ENVALITH
マクセル株式会社 logo

Maxell, Ltd.

6810・Prime Market・Electric Appliances

Official website
マクセル株式会社 logo
Maxell, Ltd.6810

Business

Maxell, Ltd. is grounded in analog core technologies centered on "mixing and dispersing (mazeru)," "precision coating (nuru)," and "high-precision molding (katameru)," and operates four segments: Energy (primary batteries, All-Solid-State Batteries), Functional Materials (adhesive tapes, Coated Separators), Optics & Systems (Lens Units for In-Vehicle Cameras, LED Headlamp Lenses, Semiconductor DMS (Semiconductor-Related Embedded Systems)), and Value Co-Creation Business (Health & Beauty Products, Electrical Installation Tools). Its main customers are primarily in the BtoB domain, including automakers, medical device manufacturers, semiconductor manufacturing equipment makers, and infrastructure operators, and it supplies products globally through 19 domestic and overseas subsidiaries and 2 affiliated companies. Consolidated net sales for FY2026 (ending March 2026) were ¥129,429 million.

Business Model

The company's main revenue source is the manufacturing and sale of high-value-added products leveraging its proprietary analog core technology, maintaining the world's top share in products such as heat-resistant coin-type lithium batteries for in-vehicle TPMS and LED Headlamp Lenses. In addition, in the Optics & Systems segment, License Revenue has continued to increase, supplementing earnings. As part of business portfolio reform, the company has discontinued production of the less profitable prismatic lithium-ion batteries and acquired the primary battery business from Murata Manufacturing, advancing the concentration of management resources into growth businesses.

Company Strengths

The company holds the world's top market share (company estimate) in heat-resistant coin-type lithium batteries for in-vehicle tire pressure monitoring systems (TPMS) and in LED Headlamp Lenses. Lens Units for In-Vehicle Cameras also maintain a leading global market share, establishing a competitive advantage across multiple products in the mobility field.

All-Solid-State Batteries leveraging the company's proprietary analog core technologies (mixed dispersion, high-density molding, and hermetic sealing) have moved into a full-scale mass-production phase for industrial equipment applications. The company is also advancing development of ceramic-package All-Solid-State Batteries and All-Solid-State Battery modules, and has a track record of early practical implementation of next-generation battery technology, including participation in the NEDO-commissioned project (SOLiD-Next).

In March 2026, the company made Maxell Sakura Corporation (formerly Murata Manufacturing's primary battery business) a subsidiary for a share acquisition consideration of ¥8,000 million. Through this acquisition, the company obtained design and manufacturing technology for coin-type manganese dioxide lithium batteries, silver oxide batteries, and alkaline button batteries, gaining synergies in accelerated technology development, improved productivity, and expanded sales channels. Fixed assets in the Energy segment expanded 86.2% to ¥16,052 million.

ENVALITH's Perspective

Profit attributable to owners of parent for FY2026 (ending March 2026) rose sharply to ¥8,260 million (+102.0% year on year), but this was primarily driven by a one-time extraordinary gain of ¥2,857 million from the sale of an equity investment in an affiliated company associated with the transfer of equity interests in the consolidated subsidiary Wuxi Maxell Energy. Operating profit, which reflects the core business, was ¥7,891 million, down 15.3% year on year, reflecting a combination of delayed recovery in semiconductor-related products, the impact of US tariffs on Health & Beauty Products, and rising raw material costs. The key focus for investment decisions will be assessing the feasibility of achieving the FY2027 (ending March 2027) operating profit forecast of ¥10,000 million (+26.7% year on year).

The earnings forecast for FY2027 (ending March 2027) calls for net sales of ¥143,000 million (+10.5% year on year), operating profit of ¥10,000 million (+26.7% year on year), and profit attributable to owners of parent of ¥6,700 million (-18.9% year on year). Net sales are planned to be driven by a substantial increase in the Energy segment (forecast at ¥53,000 million, +24.8% year on year), but there are risks from the continuation of external factors such as US tariff measures, geopolitical risks, and rising raw material costs. The consolidation effect of Maxell Sakura Co., Ltd. and the timing of earnings contribution from All-Solid-State Batteries also warrant attention as sources of uncertainty.

In FY2026 (ending March 2026), net sales in Other Asia expanded to ¥39,998 million (+8.1% year on year), driving overall overseas sales for the group to ¥69,089 million (+4.4% year on year). Meanwhile, net sales in the United States fell to ¥16,274 million (-3.5% year on year), reflecting the emerging impact of tariffs. The retirement of 6,292,200 shares, equivalent to 13.40% of total shares issued, will directly improve per-share metrics, with total shares issued after retirement standing at 40,664,000 shares. Capital expenditure is planned to increase significantly to ¥10,000 million (+98.3% year on year) in FY2027 (ending March 2027), and balancing growth investment with shareholder returns will continue to draw attention from a financial discipline perspective.

Growth Strategy

Toward the final year of MEX26, the company is advancing portfolio reform, strengthening growth businesses, and commercializing the All-Solid-State Batteries business

Completed portfolio reform through the discontinuation of prismatic lithium-ion battery production, and established an increased production system for primary batteries used in medical devices and infrastructure applications. Aiming to achieve the FY2027 (ending March 2027) Energy segment sales forecast of ¥53,000 million (up 24.8% year on year). Addressing soaring raw material costs is key to improving profitability.

While continuing to increase development expenses for All-Solid-State Batteries (which are pressuring FY2026 (ending March 2026) Energy segment operating profit), the company aims to begin mass production deliveries for industrial equipment applications and expand their use. The goal is to achieve early earnings contribution from this new business in the final year of the medium-term management plan MEX26, though there is a risk that the development expense burden will pressure short-term profitability.

Maxell Sakura Corporation has been added to the scope of consolidation from FY2026 (ending March 2026). Goodwill of ¥6,181 million was recorded, contributing to an increase in fixed assets (up 18.3% year on year). The contribution to sales and profit from the new consolidation is expected to build up earnings from FY2027 (ending March 2027) onward.

The capital investment plan for FY2027 (ending March 2027) is ¥10,000 million (approximately double the previous year's actual of ¥5,044 million). The company aims to enhance production capacity in the Energy, Functional Materials, and Optics & Systems segments, laying the foundation for achieving sales of ¥143,000 million. Investment funding has already been secured through the procurement of ¥20,000 million in long-term borrowings.

On May 29, 2026, 6,292,200 shares (13.40% of total issued shares) were retired, bringing the total number of issued shares after retirement to 40,664,000 shares. The forecast annual dividend for FY2027 (ending March 2027) is ¥56.00 (up ¥6.00 year on year), maintaining the policy of increasing dividends. The target payout ratio is 30.8%.

Last updated: July 19, 2026