Nozaki Insatsu Shigyo Co., Ltd.
7919・Standard Market・Other Products
Business
Nozaki Insatsu Shigyo Co., Ltd. is a long-established general printing company founded in 1868 (Keio 4), listed on the Standard Market of the Tokyo Stock Exchange. Its business consists of four segments: Commercial Printing, Packaging Materials and Paper Containers/Paper Products, Information Equipment and Supplies, and Others. Its core segments are Packaging Materials and Paper Containers/Paper Products (approximately 56% of net sales) and Information Equipment and Supplies (approximately 32% of net sales), with its main customers in the food, cosmetics, logistics, and distribution industries. The group structure includes five subsidiaries (Sowa Seihon, Asahi Label, Tsubasa Seisakusho Co., Ltd., Phoenix Electronics, and Nozaki Calendar), and the company operates factories and sales offices nationwide. Consolidated net sales for FY2026 (ending March 2026) were ¥14,016 million.
Business Model
The company combines in-house manufacturing with a direct sales system to offer a wide range of printing-related products, from Commercial Printing to Packaging Materials and Paper Containers/Paper Products, as well as barcode printers and labels. It enhances production efficiency by outsourcing part of its manufacturing to subsidiaries, while differentiating itself through high-value-added products incorporating special processing, variable printing, and DX technologies. The structure aims to maintain and improve profitability through strengthened production capacity via capital investment and the pursuit of low-cost operations.
Company Strengths
The company has a track record of over 150 years of business continuity since its founding in 1868, and operates plants and sales offices nationwide, including in the Tohoku, Kanto, Chubu, Kinki, Hokkaido, and Kyushu regions. Its customer base built up over many years and its regionally rooted sales structure underpin the stability of order intake; in the previous consolidated fiscal year, Japan Post Co., Ltd. alone accounted for 11.9% of net sales (¥1,747 million), reflecting a track record of major transaction relationships.
The company possesses a technological foundation that adds special processing and variable printing to its long-cultivated printing technology, enabling it to offer products with high design quality and security levels. Through joint development in collaboration with academia, it has developed a highly confidential proprietary 2D code, and is also advancing its expansion into the DX business. Research and development expenses of ¥14 million were recorded in FY2026 (ending March 2026), with ongoing development of next-generation printer products, among other initiatives.
To address price declines and competition over order pricing, the company continuously carries out capital investment aimed at expanding production facilities and improving production efficiency. In FY2026 (ending March 2026), capital expenditure amounted to ¥868 million (including transfers from construction in progress), and expenditure for the acquisition of tangible fixed assets reached ¥1,013 million. The balance of fixed assets has steadily risen to ¥6,065 million (up ¥247 million year on year), reflecting ongoing expansion of production capacity.
ENVALITH's Perspective
Performance Trend
Net sales had achieved four consecutive years of growth, rising from ¥13,084 million in FY2022 to ¥14,571 million in FY2025, but in FY2026 sales turned to their first decline, falling to ¥14,016 million. Operating income also decreased 25.2%, from ¥690 million in FY2025 to ¥516 million in FY2026, while net income attributable to owners of parent decreased 31.2%, from ¥522 million to ¥359 million. As external factors, persistently high raw material prices and the weak yen pushed up manufacturing costs. In addition, the reversal of the previous period's special demand from the logistics sector, intensifying price competition with other companies in the same industry, an increase in factory equipment repair work, and a comprehensive renewal of IT equipment aimed at strengthening security all overlapped, causing both the gross profit margin and operating margin to decline. The equity ratio continued to improve, reaching 43.5%, but financial efficiency deteriorated, with the ratio of cash flow to interest-bearing debt worsening to 6.7 years.
Growth Strategy
The mid-term management plan "nozaki2024/2026 SHINKA" aims to improve ROE and expand corporate value
The company is promoting "Printing × DX" initiatives centered on core products to enhance the value of existing products. Some results have emerged, such as a significant increase in orders for customized machines in the Information Equipment segment, but company-wide profit contribution remains a work in progress.
¥1,013 million was invested in the acquisition of tangible fixed assets in FY2026 (ending March 2026), pursuing proposals for alternative printing methods and maximizing production efficiency through the utilization of various equipment. This is also positioned as a countermeasure against instability in raw material procurement caused by the situation in the Middle East.
Based on the mid-term management plan that started from FY2025 (ending March 2025), the policy sets a floor of 1.5% for the consolidated dividend on equity ratio, with a target payout ratio of 20% or higher. In FY2026 (ending March 2026), the annual dividend of ¥7.5 and payout ratio of 33.8% maintained this policy, but due to deteriorating business performance, the dividend forecast for FY2027 (ending March 2027) remains undetermined.
Last updated: July 19, 2026