ENVALITH
セーラー万年筆株式会社 logo

The Sailor Pen Co.,Ltd.

7992・Standard Market・Other Products

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セーラー万年筆株式会社 logo
The Sailor Pen Co.,Ltd.7992

Business

Sailor Pen Co., Ltd. is a writing instruments manufacturer founded in 1911, originating in Kure City, Hiroshima Prefecture. The company operates on two core pillars: the Stationery Business (approximately 78% of net sales), which expands domestically and internationally as the world's only fountain pen brand featuring a "21K gold nib," and the Robotics Equipment Business (approximately 22% of net sales), which manufactures and sells automatic extraction devices and Custom-Order Automation Equipment for injection-molded products. In 2022, Plus Corporation acquired 58% of the company's issued shares, making it a consolidated subsidiary of Plus Corporation. In addition to outsourcing domestic stationery sales operations to Plus Corporation, the company operates its business through a three-company group structure that includes European sales subsidiary Sailor Pen Europe SAS and Thai sales subsidiary THE SAILOR (THAILAND) CO., LTD. Its main customers are fountain pen enthusiasts and collectors both domestically and internationally, as well as users of automation equipment in the manufacturing industry.

Business Model

In the Stationery Business, the company manufactures fountain pens and ink in-house at its Hiroshima Plant, selling domestically through outsourced operations to Plus Corporation and overseas via its European subsidiary and distributor network. It improves its product mix and secures profitability by focusing on high-priced limited editions and high-end models for collectors. In the Robotics Equipment Business, the company produces injection-molding extraction robots and Custom-Order Automation Equipment on a build-to-order basis, selling them domestically and overseas mainly in the medical and food-related equipment fields. It invests ¥114 million annually in R&D, promoting higher value-added offerings through the use of IoT and AI.

Company Strengths

The company possesses the technical capability to manufacture the world's only "21K gold nib," and was awarded "Best Writing Fountain Pen" in the reader poll of the August 2025 issue of the leading US magazine 'PEN WORLD,' with its 21K and 14K gold nibs earning high ratings for eight consecutive years. The high brand value has also been externally demonstrated through its adoption as a commemorative gift for the G7 Hiroshima Summit.

The "Que Será Ballpoint Pen" was jointly developed by three companies—Plus Corporation and Pentel Co., Ltd.—and launched in February 2026. By outsourcing domestic stationery sales operations to Plus Corporation, the company has secured sales capability and logistics efficiency, building a system that can leverage group synergies in both product development and sales.

In fiscal 2025, the Stationery Business achieved a turnaround to profitability with segment profit of ¥58 million (compared to a segment loss of ¥90 million in the previous period). The order backlog for the Robotics Equipment Business has built up to ¥352 million (128.2% of the previous period), confirming results expected to contribute to next period's sales.

ENVALITH's Perspective

In Q1 of FY2026 (ending March 2026), net sales were ¥1,303 million (up 14.7% year-on-year), and operating profit was ¥37 million, turning positive from an operating loss of ¥27 million in the same period of the previous year. However, the full-year forecast remains modest, with net sales of ¥4,833 million, operating profit of ¥5 million, and net loss attributable to owners of the parent of ¥15 million. For the cumulative first half, an operating loss of ¥91 million is forecast, indicating that the strong Q1 performance does not directly translate into full-year profitability, reflecting seasonality and structural challenges that remain.

The Robotics Equipment Business saw net sales expand to ¥345 million (up 27.2% year-on-year) in Q1 of FY2026 (ending March 2026), but segment losses continued at ¥51 million (compared to a loss of ¥59 million in the same period of the previous year). As an external factor, delays in investment decisions due to tariff trends and concerns over an economic slowdown have been observed in overseas markets. While expanding automation demand driven by the reshoring of manufacturing in the US market is expected as a macro tailwind, the timing of profitability for this business has not been clearly indicated at this point.

As a result of consecutive operating losses and net losses recorded in prior fiscal years, retained earnings stood at ¥-7,152 million (as of the end of March 2026), reflecting a substantial accumulated deficit. The equity ratio was low at 25.0% (as of the end of March 2026), and interest-bearing debt—including short-term borrowings of ¥1,200 million and short-term borrowings from related parties of ¥500 million—continues to strain the company's finances. Although profitability was achieved in Q1, the material events related to the going concern assumption have not been resolved, and the financial structure remains dependent on the parent company's commitment to provide financial support, a point that continues to warrant close monitoring.

Growth Strategy

Strengthening the stationery brand and optimizing the product mix, combined with rebuilding overseas markets for the Robotics Equipment Business, to drive earnings recovery

Continuing to launch high-end fountain pens targeting collectors (including traditional craft specifications) that leverage the world's only 21K Gold Nib Fountain Pen (High Value-Added Line) technology. The "Professional Gear Anchor Fountain Pen" was launched in December 2025. Aiming to improve profitability in the Stationery Business by increasing the proportion of high-priced products.

Improving profit margins by expanding sales of steel and other nib products that are less affected by soaring gold bullion prices. Promoting line extensions of the TUZU Series (Steel Nib Fountain Pen), expanded sales of standard products such as Profit Casual L, and proposals for limited-edition and private-brand products. The margin improvement effect was confirmed in the first quarter of FY2026 (ending December 2026).

A ballpoint pen equipped with new technology ink jointly developed by three companies of the Plus Group was launched in February 2026 and has received a favorable reception. Going forward, the company will continue product development to incorporate this ink into various writing instruments, aiming to establish a revenue source in a new category.

Promoting a plan to double the number of permanent overseas Shop in Shop-format stores from 4 to 9. Providing brand experience opportunities through exhibitions at pen shows in various countries and support for ink events and pen maintenance, thereby strengthening the sales foundation in Europe, North America, and Latin America.

Accelerating local sales activities in the U.S. market to capture automation demand driven by the reshoring of manufacturing. Leveraging extensive track record in medical- and food-related equipment fields to deepen relationships with existing customers and acquire new ones. In the first quarter of FY2026 (ending December 2026), sales expanded to ¥345 million (up 27.2% year on year), but a segment loss of ¥51 million continued.

Implementing PSI production planning that links production, sales, and inventory, and promoting production rationalization and inventory reduction through system and data integration. Continuing to control labor and other costs through optimal allocation within the manufacturing division, contributing to improved profitability in the Stationery Business.

Last updated: July 17, 2026