TOKYO RADIATOR MFG. CO., LTD.
7235・Standard Market・Transportation Equipment
Business
Tokyo Radiator Mfg. Co., Ltd. is a specialist manufacturer of Heat Exchangers, fuel tanks, and press & sheet metal products founded in 1938. The group, consisting of the company and 5 subsidiaries, has Japan (Fujisawa Plant) as its core base, with overseas production sites in China (Chongqing and Wuxi), Thailand, and Indonesia. Its main customers are truck manufacturers, led by Isuzu Motors, and industrial and construction machinery manufacturers. In addition to Heat Exchangers for internal combustion engines, the company also handles next-generation cooling systems for HEVs, BEVs, and FCVs. In February 2023, it became independent from its parent company, Marelli Holdings, and now operates as an independent specialist manufacturer.
Business Model
The Group carries out anticipatory production based on the production plans of each delivery destination, supplying Heat Exchanger products such as radiators and EGR coolers directly to vehicle manufacturers and machinery manufacturers. The Japan segment accounts for approximately 82% of net sales, with dependence on a single customer, Isuzu Motors Limited, reaching 56.6%. Improvement in product mix and cost reduction through production efficiency gains are the primary drivers of margin improvement, and the company maintains a financial structure in which capital expenditures are funded through internal funds.
Company Strengths
Dedicated heat exchangers for FCVs have been in mass production since 2022. Mass production of heat exchangers for BEV construction equipment was achieved in 2025. Radiators combined with brushless motor fan modules for HEV/EV commercial vehicles have been supplied since FY2023 (ending March 2023). The company holds multiple mass-production track records for next-generation products, confirming its technological lead in addressing electrification.
Since becoming independent from its former parent company, Marelli Holdings, in February 2023, the company has funded capital expenditures solely through its own resources. As of the end of FY2026 (ending March 2026), net assets stood at ¥26,099 million and cash and cash equivalents at ¥5,716 million. Liabilities have been reduced to ¥7,339 million, indicating a strong financial base. The company has also announced a policy to raise its dividend payout ratio target from over 30% to approximately 40%.
Production has been consolidated at the Fujisawa Plant, establishing an integrated production system for a wide variety of products and part numbers, including radiators and EGR coolers. In FY2026 (ending March 2026), production output in the Japan segment reached ¥27,869 million (up 10.3% year on year). Through the promotion of smart factory initiatives, the company continues to optimize process design and advance equipment automation, thereby strengthening production efficiency and cost competitiveness.
ENVALITH's Perspective
Performance Trend
Revenue increased 31% over five fiscal periods, from ¥26,989 million in FY2022 (ended March 2022) to ¥35,383 million in FY2026 (ending March 2026), marking four consecutive years of revenue growth. Operating profit staged a sharp recovery, from a loss of ¥93 million in FY2022 (ended March 2022) to ¥2,358 million in FY2026 (ending March 2026), with the operating margin reaching an all-time high of 6.7%. The profit growth in FY2026 (ending March 2026) was driven by both the solid domestic Japan truck market (an external factor) and improvements in product mix along with production efficiency gains and cost reduction activities (internal efforts). Although the China and Asia segments saw a decline in revenue, a sharp expansion in profit in the Japan segment (up 58.7% year on year) drove overall group performance. The equity ratio rose to 72.0%, marking a substantial improvement in the company's financial position as well.
Growth Strategy
Sustainable growth built on three pillars—NEV-compatible product development, new customer acquisition, and cost reduction—together with the new medium-term management plan "TRS Vision-2030"
Building on its mass-production track record of Heat Exchangers for FCVs, the company is advancing development of products compatible with NEVs (new energy vehicles). This will also contribute to improving the product mix in the Chinese market, where the shift to electrification is progressing, with the aim of capturing medium- to long-term demand.
Cost reduction activities combining product mix improvement and production efficiency gains continue across all segments. Operating margin of 6.7% was achieved in FY2026 (ending March 2026), and profit exceeding the previous year is planned for the next fiscal year, centered on the Japan segment.
In the new medium-term management plan "TRS Vision-2030," announced on May 14, 2026, the company has set a policy of a dividend payout ratio of 40% or more, aiming for stable and continuous shareholder returns. For FY2027 (ending March 2027), a dividend of ¥77 per share is planned (projected payout ratio of 40.6%).
The company aims to capture increased revenue from market recovery in Indonesia and a gradual recovery in automobile production in Thailand. It is promoting new customer development leveraging existing sites and products, seeking to improve profitability in the Asia segment, which was sluggish in FY2026 (ending March 2026).
Last updated: July 19, 2026