MIKUNI CORPORATION

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