YUTAKA GIKEN CO.,LTD.
7229・Standard Market・Transportation Equipment
Business
Yutaka Giken Co., Ltd. is a Honda-affiliated automotive parts manufacturer with Honda Motor Co., Ltd. as its parent company. Founded in 1976, it changed to its current name in 1986. Operating through a five-region, 12-subsidiary structure spanning Japan, North America (the United States and Mexico), Asia (the Philippines, Indonesia, Thailand, and India), China, and Brazil, the company manufactures and sells Automotive Parts - Four-Wheel (Exhaust System Parts) (catalytic converters, silencers), Automotive Parts - Four-Wheel (Drivetrain Parts) (AT torque converters), Automotive Parts - Two-Wheel brake discs, and Motor Parts (Electrification-Related) (laminated cores, etc.). Consolidated revenue for FY2025 (ended March 2025) was ¥179,213 million. The company's main customers are Honda Group companies, with Honda Development and Manufacturing of America accounting for 26.4% of revenue and Honda Motor Co., Ltd. accounting for 14.9%. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The majority of sales consists of the manufacture and sale of automotive parts for the Honda Group. The Tochigi Development Center leads research and development, while subsidiaries in each country handle local production and local delivery. Capital expenditures are, in principle, kept within the range of operating cash flow, with borrowings from financial institutions used to supplement this. The earnings structure is heavily influenced by order volume, product mix, foreign exchange rates, and raw material prices, with price pass-through negotiations and cost reduction measures serving as the main means of securing profit.
Company Strengths
Since the start of production for Honda Motor Co., Ltd. in 1977, the company has established itself as a key supplier to the Honda Group for approximately 50 years. In FY2025 (ending March 2025) as well, sales to the Honda Group accounted for the majority of revenue, with sales to Honda Development and Manufacturing of America expanding significantly, up 74.4% year on year to ¥47,344 million.
The company has manufacturing sites in Japan, North America (the U.S. and Mexico), Asia (the Philippines, Indonesia, Thailand, and India), China, and Brazil, building a local supply structure close to customers' production sites. In FY2025 (ending March 2025), revenue in North America was ¥70,408 million, the largest among all segments, and this geographic diversification also contributes to risk diversification.
The company has established laminated core pilot lines in China and Japan (Yutaka Seisakusho), and has introduced a stator COMP winding pilot line and motor performance testing equipment at the Tochigi Development Center. In China, it has received orders for Laminated Core Products for PHEVs from new customers, and in India, it has secured orders for two-wheel brake discs from multiple new customers, among other concrete achievements in new orders in the electrification field.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥216,260 million in FY2024 (ending March 2024) and has declined for two consecutive periods, falling to ¥171,936 million in FY2026 (ending March 2026), down 4.1% year on year, mainly due to foreign exchange fluctuations and a decrease in customer orders. On the other hand, profitability showed clear improvement, with operating profit of ¥6,411 million (up 1.0% year on year) and profit attributable to owners of parent of ¥5,579 million (up 22.7% year on year). A sharp increase in financial income (from ¥634 million to ¥2,176 million), including gain on sale from the transfer of shares in an Indian subsidiary, pushed up profit before tax. Operating cash flow improved significantly to ¥11,804 million, up 208.8% year on year, and cash balance also increased to ¥49,605 million. Note that the company is scheduled to be delisted as of FY2026 (ending March 2026), and no forecast has been disclosed for the next fiscal period.
Growth Strategy
Advancing the 15th Medium-Term Business Plan, which pursues two parallel goals: establishing a pillar of electrification-compatible products and maximizing profitability from core mainstay parts.
Secured new customer orders for Laminated Core Products for HEVs and PHEVs (China), and carried out capital investment in motor-related facilities (Japan - Yutaka Manufacturing, Tochigi Development Center). Advancing the expansion of the product lineup to capture the market structure shifts accompanying the progress of electrification. The increase in R&D expenses partially weighed on net income for the period, but is positioned as upfront investment aimed at building a future order base.
Continued cost reduction measures across all segments. In China, achieved improved production efficiency through the establishment of unmanned production lines; in the North America Segment, achieved profit improvement due to the disappearance of the product warranty provision recorded in the previous period. Also implemented personnel optimization through an early retirement program, reducing selling, general and administrative expenses to ¥16,966 million (down from ¥17,403 million in the previous period) in FY2026 (ending March 2026).
Transferred shares in the Indian subsidiary during FY2026 (ending March 2026), recording proceeds from the sale of subsidiary shares involving a change in the scope of consolidation of ¥3,152 million. Advancing optimization by concentrating Asia segment resources on the core two-wheel parts production bases in the Philippines, Indonesia, and Thailand. The gain on sale contributed to a sharp increase in financial income (approximately 3.4 times the previous period).
Last updated: July 17, 2026