MIRAI INDUSTRY CO., LTD.
7931・Prime Market・Chemicals
Electrical & Piping Materials
Futaba Industrial's core segment, manufacturing and selling electrical conduits, wiring boxes, and resin pipes for water supply and hot water systems.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment net sales (external customers) | ¥34,733 million | ¥34,784 million | ↓ |
| Segment operating income | ¥5,993 million | ¥6,400 million | ↓ |
| Segment assets | ¥31,899 million | ¥31,185 million | ↑ |
| Depreciation and amortization | ¥1,972 million | ¥1,769 million | ↑ |
| Capital expenditures | ¥3,059 million | ¥2,396 million | ↑ |
Business Details
The core business of Miraial Industry Co., Ltd., manufacturing and selling electrical conduits and fittings, wiring boxes, resin pipes and fittings for water supply and hot water systems, and other products. Amid a shortage of skilled labor at construction sites, the company promotes product development emphasizing labor-saving in construction work. It has gained industry support through a diverse range of product offerings. As the largest segment, accounting for approximately 76% of consolidated net sales, its customer base is primarily the domestic residential and non-residential construction markets.
Recent Overview
In FY2026 (ending March 2026), price revision effects were realized, but rising raw material costs led to lower sales and profit.
Net sales to external customers in FY2026 (ending March 2026) were ¥34,733 million (down 0.1% year on year). In electrical materials, the synthetic resin flexible electrical conduit "Mirafuflex SS" remained solid, and products such as "Mirafuflex MF" increased, resulting in an increase in electrical conduits and fittings. On the other hand, in piping materials, resin pipes and fittings for water supply and hot water systems such as "Mirapex" decreased. Although there were price revision effects on some products, rising raw material unit costs pressured profitability, and operating income was ¥5,993 million (down 6.4% year on year), marking a second consecutive year of profit decline. The forecast for the first quarter of FY2027 (ending March 2027) remains challenging, with net sales of ¥8,967 million (down 0.6% year on year) and operating income of ¥1,122 million (down 13.7% year on year).
Key Products
Growth Drivers
- Penetration of price revisions for electrical conduits and fittings (FY2026, ending March 2026)
- Product development capturing labor-saving construction needs (solid performance of Mirafuflex SS, etc.)
- Expansion of new products such as the weather-resistant electrical conduit "Mirafuflex MF"
- Continuous introduction of new products to the market and active sales activities
- More active capital investment (capital expenditures of ¥3,059 million in FY2026, ending March 2026, up 27.7% year on year)
Risks
- Significant decline in new housing starts (backlash from rushed construction ahead of Building Standards Act revision)
- Profit pressure from rising unit costs of naphtha-derived plastic raw materials
- Tightness and supply risk for certain raw materials due to worsening Middle East situation
- Continued decline in the number and floor area of non-residential building starts
- Weakening housing purchase sentiment due to rising long-term interest rates and construction unit costs
Last updated: June 16, 2026