COSEL CO.,LTD.
6905・Prime Market・Electric Appliances
Japan Production & Sales Business
Core domestic manufacturing and sales segment operated by COSEL CORPORATION itself
| Period | Current | Previous | Change |
|---|---|---|---|
| External customer sales (full year, FY2026 ending May 2026) | ¥14,000 million | ¥16,522 million | ↓ |
| Segment profit (full year, FY2026 ending May 2026) | -¥316 million | ¥520 million | ↓ |
| Orders received (full year FY2026 ending May 2026, total COSEL products) | ¥22,619 million (Unit Power Supplies 14,016 + On-board Power Supplies 7,093 + Noise Filters 1,510) | - | ↑ |
| Order backlog (end of FY2026 ending May 2026, total COSEL products) | ¥8,345 million (Unit Power Supplies 5,062 + On-board Power Supplies 2,853 + Noise Filters 430) | - | ↑ |
| Sales to major customer (Ryosan Yohyo Corporation) | ¥4,239 million | ¥5,204 million (Ryosan Company, Limited) | ↓ |
| Segment assets | ¥53,371 million | ¥53,346 million | — |
Business Details
COSEL CORPORATION (headquartered in Toyama), the core segment that develops, manufactures, and sells Unit Power Supplies, On-board Power Supplies, and Noise Filters in Japan. The segment mainly deploys general-purpose catalog products for a wide range of industries including control equipment, semiconductor manufacturing equipment, medical devices, and communication equipment. It also promotes cross-selling of COSELSYNC. Products / LITEON Products through collaboration with LITE-ON TECHNOLOGY CORPORATION. The main customer is Ryosan Yohyo Corporation (formerly Ryosan Company, Limited).
Recent Overview
FY2026 (ending March 2026) saw a sharp recovery in orders but weak sales, resulting in an operating loss
For the full year of FY2026 (ending May 2026), external customer sales were ¥14,000 million (down 15.3% year on year), and the segment posted a loss of ¥316 million (compared to a segment profit of ¥520 million in the prior period). Orders related to semiconductor manufacturing equipment recovered rapidly, with total COSEL product orders reaching ¥27,841 million, up 59.8% year on year, but most of the sales contribution is expected from the next period onward. The heavy fixed cost burden weighed on profitability. The major customer Ryosan Company, Limited changed its name to Ryosan Yohyo Corporation effective April 1, 2026.
Key Products
Growth Drivers
- Rapid recovery in orders related to semiconductor manufacturing equipment (COSEL product orders up 59.8% year on year) and expanding sales contribution from the next period onward
- Continued increase in semiconductor demand for servers and data centers driven by AI adoption and social digitalization
- Cross-sell expansion of COSELSYNC. Products / LITEON Products through collaboration with LITE-ON TECHNOLOGY CORPORATION
- Expansion of the product lineup and acquisition of new projects through the launch of new products such as the PDA Series, MU Series, DCS1400B, and UMHA120F
- Strengthened proposal activities to key customers through enhanced information sharing with distributors and direct sales visits
- Gradual recovery outlook for demand in FA-related equipment and other industries
Risks
- Risk of short-term sales weakness due to the time lag before order recovery is reflected in sales
- Profit pressure from heavy fixed cost burden (resulting in an operating loss during the sales decline phase)
- Heightened demand uncertainty due to geopolitical risks such as U.S. tariff policy and U.S.-China tensions
- Risk of sales concentration on the major customer, Ryosan Yohyo Corporation (approximately 16.9% of total company sales in FY2026 ending May 2026)
- Risk of rising energy and raw material prices and supply chain disruption due to instability in the Middle East situation
- Risk of rising procurement prices for components due to tight memory demand
Last updated: August 7, 2025