MANSEI CORPORATION
7565・Standard Market・Wholesale Trade
Business
Manzai Electric Co., Ltd. is a technology trading company founded in 1947, operating on the basis of an agency agreement with Mitsubishi Electric. Its business is centered on three core segments: Electrical Equipment & Industrial Systems (FA Equipment & Industrial Control Equipment), Electronic Devices & Information & Communications Equipment (semiconductors and IT equipment), and Facility Equipment (Refrigeration & Cooling Equipment, air conditioning, and facility construction). Its main customers are in industrial infrastructure fields such as manufacturing, logistics, food, and data centers. The company also has procurement capabilities for Electronic Devices through consolidated subsidiaries in Hong Kong and Shanghai, and conducts a Solar Power Generation business through its subsidiary Nihon Hara Solar Energy. The company is listed on the Standard Market of the Tokyo Stock Exchange. Consolidated net sales for FY2026 (ending March 2026) were ¥26,993 million.
Business Model
The company employs a business model that combines product procurement and sales with the design, construction, maintenance, and service of facility construction, based on distributor agreements with multiple manufacturers including Mitsubishi Electric. It aims to build customer lock-in and ongoing transactional relationships by combining equipment sales with construction and maintenance services. While maintaining a trading-company-type cost structure with a cost of sales ratio of 84.4% (FY2026 (ending March 2026)), the company is pursuing margin improvement through the expansion of higher value-added systems and construction projects.
Company Strengths
The company entered into a dealer agreement with Mitsubishi Electric immediately after its founding in 1947, and currently maintains multiple sales agency and dealer agreements across a wide range of product categories including rotating machinery, power distribution control, air conditioning, semiconductors, and elevators. These are all long-term contracts with automatic renewal clauses, forming the foundation of a competitive advantage that ensures stable procurement capability and supply capacity to customers.
The company operates three segments—Electrical Equipment & Industrial Systems (net sales of ¥12,017 million), Electronic Devices & Information & Communications Equipment (¥8,429 million), and Facility Equipment (¥6,444 million)—diversifying its dependence on any specific field. In FY2026 (ending March 2026), even as Electronic Devices declined 2.2% year on year, a 28.0% year-on-year increase in Facility Equipment drove overall growth, demonstrating the complementary effect of the portfolio.
In February 2026, the company acquired the FA Equipment agency business in the Wakayama area from Mitsubishi Electric Living Environment Systems Corporation, and opened a Wakayama branch in May of the same year. The business transfer consideration was ¥1,200 million (with goodwill of ¥1,200 million recorded), demonstrating the execution of a strategy to expand into adjacent areas by leveraging the existing Mitsubishi Electric dealer network.
ENVALITH's Perspective
Performance Trend
The trend over the past five fiscal years was as follows: FY2022 ¥549 million → FY2023 ¥1,102 million → FY2024 ¥1,485 million (peak) → FY2025 ¥1,135 million (decline) → FY2026 ¥1,572 million (new record high), showing a strong recovery from the temporary decline in FY2025. In FY2026 (ending March 2026), the company achieved net sales of ¥26,992 million (+10.5% year on year), operating profit of ¥1,572 million (+38.6% year on year), and net income attributable to owners of parent of ¥1,114 million (+27.6% year on year). External factors such as expanding infrastructure investment for electric power and data centers, as well as robust capital expenditure demand for food and logistics facilities, boosted performance. The gross profit margin improved to 15.6% (from 14.8% in the previous fiscal year), confirming an improvement in profitability. Operating cash flow was stably generated at ¥2,503 million.
Growth Strategy
Pursuing sustainable expansion of the earnings base through three pillars: expansion of sales territory, strengthening of customer touchpoints, and improvement of operational efficiency
The company acquired the FA Equipment distributorship business in the Wakayama area from Mitsubishi Electric Building Solutions for ¥1,200 million, expanding its sales territory. By combining the acquired business's solid customer base with the company's own engineering capabilities, it aims to provide region-rooted, high-value-added solutions and further expand its earnings base.
The company continues to promote strengthening of customer touchpoints, improvement of sales quality, and greater efficiency in business processing. In FY2026 (ending March 2026), the Facility Equipment segment saw significant growth in Refrigeration & Cooling Equipment and related construction work for the food and logistics sectors, while the Electrical Equipment segment also saw an increase in FA Equipment & Systems, reflecting the results of sales activities in business performance.
The company continues its strategy of capturing solid demand, including labor-saving and automation investment in response to labor shortages, as well as environmental adaptation investment aimed at realizing a decarbonized society. Against the backdrop of expanding infrastructure investment for electric power and data centers, the Electrical Equipment & Industrial Systems segment has been performing steadily, and the company continues to position this as a key focus area.
Last updated: July 19, 2026