NADEX CO., LTD.
7435・Standard Market・Wholesale Trade
Business
Na-Dex Co., Ltd. was founded in 1950 and is an industrial solutions corporate group headquartered in Nagoya. Centered on resistance welding control equipment, in which it holds the top share in the domestic automotive industry, the company operates four businesses: the Process Solutions Business, covering laser processing and dissimilar material joining; the Factory Automation Business, covering robots and FA systems; the System Integration Business, which builds custom-made production systems; and the Control Components Business, which handles agency sales of electronic and electrical control components. With Japan as its primary base (accounting for approximately 81% of net sales), the company operates across four regions—North America, China, and Southeast Asia in addition to Japan—forming a group composed of 14 subsidiaries and 3 affiliated companies. Its main customers are automotive-related companies, and its strength lies in providing total solutions that address needs for labor savings, automation, and environmental compliance.
Business Model
The company combines four businesses to provide one-stop solutions for customers' manufacturing challenges: a manufacturer function producing and selling in-house developed resistance welding control equipment and other products (Process Solutions Business), distributor sales of robots and FA equipment (Factory Automation Business), System Integration Business that builds customer production lines on a made-to-order basis, and distributor sales of control components. The build-to-order SI business accumulates an order backlog, creating a structure that enhances the visibility of future revenue.
Company Strengths
The annual securities report explicitly states "resistance welding controllers boasting the top share in the domestic automotive industry." The company began manufacturing and selling resistance welding controllers in 1957, and has built deep customer relationships with domestic automakers based on nearly 70 years of accumulated technology. In FY2025 (ended April 2025), the Japan segment recorded net sales of ¥29,941 million, accounting for approximately 81% of the group total.
The group's total order backlog at the end of FY2025 (ended April 2025) stood at ¥9,019 million (up 51.2% year on year). In particular, the North America segment's order backlog more than doubled to ¥3,362 million (up 118.1% year on year). The Japan segment's order backlog also increased to ¥5,276 million (up 33.0% year on year), and this accumulated backlog is expected to translate into future sales.
The equity ratio at the end of FY2025 (ended April 2025) was a high 60.47%, reflecting strong financial soundness, with net assets of ¥18,936 million. The company has secured a commitment line (undrawn balance of ¥970 million) and an overdraft facility (undrawn balance of ¥6,280 million) to address liquidity risk. It has also improved capital efficiency through centralized cash management enabled by the introduction of a CMS (Cash Management System).
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has ranged between ¥34,389 million and ¥36,891 million, and in FY2026 (ending April 2026) it came to ¥36,838 million, a slight decrease of 0.1% year on year. Meanwhile, operating profit increased 46.7% from ¥763 million in FY2025 (ending April 2025) to ¥1,119 million, and net profit attributable to owners of the parent increased 162.0% from ¥252 million to ¥659 million. The main drivers of the profit increase were the disappearance of fraud-related losses and special investigation expenses (totaling approximately ¥198 million) recorded in the prior period, a reduction in the provision for losses on order backlog, and the effect of the M&A in North America (North America sales +78.8%). As an external factor, domestic automobile sales volumes remained flat year on year, causing the Japan segment's revenue to decline (-9.6%), while Southeast Asia posted solid growth of +11.9% due to an increase in automotive-related production equipment. Comprehensive income surged to ¥2,314 million from ¥34 million in the prior period, driven by an increase in valuation differences on available-for-sale securities (+¥1,090 million), among other factors.
Growth Strategy
Aiming for net sales of ¥48,000 million and operating profit of ¥2,200 million in FY2027 (ending April 2027), the final year of the medium-term management plan
Through M&A conducted in the previous fiscal year (Uptime EV Charger, Inc., etc.), North America segment net sales expanded rapidly to ¥6,802 million in FY2026 (ending April 2026) (up 78.8% year on year). The company is incorporating new business domains such as EV charging infrastructure and is in the process of establishing a revenue base in North America. Contribution to the FY2027 (ending April 2027) forecast is expected.
As of May 25, 2026, the company made Robofull, a logistics and robotics automation startup, a wholly owned subsidiary for ¥445 million (cash). The purpose is to strengthen the competitiveness of the Factory Automation Business as a whole and to establish a business foundation in the new growth market of logistics. Determination of goodwill and other items is currently undecided.
In June 2026, the company resolved to acquire treasury shares up to a limit of 230,000 shares and ¥200 million, and plans to retire all acquired shares (scheduled for December 25, 2026). In FY2026 (ending April 2026), the company also acquired ¥386 million in treasury shares. The FY2027 (ending April 2027) dividend forecast is ¥40 per share (an increase from ¥31 in the previous fiscal year), with a dividend payout ratio of 30.3% expected.
In China, the company continues to promote cost reduction through business restructuring. Operating loss narrowed from ¥135 million in the previous fiscal year to ¥58 million in FY2026 (ending April 2026). While sales of automotive-related production equipment continue to decline (down 16.0%), improvement in the loss margin is progressing through fixed cost reduction.
The company is strengthening total solution proposals leveraging its manufacturer capabilities to address customer issues such as labor shortages, rising labor costs, and environmental concerns. Development of new industries and new fields is being promoted as a pillar of the medium-term management plan, with the aim of achieving an operating margin of 4.6% (¥2,200 million ÷ ¥48,000 million) in FY2027 (ending April 2027).
Last updated: July 17, 2026