IKUYO CO.,LTD.
7273・Standard Market・Transportation Equipment
Business
Ikuyo Co., Ltd. is a manufacturer of automotive interior and exterior resin molded products founded in 1947, with door trims, floor consoles, and pillar trims as its main products. In addition to three domestic locations (Atsugi, Nagoya, and Okayama), it has overseas bases in Indonesia, China, and Vietnam, with major customers including domestic and overseas automakers such as Mitsubishi Motors Corporation, FAW-Volkswagen, SAIC Volkswagen, and PT Mitsubishi Motors Krama Yudha Indonesia. In April 2026, the company will transition to a holding company structure, transferring its Automotive Parts business to Ikuyo Automotive Co., Ltd. It is also accelerating diversification into new areas such as cryptocurrency mining, stablecoin payments, robotics, and hydrogen business.
Business Model
In the core Automotive Parts business, the company employs a build-to-order model, manufacturing and delivering resin injection-molded products based on orders from finished vehicle manufacturers. It secures cost competitiveness through a local production-for-local-consumption system across domestic and overseas sites, while maintaining profitability through price pass-through negotiations. In new businesses, the company is building unique revenue models including cryptocurrency mining (1,400 units in operation), a stablecoin payment platform, and utilization of surplus solar power generation. Business scale expansion through M&A is also positioned as an important means of securing revenue.
Company Strengths
Since its founding in 1947, the company has accumulated resin injection molding, weight reduction, and high-value-added coating technologies. It operates three domestic sites (Atsugi, Nagoya, Okayama) and three overseas sites (Indonesia, China, Vietnam), building a global supply system based on local production for local consumption. Orders received for Automotive Parts in FY2026 (ending March 2026) reached ¥31,009 million (up 75.7% year on year), securing robust order volumes.
In April 2025, the company acquired a 51% equity stake in China's Kunshan VeriTech Automotive Systems Co., Ltd., and in May of the same year made Tamadai Co., Ltd. a wholly owned subsidiary. Through the consolidation of these entities, net sales for FY2026 (ending March 2026) expanded sharply to ¥30,144 million (up 70.0% year on year). Overseas sales grew dramatically to ¥13,232 million (up 479.4% year on year), diversifying the company's global customer base.
In FY2026 (ending March 2026), the exercise of stock acquisition rights increased capital stock and capital surplus by a combined ¥4,241 million, expanding total net assets to ¥16,256 million (up 129.9% year on year). The enhancement of shareholders' equity strengthened the financial base, and ROE reached 27.3%, exceeding the plan by 2.9 percentage points. The company held cash and cash equivalents of ¥4,241 million against an outstanding loan balance of ¥4,909 million.
ENVALITH's Perspective
Performance Trend
Revenue continued its expansionary trend, growing from ¥13,239 million in FY2022 (ending March 2022) to ¥30,144 million in FY2026 (ending March 2026), with FY2026 (ending March 2026) accelerating sharply, up 70.0% year-on-year, driven by the consolidation of Kunshan Veritas and Tamadai. Operating profit recovered to ¥540 million (from ¥39 million in the prior period), but the operating profit margin remained low at 1.8%. Profit attributable to owners of parent of ¥2,756 million was dependent on extraordinary gains, including a ¥7,019 million gain on sale of fixed assets and ¥1,000 million in penalty income. Externally, amid industry-wide headwinds from stronger U.S. tariffs, the Chinese economic slowdown, and a shift in parts demand due to EV adoption, the company has continued efforts to support earnings through price pass-through and structural reforms. For FY2027 (ending March 2027), the company forecasts revenue of ¥34,386 million, operating profit of ¥1,290 million, and net income of ¥61 million, which will test the company's underlying earnings power once extraordinary gains fall away.
Growth Strategy
Global expansion of the Automotive Parts business and diversification through the cultivation of new businesses such as Web3 and digital assets
Consolidated Kunshan Veritas Automotive Systems Co., Ltd. and Tamadai Co., Ltd., expanding revenue by 70% year-on-year to ¥30,144 million. Advancing optimization of the global supply chain, including China and Indonesia, and strengthening order-taking activities for next-generation vehicle models.
1,400 mining machines have been introduced and are in operation. A proprietary model is being developed to utilize surplus power from solar power generation installed at the Okayama and Nagoya plants for the mining business. However, a loss on crypto asset operations of ¥147 million was recorded during the current period, and challenges remain in achieving profitability.
Established the "Stablecoin Payment Association" to build an international B2B payment platform utilizing stablecoins. Leading collaboration within and outside the industry and infrastructure development, aiming to provide next-generation payment infrastructure. The timing and scale of commercialization remain unclear at this time.
Pursuant to a board resolution dated May 8, 2026, the company plans to acquire 99.7% of the issued shares of Digital Asset Securities Co., Ltd., a financial instruments business operator, at an acquisition cost of ¥1,490 million (business combination date scheduled for June 24, 2026). Aims to create synergies through collaboration with the crypto asset management, mining, and payment platform businesses.
Accelerating R&D of next-generation technologies that contribute to weight reduction, higher efficiency, and enhanced functionality. Promoting collaboration with sensor-related and electronic components, as well as product development responsive to SDV adoption and advances in autonomous driving. Also strengthening strategic alliances with partner companies possessing autonomous driving technology.
Last updated: July 19, 2026