ENVALITH
長野計器株式会社 logo

NAGANO KEIKI CO.,LTD

7715・Prime Market・Precision Instruments

Official website
長野計器株式会社 logo
NAGANO KEIKI CO.,LTD7715

Business

Nagano Keiki, guided by its corporate philosophy of "mastering a specialty to challenge the world," is a measurement instrument manufacturer that produces and sells Pressure Gauges, Pressure Sensors, Measurement & Control Equipment, and Die Casting Products. The group, consisting of the company itself along with 33 subsidiaries and 9 affiliated companies, serves customers across diverse industrial fields such as chemicals, energy, food, semiconductors, and automotive. Domestically, it operates two main plants in Ueda City, Nagano Prefecture as its core production sites, while overseas it has built a global network centered on U.S.-based Ashcroft, spanning Europe, Asia, and Latin America. The Pressure Gauge Business (net sales of ¥36,471 million) and the Pressure Sensor Business (net sales of ¥19,479 million) form the core of its earnings, addressing a wide range of applications from maintenance demand for social infrastructure to advanced semiconductor manufacturing.

Business Model

The company manufactures and sells products across four segments centered on Pressure Gauges and Pressure Sensors, supplemented by Measurement & Control Equipment and Die Casting. Domestically, production takes place at the Ueda Measuring Instruments Plant and the Maruko Electronics Plant, while overseas it promotes local production for local consumption through OEM business via Ashcroft (US) and local production in Mexico and China. The company has a structure that builds on stable earnings from maintenance demand in the process industry as a base while enhancing profitability through high-value-added products for semiconductors, new energy, and data centers.

Company Strengths

In 2006, the company made U.S.-based Ashcroft Holdings (now Ashcroft-Nagano Keiki Holdings) a wholly owned subsidiary, building a global network comprising 29 pressure gauge-related companies across the U.S., Europe, Asia, and Latin America. In FY2026 (ending March 2026), the U.S. subsidiary's OEM business for industrial machinery performed strongly, contributing to a 7.1% year-on-year increase in operating profit for the Pressure Gauge Business, thereby offsetting sluggish domestic market conditions.

The Maruko Electronics Plant handles processing and polishing of pressure sensor elements entirely in-house. In June 2025, the company completed the expansion of the Diaphragm Processing Building (DP Building), which began operations in September of the same year. The consolidation of manufacturing processes has improved production efficiency and strengthened the company's ability to respond to future demand increases. The Pressure Sensor Business maintained an operating margin of 15.2% in FY2026 (ending March 2026), functioning as a core technology underpinning the company's high-profitability structure.

The company employs 251 research and development, technical, and production engineering staff (including 94 at subsidiaries), representing 10.5% of all employees, and invested ¥1,454 million in R&D expenses in FY2026 (ending March 2026). The company is advancing technology development in new fields such as optical sensors, wireless measurement, IoT-compatible products, and sensors for liquid hydrogen measurement, with achievements accumulating, including the adoption of a hull structural response monitoring system for JAMSTEC's Arctic research vessel "Mirai II."

ENVALITH's Perspective

In FY2026 (ending March 2026), inventory adjustment for capital investment demand in the semiconductor industry continued, and domestic sales declined for both pressure gauges and pressure sensors. The company expects a full-fledged recovery in the second half of FY2026, but there is a risk that the impact of US tariff policy and geopolitical risks could push back the timing of recovery. The forecast for FY2027 (ending March 2027) (net sales of ¥67,500 million, operating profit of ¥6,800 million) is roughly flat year on year, and there remains room for downside if the scenario of recovery in semiconductor demand does not materialize.

Operating profit of the Pressure Sensor Business in FY2026 (ending March 2026) was ¥2,957 million (down 31.7% year on year), and the operating profit margin fell significantly to approximately 15.2% from over approximately 20% in the previous period. This resulted from a combination of declining sales to the semiconductor sector and weakness in demand from industrial machinery, but the increase in fixed costs due to the operation of the DP Building may also be putting pressure on the profit margin. While expanding demand for sensors for data centers and trends toward labor-saving and automation serve as tailwinds, progress in absorbing fixed costs holds the key to profit margin recovery.

In FY2026 (ending March 2026), the company acquired 540,500 shares of treasury stock (acquisition expenditure of ¥1,204 million) and retired them, reducing the number of shares issued to 18,892,484 shares. The annual dividend was ¥52 (up ¥4 year on year), continuing the trend of dividend increases, and a further increase to ¥60 is planned for FY2027 (ending March 2027). On the other hand, profit attributable to owners of parent was ¥5,397 million (down 10.9% year on year), a decline in profit, and the dividend payout ratio is set to rise from 18.2% to 26.4% (forecast). This raises the question of the sustainability of shareholder returns if profit recovery does not accompany them.

Growth Strategy

Promoting new-field expansion centered on pressure sensors and global sales expansion under the New Medium-Term Management Plan 2028

In June 2025, the company completed the addition of the Diaphragm Processing Building (DP Building) on the premises of the Maruko Electronics Plant, and operations began in September 2025. By consolidating the processing and polishing processes for pressure sensor elements, the company established a foundation for an efficient production system to accommodate future production increases.

To further expand the business and improve productivity, the company is considering the new construction of separate production buildings for pressure gauges and pressure sensor elements on the premises of the Maruko Electronics Plant. The aim is to secure production capacity to meet medium- to long-term demand growth.

As a "Challenge" initiative under the New Medium-Term Management Plan 2028, the company is promoting expansion into new fields, including optical sensors, as well as wireless technology adoption. The goal is to expand business scale and achieve sustainable growth, centered on the Pressure Sensor Business.

The OEM business for the industrial machinery and process industries at the US subsidiary remained strong in FY2026 (ending March 2025). While FY2027 (ending March 2026) is expected to see a decline due to a rebound from the strong prior-year performance, the company will continue to promote global sales expansion, including in the European region.

The company views the expansion of sensor demand for data centers, the acceleration of labor-saving and automation in manufacturing, and increasing pressure sensor demand in new energy fields such as hydrogen and ammonia as growth opportunities, and expects overall sales growth in the Pressure Sensor Business in FY2027 (ending March 2027).

Last updated: July 19, 2026