TAMURA CORPORATION
6768・Prime Market・Electric Appliances
Business
Tamura Corporation is an electronic components and electronic chemical materials manufacturer founded in 1924, comprising the Company, 34 subsidiaries, and 6 affiliated companies. In its core Electronic Components Business, the company manufactures transformers, reactors, current sensors and other products, with Large Transformers/Reactors (for Data Centers) for PDUs and UPS destined for U.S. data centers driving performance. The Electronic Chemicals & Mounting Business offers Solder Paste, Solder Resist, Photosensitive Coverlay (PICC), and mounting equipment, supplying automotive, AI server, and smartphone applications. The Information Equipment Business is scheduled for divestiture in October 2026, as the group shifts to concentrate management resources on the clean energy-related market. The company maintains a global structure with production and sales bases in Japan, the United States, Europe, ASEAN, and China.
Business Model
The Company purchases electronic components and electronic chemical materials produced at domestic and overseas manufacturing subsidiaries for sale, while also operating a system in which manufacturing subsidiaries ship directly to overseas sales subsidiaries. The Electronic Components Business is order-production based, supplying high-value-added products such as Large Transformers/Reactors (for Data Centers), while the Electronic Chemicals & Mounting Business has a market-linked earnings structure, including price-setting for Solder Paste based on a market-linked pricing system. Each segment generates approximately ¥3.3 billion in segment profit, forming a two-pillar structure that supports overall group earnings.
Company Strengths
In 2010, the UK subsidiary acquired ROMARSH LIMITED, marking a full-scale entry into the Large Transformers/Reactors (for Data Centers) market. By deploying design technology that cleared the stringent quality standards of major manufacturers in the European renewable energy market as a global standard, the company achieved rapid entry into the fast-growing US data center market. This accumulated technology represents a proprietary competitive advantage that is difficult for competitors to replicate in a short period.
The Electronic Chemicals & Mounting Business achieved net sales of ¥39,876 million and segment profit of ¥3,334 million (segment profit margin of approximately 8.4%) in FY2026 (ending March 2026), making it a highly profitable segment that accounts for roughly half of the Group's profit. The business offers a diverse product lineup including Solder Paste, Solder Resist, Photosensitive Coverlay (PICC), and mounting equipment, with a diversified customer base spanning automotive, AI servers, and smartphones.
In July 2025, the company established the Advanced Power Electronics Technology Research Institute, and in October of the same year set up the "Advanced Power Electronics Co-Creation Research Institute" jointly with Tohoku University. In March 2026, through joint research with Tohoku University, the company developed a powder magnetic core material with dramatically enhanced magnetic permeability and began its deployment into magnetic devices. Through a vertically integrated model encompassing proprietary materials from the ground up, the company aims to build competitive advantage in passive components for next-generation power semiconductors.
ENVALITH's Perspective
Performance Trend
Net sales grew for five consecutive fiscal periods from ¥88,328 million in FY2022 to ¥123,559 million in FY2026, marking a new record high. External factors such as expanding data center demand driven by the spread of generative AI and higher sales of electronic chemical materials linked to rising material prices contributed to this growth. Operating profit increased to ¥5,287 million (up 1.8% year on year), but the operating profit margin of 4.3% fell short of the medium-term management plan target. Net loss attributable to owners of parent deteriorated significantly to ¥(1,385) million (versus profit of ¥2,782 million in the previous fiscal period). This was due to the concentrated recording of ¥3,662 million in extraordinary losses aimed at improving the company's business structure, with total income taxes also remaining high at ¥2,742 million. Post-restatement operating cash flow was ¥2,851 million, and investing cash flow was ¥(4,803) million (reflecting the construction of a new manufacturing building for the Electronic Chemicals & Mounting Business, among other items).
Growth Strategy
Under the medium-term management plan 'One TAMURA for Next 100', the company aims to focus on the clean energy sector and achieve an ROE of 8%.
The Information Equipment Business in the broadcasting and audio field is scheduled to be transferred to a third party effective October 1, 2026. This will separate out the loss-making segment (segment loss of ¥566 million in FY2026 (ending March 2026)), concretizing the concentration of management resources on clean energy-related markets.
The company is reducing production sites in China and plans to transfer its equity interest in Tamura Motor Electronics (Foshan) Co., Ltd. by the end of June 2026 (an extraordinary gain of approximately ¥700 million is expected to be recorded in FY2027 (ending March 2027)). Production of step-up Automotive Reactors for HEVs will be consolidated in Japan to improve profitability and expand supply to Japan, the United States, and ASEAN regions.
Capital expenditures for the acquisition of property, plant and equipment totaling ¥5,471 million were invested, centered on the construction of a new manufacturing building for the Electronic Chemicals & Mounting Business. This will establish a supply system to meet growing demand for Photosensitive Coverlay (PICC) for AI servers and other products, building the foundation for sales and profit growth from FY2027 (ending March 2027) onward.
As the final-year target of the medium-term management plan, the company has set an operating margin of 7% or more and ROE of 8% or more. For FY2027 (ending March 2027), operating profit of ¥5,600 million (exceeding the previous record set in FY2018 (ended March 2018)) and net income of ¥4,500 million are forecast, positioned as a milestone in the transformation of the earnings structure. The operating margin for FY2026 (ending March 2026) was 4.3%, falling short of the target.
Last updated: July 19, 2026