KIKUSUI HOLDINGS CORPORATION
6912・Standard Market・Electric Appliances
Business
Kikusui Holdings Corporation traces its roots to an electric measuring instrument manufacturer founded in 1949 and transitioned to a holding company structure in 2022. Its main products consist of Power Supply Equipment (DC Power Supplies, AC Power Supplies, Electronic Loads, etc.), accounting for approximately 73% of net sales, and Electronic Measuring Instruments (Safety-related Test Equipment, Aviation Measuring Instruments, etc.), accounting for approximately 23%. Key customers span a wide range of industries, including automotive/EV, data centers, semiconductors, aerospace/defense, and renewable energy. In addition to domestic sales, the company has local subsidiaries in the United States, Europe, China, India, and elsewhere, with overseas sales reaching ¥5,151 million (approximately 35% of net sales).
Business Model
Under a functional division of labor in which Kikusui Electronics Corporation handles R&D and sales while Kikusui M's Corporation handles manufacturing, the company develops and manufactures power supply equipment and electronic measuring instruments in-house, selling them to domestic and overseas customers both directly and through distributors. It also provides Repair & Calibration Services, etc. (¥555 million), maintaining ongoing customer touchpoints after product sales. R&D expenses remain at a high level of ¥1,359 million (9.3% of net sales), underpinning the company's earnings base through technological differentiation and product competitiveness.
Company Strengths
R&D expenses for the fiscal year under review reached ¥1,359 million (9.3% of net sales), with focused investment in advance development in the battery, power device, motor, and next-generation energy fields. The company holds 86 industrial property rights and continues to bring new products to market that meet customer needs, such as AC power supplies supporting bidirectional OBC evaluation for EVs and the large-capacity bidirectional DC power supply PXB series.
The company has local sales and repair subsidiaries in the US, Europe (Germany), China, and India, and continues to expand its footprint, including the establishment of Kikusui Electronics Europe GmbH in 2023 and KIKUSUI ELECTRONICS INDIA PRIVATE LIMITED in 2025. Overseas sales reached ¥5,151 million (up 12.2% year on year), a growth rate exceeding that of domestic sales, and the global customer support framework forms a competitive advantage.
Against total assets of ¥19,117 million at the end of the fiscal year under review, net assets stood at ¥15,693 million (equity ratio of approximately 82%), maintaining an extremely sound financial structure. Fund procurement is based fundamentally on internal funds, with cash and cash equivalents of ¥5,736 million. Operating cash flow was stably generated at ¥2,283 million, enabling continued allocation of resources to R&D and capital expenditure.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales reached ¥14,688 million (up 9.4% year on year), operating profit reached ¥2,135 million (up 6.9%), and net income attributable to owners of parent reached ¥1,609 million (up 11.8%), with all metrics setting new record highs. Power Supply Equipment (DC Power Supplies, AC Power Supplies, Electronic Loads) captured capital expenditure demand from the automotive, energy, semiconductor, and data center sectors, driving growth of 11.6% year on year. Overseas sales also performed well, rising 12.2% year on year. On the other hand, external factors such as rising procurement costs for overseas products and price increases due to yen depreciation pressured profit margins, with the operating margin slightly declining to 14.5% from 14.9% in the previous fiscal year. For FY2027 (ending March 2027), the company forecasts net sales of ¥14,700 million and operating profit of ¥2,150 million, effectively flat, suggesting the pace of growth is entering a decelerating phase.
Growth Strategy
Accelerating global expansion in the four priority markets of e-mobility, next-generation energy, power semiconductors, and data centers
Positioning e-mobility, next-generation energy, power semiconductors, and data centers as priority markets, the company continues to propose solutions through exhibition participation and web marketing. In FY2026 (ending March 2026), it captured capital expenditure demand for each market, achieving a 9.4% increase in net sales.
In FY2026 (ending March 2026), the company newly established KIKUSUI ELECTRONICS INDIA PRIVATE LIMITED, bringing the group to seven consolidated subsidiaries. In India, AC power supplies for the EV-related and data center-related markets have performed well, and progress is being made in building a business foundation in emerging markets.
The company is promoting sales DX (digital transformation) to enhance brand presence through web marketing and strengthen user relations. Although expenses are expected to increase due to DX promotion, the company aims to improve sales efficiency over the medium to long term.
Research and development expenses expanded to ¥1,359 million (up 8.0% year on year), and the company continues to develop products that help resolve customer challenges. Intangible fixed assets also increased significantly to ¥289 million (from ¥55 million in the previous fiscal year), reflecting accelerating investment in software and other areas.
Last updated: July 19, 2026