inspec Inc.
6656・Standard Market・Electric Appliances
Business
Inspec Inc. is a specialized manufacturer of appearance inspection equipment for semiconductor package substrates, headquartered in Senboku City, Akita Prefecture. Its flagship products are the Flatbed-type Inspection Equipment (SX series) and Roll-to-Roll Inspection Equipment (RA series), which perform appearance inspection of semiconductor package substrates equipped with CPUs and GPUs used in data centers for generative AI, as well as precision printed circuit boards used in smartphones and other devices. Major customers include leading domestic substrate manufacturers such as Shinko Electric Industries, Murata Manufacturing, and Sumitomo Electric Industries, in addition to expanding overseas customers such as Singapore-based ADVANCED SUBSTRATE TECHNOLOGIES PTE. LTD. The company has a local subsidiary in Taiwan and also conducts sales to China and Southeast Asia through Hong Kong WWG. Net sales for FY2026 (ending April 2026) reached a record high of ¥2,478 million.
Business Model
The core business model is build-to-order manufacturing, whereby, after receiving an order, the company procures materials and produces the equipment in cooperation with manufacturing subcontractors before delivering it to the customer. Core technology and design are handled in-house, while a portion of manufacturing and service is outsourced to external partners, forming a "lean and simple management structure." In addition to equipment sales, Maintenance & Service revenue (¥543 million in "Other" sales for FY2026 (ending April 2026), 21.9% of the composition) supplements earnings. Working capital needs arising from large orders are flexibly addressed through a syndicated loan totaling ¥2.0 billion.
Company Strengths
In July 2025, the company released the "SX7000" series of semiconductor package substrate inspection equipment supporting L/S=1.5μm/1.5μm. It has achieved, through in-house development, inspection precision capable of handling cutting-edge package substrates amid ongoing chiplet adoption and finer wiring, creating a technological differentiation factor that competitors find difficult to replicate in the short term. R&D expenses of ¥256 million were invested in FY2026 (ending April 2026).
In addition to its appearance inspection equipment (SX series), the company released the "LX7000" repair equipment supporting L/S=5μm/5μm in July 2025. It has built a framework capable of providing a one-stop solution that repairs wiring defects discovered during inspection on the spot, offering added value that directly contributes to improving customers' yield and quality. Of the ¥230 million in capital expenditure, the primary use was the production of demonstration units for inspection and repair equipment.
The company has an ongoing track record of transactions with major domestic substrate manufacturers, including Shinko Electric Industries (13.0% of sales composition), Murata Manufacturing (12.6%), and Sumitomo Electric Industries (11.8%). At the start of FY2027 (ending April 2027), the order backlog stood at ¥1,273 million, and combined with new orders of ¥172 million received in May and June 2026, total orders secured amount to ¥1,446 million, meaning a certain portion of next fiscal year's sales is already visible.
ENVALITH's Perspective
Performance Trend
Revenue trended as follows: ¥1,762 million in FY2022 → ¥2,290 million in FY2023 → ¥1,668 million in FY2024 → ¥2,238 million in FY2025 → ¥2,478 million in FY2026 (ending March 2026), recovering from the FY2024 downturn to reach a new record high. Operating profit was flat at ¥108 million in FY2026 versus ¥108 million in FY2025, indicating that the revenue increase did not translate into higher profit. Net income turned profitable, moving from ¥(142) million in FY2025 (which included a ¥247 million loss on business withdrawal) to ¥76 million. However, the gross profit margin deteriorated by 5.8 percentage points year on year, mainly due to new development cost overruns on leading-edge equipment projects for AI-related data centers. As an external factor, active investment in AI and data centers is supporting the order environment, but the rising technical difficulty of leading-edge equipment is affecting the cost structure. Order intake declined to ¥2,331 million (down 22.7% year on year), warranting attention to the capacity for revenue growth in the following fiscal year.
Growth Strategy
Advancing the medium-term plan through concentration on the Substrate Inspection Equipment Business, next-generation equipment development, and overseas expansion
Amid strong demand for high-performance semiconductor package substrate/interposer inspection equipment for AI-enabled data centers, the Company is further strengthening technology development and sales activities to drive order intake. In May and June 2026, it secured new orders totaling ¥172 million, starting the new fiscal year with an opening order backlog of ¥1,446 million.
The Company continues to strengthen sales activities in overseas markets centered on Taiwan, Thailand, and Vietnam, and to develop new customers through exhibition participation. Leveraging its local support structure through Taiwan Yingshi Co., Ltd. (台灣英視股份有限公司), it is securing orders from both domestic and overseas customers.
Following the completion of the withdrawal from the exposure equipment business, management resources are now concentrated on the Substrate Inspection Equipment Business. While improving R&D expense efficiency (down from ¥358 million in the previous fiscal year to ¥256 million in the current fiscal year), the Company aims to restore its gross profit margin through strengthened cost management on new development projects. The medium-term plan targets an operating margin of 15% or higher, but as the operating margin stood at only 4.4% in FY2026 (ending April 2026), substantial improvement is needed to achieve this target.
The Company will forgo dividend payments again in FY2026 (ending April 2026), marking two consecutive fiscal years without dividends. Prioritizing the strengthening of its financial base, and given its current position of ¥1,721 million in short-term borrowings and an equity ratio of 22.1%, the Company aims to improve its financial condition through steady conversion of the order backlog into sales and improved working capital management. It has stated its policy to work toward an early resumption of dividend payments.
Last updated: July 19, 2026