ENVALITH
立川ブラインド工業株式会社 logo

TACHIKAWA CORPORATION

7989・Prime Market・Metal Products

Official website
立川ブラインド工業株式会社 logo
TACHIKAWA CORPORATION7989

Business

Tachikawa Blind Manufacturing Co., Ltd. is a comprehensive building interior products manufacturer founded in 1938. In its core Interior & Exterior Furnishing Products Business (approximately 84% of consolidated net sales), the company manufactures and sells blinds, roll screens, partitions and other products, offering high-value-added products such as the Light-Control Fabric Products "Lumie" / "Aere" and the Electric Products "Home Tacos". The Parking Equipment Business (mechanical multi-level parking systems "Puzzle Tower") and the Reduction Gear Business, both handled by consolidated subsidiary Fuji Hensokuki, also function as core profit pillars. The consolidated group of eight domestic companies handles manufacturing, sales, installation, and maintenance in an integrated manner, and also has a manufacturing base in Shanghai, China. Its main customers are corporate and individual consumers, primarily in the housing and construction industries. The company transitioned to the Prime Market in 2022, and made Fuji Hensokuki a wholly owned subsidiary in October 2024.

Business Model

A vertically integrated model within the group, with roles divided among component manufacturing (Tachikawa Kiko, Fuji Gear), fabric processing (Tachikawa Fabric Industry, Shiga Tachikawa Fabric Industry), installation and sales (Tachikawa Sobi), and trading (Tachikawa Trading). The core Interior & Exterior Furnishing Products Business combines build-to-forecast production with short-lead-time made-to-order production (3-4 days), supplying building materials distributors and construction contractors nationwide through its branch network. In the Parking Equipment Business, the company aims to improve profit margins by increasing the proportion of renovation and remodeling work in addition to new installation projects. Capital expenditures and R&D expenses are all funded through internal resources, maintaining debt-free management.

Company Strengths

The equity ratio at the end of FY2025 (ending December 2025) was 83.2% (+0.2pt YoY), with zero interest-bearing debt, funding capital expenditure and R&D entirely from internal funds. Against total assets of ¥67,735 million, net assets stood at ¥56,353 million. The main cause of cash flow from financing activities of ¥(1,101) million was dividend payments of ¥1,042 million, with no loan repayments occurring.

Profit attributable to owners of parent for FY2025 (ending December 2025) renewed its record high at ¥3,239 million (+15.6% YoY). Despite the headwind of declining housing starts, price revisions for core products and cost reduction activities enabled achievement of the medium-term management plan targets across all profit items. Operating cash flow improved substantially to ¥4,522 million (+¥2,879 million YoY).

The order backlog for the Parking Equipment Business reached ¥4,507 million (+76.9% YoY), while orders received also surged to ¥5,155 million (+41.7% YoY). Thanks to an order-taking strategy focused on profitability, the operating margin improved to 15.5% (equivalent to +1.6pt YoY). An increase in renovation and refurbishment work is forming a sales mix with higher profit margins.

ENVALITH's Perspective

For Q1 of FY2026 (ending December 2026), revenue was ¥11,353 million (up 8.0% year-on-year) and operating profit was ¥1,566 million (up 17.3% year-on-year), representing progress rates of 26.1% and 34.8% respectively against the full-year forecasts of ¥43,500 million and ¥4,500 million. In particular, rapid expansion in parking equipment and a substantial profit increase in reduction gears drove overall performance. Although the company has left its full-year forecast unchanged, the Q1 progress rate exceeds typical seasonal patterns, and there is a need to consider the potential for upward revision.

Amid a declining trend in new housing starts, particularly for detached houses, driven by rising construction costs and higher mortgage interest rates, the Interior & Exterior Furnishing Products Business achieved revenue of ¥9,413 million (up 2.2% year-on-year) and operating profit of ¥1,305 million (up 6.4% year-on-year). Even amid continued headwinds in the external market environment, profit margins have improved through a shift toward higher value-added products and efficient management of selling, general and administrative expenses, confirming an improvement in the quality of earnings.

Quarterly net profit attributable to owners of the parent remained at ¥1,064 million (up 0.1% year-on-year), diverging significantly from the growth rate of operating profit (up 17.3%). This is mainly due to total income taxes increasing approximately 1.9-fold, from ¥290 million to ¥540 million, reflecting the shrinkage of the deferred tax adjustment (reversal) recorded in the same period of the previous year. The structural issue whereby improvement at the operating profit level is not readily reflected in net profit warrants continued attention from an EPS growth perspective.

Growth Strategy

Under "Tachikawa Vision 2028," the company is accelerating growth through expanded sales of high-value-added products, increased investment, and alliances

The company is continuously expanding fabric variations for products such as the light-control vertical blind "Aere" and driving efforts to capture new customer segments. In the first quarter of FY2026 (ending December 2026), sales of the Interior & Exterior Furnishing Products Business increased 2.2% year on year, confirming the effect of an improved product mix.

In January 2026, the company opened a new showroom in Shinjuku, an area with a concentration of housing equipment manufacturer exhibition venues. The showroom features enhanced experience-based displays of window coverings and partition products for residential use, aiming to stimulate demand across a broad range of customer segments and strengthen sales proposal capabilities. It has been confirmed to have contributed to increased sales of interior and exterior furnishing products in the first quarter results.

In April 2026, the company integrated its Chugoku and Shikoku regional branches, launching operations as the new Chugoku-Shikoku Branch. This reorganization of sales offices aims to improve the efficiency of sales functions and enhance customer service, contributing to the control of SG&A expenses (nearly flat year on year).

The company is promoting planned renovation proposals for existing facilities and value-added proposals such as EV compatibility and automatic gate closing systems. In the first quarter of FY2026 (ending December 2026), sales grew sharply to ¥1,101 million (up 82.7% year on year) and operating profit reached ¥209 million (up 105.6% year on year), with actual results confirming the effectiveness of these initiatives.

Against a backdrop of demand for logistics automation and labor savings, sales of Custom Products for AGVs (automated guided vehicles) have been trending favorably. In the first quarter of FY2026 (ending December 2026), sales in the Reduction Gear Business reached ¥838 million (up 19.5% year on year), with operating profit of ¥51 million (up 742.5% year on year), representing a significant improvement. Efforts to develop new demand centered on Servo Motors are also continuing.

In the first quarter of FY2026 (ending December 2026), expenditure on acquisition of tangible fixed assets rose significantly to ¥1,044 million, up sharply from ¥203 million in the same period of the prior year. Together with strengthened development capabilities leveraging the technical research building that began operation in October 2024, the company is promoting qualitative improvements to its production system.

Last updated: July 17, 2026