TOKYO BOARD INDUSTRIES CO.,LTD.
7815・Standard Market・Other Products
Wood Environmental Solutions Business
Circular-economy particle board manufacturing and sales business based on material recycling of wood waste
| Period | Current | Previous | Change |
|---|---|---|---|
| Consolidated net sales (Q1 FY2027, ending February 2027) | ¥894 million | ¥1,981 million (Q1 FY2026, ending February 2026) | ↓ |
| Consolidated operating loss (Q1 FY2027, ending February 2027) | -¥114 million | ¥48 million profit (Q1 FY2026, ending February 2026) | ↓ |
| Consolidated ordinary loss (Q1 FY2027, ending February 2027) | -¥149 million | ¥12 million profit (Q1 FY2026, ending February 2026) | ↓ |
| Quarterly net loss attributable to owners of parent (Q1 FY2027, ending February 2027) | -¥168 million | -¥7 million (Q1 FY2026, ending February 2026) | ↓ |
| Consolidated net sales (FY2026, ending February 2026, 11-month period) | ¥6,625 million | ¥7,334 million (fiscal year ended March 2025) | ↓ |
| Interest-bearing debt (end of Q1 FY2027, ending February 2027) | ¥7,396 million | ¥7,409 million (end of FY2026, ending February 2026) | — |
| Liquidity on hand (cash and deposits) (end of Q1 FY2027, ending February 2027) | ¥1,814 million | ¥1,172 million (end of FY2026, ending February 2026) | ↑ |
| Equity ratio (end of Q1 FY2027, ending February 2027) | 5.6% | 7.0% (end of FY2026, ending February 2026) | ↓ |
| Full-year consolidated net sales forecast (FY2027, ending February 2027) | ¥6,148 million | ¥6,625 million (FY2026, ending February 2026 actual) | ↓ |
| Full-year consolidated operating loss forecast (FY2027, ending February 2027) | -¥428 million | -¥81 million (FY2026, ending February 2026 actual) | ↓ |
| Full-year net income attributable to owners of parent forecast (FY2027, ending February 2027) | ¥3,573 million | － | ↑ |
Business Details
A vertically integrated business in which the group collects and chip-processes wood waste generated from the construction, logistics, and waste disposal industries, then manufactures and sells the residential building material particle board "E・V・A Board." The company has built an integrated system spanning wood waste collection through product delivery, supplying mainly double-floor underlayment for condominiums, load-bearing walls for detached houses, and OA flooring substrates to the housing market. SMB Kenzai and Toyo Material are the main sales channels. This is the core business accounting for the majority of the group's consolidated net sales.
Recent Overview
A minor fire at the Sakura plant halted operations, causing net sales to fall 54.9% year-on-year; a gain of approximately ¥4,250 million from the sale of head office real estate is expected to be recorded in Q2
A minor fire in the manufacturing line at the Sakura plant on November 1, 2025 caused the plant to halt operations, and net sales for Q1 FY2027 (ending February 2027) (March–May 2026) plunged to ¥894 million, down 54.9% year on year. The company recorded an operating loss of ¥114 million and an ordinary loss of ¥149 million. As an extraordinary loss, it recorded ¥352 million in fixed costs incurred during the production halt period as "loss from disaster," while recording insurance proceeds of ¥310 million as an extraordinary gain. The plant resumed production on June 10, 2026. Additionally, effective June 30, 2026, the company transferred fixed assets consisting of its head office and former particle board manufacturing plant located in Shinkiba, Koto-ku, Tokyo, and plans to record a gain on transfer of approximately ¥4,250 million as an extraordinary gain in Q2. Primarily due to this, the full-year net income forecast anticipates a substantial profit of ¥3,573 million. On the other hand, given nine consecutive fiscal years of operating and ordinary losses, and a financial condition in which liquidity on hand of ¥1,814 million stands against interest-bearing debt of ¥7,396 million, a note has been made indicating that material uncertainty exists regarding the company's ability to continue as a going concern.
Key Products
Growth Drivers
- Normalization of operations and recovery of earning power following the resumption of production at the Sakura plant on June 10, 2026
- Strengthening of the financial position through the sale of the head office and former plant real estate in Shinkiba, Koto-ku, Tokyo (gain on transfer of approximately ¥4,250 million)
- Expansion of the new product lineup, including Kabemusha and Shizuka Bijin, to support multi-item production
- Raw material procurement cost advantage through wood waste collection utilizing return trips of product delivery trucks
- Stable raw material supply through nearby waste intake centered on the Shinkiba recycling plant within Tokyo's 23 wards
- Growing demand for wood material recycling amid increasing societal demand for a circular economy
- Establishment of a stable production system through the new chip drying equipment at the Sakura plant (operational since March 2025)
Risks
- Uncertainty over demand recovery following the resumption of operations at the Sakura plant (continued sluggishness in housing starts)
- Demand contraction due to a structural decline in new housing starts (overall housing starts for March–May 2026 down 2.8% year on year)
- Nine consecutive fiscal years of operating and ordinary losses and the existence of material uncertainty regarding the going concern assumption
- Imbalance between interest-bearing debt of ¥7,396 million (of which ¥6,310 million is long-term borrowings due within one year) and liquidity on hand
- Risk of breaching financial covenants (although consent has been obtained from financial institutions not to exercise the right to accelerate maturity, continued discussions are required)
- Risk of increased lease costs from a sale-and-leaseback arrangement following the real estate sale
- Risk of delays in equipment imports and cost increases due to international conditions
- Risk of rising raw material and energy costs due to inflation and geopolitical risk
Last updated: July 13, 2026