ENVALITH
ヘリオス テクノ ホールディング株式会社 logo

Helios Techno Holding Co.,Ltd.

6927・Standard Market・Electric Appliances

Official website
ヘリオス テクノ ホールディング株式会社 logo
Helios Techno Holding Co.,Ltd.6927

Business

Helios Techno Holding Co., Ltd. is a pure holding company overseeing seven group companies, including Phoenix Electric Co., Ltd. and Nakan Techno Co., Ltd. In its core Manufacturing Equipment Business, the company supplies Alignment Film Printing Equipment and UV Exposure Equipment Light Source Units for liquid crystal FPDs to Asian markets centered on China and Taiwan, accounting for approximately 81% of group sales. In the Lamp Business, the company manufactures and sells light source lamps for semiconductor exposure equipment and Industrial LED Lamps. Its major customers are LCD panel makers and equipment manufacturers such as Zhejiang Laibao Display Technology (32.3% of sales) and V Technology Co., Ltd. (19.3% of sales), giving the company a business structure in which performance is closely linked to capital expenditure trends in Asian markets.

Business Model

The Manufacturing Equipment Business operates on a build-to-order basis tailored to customer specifications, recognizing revenue based on the shipment and acceptance of Alignment Film Printing Equipment and Exposure Equipment Light Source Units. The Lamp Business employs a short-term forecast-based production method, selling Industrial Lamps and LED Lamps while holding inventory. Across both businesses, the company pursues synergies by combining Phoenix Electric's light source technology with Nakan Techno's precision printing technology, and seeks to diversify revenue sources through new businesses such as Quartz Glass Component Processing and Manufacturing Equipment for SiC Power Semiconductors.

Company Strengths

Building on the precision printing technology held by Nakan Techno Co., Ltd., the company develops and manufactures Alignment Film Printing Equipment and Inkjet Printing Presses. In FY2026 (ending March 2026), the Manufacturing Equipment Business achieved net sales of ¥11,522 million (up 46.4% year on year) and segment profit of ¥2,083 million (up 35.2% year on year), demonstrating that technological capability translates directly into earnings.

As of the end of FY2026 (ending March 2026), the equity ratio stood at 81.8% (up 5.7 percentage points from the previous fiscal year-end), with cash and cash equivalents of ¥12,309 million. With low reliance on interest-bearing debt, the company has the financial capacity to fund M&A and capital expenditure with its own resources. Operating cash flow in FY2026 (ending March 2026) doubled to ¥1,861 million from ¥878 million in the previous fiscal year, indicating improved cash generation capability as well.

By combining Phoenix Electric's light source and optical technology with Nakan Techno's equipment design and precision printing technology, the group has established a system capable of providing an integrated, in-house supply of UV Exposure Equipment Light Source Units. In FY2026 (ending March 2026), the company invested ¥545 million in R&D (¥95 million in the Lamp Business and ¥449 million in the Manufacturing Equipment Business), continuing to develop new fields such as LED inspection units and SiC wafer processing equipment.

ENVALITH's Perspective

FY2026 (ending March 2026) achieved the highest level of performance in the past five fiscal years, with net sales of ¥14,188 million (up 43.8% year on year) and operating income of ¥1,848 million (up 105.3% year on year). However, the forecast for FY2027 (ending March 2027) points to a decline in profit, with net sales of ¥15,000 million (up 5.7% year on year) against operating income of ¥1,700 million (down 8.0% year on year) and ordinary income of ¥1,700 million (down 26.3% year on year). Ordinary income for the previous fiscal year included one-time non-operating income items such as compensation received of ¥327 million and subsidy income of ¥67 million, and the falloff of these items appears to be the main cause. It will be necessary to assess the sustainability of underlying earnings power.

Effective April 1, 2026, the company made Honda Co., Ltd., a manufacturer of wire harnesses for electric lighting fixtures, a wholly owned subsidiary for cash consideration of ¥1,950 million. This is the first step in the M&A strategy based on the business alliance with Rising Sun Management Ltd., and can be evaluated as concrete progress toward diversifying the business portfolio. On the other hand, the amount and amortization period of goodwill relative to the acquisition cost, as well as the breakdown of assets and liabilities acquired, have not yet been finalized, and the feasibility and timing of realizing integration synergies remain unclear. Disclosure of the contribution to the FY2027 (ending March 2027) earnings forecast is awaited.

In FY2026 (ending March 2026), sales to China amounted to ¥7,675 million, accounting for 54% of the total, and the structure whereby the company is directly exposed to the effects of intensifying US-China conflict and China's economic slowdown remains unchanged. In addition, contract liabilities (advances received), which stood at ¥2,887 million at the end of FY2025 (ending March 2025), decreased by ¥2,463 million to ¥424 million at the end of FY2026 (ending March 2026), and the consumption of this balance appears to have been a factor supporting the sharp increase in revenue for the period. The accumulation of new orders toward FY2027 (ending March 2027) is a key indicator that will determine the sustainability of performance, and China's capital expenditure trends and geopolitical risk developments should be continuously monitored as external factors.

Growth Strategy

Pursuing portfolio diversification and sustainable growth through M&A, new business development, and expansion of the Taiwan operational base

Based on a business alliance with Rising Sun Management Ltd., the company made Honda Co., Ltd., a wire harness manufacturer for electric lighting fixtures, a wholly owned subsidiary for ¥1,950 million (effective April 1, 2026). The company aims to expand its customer base and create synergies through entry into the electric lighting fixture manufacturing field.

Nakon Technology Co., Ltd. was established on January 16, 2026 as a subsidiary of Nakan Techno Co., Ltd. By relocating NSC Plate manufacturing equipment to Taiwan, the company aims to shorten delivery times and reduce shipping costs for liquid crystal FPD manufacturers in China and Taiwan, thereby expanding NSC Plate sales.

The company is advancing the development of Manufacturing Equipment for SiC Power Semiconductors, for which demand is expected to grow against the backdrop of carbon neutrality needs. By entering the power semiconductor market, which is key to energy conservation and decarbonization, the company aims to expand the product portfolio of the Manufacturing Equipment Business and secure new revenue sources.

The company has launched, as a new business, a processing operation for quartz components used in equipment made by semiconductor manufacturing equipment makers, and is advancing the establishment of a production system and expansion of sales channels. The aim is to cultivate this as a new revenue pillar for the Manufacturing Equipment Business.

With the manufacturing, export, and import of general lighting fluorescent lamps set to be banned by the end of 2027, demand for General Lighting LED Lamps is expected to expand. The company aims to expand orders through proactive customer proposal activities and to establish a stable profit base for the Lamp Business.

Last updated: July 19, 2026