Ushio Inc.
6925・Prime Market・Electric Appliances
Business
Ushio Inc. was founded in 1964 as a specialized manufacturer of light sources and optical systems, operating as a group that includes 44 consolidated subsidiaries. In its core Industrial Process, the company manufactures and sells exposure lamps and exposure systems for semiconductor applications, while its Visual Imaging business deploys CHRISTIE-branded digital cinema and general imaging projectors globally. The Life Science business handles environmental hygiene and ultraviolet therapy equipment, and the Photonics Solution business deals in solid-state light source devices. The company recorded revenue of ¥179,211 million (FY2026 (ending March 2026)), forming a diversified light technology business entity spanning semiconductors, imaging, and life sciences.
Business Model
The company's structure centers on product sales (Exposure Systems, projectors, lamps, etc.) while building up recurring revenue through maintenance services for installed equipment. The two major segments driving revenue are Industrial Process, with net sales of ¥77,142 million, and Visual Imaging, with ¥83,882 million, and the company invests ¥13,547 million in R&D to maintain its technological edge. Through the acquisition of ams-OSRAM AG's light source business, it is leading the reorganization of the light source industry while also strengthening cost competitiveness through procurement and production synergies.
Company Strengths
The company holds a full lineup of Exposure Systems (Projection / Direct-write) (steppers), direct-write exposure systems (DLT), digital lithography systems (business alliance with Applied Materials, Inc.), exposure systems for glass substrates, and exposure systems for semiconductor advanced packaging. It launched the first unit of its glass substrate exposure system in 2024, and the DLT system also recorded its first sales in FY2026 (ending March 2026).
Centered on the CHRISTIE brand acquired in 1992, the company globally deploys high-brightness projectors for cinema, theme parks, and events. Visual Imaging revenue was ¥83,882 million in FY2026 (ending March 2026), up 3.7% year on year, and segment profit recovered sharply to ¥4,667 million, up 539.7% year on year, driven by cost improvements from structural reforms.
On March 2, 2026, the company completed the acquisition of the ams-OSRAM Group's lamp business, strengthening the earnings base of the Light Source Business through USHIO INE GmbH. The company expects synergies in procurement, production, and technology, establishing its position as a leader in the reorganization of the light source industry. Revenue contributions are expected across the Industrial Process, Visual Imaging, and Life Science segments.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥179,420 million in FY2024 (ended March 2024) and has since remained flat, coming to ¥179,211 million in FY2026 (ending March 2026), up 0.9% year on year. Operating profit peaked at ¥15,861 million in FY2023 (ended March 2023), declined sharply for two consecutive years, and then turned upward in FY2026 (ending March 2026) to ¥11,959 million, up 35.5% year on year. This recovery was mainly driven by the effect of structural reforms in the Visual Imaging business (elimination of inventory valuation losses) and the return to profitability in the Life Science and Photonics Solution businesses. As an external factor, the US dollar appreciated by ¥3 year on year to ¥150, which was a slight headwind to revenue. Net income attributable to owners of parent was ¥7,995 million, up 17.6% year on year. Comprehensive income improved substantially, from ¥-2,764 million in the previous period to ¥23,524 million, mainly due to an improvement in the foreign currency translation adjustment.
Growth Strategy
Under "Revive Vision 2030," focused investment in Industrial Process and early realization of the ams-OSRAM acquisition synergies
Direct-write exposure systems (DLT) achieved increased sales in FY2026 (ending March 2026) as well, driven by rising demand for servers for generative AI. Projection exposure systems have seen increased orders and inquiries amid a recovery trend in capital expenditure by substrate manufacturers, which is expected to contribute to sales growth in the next fiscal year. Digital lithography systems (DLG) have seen a delay in full-scale ramp-up due to delayed adoption of large-format substrate technology, but orders and inquiries from related manufacturers are trending upward.
In FY2026 (ending March 2026), the Company acquired the industrial and entertainment lamp business of ams-OSRAM AG through USHIO INE GmbH. Revenue-boosting effects are expected in the next fiscal year across the Industrial Process, Visual Imaging, and Life Science businesses. Goodwill arising from the acquisition increased from ¥635 million to ¥7,063 million, making early realization of integration synergies important also from the standpoint of maintaining financial soundness.
In FY2026 (ending March 2026), the Company reviewed its product portfolio and implemented structural reforms, achieving a significant improvement in segment profit to ¥4,667 million (up 539.7% year on year). In the next fiscal year, the Company expects continued revenue and profit growth supported by steady replacement demand for cinema projectors and increased sales of high-end projectors for general imaging. Business structure improvement expenses remain at a high level of ¥6,330 million (versus ¥5,707 million in the previous fiscal year), and reducing these expenses is key to further improving profitability.
The Life Science business returned to profitability in FY2026 (ending March 2026), posting segment profit of ¥140 million (versus a loss of ¥1,079 million in the previous fiscal year), supported by increased sales of sodium lamps for plant cultivation and careful assessment of investment targets for new projects. The Photonics Solution business also returned to profitability, posting ¥564 million (versus a loss of ¥415 million in the previous fiscal year), through selective focus on projects. In the next fiscal year, both businesses are expected to maintain profit at broadly flat levels, with continued cost control and stronger project management.
Last updated: July 19, 2026