Chino Corporation
6850・Prime Market・Electric Appliances
Business
CHINO Corporation, founded in 1913, is an industrial measurement and control equipment manufacturer listed on the Tokyo Stock Exchange Prime Market. Known as "CHINO of Temperature," the company focuses on three core businesses: Measurement & Control Equipment such as Recorders and Controllers; Instrumentation Systems including Fuel Cell Evaluation Test Equipment and Water Electrolysis Evaluation Equipment; and Sensors such as Temperature Sensors and infrared equipment. In addition to domestic manufacturing sites (Fujioka, Kuki, and Yamagata plants), the company has built a global structure with 12 consolidated subsidiaries in the United States, China, Thailand, South Korea, and India. Its main customers span the manufacturing sector broadly, including semiconductor and electronic component manufacturing, automotive, heat treatment processing, hydrogen energy, and shipbuilding. Consolidated net sales for FY2026 (ending March 2026) reached ¥31,648 million, marking a record high for the sixth consecutive fiscal year.
Business Model
The company's primary revenue source is the manufacture and sale of Measurement & Control Equipment, Sensors, and Instrumentation Systems, with a structure that accumulates after-sales service revenue from periodic calibration, inspection, repair, and other services as the number of units in operation increases. Furthermore, the company is proceeding with development toward the launch of a paid version of the "Chino Cloud" service, aiming to create recurring-type revenue. While order-based Instrumentation Systems are subject to performance fluctuations depending on the timing of orders and delivery of large-scale projects, Measurement & Control Equipment and Sensors form a stable revenue base backed by continuous demand.
Company Strengths
The Sensors segment achieved net sales of ¥9,188 million and segment profit of ¥2,098 million in FY2026 (ending March 2026), with a profit margin of 22.8%. Order intake grew 17.2% year on year to ¥9,788 million, outpacing sales growth and building growth momentum for the next fiscal period. Continued growth in sales of marine Temperature Sensors by Meiyo Electric Co., Ltd. is also supporting segment revenue.
The Instrumentation Systems segment handles Fuel Cell Evaluation Test Equipment, Water Electrolysis Evaluation Equipment, and Compressor Evaluation Test Equipment for natural refrigerants, achieving net sales of ¥11,695 million (up 17.4% year on year) and segment profit of ¥1,663 million (up 7.2% year on year) in FY2026 (ending March 2026). By consolidating group technological capabilities, including those of Sanki Instruments Co., Ltd. and Advance Riko, Inc., the company provides differentiated solutions in the order-based decarbonization-related systems business.
The company operates consolidated subsidiaries in the US, China (2 locations), Thailand, South Korea, and India, establishing an overseas sales and local production framework for Measurement & Control Equipment. Korea Chino Co., Ltd. handles three businesses—Measurement & Control Equipment, Instrumentation Systems, and Sensors—while Chino Measurement & Control (Kunshan) Co., Ltd. carries out local production of Measurement & Control Equipment and Instrumentation Systems. The company is also strengthening its revenue base through expanded intra-group transactions of products made in China, and has secured orders for AI-related and environmentally conscious investment projects from overseas subsidiaries of major domestic customers.
ENVALITH's Perspective
Performance Trend
For FY2026 (ending March 2026), net sales reached ¥31,648 million (up 7.9% year on year) and operating profit reached ¥3,225 million (up 12.0% year on year), marking six consecutive fiscal years of revenue and profit growth, with net sales, operating profit, ordinary profit, and net income all setting new record highs. The operating margin reached 10.2% (up from 9.8% in the prior fiscal year), entering double digits for the first time. By segment, Instrumentation Systems (+17.4%) and Sensors (+6.9%) drove growth, while Measurement & Control Equipment (▲1.4%) saw a decline in revenue due to a temporary slowdown in OEM products for a specific customer. Externally, solid demand for semiconductor and electronic component manufacturing equipment, along with decarbonization-related capital expenditure, provided tailwinds. The forecast for FY2027 (ending March 2027) calls for net sales of ¥32,500 million and operating profit of ¥3,300 million, maintaining growth in both revenue and profit, although the growth rate is expected to decelerate.
Growth Strategy
Focusing on decarbonization, semiconductors, and overseas expansion, the company is advancing the final phase of its Medium-Term Management Plan 2026 while formulating the next mid-term plan
FY2027 (ending March 2027) (FY2026) is the final year of the medium-term management plan. The operating profit target of ¥2,700 million was achieved two years ahead of schedule in FY2024, and the revenue target of ¥30,000 million was also achieved one year ahead of schedule in FY2025. In the final year, the company will continue to create customer value leveraging measurement, control, and monitoring technologies and to develop and expand growth fields.
The company will continue to expand sales of Fuel Cell Evaluation Test Equipment, Water Electrolysis Evaluation Equipment, and Compressor Evaluation Test Equipment compatible with natural refrigerants. Based on the premise of a mid- to long-term global decarbonization trend, the company aims to build up orders in the Instrumentation Systems segment. While recognizing short-term uncertainty stemming from the Trump administration's review of energy policy, the company judges that mid- to long-term demand will continue.
The company will continue to expand sales of Temperature Sensors for semiconductor and electronic component manufacturing equipment, as well as marine-use Temperature Sensors through Meiyo Electric Co., Ltd. Order intake grew 17.2% year on year, outpacing revenue growth, maintaining growth momentum into the next fiscal year. The company aims to leverage its high-profitability structure, with a profit margin of 22.8%, to realize operating leverage through revenue growth.
As this is the final year of the current medium-term management plan, the company is proceeding with deliberations on the next medium-term management plan aimed at sustainable growth and mid- to long-term enhancement of corporate value. Disclosure of specific numerical targets and strategies is planned for the future.
The company is advancing development toward the launch of a paid version of its dedicated cloud service, "Chino Cloud." By providing data utilization services linked to the growing number of Measurement & Control Equipment and Sensors units in operation, the company aims to create a new stock-type revenue source.
Last updated: July 19, 2026