ShinMaywa Industries, Ltd.
7224・Prime Market・Transportation Equipment
Special-Purpose Vehicles
ShinMaywa's largest profit segment, centered on the manufacture and sale of "working vehicles"
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year, FY2026 ending March 2026) | ¥117,583 million | ¥108,204 million | ↑ |
| Operating profit (full year, FY2026 ending March 2026) | ¥6,166 million | ¥4,899 million | ↑ |
| Orders received (full year, FY2026 ending March 2026) | ¥128,366 million | ¥122,508 million | ↑ |
| Order backlog (end of FY2026 ending March 2026) | ¥137,082 million | ¥126,285 million | ↑ |
| Segment assets (end of FY2026 ending March 2026) | ¥104,370 million | ¥89,808 million | ↑ |
| Operating margin (full year, FY2026 ending March 2026) | 5.2% | 4.5% | ↑ |
Business Details
This segment manufactures and sells special-purpose vehicles such as dump trucks, tail-gate lifters, garbage trucks, tank lorries, trailers, and forestry machinery. Its main customers are domestic truck manufacturers, transport operators, and municipalities, and in addition to body manufacturing and sales, it also operates a maintenance and repair business. Under the medium-term management plan [SG-2026], it is positioned as a "profitability enhancement business," and profitability has improved on the back of price improvements and production normalization. It is the largest segment, accounting for approximately 41% of consolidated net sales.
Recent Overview
Both body manufacturing and maintenance/repair achieved increased revenue and profit, with operating profit up 25.9% year on year, a substantial improvement
In FY2026 (ending March 2026), both orders and sales increased for body manufacturing and sales as well as the maintenance and repair business. Forestry machinery showed a divergence, with orders decreasing while sales increased. Net sales reached ¥117,583 million (up 8.7% year on year), and operating profit reached ¥6,166 million (up 25.9% year on year), both renewing record highs. The order backlog also remained at a high level of ¥137,082 million (up 8.5% year on year), and is expected to contribute to sales in subsequent periods. Segment assets increased 16.2% year on year to ¥104,370 million.
Key Products
Growth Drivers
- Continued increases in both orders and sales for body manufacturing and sales as well as the maintenance and repair business
- Emergence of price improvement effects (progress in price pass-through)
- High order backlog maintained (¥137,082 million at end of FY2026 ending March 2026, up 8.5% year on year), improving visibility of next-period sales
- Normalization of production and shipments due to easing of supply delays for key parts
- Promotion of profitability improvement measures as a "profitability enhancement business" under the medium-term management plan [SG-2026]
Risks
- Declining order trend for forestry machinery, etc. (orders also decreased in FY2026 ending March 2026)
- Risk of profitability deterioration due to rising raw material and parts costs (elevated logistics and raw material costs stemming from Middle East conditions)
- Uncertainty over future domestic demand due to price increases, tariff policy, and financial/capital market fluctuations
- Demand for special-purpose vehicles is linked to domestic economic conditions, public investment, and private capital investment, making it susceptible to business cycle fluctuations
- Impairment risk associated with the significant increase in segment assets (¥104,370 million)
Last updated: June 24, 2026