MIKUNI CORPORATION
7247・Standard Market・Transportation Equipment
Automotive-Related Products
Mikuni's core business manufacturing and selling fuel supply devices for four-wheeled vehicles, motorcycles, and general-purpose engines
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥85,725 million | ¥84,154 million | ↑ |
| Operating income | ¥2,734 million | ¥2,354 million | ↑ |
| Segment assets | ¥79,634 million | ¥82,407 million | ↓ |
| Depreciation | ¥4,933 million | ¥5,189 million | ↓ |
| Increase in property, plant and equipment and intangible assets | ¥4,543 million | ¥4,397 million | ↑ |
Business Details
A segment engaged in the manufacture and sale of fuel supply devices and engine-related functional components for four-wheeled vehicles, motorcycles, and general-purpose engines. Main products include throttle bodies, various sensors, resin intake manifolds, oil pumps, vacuum pumps, water pumps, electronically controlled exhaust valves, coolant control valves, variable valve timing systems, and carburetors for motorcycles. The segment has an extensive network of manufacturing sites both domestically and overseas, with a global presence spanning ASEAN, India, China, Taiwan, Europe, and the Americas. It is the core business of the Group, accounting for approximately 83% of consolidated net sales.
Recent Overview
Net sales and profit both increased, driven by new model launches, strong performance in India, and restructuring effects in China
In the fiscal year under review (April 2025 to March 2026), net sales rose to ¥85,725 million (up 1.9% year on year) and operating income increased to ¥2,734 million (up 16.2% year on year), supported by an increase in sales accompanying new model launches by customers, solid performance at the Indian subsidiary, ongoing cost reduction activities, the effects of restructuring at the Chinese operations, and the appropriate adjustment of transaction prices. Separately, misconduct by a former employee of Mikuni Taiwan Corporation came to light, and an investigation was conducted by an internal investigation team together with outside experts. The steady implementation of preventive measures and the strengthening of the global governance framework remain challenges. Production output was ¥95,453 million (100.1% of the same period of the previous year), remaining roughly flat.
Key Products
Growth Drivers
- Increase in sales accompanying new model launches by customers
- Solid performance at the Indian subsidiary
- Improved profitability through continued cost reduction activities
- Effects of restructuring at the Chinese operations
- Optimization of transaction prices (progress in price pass-through)
- Expansion of demand in emerging markets such as ASEAN and India
Risks
- Medium- to long-term risk of declining demand for internal combustion engine-related products due to the shift to electric vehicles (EVs)
- Intensifying competition and geopolitical risk in the Chinese market
- Cost pressure from persistently high raw material prices
- Governance risk and risk of retrospective restatement of financial results associated with the discovery of misconduct at the Taiwanese subsidiary
- Risk of recurrence of semiconductor supply constraints
- Intensifying global competition from the rise of emerging-market companies
Household Equipment-Related Products
The 'Others' segment handling welfare and nursing care equipment, etc., where operating losses continue
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (current period) | ¥6,753 million | ¥6,409 million (prior-period 'Others' figure of ¥2,374 million is on the former disclosure basis; based on current-period segment data) | ↑ |
| Operating income (current period) | -¥491 million | — | ↑ |
| Segment assets | ¥310 million | — | — |
| Depreciation | ¥286 million | — | — |
| Capital expenditures | ¥310 million | — | — |
Business Details
The Household Equipment-Related Products segment (corresponding to the 'Others' category in the securities report) includes the manufacture and sale of Welfare & Nursing Care Equipment (electric wheelchairs, ceiling-mounted lift systems, driving assistance devices for people with disabilities, etc.), Humidifiers, and Real Estate Management, etc. Key affiliated companies are Mikuni Life & Auto Co., Ltd. and Sunrise Medical Japan Co., Ltd. Although its share of consolidated net sales is small, the segment is on a growth trend, supported by expanding demand for electric wheelchairs and outfitting of specialty vehicles. However, an operating loss was recorded again in the current period, and profitability remains a challenge.
Recent Overview
Increased sales and profit driven by growing demand for electric wheelchairs, specialty vehicle outfitting, and ceiling-mounted lift systems
In the fiscal year under review (April 2025 to March 2026), the mainstay welfare and nursing care equipment manufacturing and sales business saw increased sales of electric wheelchairs, along with growth in the number of specialty vehicles outfitted and expanding demand for ceiling-mounted lift systems, contributing to net sales of ¥2,499 million (up 5.3% year on year) and operating income of ¥181 million (up 66.0% year on year) for the 'Others' segment. Note that the segment financial data provided (net sales of ¥6,753 million, operating loss of ¥491 million) diverges from the figures disclosed under the 'Others' category in the securities report, and detailed standalone disclosure for Household Equipment-Related Products is limited.
Key Products
Growth Drivers
- Expanding demand for welfare and nursing care equipment driven by increased sales of electric wheelchairs
- Growth in the number of specialty vehicles outfitted
- Expanding demand for ceiling-mounted lift systems
- Structural growth in the nursing care and welfare equipment market accompanying the aging society
- Enhancement of the business portfolio through the Mikuni Group's policy of strengthening non-mobility businesses (Medium-Term Management Plan Ver.2)
Risks
- Continuing operating losses, with profitability remaining a challenge
- Limited contribution to the Group overall due to the small scale of the segment
- Risk of intensifying competition in the welfare and nursing care equipment market
- Impairment risk in the real estate leasing business (an impairment loss of ¥5 million was recorded in the prior period)
- Risk of profit pressure from securing personnel and rising costs
Aircraft Parts Import & Sales
A trading-function segment handling the import and sale of aerospace-related parts for both civil aviation and government customers
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Trading Business, including Aircraft Parts Import & Sales) | ¥10,212 million | ¥8,989 million | ↑ |
| Operating income (Trading Business) | ¥1,605 million | ¥1,151 million | ↑ |
| Segment assets (Trading Business) | ¥17,170 million | ¥18,405 million | ↓ |
| Depreciation (Trading Business) | ¥159 million | ¥108 million | ↑ |
| Increase in property, plant and equipment and intangible assets (Trading Business) | ¥79 million | ¥66 million | ↑ |
Business Details
With Mikuni Aerospace Co., Ltd., Mikuni American Corporation, and Asahi Air Supply Co., Ltd. as key companies, this business imports and sells Aerospace Equipment, Parts, Materials & Accessories and Electrical Components. It operates a trading-company business model without manufacturing capability, supplying both civil aircraft and government customers. As a core business within the Trading Business segment, it drives sales and profit for the segment alongside Turf Management Machinery Sales, etc.
Recent Overview
Strong demand from both civil aviation and government customers drove Trading Business net sales up 13.6% year on year
In the fiscal year under review (April 1, 2025 to March 31, 2026), demand for aircraft parts remained strong from both civil aircraft and government customers. As a result, net sales for the Trading Business as a whole reached ¥10,212 million (up 13.6% year on year), and operating income rose to ¥1,605 million (up 39.4% year on year), representing substantial growth in both sales and profit. Merchandise purchases for the Trading Business as a whole totaled ¥40,063 million (up 4.2% year on year), and profitability improved as sales growth outpaced the increase in purchasing costs.
Key Products
Growth Drivers
- Continued strong demand for civil aircraft
- Expanding demand from government (defense and government agency) customers
- Increasing demand for aircraft replacement and maintenance
- Low fixed-cost structure resulting from the trading-company business model focused on import sales
Risks
- Foreign exchange fluctuation risk (rising procurement costs from yen depreciation)
- Risk of supply constraints from aircraft manufacturers and suppliers
- Impact on procurement and logistics from heightened geopolitical risk
- Risk of changes in budget and procurement policy for government customers
- Risk of sales fluctuation due to the cyclicality of aviation demand
Turf Management Machinery Sales, etc.
A division of the Trading Business that imports and sells turf management machinery, etc. for golf courses
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥3,877 million | — | ↑ |
| Operating income | -¥33 million | — | ↓ |
| Segment assets | ¥34 million | — | — |
| Depreciation | ¥31 million | — | — |
| Capital expenditures | ¥34 million | — | — |
Business Details
Turf Management Machinery Sales, etc., handled by Mikuni Green Service Co., Ltd., involves the import and sale of Golf Course Mowers & Turf Management Machinery, Golf Carts, and Irrigation-Related Materials. It forms one part of the Trading Business segment (combined with aircraft parts), and its business is primarily developed by capturing replacement demand at golf courses. The business has a trading-company function specialized in import sales, without manufacturing.
Recent Overview
Sales increased on steady replacement demand, but an operating loss was recorded on a standalone basis
In the fiscal year under review (April 1, 2025 to March 31, 2026), replacement demand for turf management machinery, etc. at golf courses remained steady, and net sales increased. However, on a standalone basis, Turf Management Machinery Sales, etc. recorded an operating loss of ¥33 million. Note that the Trading Business segment as a whole, to which Turf Management Machinery Sales, etc. belongs (including aircraft parts), performed well, with net sales of ¥10,212 million (up 13.6% year on year) and operating income of ¥1,605 million (up 39.4% year on year).
Key Products
Growth Drivers
- Steady continuation of replacement demand for turf management machinery and equipment at golf courses
- Stable business foundation through synergies with aircraft parts within the overall Trading Business segment
- Customer convenience through comprehensive supply of golf-course-related equipment (mowers, golf carts, irrigation materials)
Risks
- Risk of declining demand due to a decrease in the number of golf courses or contraction of the industry
- Risk of rising procurement costs from foreign exchange fluctuation (yen depreciation), as this is an import sales business
- Risk of a decline in replacement demand due to restrained capital expenditure by golf courses
- Risk of deteriorating profitability if Turf Management Machinery Sales, etc. continues to record operating losses on a standalone basis
Others
A non-reportable segment centered on the manufacture and sale of welfare and nursing care equipment, etc.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥2,499 million | ¥2,374 million | ↑ |
| Operating income | ¥181 million | ¥109 million | ↑ |
| Segment assets | ¥2,163 million | ¥2,166 million | — |
| Depreciation | ¥53 million | ¥57 million | ↓ |
| Production output | ¥1,901 million (126.2% of the same period of the previous year) | — | ↑ |
Business Details
Composed of businesses not included in the reportable segments, with the mainstay business being the manufacture and sale of welfare and nursing care equipment (electric wheelchairs, driving assistance devices for people with disabilities, ceiling-mounted lift systems, wheelchair lifts, etc.), centered on Mikuni Life & Auto Co., Ltd. and Sunrise Medical Japan Co., Ltd. It also includes the manufacture and sale of humidifiers for commercial air conditioners and portable humidifiers, as well as real estate management and other services. Although small, accounting for approximately 2.4% of consolidated net sales, this segment covers an area where stable demand is expected against the backdrop of the aging society.
Recent Overview
Increased sales and profit driven by electric wheelchairs, specialty vehicle outfitting, and ceiling-mounted lift systems
In the fiscal year under review (April 2025 to March 2026), the mainstay welfare and nursing care equipment manufacturing and sales business saw increased sales of electric wheelchairs, growth in the number of specialty vehicles outfitted, and expanding demand for ceiling-mounted lift systems, contributing to net sales of ¥2,499 million (up 5.3% year on year) and a substantial improvement in operating income to ¥181 million (up 66.0% year on year). Production output also grew significantly to ¥1,901 million, or 126.2% of the same period of the previous year. On the other hand, an impairment loss of ¥21 million (versus ¥5 million in the prior period) related to real estate leasing was recorded. Merchandise purchases decreased to ¥488 million (53.0% of the same period of the previous year).
Key Products
Growth Drivers
- Expanding demand for electric wheelchairs and nursing care equipment amid the aging society
- Increase in the number of specialty vehicles outfitted
- Expanding demand for ceiling-mounted lift systems
- Scale effects from the substantial increase in production output (126.2% of the same period of the previous year)
Risks
- Impairment risk on real estate leasing assets (¥21 million recorded in the current period)
- Changes in the procurement and sales structure resulting from a significant decrease in merchandise purchases (53.0% of the same period of the previous year)
- Limited allocation of Group resources to this segment given its small scale of segment assets (¥2,163 million)
- Intensifying competition and price competition in the welfare and nursing care equipment market
Last updated: July 19, 2026