MURO CORPORATION
7264・Standard Market・Transportation Equipment
Business
Muro Corporation, founded in 1958, is a specialized automotive parts manufacturer operating three segments: the Metal-related Parts Business (approximately 88% of net sales) as its core business, the Resin-related Parts Business, and Other Businesses (Continuous Screw Tightening Machines & Connected Screw Chains, Citrus Peeling Machines, etc.). Its main products are precision press-formed components such as Electrification Parts, Powertrain Parts, and Steering & Control Parts, which it supplies to multiple Japanese automakers including Toyota Motor Corporation. Domestically, the company centers its production on bases in Tochigi and Mie, while overseas it maintains four locations in the United States, Vietnam, Indonesia, and China. The company is listed on the Standard Market of the Tokyo Stock Exchange. Consolidated net sales for FY2026 (ending March 2026) were ¥23,143 million.
Business Model
The company's revenue model is structured to secure stable sales by continuously supplying parts to multiple automakers, centered on high-difficulty manufacturing technologies such as precision press processing and cold forging. It adopts a forecast-based production system based on customers' production plans, responding to weekly, ten-day, and monthly informal order information. While advancing price pass-through of material costs, labor costs, and energy costs, the company secures profits through cost reductions from automation and rationalization investments. The global production and supply system utilizing four overseas locations serves as a differentiating factor.
Company Strengths
The company positions its capability to embody products and achieve mass production—built on core high-difficulty press processing technologies such as precision shearing and cold forging—as its source of competitiveness. By specializing in high-difficulty, high-value-added parts rather than easily mass-producible general-purpose products, the company avoids price competition, and secured segment profit of ¥2,193 million in the Metal-related Parts Business for FY2026 (ending March 2026).
Starting with the establishment of its Ohio base in the US in 1998, the company progressively built overseas production bases in Vietnam (2005), Indonesia (2012), and Hubei Province, China (2019). With a total of 12 subsidiaries and 1 affiliate at home and abroad, the company can flexibly supply according to customers' production regions. Each site has obtained international quality certifications such as IATF16949, giving it the capability to meet global procurement requirements.
Sales to Toyota Motor Corporation remained at ¥3,115 million (13.5% of net sales), reflecting a strategy of diversifying across multiple customers to avoid excessive dependence on any single customer. The Annual Securities Report explicitly states this as "a strength that mitigates performance fluctuations caused by individual company circumstances," and in FY2026 (ending March 2026), as the impact of the certification irregularity issue subsided, net sales recovered to ¥23,143 million, up 2.5% year on year.
ENVALITH's Perspective
Performance Trend
Revenue reached ¥23,143 million in FY2026 (ending March 2026), up 2.5% year on year, achieving its first increase in two periods. Operating profit recovered sharply to ¥1,239 million (up 64.1% year on year), improving the operating margin to 5.4% (from 3.3% in the prior period). As an external factor, the resolution of the impact from the automotive industry's certification issues provided a tailwind, while external conditions such as intensifying competition in the Chinese market, U.S. tariff policy, and the continued weak yen continue to bring uncertainty. Over the five-year trend, operating profit peaked in FY2024 (ending March 2024) at ¥1,446 million, fell sharply in FY2025 (ending March 2025), and returned to a recovery trajectory in FY2026 (ending March 2026). For FY2027 (ending March 2027), the company forecasts operating profit of ¥1,660 million and net profit of ¥1,212 million, suggesting an approach toward record-high levels.
Growth Strategy
Pursuing business transformation across four pillars: EV readiness, expansion of composite resin parts, strengthening cost competitiveness, and utilization of overseas bases
Continuing efforts to reduce manufacturing costs and improve profitability through the promotion of automation and rationalization investments. Achieved an operating margin of 5.4% (3.3% in the prior period) in FY2026 (ending March 2026), positioning this as the key driver behind the projected 33.9% increase in operating profit (¥1,660 million) for FY2027 (ending March 2027).
Net sales in FY2026 (ending March 2026) grew to ¥1,514 million (up 6.2% year on year) driven by increased mold sales and higher resin molded product sales to new customers, but segment profit remained negative at ¥14 million. Achieving profitability remains a challenge, to be addressed through expansion into Resin + Metal Composite Parts and diversification into non-automotive fields such as medical equipment and OA equipment.
Utilizing overseas bases in the US, China, Indonesia, and Vietnam to respond to customers' local procurement needs. North American sales in FY2026 (ending March 2026) declined to ¥2,421 million from ¥2,916 million in the prior period, affected by US tariff policy. Southeast Asia remained solid at ¥1,423 million, with optimization of the regional portfolio remaining an ongoing challenge.
Aiming to secure orders for electrification-related parts in order to respond to changes in parts demand accompanying the advancement of EVs in the automotive industry. While no specific figures have been disclosed at this time, extending the strategy of specializing in highly difficult, high-value-added parts into the EV parts field is key to long-term growth. As an external factor, intensifying market competition centered on China is prompting strategic changes among Japanese manufacturers, requiring an accelerated response.
Last updated: July 19, 2026