ENVALITH
松田産業株式会社 logo

MATSUDA SANGYO Co.,Ltd.

7456・Prime Market・Wholesale Trade

Official website
松田産業株式会社 logo
MATSUDA SANGYO Co.,Ltd.7456

Business

Matsuda Sangyo operates two core business pillars: the "Precious Metals Business," which handles precious metals recycling & smelting, electronic materials sales, and industrial waste treatment, and the "Food-Related Business," which globally sources and sells raw materials for marine, livestock, and agricultural food processing. The Group comprises 22 consolidated subsidiaries and 1 affiliated company, operating domestic smelting facilities (in Saitama, Gifu, Fukuoka, etc.) as well as global sites in Thailand, the Philippines, Malaysia, Vietnam, Taiwan, South Korea, Singapore, and other locations. Its main customers are in the electronics industry (semiconductor and electronic component manufacturers) and the food manufacturing industry, with Mitsubishi Corporation RtM Japan (15.7% of net sales) and Mitsui & Co. (11.6% of net sales) disclosed as major sales destinations.

Business Model

In the Precious Metals Business, the company collects precious-metal-bearing scrap from the semiconductor, jewelry, dental and other industries, processes it using in-house smelting technology into gold, silver and platinum-group bullion as well as High-Performance Electronic Materials, and sells these products—building an integrated "vein-and-artery" circular value chain that combines recycling (vein) and production (artery). Contracted Industrial Waste Collection, Transport & Treatment is also one of its revenue sources. In the Food-Related Business, the company leverages a global procurement network utilizing overseas subsidiaries in Asia, India, Indonesia and elsewhere to provide a stable supply of food processing raw materials, with its logistics subsidiary (Matsuda Ryutsu) handling delivery.

Company Strengths

In addition to domestic sites in Saitama (Musashi No.1–4 Plants and Iruma Plant), Gifu (Seki Plant and Seki No.2 Plant), and Fukuoka (Kitakyushu Plant, newly established in January 2024), the company owns overseas smelting plants in Thailand, Malaysia, Vietnam, and other locations. Continuous expansion of production infrastructure has been carried out, including the start of operations at the Musashi No.4 Plant in August 2024, giving the company an equipment base in terms of both raw material procurement capability and processing capacity that competitors cannot easily replicate in the short term.

The company's gold and silver bullion products are registered as accredited Good Delivery products on the London Bullion Market Association (LBMA), and its platinum and palladium bullion products are registered on the London Platinum and Palladium Market (LPPM), officially guaranteeing product reliability in international markets. The company has also obtained designation and accreditation as an assayer by the Tokyo Commodity Exchange (now Osaka Exchange), and this internationally recognized certification of bullion quality serves as a differentiating factor.

The company has established and operates local subsidiaries related to Food-Related Business in China, Thailand, Vietnam, India, and Indonesia, building a global procurement network spanning a wide range of Marine Products, Livestock Products, and Agricultural Products. Food-Related Business revenue in FY2026 (ending March 2026) steadily expanded to ¥117,466 million (up 9.6% year on year), with local procurement capabilities through overseas subsidiaries supporting stable supply to the domestic food manufacturing industry.

ENVALITH's Perspective

For FY2026 (ending March 2026), net sales reached ¥687,843 million (up 46.7% year on year) and operating profit reached ¥22,437 million (up 77.0% year on year), achieving substantial increases in both revenue and profit. However, the general rise in precious metals prices, an external factor, has significantly boosted performance, and careful assessment is needed of the potential impact on earnings should the market trend reverse. The operating profit margin improved to 3.3% (from 2.7% in the previous period), but the absolute level remains low, and improving structural profitability continues to be a challenge.

Cash flow from operating activities in FY2026 (ending March 2026) deteriorated sharply to -¥8,961 million from ¥2,542 million in the previous period. The main causes were an increase in inventories (-¥30,896 million) and an increase in trade receivables (-¥14,355 million), reflecting a marked expansion in working capital accompanying sales growth. Cash flow from financing activities was a positive ¥16,274 million, with funds secured through a net increase in short-term borrowings (¥14,287 million) and long-term borrowings (¥10,000 million). The increase in interest-bearing debt and the decline in the equity ratio (from 58.9% to 52.0%) warrant close monitoring.

The company's forecast for FY2027 (ending March 2027) calls for net sales of ¥700,000 million (up 1.8% year on year) and operating profit of ¥24,000 million (up 7.0% year on year), representing continued increases in revenue and profit, though this marks a substantial deceleration from the rapid growth seen in FY2026 (ending March 2026) (net sales up 46.7%, operating profit up 77.0%). While expanding demand for AI data centers and a recovery in electronic device production are expected to provide tailwinds, geopolitical risks and fluctuations in precious metals prices could act as downside factors. The company plans to increase its annual dividend to ¥110 (from ¥100 in the previous period), and with the dividend payout ratio at a low 15.4%, there remains significant room for expanded shareholder returns.

Growth Strategy

Advancing three pillars: expanding precious metals recycling volume, strengthening global food procurement, and creating new revenue sources

Continue developing production facilities domestically and overseas to secure stable supplies of precious metal raw materials and expand product sales and industrial waste treatment contracting. In FY2026 (ending March 2026), sales in the Precious Metals Business increased significantly by 57.7% year-on-year, and capital expenditure (acquisition of tangible fixed assets of ¥5,579 million) is ongoing. The company aims to increase handling volume, driven by expanding demand for AI data centers.

Further strengthen global procurement capabilities for Marine Products, Livestock Products, and Agricultural Products by leveraging overseas subsidiaries and bases in Asia, India, Indonesia, and elsewhere. While addressing concerns over stable food resource supply (risk of losing out in competitive bidding), the company aims to expand sales volume and secure profitability through product development that accurately captures customer needs and strengthened stable supply systems.

Promote the development of High-Performance Electronic Materials utilizing precious metals to differentiate from general-purpose recycling operations. The company aims to capture demand recovery in the electronic devices field of the electronics industry, increasing product sales volume and improving profitability through enhanced added value.

The provisional accounting treatment related to the business combination of Sanyo Reck and Flap Resources, acquired in February 2025, was finalized in FY2026 (ending March 2026). Goodwill was significantly reduced to ¥43 million after revision (from ¥824 million before revision) and recognized as intangible fixed assets (customer value and technological value). The company will promote the expansion of precious metals recycling and industrial waste treatment by leveraging the business foundations of both companies.

Last updated: July 19, 2026