NANKAI PLYWOOD CO.,LTD.
7887・Standard Market・Other Products
Business
Nankai Plywood Co., Ltd., founded in 1955 and headquartered in Takamatsu City, Kagawa Prefecture, is a housing interior materials manufacturer engaged mainly in the Wood-related Business (90.7% of consolidated net sales), which manufactures and sells wood-based building interior materials such as ceiling materials, storage materials, flooring materials, and plywood. The company also operates the Wire & Cable-related Business (sale of wires and electrical equipment) and the General Piping Construction-related Business (piping and lining construction for chemical plants). Domestically, its main customers are housing manufacturers and building materials distributors, while overseas it has manufacturing and procurement bases in Indonesia and France. In October 2025, the company made the ETABLISSEMENTS GUY JOUBERT group, a major French plywood manufacturer, a subsidiary, achieving a full-fledged entry into the European plywood market.
Business Model
In the Wood-related Business, the company procures raw materials and plywood from its Indonesian subsidiary PT. NANKAI INDONESIA and its French subsidiaries, processes them into ceiling materials, storage products, and other items at domestic plants, and sells them to housing manufacturers and building materials distributors (SMB Kenzai, Sumitomo Forestry, etc.) under a vertically integrated model. For storage products, the company differentiates itself through brand appeal utilizing showrooms and SNS, and is also expanding sales channels into the renovation and remodeling market. The Wire & Cable-related Business and the General Piping Construction-related Business secure complementary earnings through region-focused specialized sales and construction operations.
Company Strengths
The mainstay closet system storage "Wallzet Noel 3" (Closet System Storage "Wallzet Noel 3") maintained solid sales through the addition of new colors, and new products such as "5mm Pitch Art Lumber" (5mm Pitch Art Lumber, approximately 80,000 specifications) for renovation use continue to be introduced. Annual showroom visitor numbers reached a record high in fiscal 2025, and a sales promotion framework combining SNS with experiential showrooms has been established.
PT.NANKAI INDONESIA opened its third Jember plant in December 2022, beginning production of new products such as LVL in addition to laminated wood. In October 2025, the company made five companies of the Joubert group in France subsidiaries, and is building manufacturing and sales synergies in the European plywood market. The company has also established a stable raw material supply system through diversification of overseas procurement bases.
Amid a challenging market environment in which new housing starts for owner-occupied and detached-house developments declined 12.6% year on year, sales for the renovation market are explicitly stated in the annual securities report as having "continued to grow significantly," absorbing the impact of the shrinking new housing market through diversification of sales channels. The company is also concurrently expanding into the multi-family housing market, e-commerce, and the non-residential market.
ENVALITH's Perspective
Performance Trend
Revenue increased 33% over five periods from ¥21,935 million in FY2022 to ¥29,136 million in FY2026, with growth accelerating to a 16.9% year-on-year increase in FY2026. Operating profit peaked at ¥2,166 million in FY2022, then languished at ¥906 million in FY2023 and ¥848 million in FY2024, before recovering to ¥2,098 million in FY2026, improving the operating margin to 7.2%. The main drivers of the earnings recovery were increased sales in the Wood-related Business and thorough cost control, together with non-operating income such as foreign exchange gains of ¥1,043 million, which boosted ordinary profit. Net income attributable to owners of the parent rebounded sharply from ¥101 million in FY2025 to ¥1,832 million in FY2026, although the prior period was also affected by an extraordinary loss of ¥678 million (year-on-year).
Growth Strategy
Pursuing sustainable growth by reducing reliance on new housing construction, expanding into the renovation market, and enhancing profitability of the European plywood business
In response to the decline in new housing starts, the company has positioned the renovation market as a key growth driver, promoting the introduction of renovation-focused products such as "5mm Pitch Art Lumber" and restructuring its sales system. Sales have continued to show substantial growth.
The five companies of the ETABLISSEMENTS GUY JOUBERT group, acquired in October 2025, have been positioned as the strategic core base for the European plywood market, and efforts have begun to create synergies with NP ROLPIN in both sales and manufacturing. Concrete improvement effects are expected to take a certain period of time to materialize.
In October 2025, the new Jember plant, serving as the third plant, began operations, and in addition to laminated lumber, the company has started manufacturing new sales materials such as LVL for domestic and overseas markets. Efforts are underway to expand manufacturing capacity and establish a new product line.
To offset the shrinking new detached housing market, the company is strengthening its product deployment into the multi-family housing market, e-commerce business (for individual consumers), and non-residential market. It is promoting diversification of its customer base through marketing utilizing showrooms and social media.
The company has continued to expand its storage product lineup, including the addition of two gray color variants to "Wallzet Noel 3" and the new launch of the "Gas Clothes Dryer Shelf Board Set." Showroom visitor numbers reached a record high in FY2025 (ending March 2025).
Last updated: July 19, 2026