Matsuya R&D Co., Ltd
7317・Growth Market・Transportation Equipment
Business
Matsuya R&D Co., Ltd. originated as an automated sewing machine manufacturer founded in 1982, and operates a business built on two pillars: manufacturing products using its own proprietary automated sewing machines, and external sales of automated sewing machines. In its core Medical Healthcare Business, the company manufactures and sells Blood Pressure Monitor Cuffs for the Omron Group at its Vietnam and Myanmar sites, while in its Safety System Business it manufactures Car Seats and Airbags for automobile manufacturers and develops and sells Automated Sewing Machines for Airbag production. With a four-company structure including three consolidated subsidiaries (in Shanghai, Vietnam, and Myanmar), the company is listed on the TSE Growth Market and recorded net sales of ¥9,771 million in FY2026 (ending March 2026).
Business Model
By applying the development and manufacturing know-how of automated sewing machines to its own production lines, the company produces high-quality, low-cost sewn products, and reinvests the resulting sales revenue into R&D for next-generation automated machines, thereby building a virtuous cycle. The Blood Pressure Monitor Cuff business operates on a build-to-order model that limits inventory risk, and since some equipment is installed at the customer's expense, investment recovery risk is also low. Automated Sewing Machines are often ordered on a per-production-line basis, allowing the company to stably record substantial revenue.
Company Strengths
In May 2022, the company entered into a capital and business alliance agreement with Omron Healthcare, building a collaborative relationship for new product development, quality improvement, and cost reduction of Blood Pressure Monitor Cuffs. In FY2026 (ending March 2026), sales to OMRON Healthcare Manufacturing Vietnam reached ¥4,549 million (46.6% of net sales), and the build-to-order model has secured stable earnings while limiting inventory risk.
Since its founding, the company has spent over 30 years developing Automated Sewing Machines that cover the entire process from cutting to sewing, and has obtained Japanese and U.S. patents for a dual-arm robotic sewing device (US 10,815,594 B2) as well as a U.S. patent for a drone airbag (11772597). Few competitors can offer comparable Automated Sewing Machines, and the ability to provide process-specific customization tailored to customer requirements serves as a key differentiating factor.
In FY2026 (ending March 2026), the Medical Healthcare Business segment achieved a high segment profit margin of 31.2% (net sales of ¥6,809 million, segment profit of ¥2,124 million). The build-to-order model, customer-funded capital investment, and production efficiency improvements at the Vietnam site have supported this margin, with the segment generating the majority of the group's total operating profit of ¥2,131 million.
ENVALITH's Perspective
Performance Trend
Revenue increased 73% over four fiscal years, from ¥5,640 million in FY2022 to ¥9,771 million in FY2026. However, the revenue growth rate has shown a decelerating trend, from 27.0% in FY2023 to 17.7% in FY2024, 13.4% in FY2025, and 2.1% in FY2026. On the profitability side, the operating margin improved significantly from 6.3% in FY2022 to 21.8% in FY2026, marking a notable improvement in profitability. As an external factor, the yen's depreciation against the dollar boosted both revenue and profit in the Blood Pressure Monitor Cuff business. In the Safety System Business, although revenue declined due to a rebound from a large-scale sale of Automated Sewing Machines in the prior period (down 15.3% year on year), segment profit rose 57.3% on improved profitability in Car Seat, reflecting progress in structural improvement. Operating cash flow was limited to ¥1,272 million, down 50.5% year on year, due to an increase in trade receivables and payments related to tender offer expenses.
Growth Strategy
Deepening automated sewing technology and expanding production capacity in Vietnam to drive sustainable growth
A new plant is under construction near the main Matsuya R&D Vietnam plant. Scheduled for completion in September 2026, it will establish a production base to expand output of blood pressure monitor cuffs, car seats, and other products, and to accommodate future business expansion. Construction in progress increased substantially from ¥109 million in the previous fiscal year to ¥607 million, indicating that investment is now in full swing.
A new plant was built near the head office in Japan to resolve the shortage of domestic production space and improve production efficiency. Tangible fixed assets (Japan) increased from ¥124 million in the previous fiscal year to ¥450 million, and reinforcement of the domestic production framework is nearing completion.
As a result of promotional activities including exhibition participation, the first delivery was achieved in FY2026 (ending March 2026). This has secured a foothold for future mass production and sales expansion, and the company aims to nurture it as a new revenue source for the Medical Healthcare Business.
In addition to securing a new order for a sewing line in India, inquiries for Automated Sewing Machines from Southeast Asia and Latin America have increased. Mass production of new airbag products is also progressing, advancing efforts to reduce dependence on specific customers and regions and to diversify the revenue base.
Last updated: July 19, 2026