TOKYO RADIATOR MFG. CO., LTD.
7235・Standard Market・Transportation Equipment
Japan
Core segment accounting for approximately 80% of group sales. Heat Exchangers for trucks and industrial machinery are the mainstay.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (including internal sales) | ¥29,634 million | ¥27,073 million | ↑ |
| Segment profit | ¥1,680 million | ¥1,059 million | ↑ |
| Segment assets | ¥23,014 million | ¥22,191 million | ↑ |
| Depreciation and amortization | ¥745 million | ¥846 million | ↓ |
| Capital expenditures (increase in tangible and intangible fixed assets) | ¥847 million | ¥667 million | ↑ |
Business Details
The Japan segment is the primary base of the Tokyo Radiator Mfg. group, manufacturing and selling Heat Exchangers (radiators, EGR coolers, etc.) and Body Parts (Fuel Tanks, Press & Sheet Metal Products) domestically. The main customer is Isuzu Motors, with a focus on the truck market, and it also handles industrial and construction machinery applications. Sales, including inter-segment internal sales, were ¥29,634 million, accounting for approximately 77% of the group total. The segment achieved a substantial increase in revenue, up 9.5% year on year, and segment profit also improved significantly, up 58.7% year on year, reflecting a major improvement in profitability.
Recent Overview
Sales rose 9.5% on strong domestic demand, while segment profit improved substantially, up 58.7%.
In the Japan segment for FY2026 (ending March 2026), sales increased by ¥2,561 million year on year to ¥29,634 million, supported by solid demand in the domestic truck market. On the profit side, segment profit improved substantially, up ¥621 million year on year to ¥1,680 million (up 58.7% year on year), driven by improvements in product mix and cost reduction activities such as production efficiency gains. Capital expenditures also increased to ¥847 million from ¥667 million in the prior period, reflecting expanded investment aimed at maintaining and strengthening production capacity.
Key Products
Growth Drivers
- Sales expansion supported by solid demand trends in the domestic Japanese truck market
- Profit margin improvement through ongoing product mix improvement and continued promotion of production efficiency and cost reduction activities
- Maintenance and strengthening of production capacity through expanded capital expenditures (from ¥667 million in the prior period to ¥847 million in the current period)
- A profit growth plan centered on the Japan segment under the new medium-term management plan "TRS Vision-2030"
- Plans for increased revenue and profit in the Japan segment in the next fiscal year (FY2027, ending March 2027), assuming continued solid trends in the commercial vehicle market
Risks
- The industrial and construction machinery market is expected to remain at a level similar to the current fiscal year, limiting room for growth
- Structural change risk in the truck and construction machinery markets due to accelerating carbon neutrality initiatives (shift to EVs/NEVs)
- Risk of sales concentration on the main customer, Isuzu Motors
- Continuation of a challenging cost environment, including fluctuations in raw material prices and rising labor costs due to wage increases
- Indirect impacts from geopolitical risks, monetary policy trends, and foreign exchange rate fluctuations
Last updated: June 23, 2026