SHIGEMATSU WORKS CO.,LTD.
7980・Standard Market・Other Products
Manufacture and Sale of Occupational Safety and Health Protective Equipment (Single Segment)
A specialized manufacturer of occupational safety and health protective equipment centered on respiratory protective equipment
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year) | ¥15,593 million | ¥14,113 million | ↑ |
| Operating profit (full year) | ¥1,055 million | ¥1,069 million | ↓ |
| Ordinary profit (full year) | ¥933 million | ¥1,098 million | ↓ |
| Net income (full year) | ¥702 million | ¥781 million | ↓ |
| Operating profit margin | 6.8% | 7.6% | ↓ |
| Equity ratio | 43.7% | 47.5% | ↓ |
| Earnings per share | ¥98.74 | ¥109.77 | ↓ |
| Export sales | ¥2,217 million (export ratio 14.2%) | ¥1,806 million (export ratio 12.8%) | ↑ |
| Interest coverage ratio | 14.9x | 5.5x | ↑ |
Business Details
A specialized company in occupational safety and health protective equipment founded in 1917. In addition to manufacturing respiratory protective equipment such as Dust Respirators, Gas Masks, and Supplied-Air Respirators in-house, the company also sells products such as Self-Contained Breathing Apparatus. Its primary customers are in the manufacturing industry. Production takes place at two business sites in Saitama and Funehiki, with sales conducted through 13 sales offices and 1 branch office nationwide. The company operates as an independent entity with no affiliated companies. In FY2026 (ending March 2026), the export ratio expanded to 14.2% (export value of ¥2,217 million).
Recent Overview
Net sales reached a record high of ¥15,593 million, but profit declined due to factory construction costs and other factors
In FY2026 (ending March 2026), orders for products from manufacturing customers and demand for protective equipment associated with the mandatory chemical substance risk assessment requirement were strong, resulting in net sales of ¥15,593 million, up 10.5% year on year and a record high. On the other hand, due to rising material and labor costs, production line relocation expenses associated with the completion of the third factory at the second Funehiki business site, and the recording of ¥100 million in syndicated loan fees, operating profit declined 1.4% to ¥1,055 million, and ordinary profit declined 15.0% to ¥933 million. Long-term borrowings surged to ¥4,808 million (from ¥1,290 million in the prior period) due to new financing of ¥4,300 million, and the equity ratio declined to 43.7% (from 47.5% in the prior period).
Key Products
Growth Drivers
- Strong trend in product orders from manufacturing customers (Gas Masks +19.0%, Dust Respirators +11.0%)
- Continued expansion of demand for protective equipment for substances subject to the mandatory chemical substance risk assessment that took effect in April 2024 (further additions to the target substances are planned)
- Expansion of export sales (export value of ¥2,217 million, up 22.7% year on year, export ratio rising from 12.8% to 14.2%)
- Enhanced production capacity following the completion of the third factory at the second Funehiki business site (completion of relocation of the absorption canister production line)
- Maintenance of a certain level of orders driven by risk management demand related to infectious disease and disaster response, and demand for social infrastructure improvement and renovation
Risks
- Deterioration in the product cost ratio due to rising raw material and labor costs (operating profit margin declined from 7.6% to 6.8%)
- Sharp increase in interest-bearing debt associated with the construction of the third factory (long-term borrowings rose from ¥1,290 million to ¥4,808 million) and increased interest burden (interest expense rose from ¥40 million to ¥83 million)
- Downward trend in the equity ratio (from 51.5% in FY2024 (ending March 2024) to 47.5% in FY2025 (ending March 2025) to 43.7% in FY2026 (ending March 2026))
- Ongoing cost burden associated with the new core system (switched over in September 2024)
- Geopolitical risks such as U.S. trade policy and Middle East affairs, and uncertainty over the economic outlook due to unstable exchange rates
- Uncertainty in raw material procurement due to the impact of naphtha shortages
Last updated: June 29, 2026