AISAN INDUSTRY CO., LTD.
7283・Prime Market・Transportation Equipment
Business
Aisan Industry, founded in 1938, is an automotive parts specialist manufacturer whose core products are powertrain-related components such as Fuel Pump Modules, Throttle Bodies, Canisters, and EGR valves. The company operates under a four-region structure—Japan, Asia (South Korea, China, Indonesia, Thailand, and India), Americas (the United States and Mexico), and Europe (Czech Republic and Belgium)—with 25 consolidated subsidiaries, and recorded net sales of ¥330,834 million in FY2026 (ending March 2026). Its main customers are Toyota Motor Corporation (approximately 48.9% of net sales) and the Hyundai Motor Group (approximately 10.4%), supplying parts to global automakers. Beyond automotive parts, the company also engages in Motor Vehicle Transportation Handling Business, civil engineering and construction, and IT services, though these account for only about 3% of the sales composition.
Business Model
A build-to-order business model in which quarterly production plans are provided by finished vehicle manufacturers such as Toyota Motor, and parts are produced and delivered at manufacturing bases in each region based on these plans. By leveraging its global four-region production and sales network, the company secures stable revenue by supporting customers' local production. Cost reduction through profitability improvement activities (MMK activities) and enhanced profitability from in-house production and product-type consolidation in the Fuel Pump Module business are the main means of improving profit margins.
Company Strengths
In FY2026 (ending March 2026), sales to Toyota Motor Corporation amounted to ¥161,847 million (48.9% of net sales) and sales to the Hyundai Motor Group amounted to ¥34,518 million (10.4% of net sales), with the top two customers accounting for approximately 60% of net sales, indicating a stable customer base. The continuous order structure based on quarterly production plan disclosures underpins the stability of sales.
The company operates 25 consolidated subsidiaries across the four regions of Japan, Asia, the Americas, and Europe, building a manufacturing network capable of responding to customers' local production needs. Capital expenditures for FY2026 (ending March 2026) totaled ¥25,020 million globally (of which ¥17,458 million in Japan and ¥7,561 million overseas), reflecting continuous reinforcement of production capacity.
In September 2022, the company acquired the Fuel Pump Module business from Denso, gaining a global sales channel and product lineup. Since FY2024, the company has been progressively switching from outsourced production to in-house production, with self-sufficiency already completed in some regions. It is also proceeding with the integration of product types with its own products, working to improve profitability.
ENVALITH's Perspective
Performance Trend
Revenue grew for four consecutive fiscal years, from ¥193,751 million in FY2022 (ended March 2022) to ¥337,259 million in FY2025 (ended March 2025), but in FY2026 (ending March 2026) it turned to its first decline, falling to ¥330,834 million (down 1.9% year on year). Operating income also declined slightly to ¥18,287 million (down 0.3% year on year). External factors included sluggish sales by Japanese manufacturers in the Chinese market (Asia segment revenue down 5.8%) and a 38.5% decline in Americas segment operating income due to increased U.S. import tariffs. On the other hand, the Japan segment performed well, with operating income up 36.3% on higher sales volume and improved profitability, while the Asia segment also achieved 20.0% growth in operating income through improved profitability. The forecast for FY2027 (ending March 2027) points to continued low growth, with revenue of ¥335,000 million (up 1.3% year on year), operating income of ¥18,000 million (down 1.6% year on year), and net income attributable to owners of parent of ¥12,000 million (down 8.2% year on year). The assumed exchange rate is ¥150 to the US dollar.
Growth Strategy
Aiming for net sales of ¥335.0 billion in FY2027 (ending March 2027) through powertrain competitiveness enhancement, expansion of electrification products, and M&A
Trice Corporation, the world's No.1 manufacturer of carbon components for automotive motors, was made a wholly-owned subsidiary effective April 1, 2026 (acquisition cost: ¥7,500 million). By incorporating carbon component technologies such as electric brushes, the company aims to strengthen the product competitiveness of the Powertrain business and expand market share. The effect of new consolidation is incorporated into the earnings forecast for FY2027 (ending March 2027).
Against the backdrop of increasing hybrid vehicle sales in the North American market (a tailwind from the external market environment), the company is driving expansion of orders for electrification products such as busbar ends for HVs and high-voltage junction boxes for FCVs. With the pace of electrification progressing more moderately than expected, the company's policy is to strengthen its earnings base through a dual approach combining this with the internal combustion engine domain.
Capital expenditure for FY2026 (ending March 2026) expanded to ¥25,073 million (approximately double the previous period's ¥12,651 million). In the Japan segment, investment increased significantly to ¥17,511 million (from ¥7,292 million in the previous period), aiming to improve production capacity and quality competitiveness. Capital expenditure for FY2027 (ending March 2027) is planned to remain at a high level of ¥24,000 million.
During the medium-term management plan period from fiscal year 2025 to fiscal year 2027, the company targets a consolidated dividend payout ratio of 35% or more, achieving 35.1% in FY2026 (ending March 2026). Flexible shareholder returns were implemented through a combination of share buybacks (¥9,405 million) and a dividend increase (annual dividend of ¥80). The company also plans to continue considering share buybacks aimed at improving capital efficiency.
Last updated: July 19, 2026