Shirai Electronics Industrial Co.,Ltd.
6658・Standard Market・Electric Appliances
Business
Shirai Electronics Industrial, founded in 1970, is a specialized manufacturer of printed wiring boards, with double-sided and multilayer boards as its core products. It operates domestic plants (Kyoto, Shiga) as well as facilities in China (Zhuhai, Hong Kong, Shanghai, Shenzhen), Thailand, and India. The company supplies a wide range of fields including automotive, home appliances, industrial equipment, and social infrastructure, and has built an integrated system covering design, prototyping, mass production, and assembly. Printed Wiring Boards account for approximately 98% of consolidated net sales, with the remainder made up of the Inspection Equipment & Solutions business—which develops and sells the "VISPER" and "VIZERA" printed wiring board appearance inspection equipment—and the transportation business. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In response to customers' unit price, specification, and delivery requirements, the company flexibly combines its domestic factories, overseas sites in China, Thailand, etc., and OEM subcontractors to propose and supply products. In addition to contract manufacturing revenue, it also generates solutions revenue from sales of its in-house developed appearance inspection equipment. Raw materials and outsourced processing costs are the main cost items, and the structure is such that profitability is determined by improvements in production efficiency and cost reduction.
Company Strengths
The company operates its own facilities domestically (Kyoto and Shiga) and overseas (Zhuhai, Hong Kong, Shanghai, and Shenzhen in China, and Thailand), and also utilizes OEM partners, enabling it to provide an integrated service covering design, prototyping, mass production, and mounting. Its ability to propose optimal solutions from multiple supply chains in response to customers' diverse specifications, delivery timelines, and unit price requirements serves as a key differentiating factor versus competitors.
The printed wiring board appearance inspection equipment "VISPER," for which external sales began in 1998, has earned high acclaim both domestically and overseas, establishing itself as a brand firmly rooted in the market for approximately 30 years. In 2026, the company launched "VIZERA," a next-generation model designed for low-volume, high-mix production, expanding its product lineup. The company's on-site expertise as a printed wiring board manufacturer is leveraged in product development.
The company holds a lineup of high value-added products addressing needs for high heat dissipation, high current capacity, and high reliability, including metal-base substrates, thick copper substrates, IVH substrates, hole-filled substrates, copper pin insertion substrates, and press-fit pin insertion substrates. It is also advancing the development of environmentally-friendly substrates using inkjet coating technology, continuing technology development that achieves both a reduction in manufacturing processes and a lowering of environmental impact.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥32,864 million in FY2023 (ending March 2023) and has since continued to adjust, coming in at ¥29,118 million in FY2026 (ending March 2026), down 0.7% year on year, moving in a roughly flat range. On the other hand, operating profit fell sharply to ¥2,030 million (down 21.2% year on year) and net income attributable to owners of the parent fell to ¥1,309 million (down 36.9% year on year), reflecting significant deterioration in profitability. The main causes were surging raw material and energy costs (cost of sales of ¥23,702 million, up 1.3% year on year) and delayed recovery in the car electronics field. As an external factor, the sharp rise in resource prices driven by geopolitical risk in the Middle East had a rapid impact from the latter half of the period onward. For FY2027 (ending March 2027), operating profit is forecast at ¥850 million (down 58.1% year on year), the lowest level in the past five fiscal periods, with continued cost-push inflation expected to weigh on performance.
Growth Strategy
Strengthening the medium- to long-term earnings base through expansion into the ASEAN and Indian markets and the enhancement of high-value-added products
As a pillar of the medium-term management plan, the Company is pursuing the establishment of sales subsidiaries in Thailand and India to capture demand from local Japanese-affiliated companies. Continued outreach efforts are ongoing in FY2026 (ending March 2026); however, the contribution to current performance remains limited, and the effects are expected to take a certain amount of time to materialize.
In response to intensifying competition from overseas manufacturers, the Company is examining and promoting the introduction of high-value-added products and a data-driven, globally oriented sales and procurement strategy. The earnings forecast for FY2027 (ending March 2027) is expected to fall significantly short of the medium-term targets, and the effects of these measures are expected to materialize from FY2027 (ending March 2027) onward.
The Company continues to implement cost reductions through improved production efficiency and various cost-cutting measures. In addition, it is examining ways to promote business turnover and strengthen external collaboration by utilizing outside resources such as new alliances. In response to the external factor of soaring raw material and energy costs, the Company is pursuing both internal absorption and price pass-through, but margin securing remains insufficient.
Last updated: July 19, 2026