ENVALITH
池上通信機株式会社 logo

IKEGAMI TSUSHINKI CO., LTD.

6771・Standard Market・Electric Appliances

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池上通信機株式会社 logo
IKEGAMI TSUSHINKI CO., LTD.6771

Business

Ikegami Tsushinki, founded in 1946, is a specialized information & communication equipment manufacturer listed on the Standard Market of the Tokyo Stock Exchange. Based on its core IP&T (imaging, image processing, and transmission technology), the company operates two business pillars: the Broadcast Systems business, serving broadcasting stations and public competition venues, and the Industrial Systems business, which handles security, medical, and inspection equipment. Domestically, its main customers include broadcasting stations such as NHK (Japan Broadcasting Corporation), government agencies (including the Ministry of Defense), and the pharmaceutical, railway, and plant markets. Overseas, the company has sales networks in North America, Europe, and the Asia-Pacific region through consolidated and non-consolidated subsidiaries in the United States, Germany, and Singapore. As a manufacturer handling everything from development to production, sales, and service in an integrated manner, the company operates the Utsunomiya Product Center and Fujisawa System Center as its production and development bases.

Business Model

The company directly sells broadcast cameras, video systems, inspection equipment, and other products developed using its own core technologies to domestic and overseas customers, while also generating revenue from overseas OEM supply of medical cameras. Large-scale broadcast systems and projects for government agencies are made-to-order, leveraging the company's SI (system integration) capabilities to achieve high added value. Sales are strongly concentrated in the fourth quarter, and the structure is such that the accumulation of the order backlog serves as a leading indicator for the following period's business performance.

Company Strengths

The company has a customer base backed by many years of trading track record, including multiple deliveries of large-scale broadcast systems to domestic broadcasters and the public sports betting market, as well as significant growth in Helicopter Transmission Systems & Receiving Base Station Equipment for government agencies. Sales to NHK amounted to ¥2,582 million (12.1% of net sales), reflecting a continued stable business relationship.

The company has established a system for integrated development, from core technology elements to product commercialization, at the Utsunomiya Product Center and the Fujisawa System Center, with imaging, image processing, and transmission technology (IP&T) as its proprietary core technology. It continues to introduce proprietary products across multiple fields, including the MoIP-compatible "IPX-100," the 4K high-sensitivity medical camera "MKC-835S," and the tablet appearance inspection equipment "TIE-10000."

The company has local subsidiaries in the United States, Germany, and Singapore, and conducts sales and service operations across North America, Europe, the Middle East, and the Asia-Pacific region. In FY2026 (ending March 2026), sales of broadcast cameras in North America grew significantly, up 62% year on year to ¥980 million, and the overseas OEM business (medical cameras) has also been building up a track record of delivering large-scale projects to new OEM customers in North America.

ENVALITH's Perspective

Revenue was ¥21,329 million (+2.9% YoY), operating profit was ¥407 million (+59.9% YoY), and net income attributable to owners of parent was ¥376 million (+59.5% YoY), marking a clear recovery from the sharp profit decline in FY2025 (ended March 2025). However, the operating profit margin remained at just 1.9%, still below the FY2024 (ended March 2024) level of 3.7%. It should be noted that the recognition of deferred tax assets (income taxes-deferred of ¥190 million, a reduction) boosted net income as a one-time factor.

The full-year consolidated earnings forecast for FY2027 (ending March 2027) calls for revenue of ¥21,000 million (-1.5% YoY), operating profit of ¥300 million (-26.3% YoY), and ordinary profit of ¥100 million (-72.1% YoY), representing a substantial decline in profit. The main factor cited is a reduction in large-scale orders following the completion of a cycle of customer capital expenditure plans, with US trade policy, geopolitical risk, and rising raw material prices also cited as external downside factors. On the other hand, due to the recognition of a special gain of ¥1,227 million from the sale of the Shiohama Plant, net income is forecast to reach ¥500 million (+32.8% YoY), and attention should be paid to the large divergence between ordinary profit and net income.

Revenue in Europe was ¥1,056 million (a sharp decline from ¥1,450 million in the previous period), and revenue in Asia was ¥1,171 million (a sharp decline from ¥1,712 million in the previous period), with both overseas regions remaining weak. In Europe, order postponements continue, while in Asia (China), economic stagnation, inventory adjustments at OEM customers, and declining sales of Medical Cameras persist. As external factors, the pace of recovery in the Chinese economy and capital expenditure trends in Europe are key variables for performance, and a full-scale recovery in overseas revenue is difficult to foresee without improvement in these areas.

Growth Strategy

Stabilizing the earnings structure through broadcast IP conversion, OEM expansion, deeper penetration of government/public-sector demand, and improved asset efficiency

Through sales promotion of the IP extension unit "IPX-100" and the 4K/HD multi-purpose camera "UHL-X40," the company aims to expand share in both domestic and overseas broadcaster markets as well as non-broadcaster markets. It is currently strengthening its ability to propose total system solutions in anticipation of next-generation broadcasting.

The company continues to expand overseas OEM supply of endoscope and microscope cameras and to acquire new OEM customers. In North America, delivery track record has expanded through a large-scale project with a new OEM customer for medical cameras. In China and Europe, sluggish demand and inventory adjustments at microscope OEM customers continue, and recovery is expected to take time.

With government agencies including the Ministry of Defense, as well as the railway and plant markets, positioned as the highest-priority focus areas, the company is promoting the acquisition of large-scale projects involving Security Camera Systems, ITV systems, Helicopter Transmission Systems & Receiving Base Station Equipment, and other products. In FY2026 (ending March 2026), multiple deliveries of large-scale projects for government agencies contributed to increased sales.

The land and building of the Shiohama Business Office (Kawasaki City, Kanagawa Prefecture) are scheduled to be transferred in December 2026. A gain on sale of ¥1,227 million is expected to be recorded as extraordinary income in the following fiscal year, along with an extraordinary loss of ¥569 million for impairment of fixed assets. Production will be transferred to the new System Center building (Fujisawa City) to improve production efficiency.

In addition to expanding share of Tablet Inspection Equipment & Tablet Printing Equipment for the pharmaceutical market, the company aims to expand the scale of its business by increasing sales of flat-surface inspection equipment and powder inspection equipment for the industrial market, driven by growing demand for inspection automation. In FY2026 (ending March 2026), the pharmaceutical market performed steadily.

Last updated: July 19, 2026