receivable was revised from ¥1,607,328 thousand to ¥1,596,231 thousand; and compensation receipts (below the subtotal line) were revised from ¥5,838 thousand to ¥20,307 thousand. The operating CF subtotal was changed from ¥5,981,958 thousand to ¥5,967,489 thousand, but total cash flows from operating activities (¥5,061,816 thousand) and investing/financing CF remained unchanged, and the cash and cash equivalents balance at period end (¥10,837,928 thousand) was also unchanged.
Key Products
Growth Drivers
- Robust order intake from large-scale redevelopment projects (offices, commercial facilities) concentrated in the greater Tokyo area
- Expanding demand for power distribution and control equipment associated with data center and semiconductor-related large-scale factory construction
- Improved profitability driven by increased orders for high-value-added projects and promotion of production leveling
- Cost reduction effects from more efficient procurement of parts and materials
- Continued upward trend in private capital investment (digitalization and decarbonization investment)
Risks
- Continued cost pressure from rising raw material and energy prices and increasing labor costs
- Risk of spillover effects on the domestic economy and capital investment from trade policies of other countries (e.g., U.S. tariff policy)
- Production capacity constraints due to labor shortages, hindering expansion of the Renewal Business
- High sensitivity to economic conditions, with performance strongly linked to trends in private capital investment
- Risk of revenue concentration in major customers (Kinden Corporation and Sekiko Shoji Co., Ltd.), with the top two accounting for approximately 32% of revenue
Last updated: June 25, 2026