LECIP HOLDINGS CORPORATION
7213・Standard Market・Transportation Equipment
Business
LECIP Holdings is a holding company for a transportation and industrial equipment manufacturer based in Motosu City, Gifu Prefecture. In its core Transportation Equipment Business, the company offers a full lineup of products including the Automatic Fare Collection System (Fare Boxes / IC Card System) for buses, LED Destination Signs / In-Vehicle Lighting Fixtures, the Bus Operation Support Unit LIVU (LECIP Intelligent Vehicle Unit), and the In-Vehicle LCD Display OBC-VISION, establishing a top niche share in the domestic bus and railway markets. In its Industrial Equipment Business (Energy Management System Business), the company operates Chargers for Battery-Powered Forklifts, Uninterruptible Power Supply (UPS), and EMS (Printed Circuit Board Assembly Service). In addition to seven consolidated subsidiaries in Japan, the company has overseas locations in the United States, Sweden, and Singapore, and is advancing business expansion into the North American and ASEAN markets.
Business Model
In the Transportation Equipment Business, the company handles the design, manufacturing, sales, and maintenance of fare collection equipment, system devices, and lighting fixtures for bus and railway operators on an integrated basis, securing continuous orders driven by equipment replacement cycles. In the Industrial Equipment Business, the company combines product sales of chargers for battery-powered forklifts and uninterruptible power supply (UPS) units with EMS (Printed Circuit Board Assembly Service) contract manufacturing through Lecip Electronics. Under the long-term vision "VISION2030," the company is promoting a shift from a hardware-centric model to a high-value-added model incorporating software and services.
Company Strengths
As the only total supplier in Japan capable of providing a full lineup of fare collection equipment, display equipment, lighting fixtures, and operation support systems for route buses and one-man-operated railways, the company has secured a top market share in many product categories. It has built an integrated structure spanning design, manufacturing, sales, and maintenance, establishing a sales foundation that continuously captures customers' equipment renewal demand.
Since developing the inverter-embedded fluorescent lighting for buses in 1956, the company has accumulated power conversion technology based on inverter technology. This has been applied across multiple businesses, including bus fare boxes, chargers for battery-powered forklifts, and uninterruptible power supplies (UPS). In FY2026 (ending March 2026), R&D expenses totaled ¥566 million (of which ¥563 million was in the Transportation Equipment Business), continuing new product development in areas such as cashless payments, tourism DX, and digital signage.
Through LECIP INC. (a U.S. subsidiary), the company has built up a track record of delivering route bus fare collection systems to organizations such as Clark County Public Transportation Benefit Area and Rogue Valley Transportation District, and in FY2026 (ending March 2026), sales from a large-scale AFC (Fare Collection System) for Overseas Markets project in the U.S. were recognized. Order intake for the Transportation Equipment Business in FY2026 (ending March 2026) increased 130.9% year on year to ¥22,023 million, and the order backlog reached ¥11,788 million (120.3% of the previous period), providing a solid foundation for future sales.
ENVALITH's Perspective
Performance Trend
Revenue expanded rapidly in FY2024 (ending March 2024) and FY2025 (ending March 2025) (¥14,076 million → ¥22,685 million → ¥25,932 million), but fell back to ¥23,898 million (down 7.8% year on year) in FY2026 (ending March 2026). The main external factor was the tapering off of special demand associated with the issuance of new banknotes. Operating profit plunged 64.1% from ¥3,532 million to ¥1,269 million, and the operating profit margin declined from 13.6% to 5.3%. The recording of a provision for loss on order received of ¥1,273 million significantly weighed on profit. On the other hand, operating cash flow improved to ¥3,603 million, more than tripling year on year, and the cash balance built up to ¥4,383 million. For FY2027 (ending March 2027), the company forecasts revenue of ¥26,500 million (up 10.9% year on year) and operating profit of ¥1,900 million (up 49.8% year on year), with revenue recognition from a large-scale AFC project in the United States expected to be the main driver of the recovery.
Growth Strategy
The company aims to realize "VISION2030" through three pillars: establishing overseas business, expanding into new domains, and pursuing profitability
Promoting the receipt of orders for and delivery of large-scale AFC (Fare Collection System) projects through the US subsidiary. The US-bound AFC project is expected to contribute to revenue as early as FY2026 (ending March 2026), with a significant contribution to overseas subsidiary performance anticipated in FY2027 (ending March 2026 [sic]). Expanding market share in North America and ASEAN is positioned as a core strategy of the medium-term management plan "RT2026."
Leveraging system equipment such as LIVU and OBC-VISION to capture demand related to MaaS, cashless payments, and digitalization. The company is promoting a business structure transformation from hardware sales toward a "products plus services" model combining software and services, and positions the expansion of new domains in Japan as one of the two core pillars of the medium-term management plan.
Aiming to improve profitability through ongoing cost reduction activities and streamlining of the production system. In FY2026 (ending March 2026), profitability declined significantly due to the recording of a provision for losses on orders received, but the favorable trend in the domestic market and improvements in production efficiency partially offset this impact. The company aims to restore its operating margin (from 5.3% to a projected 7.2%) in FY2027 (ending March 2027).
The dividend policy was revised in April 2026, adopting a new policy targeting a dividend on equity (DOE) ratio of 3% or higher. The annual dividend for FY2026 (ending March 2026) is ¥24.00 (up from ¥20.00 in the previous fiscal year), and the forecast for FY2027 (ending March 2027) is ¥26.00, maintaining an upward trend in dividends. The dividend payout ratio is 31.4% (FY2026, ending March 2026).
Last updated: July 19, 2026