ENVALITH
未来工業株式会社 logo

MIRAI INDUSTRY CO., LTD.

7931・Prime Market・Chemicals

Official website
未来工業株式会社 logo
MIRAI INDUSTRY CO., LTD.7931

Business

Mirai Industries Co., Ltd., founded in 1965, is a manufacturer specializing in building materials, with its core business being the "Electrical & Piping Materials" segment, which produces and sells conduit tubes, wiring boxes, and resin pipes for water supply and hot water. The company also operates the "Wiring Devices Business," handling switches and outlets through its subsidiary Jimbo Electric Co., Ltd., as well as "Others," covering manufacturing, logistics, telecommunications, and the Cable TV Business. Its main customers are construction contractors and electrical materials distributors in the housing and construction industries, and the company, headquartered in Gifu Prefecture, operates multiple domestic factories. Consolidated net sales for FY2026 (ending March 2026) reached ¥45,673 million, a new record high.

Business Model

The company handles everything from manufacturing, centered on resin molding at its own factories, through to sales in an integrated manner, managing costs by internalizing die manufacturing (Mirai Seiko), raw material procurement (Mirai Kasei), and logistics (Mirai Unyu) within the group. It continuously launches original, "Mirai-like" new products to the market and expands sales through active sales activities via electrical materials distribution routes. While raising unit prices through the penetration of price revisions, the company has set a management target of an operating margin exceeding 12%.

Company Strengths

As of the end of FY2026 (ending March 2026), the total number of industrial property rights acquired reached 3,357 (3,144 for Electrical & Piping Materials, 209 for Wiring Devices). ¥325 million was invested in R&D, continuously launching original products such as X-ray protective slide boxes (lead-free specification) and seismic stands. The "Mirai-like" product lineup has achieved differentiation within the industry.

As of the end of FY2026 (ending March 2026), the equity ratio was 80.7%, net assets were ¥56,262 million, and cash and cash equivalents were ¥19,710 million. Interest-bearing debt is extremely limited, and the company maintains a near debt-free financial structure, funding capital expenditures (¥3,619 million) through its own funds and operating cash flow.

The group has die manufacturing (Mirai Seiko), resin material procurement (Mirai Kasei), logistics (Mirai Unyu), and construction (Mirai Giken) in-house, internalizing key processes. This reduces reliance on external procurement and enables the company to control cost management and quality management on its own.

ENVALITH's Perspective

Net sales for FY2026 (ending March 2026) rose to a record ¥45,673 million, but operating profit came in at ¥6,723 million (down ¥174 million year on year) and profit attributable to owners of parent was ¥4,696 million (down ¥137 million year on year), marking a second consecutive year of profit decline. Since peaking in FY2024 (ending March 2024) with operating profit of ¥7,332 million, profit levels have been on a downward trend, and the pattern in which sales growth fails to translate into profit expansion has persisted. Based on the restated cost of sales (¥28,020 million) and gross profit (¥17,653 million), a rise in the cost ratio appears to be the primary factor squeezing profitability.

As an external factor, the number of new housing starts in Japan has been on a long-term declining trend, and the contraction of the housing market—the primary source of demand for electrical and piping materials—remains a structural risk. While this has been partially offset by the penetration of price revisions and expanded sales to non-residential customers, a recovery in demand volume is difficult to expect given the market environment, and the situation is likely to continue requiring profit maintenance through unit price and product mix improvement rather than volume growth.

Capital expenditure for FY2026 (ending March 2026) expanded to ¥3,059 million, up 27.7% year on year, reflecting progress in enhancing production capacity. While this represents a cost increase factor in the short term, it may lead to improved manufacturing efficiency and strengthened mass-production capability for new products over the medium term. Meanwhile, in the restated selling, general and administrative expenses, freight costs were revised upward to ¥2,356 million (from ¥2,136 million pre-restatement), and the persistently elevated logistics costs warrant close attention as a factor hindering margin improvement.

Growth Strategy

Strengthening the profit base through continuous introduction of original new products, penetration of price revisions, and expanded capital expenditure

Continuing the penetration of price revisions for electrical conduits and accessories, and improving unit sales prices through the expansion of new products such as the weather-resistant electrical conduit "Mirafuflex MF." The Electrical & Piping Materials segment continues to be the mainstay driving earnings in FY2026 (ending March 2026).

Capital expenditure for FY2026 (ending March 2026) is expanding to ¥3,059 million, up 27.7% year on year. By enhancing production capacity, the company aims to increase its ability to mass-produce new products, targeting medium-term sales growth and profit margin recovery through improved manufacturing efficiency.

Enhancing the profit contribution of the Wiring Devices segment through active sales activities toward the electrical materials distribution route, expanded sales of redesigned products such as "J Wide Slim Square," and the effect of higher unit prices from the penetration of price revisions.

Restated freight costs for FY2026 (ending March 2026) increased to ¥2,356 million from ¥2,281 million in the previous period, making it urgent to address the persistently high logistics costs. Utilizing intra-group logistics functions and improving delivery efficiency to curb costs will be key to improving profitability.

Last updated: July 19, 2026