MIKUNI CORPORATION
7247・Standard Market・Transportation Equipment
Business
Mikuni Corporation was founded in 1923 and is listed on the Standard Market of the Tokyo Stock Exchange as a comprehensive equipment manufacturer group. The group comprises the company along with 20 subsidiaries and 2 affiliated companies. Its core operations are the Mobility Business, which manufactures and sells fuel supply equipment such as throttle bodies, oil pumps, and cooling water control valves for four-wheel vehicles, two-wheel vehicles, and general-purpose engines. In addition, the group operates gas control equipment (Gas Techno Business), import and sales of aerospace equipment, parts, materials & accessories and turf management machinery (Trading Business), and manufacturing and sales of welfare & nursing care equipment (Others business). Major customers include domestic and overseas automobile and motorcycle manufacturers, commercial airlines, government agencies, and golf courses. The company has built a global structure with production and sales bases in India, Thailand, China, Indonesia, Europe, and the United States.
Business Model
In the Mobility Business, the company secures stable revenue through manufacturing and sales at its own factories, while the Gas Techno Business manufactures and sells control components for household gas appliances. The Trading Business adopts a low-fixed-cost trading model that imports and sells aerospace parts and turf management machinery, achieving high profitability with Trading Business operating profit of ¥1,605 million in FY2026 (ending March 2026). Through this composite structure of manufacturing and trading, the company has formed a business portfolio in which the Non-Mobility Businesses offset fluctuation risks in the automotive industry.
Company Strengths
The company has consolidated subsidiaries in India, Thailand, Indonesia, China, and Europe/US. Solid performance at the Indian subsidiary and the effects of reorganization at the China base contributed to a 16.2% increase in operating profit for the Mobility Business in FY2026 (ending March 2026). The local production system in emerging markets such as ASEAN and India serves as a source of competitiveness.
The Trading Business, which specializes in the import and sale of Aerospace Equipment, Parts, Materials & Accessories and turf management machinery, achieved net sales of ¥10,212 million and operating profit of ¥1,605 million (up 39.4% year on year) in FY2026 (ending March 2026). Its low fixed-cost structure, specialized in import and sales, achieves a higher profit margin than the manufacturing business, contributing to stable earnings for the group as a whole.
Total research and development expenses for FY2026 (ending March 2026) amounted to ¥6,166 million (of which ¥5,874 million was for the Mobility Business). The company is advancing BEV pre-development work through partnerships with complete vehicle manufacturers, and strengthening thermal management technology for batteries and motors. It continues to build a technological foundation for electrification-compatible products.
ENVALITH's Perspective
Performance Trend
Revenue increased 27.9% over four periods, from ¥80,789 million in FY2022 (ending March 2022) to ¥103,419 million in FY2026 (ending March 2026), but the growth rate has been on a decelerating trend, with the most recent two periods showing stable growth of around 2% year on year. Operating profit temporarily declined from ¥3,316 million in FY2022 (ending March 2022) to ¥3,084 million in FY2023 (ending March 2023), before recovering to a record-high level of ¥4,181 million in FY2026 (ending March 2026). Cost reduction activities, price pass-through, restructuring of China operations, and strength in the Trading Business drove the improvement in profitability. Net income for FY2026 (ending March 2026) decreased year on year to ¥1,197 million due to changes in extraordinary gains and losses (the disappearance of the gain on sale of investment securities recorded in the previous period). In terms of the external environment, the slump in the Chinese real estate market pushed down revenue in the Gas Techno Business by 15.7% year on year, while strong demand for commercial aircraft supported expansion in revenue from the Trading Business.
Growth Strategy
Strengthening ROIC-focused financial discipline and enhancing corporate value over the medium to long term through expansion of non-mobility businesses
Under Medium-Term Management Plan Ver.2, the key performance indicator was changed from EBITDA margin to ROIC. The company aims to achieve an ROIC level of 7%, exceeding WACC, by fiscal year 2033, up from approximately 3% in fiscal year 2025 actual results. Efforts to improve invested capital efficiency, reduce working capital, and cut interest-bearing debt are being promoted, with interest-bearing debt balance reduced to ¥35,100 million as of the end of FY2026 (ending March 2026).
The company is strengthening its non-mobility businesses, namely the Gas Techno Business, Trading Business, and Others, to stabilize its earnings base. In FY2026 (ending March 2026), non-mobility businesses expanded to account for approximately 35% of consolidated operating profit. The Trading Business achieved high profitability with net sales of ¥10,212 million and operating profit of ¥1,605 million.
The company is advancing pre-development work for BEVs through partnerships with automakers. It is strengthening battery and motor temperature management technologies to build a technological foundation for electrification-related products. R&D expenses for the Mobility Business in FY2026 (ending March 2026) amounted to ¥5,874 million.
Following misconduct by a former employee of Sanwa Corporation Taiwan (台灣三國股份有限公司), an investigation was conducted by an internal investigation team and external experts. The investigation results and preventive measures were disclosed on May 29, 2026. Strengthening the global governance framework has been positioned as a priority issue under Medium-Term Management Plan Ver.2.
Capital investment plans for FY2027 (ending March 2027) total ¥7,867 million. The plan primarily centers on rationalization and labor-saving investments to improve productivity, equipment and mold investments associated with new orders, and investments in overseas production sites. Funding is planned to be sourced from internal funds and borrowings.
Last updated: July 19, 2026