NOMURA CORPORATION
7131・Standard Market・Wholesale Trade
Business
Nomura Sangyo Co., Ltd. was founded in 1959 and is listed on the Standard Market of the Tokyo Stock Exchange as a packaging solutions company. The group, which includes three consolidated subsidiaries (Yamaha Printing Co., Ltd., Packwell Co., Ltd., and BJT JAPAN LLC), operates two segments: ① the "Packaging-Related Business" (approximately 87% of net sales), which plans and sells packaging materials centered on milled rice bags and develops, manufactures, and sells Automatic Weighing & Packaging Machines (Packaging Machinery) for rice, and ② the "Logistics & Packing Business" (approximately 13% of net sales), which imports and sells packing machinery and materials such as air cushioning materials, paper cushioning materials, and case sealers. Major customers span rice milling plants such as Zen-Noh-affiliated wholesalers and rice wholesalers, rice retailers, food service companies, and producers, as well as logistics-related companies such as online store operators and shipping agents.
Business Model
In the Packaging-Related Business, the company combines stock-type revenue from selling packaging materials that it plans and designs in-house, manufactured by subsidiary Yamaha Printing (Yamaha Insatsu) and others on an outsourced basis, with flow-type revenue from sales of its own developed Automatic Weighing & Packaging Machine (Packaging Machinery). A key feature is its synergy model, in which the company builds ongoing relationships with customers through materials transactions while gathering in-factory information through machinery sales, enabling it to provide optimal solutions from both the materials and machinery sides. The Logistics & Packing Business generates revenue through the import and sale of products from overseas manufacturers and related maintenance services.
Company Strengths
Few companies handle both packaging materials and packaging machinery, and the ability to combine ongoing customer relationships built through materials transactions with in-factory information gained from machinery sales into an integrated solution offering is a key differentiator from competitors. In FY2025 (ending October 2025), the Packaging-Related Business achieved net sales of ¥6,196 million and a segment profit margin of 10.97%.
The company has continuously developed products for the rice industry since developing polyethylene bags in 1966 and completing the fully automatic weighing and packaging machine "NR Packer" in 1970. It has externally demonstrated its quality and technical capabilities through ISO9001 certification (2006) and the Food Industry Technology Merit Award (2007), and has built stable trading relationships with Zen-Noh-affiliated wholesalers and others through many years of track record.
In FY2025 (ending October 2025), the company fully repaid its borrowings, achieving debt-free management. Operating cash flow for the period reached ¥977 million (up 103.9% year on year), and the cash and cash equivalents balance reached ¥2,268 million. ROE stood at 24.1%, substantially exceeding the company's own target of 15%, demonstrating high capital efficiency.
ENVALITH's Perspective
Performance Trend
From FY2021 to FY2025, revenue grew for five consecutive periods, rising from ¥5,068 million to ¥7,112 million. In the first half of FY2026 (ending October 2026) (November 2025–April 2026), the company recorded revenue of ¥3,838 million (up 18.1% year-on-year), operating profit of ¥560 million (up 79.7% year-on-year), and net income attributable to owners of the parent for the first half of ¥408 million (up 96.6% year-on-year), marking substantial profit growth. The primary driver was a sharp expansion in packaging machinery-related revenue, which grew approximately 66% year-on-year. Although external factors such as yen depreciation and rising crude oil prices are exerting upward pressure on procurement costs, the gross profit margin improved from 26.5% in the same period of the previous year to 29.7%. The full-year earnings forecast remains unchanged at revenue of ¥7,360 million and operating profit of ¥810 million (up 7.5% year-on-year).
Growth Strategy
Promoting a sustainable growth strategy built on three pillars: deepening existing businesses, developing new markets, and improving the profit structure
Packaging machinery orders that accumulated in the previous fiscal year were steadily monetized in the first half of FY2026 (ending March 2026)*, with packaging machinery-related sales expanding sharply to ¥1,505 million. The company continues to secure new orders by strengthening its response to labor-saving and automation needs, building the foundation for performance in future periods.
Goodwill amortization in the Logistics & Packing Business has been completed, and segment profit for the first half of FY2026 (ending March 2026) rose 58.7% year on year to ¥52 million. New inquiries have increased through new customer acquisition using trade shows and proposal-based sales activities, and profit margin improvement continues.
In response to concerns over the supply of raw materials amid escalating tensions in the Middle East, the company is promoting information sharing with customers and strengthening collaboration with suppliers. By establishing a stable supply system, it aims to maintain customer trust and differentiate itself from competitors.
The company is promoting expanded sales of small-bag packaging and freshness-preserving materials in response to growing consumer demand for smaller-quantity purchases. By resuming and delivering on overseas business negotiations for Thailand and Vietnam, which had stalled during the COVID-19 pandemic, it aims to develop new sources of revenue.
Last updated: July 17, 2026