MATSUO ELECTRIC CO.,LTD.
6969・Standard Market・Electric Appliances
Tantalum Capacitor Business
Matsuo Electric's core segment, the manufacture and sale of tantalum electrolytic capacitors, accounting for approximately 62% of net sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment net sales (full year) | ¥3,171 million | ¥2,982 million | ↑ |
| Segment profit (full year) | ¥176 million | ¥282 million | ↓ |
| Segment assets | ¥2,826 million | ¥2,716 million | ↑ |
| Depreciation expense (full year) | ¥101 million | ¥92 million | ↑ |
| Increase in tangible and intangible fixed assets (full year) | ¥301 million | ¥200 million | ↑ |
| Share of total company net sales | 61.7% | 65.7% | ↓ |
Business Details
The core business of Matsuo Electric, engaged in the manufacture and sale of tantalum electrolytic capacitors. The segment focuses mainly on automotive electronics and medical equipment applications, and is also concentrating on the development and expansion of sales of new Conductive Polymer Tantalum Capacitor products. The major customer is Denso (including group companies). Net sales for FY2026 (ending March 2026) were ¥3,171 million, accounting for 61.7% of total company sales. The medium-term management plan identifies the development of new Conductive Polymer Tantalum Capacitor products and expansion of sales to automotive and overseas consumer markets as key strategic pillars.
Recent Overview
Net sales increased 6.3% year on year to ¥3,171 million, but segment profit declined 37.4% due in part to the recording of business restructuring costs.
In the Tantalum Capacitor Business for FY2026 (ending March 2026), net sales increased due to rising demand for automotive electronics and medical equipment applications, reaching ¥3,171 million (up 6.3% year on year). On the other hand, segment profit fell sharply to ¥176 million (down 37.4% year on year) due to the recording of ¥157 million in business restructuring costs associated with the discontinuation of unprofitable product types. Capital investment saw construction in progress surge from ¥7 million to ¥194 million, reflecting the start of full-scale investment for increased production of Conductive Polymer Tantalum Capacitors. In addition, a third-party allotment of new shares to Kamaya Electric (payment received April 14, 2026, raising ¥508 million) secured funds for capital investment aimed at increasing production.
Key Products
Growth Drivers
- Continued increase in demand for automotive electronics and medical equipment applications
- Development of new Conductive Polymer Tantalum Capacitor products and expansion of sales to automotive and overseas consumer markets
- Building increased production capacity and expanding overseas sales channels through the capital alliance with Kamaya Electric (third-party allotment raising ¥508 million)
- Expansion of Conductive Polymer Tantalum Capacitor sales toward the FY2027 (ending March 2027) segment net sales target of ¥3,706 million (up 16.9% year on year)
- Increase in direct transactions with overseas customers (expansion of sales to Asia and Europe)
Risks
- Risk of additional business restructuring costs arising from the discontinuation (EOL) of unprofitable product types
- Risk of demand fluctuation for Chip Tantalum Capacitors for automotive electronics
- Uncertainty regarding future automotive production and electronic equipment demand due to the impact of US tariff policy
- Risk of fluctuation in procurement prices for raw materials such as tantalum powder
- Dependence on sales to the Denso group (FY2026 (ending March 2026): ¥1,904 million in total company sales, 37.0% of total company sales)
- Risk regarding the recovery of investment in increased production of Conductive Polymer Tantalum Capacitors (increase in fixed costs due to front-loaded capital investment execution)
Last updated: June 25, 2026