GS Yuasa Corporation
6674・Prime Market・Electric Appliances
Business
GS Yuasa Corporation is a comprehensive battery and power supply device manufacturer established in 2004 through a joint share transfer of Japan Storage Battery Co., Ltd. and Yuasa Corporation. The Group comprises the Company along with 51 subsidiaries and 19 affiliated companies, and offers a wide-ranging product lineup including Automotive & Motorcycle Lead-Acid Batteries (Domestic and Overseas), industrial batteries and power supply systems, Automotive Lithium-ion Batteries, and specialty batteries for space, aviation, and defense applications. Its major customers span automobile manufacturers, the aftermarket, social infrastructure operators, and government agencies, and it is a global enterprise with business operations in more than 51 countries both domestically and overseas. Consolidated net sales for FY2026 (ending March 2026) reached ¥608,995 million.
Business Model
Automotive Lead-Acid Batteries (Domestic & Overseas) account for approximately 62% of net sales as a core business generating stable earnings, with replacement demand for repair batteries forming a continuous sales base. The Industrial Batteries & Power Supplies segment secures high profit margins through high-value-added products such as ESS and emergency power supply systems, while Automotive Lithium-ion Batteries are expanding sales volume for HV and PHEV applications. An all-round system in which each segment functions in a mutually complementary manner underpins the stability of earnings.
Company Strengths
The company holds a broad range of products spanning lead-acid batteries (automotive and industrial), automotive lithium-ion batteries, and specialty batteries for space, aviation, and defense applications, thereby diversifying risk from fluctuations in any specific market. In FY2026 (ending March 2026), all segments—Automotive Batteries, Industrial Batteries & Power Supplies, and Automotive Lithium-ion Batteries—achieved revenue growth, confirming the stability of the portfolio through actual results.
The company's batteries are mounted on more than 250 satellites, space station resupply vehicles, and other spacecraft, maintaining a world-leading position in terms of orbital payload capacity. The company has a track record of supplying lithium-ion batteries for the Boeing 787 and batteries for the H-IIA and H3 rockets, establishing a competitive advantage in fields requiring high reliability.
In FY2026 (ending March 2026), the company exceeded all major targets: consolidated net sales of ¥608.9 billion (target: ¥600.0 billion), operating profit before amortization of goodwill and other items of ¥61.0 billion (target: ¥52.0 billion), ROE of 11.5% (target: 9.5%), and ROIC of 14.8% (target: 13%), numerically demonstrating the effectiveness of its profitability enhancement measures. The equity ratio also remained sound at 53.3%.
ENVALITH's Perspective
Performance Trend
Revenue expanded 41% over five fiscal years, from ¥432,133 million in FY2022 (ended March 2022) to ¥608,995 million in FY2026 (ending March 2026). Operating profit increased approximately 2.7-fold over the same period, from ¥22,664 million to ¥60,172 million, with the operating margin improving substantially from 5.2% to 9.9%. In FY2026 (ending March 2026), three segments—Industrial Batteries & Power Supplies (driven by expanding demand for ESS and emergency power supplies), Automotive Lithium-ion Batteries (increased volumes for HV and PHEV), and Automotive Batteries (Domestic) (price corrections)—all contributed to profit growth. External factors, including a significant reduction in foreign exchange losses (from ¥2,504 million in the prior period to ¥270 million in the current period) and contributions from U.S. IRA subsidies, also boosted profit. On the other hand, income tax payments surged from ¥2,666 million in the prior period to ¥15,805 million, which constrained the extent of improvement in operating cash flow (from ¥39,296 million to ¥49,543 million).
Growth Strategy
Realizing Vision 2035 through three pillars: BEV battery development, strengthening profitability of existing businesses, and ESS expansion
Segment profit was restored through expanded sales volume for HV and PHEV applications, achieving segment profit of ¥4,927 million (up 256.1% year on year) in FY2026 (ending March 2026). The company will continue to promote improvements in production efficiency and raw material cost management to strengthen its earnings base.
The company continues to capture demand for stationary energy storage (ESS) driven by the spread of renewable energy, as well as large-scale orders for emergency power supplies for data centers and social infrastructure. Sales in FY2026 (ending March 2026) reached ¥124,093 million (up 9.7% year on year), and the company expects increased sales in this field in FY2027 (ending March 2027) as well.
The capital expenditure plan for FY2027 (ending March 2027) is ¥90,000 million, a significant increase from the previous fiscal year's actual result of ¥54,362 million. As shown by the increase in tangible fixed assets (machinery, equipment, and vehicles) from ¥47,940 million in the previous fiscal year to ¥66,316 million in the current fiscal year, and the buildup of construction in progress (¥58,606 million), the company is actively executing forward-looking investments toward future growth.
Domestically, continued price correction alongside increased sales volume of replacement batteries improved the domestic Automotive Batteries segment profit to ¥11,682 million (up 9.5% year on year) in FY2026 (ending March 2026). Overseas, expanded volume in Southeast Asia and Europe, along with utilization of U.S. IRA subsidies, drove substantial profit growth, with overseas segment profit reaching ¥24,485 million (up 30.9% year on year).
Last updated: July 19, 2026