T.RAD Co., Ltd.
7236・Prime Market・Transportation Equipment
Japan
Core domestic segment. Manufactures and sells heat exchangers for automotive and construction/industrial machinery applications
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (external customers) | ¥74,712 million | ¥71,948 million | ↑ |
| Revenue (including inter-segment internal sales) | ¥83,676 million | ¥80,196 million | ↑ |
| Operating profit | ¥3,957 million | ¥2,692 million | ↑ |
| Segment assets | ¥74,349 million | ¥69,101 million | ↑ |
| Depreciation and amortization | ¥3,132 million | ¥3,093 million | ↑ |
| Increase in property, plant and equipment and intangible assets | ¥5,672 million | ¥3,526 million | ↑ |
Business Details
This is the domestic segment operated by TIRAD Corporation itself. Its main products are Automotive Heat Exchangers, alongside Construction & Industrial Machinery Heat Exchangers, Air Conditioning Equipment Heat Exchangers, and others. Revenue is recorded by production location, and on a reporting basis that includes inter-segment internal sales (¥8,964 million), sales totaled ¥83,676 million. This segment forms the foundation of the Group's overall revenue and profit, and in FY2026 (ending March 2026), both automotive and construction/industrial machinery applications achieved increased orders, leading to higher revenue and profit.
Recent Overview
Higher revenue driven by increased orders in both automotive and construction/industrial machinery applications; operating profit up 47.0% year on year
In the Japan segment for FY2026 (ending March 2026), both automotive and construction/industrial machinery revenue increased year on year due to higher order volumes, among other factors, bringing external customer revenue to ¥74,712 million (up ¥2,763 million year on year). Operating profit improved substantially to ¥3,957 million (up ¥1,264 million year on year, a 47.0% rate of change on a foreign-currency basis) due to higher revenue and other factors. Capital expenditure also became more active, with the increase in property, plant and equipment and intangible assets reaching ¥5,672 million, a substantial expansion from the prior period's ¥3,526 million.
Key Products
Growth Drivers
- Increased orders and price improvement for Automotive Heat Exchangers (progress in passing through material, parts, and energy cost increases to selling prices)
- Increased orders for Construction & Industrial Machinery Heat Exchangers (turned to an increase year on year in FY2026, ending March 2026)
- Strengthened production capacity and competitiveness through active capital expenditure (increase in property, plant and equipment and intangible assets of ¥5,672 million)
- Enhanced product competitiveness through growth investment in electrification, DX, and environmental response
- Expansion of intra-group internal sales, including to ASEAN (inter-segment internal sales of ¥8,964 million)
Risks
- Risk of fluctuation in orders for construction/industrial machinery applications (dependent on economic conditions and customers' sales plans)
- Impact on the global supply chain (semiconductor and rare earth supply) from changes in US tariff policy and geopolitical risk
- Risk of fluctuation in foreign exchange and financial conditions, such as yen depreciation and rising interest rates
- Risk of product portfolio transformation associated with the shift to electrification in the automotive industry
- Increase in depreciation and amortization (expected to rise in future periods due to expanded capital expenditure)
- Risk of extraordinary losses such as losses on disposal of fixed assets
Last updated: June 5, 2026