DAIICHI JITSUGYO CO., LTD.
8059・Prime Market・Wholesale Trade
Business
Daiichi Jitsugyo Co., Ltd., established in 1948, is a specialized trading company for machinery, equipment, and parts, operating across seven segments: Plant & Energy Business, Energy Solutions Business, Industrial Machinery Business, Electronics Business, Automotive Business, Healthcare Business, and Aviation & Infrastructure Business. In addition to domestic sales and import/export, subsidiaries such as Daiichi Mechatec Co., Ltd., Daiichi Jitsugyo Viswill Co., Ltd., and DJ-WAVE Engineering Co., Ltd. handle manufacturing and engineering functions. Overseas, the company has 16 consolidated subsidiaries across the Americas, Europe, Asia, China, and other regions, forming a global sales network. Major customers span manufacturing industries broadly (electronics, automotive, pharmaceuticals, energy, aviation), and consolidated net sales for FY2026 (ending March 2026) were ¥219,140 million. The company is listed on the Tokyo Stock Exchange Prime Market.
Business Model
The company procures machinery, equipment, and parts from supplier manufacturers and sells them to domestic and overseas manufacturing customers, earning a trading margin. Beyond simple sales of goods, it is deepening a "products + services" model that combines the engineering functions of subsidiaries—such as process simulation, design and manufacturing, and development of visual inspection equipment—to improve gross margin. The gross profit margin for FY2026 (ending March 2026) is 17.8% (improved from 17.0% in the previous period).
Company Strengths
The company operates 7 segments ranging from Plant & Energy to Aviation & Infrastructure, diversifying dependence on specific industries. Overseas, it operates 16 consolidated subsidiaries across the US, Mexico, Europe, Singapore, Thailand, Malaysia, the Philippines, Indonesia, Vietnam, India, China, and other locations. In FY2026 (ending March 2026), while Energy Solutions declined 26.0% year on year, Healthcare (+51.4%) and Aviation & Infrastructure (+57.0%) compensated, and the group's overall operating profit reached a record high.
The company holds DJ-WAVE Engineering Co., Ltd. (process simulation, design and manufacturing), Daiichi Mechatec Co., Ltd. (machinery repair and manufacturing), and Daiichi Jitsugyo Viswill Co., Ltd. (development and manufacturing of visual inspection devices and tablet printing machines) as consolidated subsidiaries. Its engineering proposal capabilities, which go beyond simple purchase-and-sale transactions, have contributed to improved gross margins, with the gross profit margin for FY2026 (ending March 2026) reaching 17.8%, an improvement of 0.8 percentage points year on year.
As of the end of FY2026 (ending March 2026), the equity ratio was 51.5% (improved from 46.5% in the previous fiscal year), and the debt-to-equity ratio (DER) was an extremely low 0.08x. Cash and cash equivalents stood at ¥51,829 million. The company has entered into a commitment line agreement of ¥10,000 million with 5 partner banks, securing flexible fundraising capabilities. Operating cash flow remained at a high level with income of ¥16,136 million, giving the company substantial capacity to respond to M&A and business investment opportunities.
ENVALITH's Perspective
Performance Trend
Revenue rose for four consecutive periods, from ¥148,075 million in FY2022 (ending March 2022) to ¥221,755 million in FY2025 (ending March 2025), but FY2026 (ending March 2026) saw its first revenue decline, to ¥219,140 million (down 1.2% year on year). The main cause was a ¥140,570 million decrease in sales of Lithium-ion Battery Manufacturing Equipment within the Energy Solutions Business, both domestically and overseas. On the other hand, gross margin improvement progressed, with gross profit increasing to ¥39,109 million (from ¥37,771 million in the previous period). Operating profit reached ¥13,696 million (up 4.5% year on year), ordinary profit ¥14,353 million (up 5.6%), and net income attributable to owners of parent ¥9,951 million (up 12.6%), with each profit stage setting a new record high for the second consecutive period. In terms of the external environment, the continuation of yen depreciation and expanding AI-related demand supported an improvement in the manufacturing industry's business conditions, while uncertainty over US trade policy, worsening Japan-China relations, and surging crude oil prices exerted downward pressure. For FY2027 (ending March 2027), the company forecasts declines across all profit line items, making a return to revenue growth a key challenge.
Growth Strategy
Pursuing business portfolio optimization, global expansion, and improved capital efficiency in the MT2027 'growth phase'
Concentrating management resources on high-growth segments such as Healthcare, Aviation & Infrastructure, while maximizing profitability in the Energy Solutions Business during the demand recovery phase. In FY2026 (ending March 2026), Healthcare (+51.4%) and Aviation & Infrastructure (+57.0%) grew significantly, reflecting the direction of portfolio realignment in business results.
Deepening the overseas sales network utilizing 17 consolidated subsidiaries across the Americas, Europe, and Asia, and strengthening responsiveness to local customer needs. In FY2026 (ending March 2026), overseas sales of Electronic Components Manufacturing Equipment in the Electronics Business grew, confirming the effectiveness of global expansion. Exchange rate assumptions are USD 158 yen, EUR 183 yen, and CNY 23 yen.
Leveraging the functions of subsidiaries such as DAIICHI MECHATEC CO., LTD., Daiichi Jitsugyo Viswill Co., Ltd., and DJ-WAVE Engineering Co., Ltd. to shift from simple purchase-and-resale to higher value-added proposals encompassing design, manufacturing, and after-sales service. In FY2026 (ending March 2026), gross margin improvement was achieved, and the effectiveness of the initiative was confirmed by profit growth even amid a decline in sales.
Pursuing a capital policy that balances improvement in ROE with enhanced shareholder returns. The annual dividend for FY2026 (ending March 2026) was significantly raised to 125 yen (up from 92 yen in the previous fiscal year), with a dividend payout ratio of 40.1% (up from 33.0% in the previous fiscal year). The policy is to maintain an annual dividend of 125 yen (projected payout ratio of 42.5%) in FY2027 (ending March 2027) as well. Against the backdrop of an equity ratio of 51.5% and accumulated cash of ¥51,829 million, the balance between business investment and shareholder returns is being tested.
Last updated: July 19, 2026