HIRAYAMA HOLDINGS Co.,Ltd.
7781・Standard Market・Precision Instruments
Business
Heiyama Holdings Co., Ltd. is a group comprising 12 consolidated subsidiaries, with Manufacturing Contracting (Insourcing) and Manufacturing Staffing as its core business, handling manufacturing processes for medical devices, automobiles, electronic devices, the defense industry, and other sectors. The Insourcing & Staffing Business accounts for approximately 81% of sales, complemented by Engineer Staffing (approximately 9%), Overseas Business (mainly Thailand, approximately 7%), and Other Businesses such as consulting (approximately 4%). Major customers include Terumo Corporation (13.7% of sales) and other large manufacturers. The company began manufacturing contracting operations in 1989, listed on the TSE JASDAQ market in 2015, and transitioned to a holding company structure in 2017. It differentiates itself through in-house on-site improvement consultants and productivity improvement services utilizing TPS (Toyota Production System).
Business Model
The company deploys its own employed workers and engineers within customers' manufacturing processes, generating revenue from service fees under contracting or staffing agreements. In particular, in Manufacturing Contracting (Insourcing), the company collaborates with on-site improvement consultants to achieve productivity gains and cost reductions, providing high-value-added services that go beyond mere staffing supply. The ability to negotiate unit price increases in response to minimum wage revisions, along with the push to convert staffing arrangements into contracting arrangements, are key to improving profit margins. As an asset-light model without owned facilities or land, capital expenditure is kept to around ¥179 million per year.
Company Strengths
The company has internalized on-site improvement consultants with backgrounds at major manufacturers, providing productivity improvement and cost reduction services utilizing TPS (Toyota Production System). It has obtained certification under the Excellent and Appropriate Manufacturing Contracting Business Operator Certification System, ensuring reliability and transparency within the industry. Differentiation from simple staffing supply serves as a driving force for the shift toward contracting arrangements.
Revenue grew for five consecutive fiscal years, from ¥23,043 million in FY2021 (ending March 2021) to ¥36,220 million in FY2025 (ending March 2025). Operating profit also expanded over the same period from ¥532 million to ¥1,270 million, achieving a 13.5% year-on-year increase in profit in FY2025 (ending March 2025). Concentrated orders in growth areas such as medical devices, electronic devices, and the defense industry have supported business performance.
Sales to Terumo Corporation reached ¥4,974 million (13.7% of revenue) in the fiscal year under review, continuing a stable relationship as the largest client. The medical device and pharmaceutical fields are less susceptible to economic fluctuations, and long-term continuous contracts contribute to revenue stability. New orders and additional orders related to logistics and passenger transport businesses also performed favorably.
ENVALITH's Perspective
Performance Trend
For the first nine months of FY2026 (ending March 2026)... wait, this is FY ending June 2026, cumulative nine months, net sales were ¥28,035 million (up 4.3% year on year), operating profit was ¥1,507 million (up 50.4%), ordinary profit was ¥1,563 million (up 48.3%), and quarterly net profit attributable to owners of the parent was ¥957 million (up 41.6%), achieving substantial profit growth. Following the past five fiscal years of full-year results (operating profit of ¥532 million in FY2021 → ¥1,270 million in FY2025), the profit growth trend continued into FY2026 as well. As external factors, AI-related demand, expansion of the defense industry, and the recovery in semiconductor manufacturing pushed up order volume, while the pass-through of unit price increases accompanying minimum wage revisions boosted profit margins. In terms of financial position, total assets stood at ¥12,836 million, and the equity ratio improved to 43.5% (versus 40.5% at the previous fiscal year-end), indicating improved soundness. The full-year forecast (net sales of ¥37,770 million, operating profit of ¥1,341 million) remains unchanged, but cumulative operating profit through Q3 has already exceeded the full-year forecast, making expense trends in the second half a key focus going forward.
Growth Strategy
Aiming for FY2027 (ending March 2027) net sales of ¥46,000 million and operating profit of ¥2,200 million through strengthening earning power, promoting M&A, and reinforcing the management foundation
Strengthening education and training of specialized skilled workers such as equipment maintenance technicians and semiconductor-related technicians, and expanding staff placement into high-value-added contracted projects. The company is proceeding with the establishment of new sites and training centers, along with expanding recruiting staff and instructors, and results have already begun to appear in the third quarter of FY2026 (ending March 2026) in the form of increased new orders related to electronic devices and semiconductor manufacturing.
Continuing to strengthen cost-effective recruiting methods such as regional TV commercials, social media, and network-based hiring, in response to rising new graduate recruitment costs and an increasingly severe mid-career hiring environment expected in FY2026 (ending March 2026). Retention of employees hired as new graduates in 2025 is contributing to production stability, and the diversification of recruiting channels is helping to curb hiring costs while ensuring a stable supply of personnel.
Through customer acquisition measures such as "on-site skill level-up training for production sites," the number of staffing employees in Thailand turned upward, exceeding 2,200 to reach 2,234 as of March 2026 (up 4.7% year on year). While maintaining profitability through continued low-cost operations and strengthened cost reductions, the company aims to improve profitability further, supported by the ADB's upward revision of Thailand's economic growth forecast (1.8%).
A two-for-one stock split of common shares will be implemented effective July 1, 2026. The company aims to improve share liquidity and expand its investor base, thereby raising its profile in the capital markets. The forecast year-end dividend for FY2026 (ending March 2026) is ¥38 (pre-split) and the forecast annual dividend is ¥56 (pre-split), maintaining the policy of increasing dividends.
Last updated: July 17, 2026