SHIGEMATSU WORKS CO.,LTD.
7980・Standard Market・Other Products
Business
Shigematsu Works, Ltd. is a manufacturer specializing in occupational safety and health protective equipment, founded in 1917, with respiratory protective equipment such as Dust Respirators, Gas Masks, and Supplied-Air Respirators as its core business. The company manufactures products at two sites in Fukushima Prefecture, the Funehiki Plant and the Second Funehiki Plant, and sells them primarily to manufacturing industry customers through 13 sales offices and 1 branch office nationwide. It also serves as the exclusive domestic sales agent for Air Water Safety Service's Self-Contained Breathing Apparatus (Product), and provides maintenance, inspection, and repair services for its products. The company operates as an independent standalone entity with no affiliated companies, and is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company combines sales of in-house manufactured products (Dust Respirators, Gas Masks, Supplied-Air Respirators, etc.) with sales of purchased products such as Self-Contained Breathing Apparatus (Product) manufactured by Air Water Bosai. Of the ¥15,593 million in net sales for FY2026 (ending March 2026), products accounted for ¥10,450 million (67%) and merchandise for ¥5,143 million (33%). The company has built a system for stable supply to a diverse customer base through a nationwide network of 13 sales offices and export sales (export value of ¥2,217 million, export ratio of 14.2%).
Company Strengths
Since its founding in 1917, the company has continuously operated as a specialized manufacturer focused exclusively on respiratory protective equipment. It has established a Technical Research Institute within its Saitama Plant and continues R&D spanning materials, finished products, and manufacturing technologies. The company owns proprietary machinery it developed in-house, including automated mechanical filter manufacturing equipment and automated absorption canister production lines, accumulating technology and manufacturing know-how that competitors find difficult to replicate in a short period.
In addition to its head office, the company operates 13 sales offices and 1 branch office nationwide, establishing a direct sales structure for manufacturing industry customers. Export sales reached ¥2,217 million (up 22.7% year on year), with the export ratio expanding to 14.2%. Regional diversification is also progressing, with Asia accounting for 75.7%, Europe/Oceania 18.3%, and the United States 6.0%. This domestic and international sales network supported the achievement of record-high net sales of ¥15,593 million.
The company holds exclusive domestic sales agency rights, established in 1977 and automatically renewed every three years, for self-contained breathing apparatus manufactured by Air Water Bosai. In FY2026 (ending March 2026), sales of self-contained breathing apparatus (products) reached ¥3,657 million (up 16.1% year on year), forming a core component of product sales. This exclusive agency right functions as a barrier to entry that competitors cannot easily replicate.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥11,919 million in FY2022 to ¥15,593 million in FY2026, marking a new all-time high in FY2026 (+10.5% year on year). Meanwhile, operating income slightly decreased from ¥1,069 million in FY2025 to ¥1,055 million in FY2026 (-1.4% year on year), and net income attributable to owners of parent declined from ¥780 million to ¥702 million (-10.0% year on year). In addition to the deterioration in cost ratio driven by production line relocation costs associated with the completion of the third plant at the second Funabiki business site, higher material costs, and rising labor costs, the recognition of ¥100 million in syndicated loan fees and a doubling of interest expenses squeezed ordinary income. As for external factors, robust demand from the manufacturing sector and the mandatory implementation of chemical substance regulations drove revenue growth, while inflation in materials and labor costs weighed on profitability.
Growth Strategy
Medium-term growth centered on capturing regulatory-driven demand, enhancing production capacity, and expanding overseas operations
The company has captured demand for protective equipment arising from risk assessment target substances that became mandatory in April 2024, through its own product lines. Further additions to the list of target substances are planned going forward, and orders for Gas Masks (up 19.0% year on year) and Dust Respirators (up 11.0% year on year) have remained strong. This is functioning as a factor underpinning medium-term demand growth.
The relocation of the absorption canister production line from the Saitama Plant to the No. 3 Plant at the Second Funabiki Plant has been completed. Net book value of buildings increased by ¥3,238 million year on year, establishing a stable supply system for products and merchandise. The temporary costs associated with the relocation have already been recognized in FY2026 (ending March 2026), and earnings contribution is expected from FY2027 (ending March 2027) onward.
Export value in FY2026 (ending March 2026) was ¥2,217 million (up 22.7% year on year), and the export ratio rose from 12.8% to 14.2%. The company continues to build its overseas expansion foundation, including through obtaining LA certification. Exports are expanding mainly in Gas Masks, functioning as a complementary growth driver alongside domestic demand.
The company continues to pursue new product development that meets user needs and stable supply of products and merchandise as a management policy. As a specialist company in occupational safety and health protective equipment, it plans to strengthen its response to crisis management demand—such as for infectious disease and disaster response—and to demand related to the maintenance and renovation of social infrastructure, in order to fulfill its social responsibility and mission.
Last updated: July 19, 2026