ShinMaywa Industries, Ltd.
7224・Prime Market・Transportation Equipment
Business
Shin Meiwa Industry, founded in 1920, is a comprehensive industrial machinery manufacturer operating five segments: Special-Purpose Vehicles (dump trucks, garbage trucks, etc.), Parking System (Mechanical Parking Equipment and Passenger Boarding Bridges), Industrial Machinery & Environmental Systems (Automatic Wire Processing Machine, vacuum equipment, etc.), Fluid Equipment (Submersible Pump, water treatment equipment), and Aircraft (Search & Rescue Amphibian and civilian-use parts). Across the group, including 25 domestic and 20 overseas subsidiaries, the company provides products and services essential to urban, transportation, and environmental infrastructure, serving a broad customer base including the Ministry of Defense, local governments, airports, manufacturing industries, and the construction industry. Consolidated net sales for FY2026 (ending March 2026) were ¥285,024 million.
Business Model
The company has a structure in which each segment centers primarily on the manufacturing and sales of products while building up stock-type revenue through post-delivery maintenance, repair, and refurbishment services. In the Special-Purpose Vehicles, Fluid Equipment, and Parking System businesses, the maintenance business serves as a stable revenue source, and the order backlog (¥360,826 million at the end of FY2026 (ending March 2026)) enhances visibility into future sales. Through ROIC-based business portfolio management, the company allocates management resources by distinguishing between businesses aimed at strengthening growth capability and those aimed at strengthening profitability.
Company Strengths
Consolidated order backlog at the end of FY2026 (ending March 2026) reached ¥360,826 million (up 13.2% year on year), with the Aircraft segment alone recording a record-high ¥77,615 million (up 46.0% year on year). Special-Purpose Vehicles also built up backlog to ¥137,082 million (up 8.5% year on year), and the order backlog spanning multiple segments is enhancing the visibility of medium-term revenue.
The five segments of Special-Purpose Vehicles, Parking System, Industrial Machinery & Environmental Systems, Fluid Equipment, and Aircraft all have connections to social infrastructure, with a diversified customer base including the Ministry of Defense, local governments, airports, and manufacturing industries. Dependence on any single market is low, and even as Industrial Machinery & Environmental Systems saw a revenue decline in FY2026 (ending March 2026), overall net sales achieved growth of 7.0%.
The company has established a system for building up post-delivery service revenue across segments, including the Maintenance & Repair Business for Special-Purpose Vehicles, installation and maintenance/repair for Fluid Equipment, and Maintenance & Refurbishment Service for Parking System. Specialized subsidiaries such as Shinmaywa Auto Engineering and Shinmaywa Aquatec Service handle the domestic service network, forming a stable revenue base.
ENVALITH's Perspective
Performance Trend
Revenue expanded 31.5% over five fiscal periods, from ¥216,823 million in FY2022 (ending March 2022) to ¥285,024 million in FY2026 (ending March 2026). Operating profit increased 54.5% over the same period, from ¥10,569 million to ¥16,329 million, with the operating profit margin improving from 4.9% to 5.7%. In FY2026 (ending March 2026), the company achieved higher revenue and profit against a backdrop of robust demand, with orders received of ¥327,046 million (up 12.2% year on year). Externally, a recovery in personal consumption and corporate capital expenditure demand served as tailwinds, while elevated raw material and logistics costs and the continued weak yen remained downward pressures on the cost side. Operating cash flow improved to ¥24,364 million (from ¥20,499 million in the prior period), and cash and cash equivalents at period-end increased to ¥35,898 million.
Growth Strategy
Promoting overseas expansion, ROIC-focused management, and new business creation under SG-Vision2030 Phase2 "SG-2026"
Based on the medium-term management plan [SG-2026] announced in May 2024, the company is advancing corporate value enhancement initiatives along two axes: profitability-strengthening businesses (Special-Purpose Vehicles and Aircraft) and growth-strengthening businesses (Parking, Industrial Machinery & Environmental Systems, and Fluid Equipment). In FY2026 (ending March 2026), the second year of activities, both sales and profit reached record highs, and progress on the plan has been generally favorable.
The company continues to actively pursue expanded orders for amphibious aircraft and training aircraft for the Ministry of Defense. The order backlog stood at ¥77,615 million at the end of FY2026 (up 46.0% year on year), and this accumulation is expected to translate into sales recognition over multiple years going forward. Orders and sales of commercial parts (for North America) have also increased, strengthening the two-pillar business structure.
The company is expanding its overseas sales network for Mechanical Parking Equipment, Passenger Boarding Bridges, pumps, and vacuum products, focusing on Southeast Asia (Singapore, Malaysia, Vietnam) and North America as priority regions. In FY2026, sales of the Parking System business in Asia expanded to ¥6,027 million (up from ¥4,456 million in the previous fiscal year). Fluid Equipment also performed steadily both domestically and overseas.
Return on equity (ROE) improved to 9.7% in FY2026 (up from 8.2% in the previous fiscal year). While maintaining an equity ratio of 42.2%, net assets per share steadily increased to ¥1,888.04 (from ¥1,695.05 in the previous fiscal year), reflecting continued growth in shareholder value. The annual dividend was increased to ¥56 (from ¥52 in the previous fiscal year), with a dividend payout ratio of 32.2%.
Last updated: July 19, 2026