Japan Resistor Mfg.Co.,Ltd.
6977・Standard Market・Electric Appliances
Business
Nihon Resistor Mfg. Co., Ltd. is an electronic components specialist manufacturer founded in 1943 (Showa 18), operating around four product groups: Resistors, Potentiometers, Hybrid IC, and Electronic Equipment. The company has 10 subsidiaries in Japan and overseas, and has built a global manufacturing framework with production bases in Japan, China (Shanghai), and Thailand. Its major customers span a wide range of fields, including manufacturers of automobiles, construction machinery, agricultural electrical equipment, industrial equipment, medical equipment, and housing equipment. Listed on the Tokyo Stock Exchange (1964, Showa 39), the company, under the JRM brand, is promoting group-wide efforts to strengthen cost competitiveness and technological development capabilities.
Business Model
The company operates primarily on a build-to-order basis in response to customer specifications, with development engineers involved from the early design stage to provide high-value-added products. Sales are conducted mainly through the consolidated subsidiary Nihon Resistor Sales Co., Ltd., with some direct sales from each production site to external customers. Working capital is funded through internal funds and financial institution borrowings, while capital expenditures are generally financed through long-term borrowings. R&D expenses of ¥337,900 thousand were invested during the current period to maintain and enhance product competitiveness.
Company Strengths
Since its founding in 1943 (Showa 18), the company has developed four product lines: Resistors, Potentiometers, Hybrid ICs, and Electronic Equipment. It serves a wide range of applications including automotive, medical, agricultural electronics, housing equipment, and industrial machinery, diversifying dependence on specific customers or applications. Daihen Sangyo Kiki Co., Ltd. is confirmed as a major customer, accounting for 12.5% of net sales.
In FY2025, the order backlog stood at ¥1,730 million (up 26.7% year on year). The Potentiometers order backlog increased 192.6% year on year, and Resistors increased 148.5% year on year, both showing a substantial recovery. Total orders received also increased to ¥6,271 million (up 10.0% year on year), serving as a leading indicator suggesting a sales recovery from the next fiscal period onward.
In FY2025, net sales to Europe reached ¥321 million (up 22.1% year on year), and net sales to Asia reached ¥866 million (up 11.9% year on year), expanding overseas sales. Leveraging overseas production sites in China (Shanghai) and Thailand (JRM Thailand), the company is promoting the expansion of orders for EV-related electronic components in the European, Southeast Asian, and Chinese markets.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥7,206 million in FY2022 before contracting for three consecutive fiscal years (¥5,906 million in FY2025), but turned to recovery in Q1 of FY2026 (ending December 2026) with ¥1,379 million (up 4.9% year on year). The main drivers were increased sales of sensor-related products and improvement in customer inventory adjustments. On the profit side, operating loss narrowed sharply from ¥107 million to ¥20 million, and gross profit margin improved to 23.4%. While elevated resource and energy prices and foreign exchange fluctuations continue to exert cost pressure as external factors, the effects of price pass-through and cost reduction are becoming evident. The full-year forecast calls for revenue of ¥6,500 million, operating income of ¥110 million, and net income of ¥100 million, projecting a return to profitability.
Growth Strategy
Aiming for a return to profitability through order expansion for xEV and industrial equipment applications, combined with price pass-through and automation-driven cost competitiveness
Capturing demand for xEV-related electronic components in response to the decarbonized society. Potentiometers (sensor-related) recorded ¥202 million in Q1, up approximately 30% year on year, reflecting the results of order expansion efforts in the figures.
Continuing to promote price pass-through in response to sustained high resource and energy prices. The gross profit margin in Q1 improved from 16.7% in the same quarter of the previous year to 23.4%, demonstrating the emerging effect of the pass-through.
Continuing to promote cost reduction through automation and labor savings in production processes. Cost of sales in Q1 decreased by ¥39 million year on year, confirming the cost reduction effect. Efforts to strengthen profitability through new product development are also being promoted in parallel.
Focusing on expanding orders for electronic components for the industrial equipment market. The Electronic Equipment product group increased to ¥395 million in Q1 (compared with ¥379 million in the same quarter of the previous year), indicating progress in penetrating the high-reliability market.
Last updated: July 17, 2026