Puequ CO.,LTD.
9264・Standard Market・Wholesale Trade
Business
POC Corporation was founded in 1989 in Fukuyama City, Hiroshima Prefecture, as a water treatment equipment sales company. It currently operates three segments: Environment & Energy (water treatment equipment, heat exchangers, organic solvent recovery equipment, land-based aquaculture equipment, etc.), Power & Heavy Machinery (marine engine components, plant equipment), and Disaster Prevention & Safety (sprinkler fire extinguishing systems, sprinkler heads). The group consists of 7 subsidiaries and 1 affiliated company, with major customers spanning a wide range of industrial fields including manufacturing, plants, shipping, and medical/welfare facilities. The company has continued M&A activity even after its listing on the TSE JASDAQ market in 2021, and consolidated net sales for FY2025 (ending August 2025) reached ¥10,114 million.
Business Model
In the core Environment & Energy Segment, the company combines purchase-and-sale operations based on distributor agreements with domestic manufacturers with its own manufacturing, while also developing a stock business through repair and maintenance. In the Power & Heavy Machinery Segment, Sanwa Tekko and Toyo Seiki Sangyo handle high-value-added manufacturing orders, achieving a high profit margin of 18.5%. In the Disaster Prevention & Safety Segment, the company combines sales to medical and welfare facilities utilizing subsidy programs with maintenance services. The company has a structure that expands its business domains through M&A while creating synergies through cross-selling among group companies.
Company Strengths
Starting with the acquisition of Sanwa Tekko in 2007, the company has continuously pursued M&A, including Toyo Seiki Sangyo, Kyoritsu Denki Kogyo, Marine River, Corvex Corporation, and IS Sprinkler. The participation of Corvex Corporation in April 2024 and IS Sprinkler in July of the same year contributed for a full year in FY2025 (ending August 2025), resulting in net sales of ¥10,114 million, up 20.8% year on year.
In FY2025 (ending August 2025), the Power & Heavy Machinery Segment recorded net sales of ¥3,915 million against segment profit of ¥726 million, a profit margin of 18.5%. This represented a 51.9% increase in profit year on year, with production capacity expansion through additional lines and lead-time reduction through process improvements contributing to the improved profit margin.
Subsidiary Sanwa Tekko acquired exclusive domestic manufacturing and sales rights for the Plate & Shell Heat Exchanger made by Finland's VAHTERUS OY in 2009. Compared to conventional multi-tubular heat exchangers, this differentiated product is more compact and enables precise heat exchange in 1°C increments, and the company maintains a system for exclusively supplying it.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥6,256 million in FY2021 to ¥10,114 million in FY2025, and continued to increase in the cumulative nine months of FY2026 (ending August 2026), reaching ¥7,814 million (up 2.5% year on year). On the other hand, operating profit came in at ¥591 million (down 13.6% year on year), falling below the same period of the prior year, indicating deteriorating profitability. The main causes were the postponement of a large-scale deal for Corvex Corporation in the Environment & Energy Segment to the fourth quarter or later, against the backdrop of the situation in the Middle East (as an external factor), as well as an increase in SG&A expenses. The full-year earnings forecast (revenue of ¥10,800 million, operating profit of ¥1,120 million) has been left unchanged, premised on a concentration of projects in the fourth quarter. It is worth noting positively that the consolidated contribution from Totetsu Koki Co., Ltd. supported revenue in the Power & Heavy Machinery Segment.
Growth Strategy
Growth centered on business domain expansion through M&A and capturing GX and carbon-neutrality demand
In February 2026, the Group welcomed Totetsu Koki Co., Ltd. (valves for hydrogen reduction steelmaking, etc.), and plans to make Marco Denki Giken Co., Ltd. (on-site adjustment testing and modification work for substation equipment) a wholly owned subsidiary by the end of July 2026. The share acquisition price is ¥553 million. The Group aims to continue expanding its business domains and revenue base.
Amid the situation in the Middle East, demand for this product has increased, and new inquiries have surged due to strengthened referral agency relationships with several major business corporations. The sales pipeline continues to expand, but several large-scale deals have been carried over to the fourth quarter and beyond, making the timing of revenue realization a challenge.
Group companies are aligned with the fields of disaster prevention and national resilience, shipbuilding, AI and semiconductors, food tech, and resource and energy security/GX, and the Group aims to expand orders by leveraging the tailwind of public-private partnership investment promotion policies. Marco Denki Giken Co., Ltd. also expects increased business opportunities driven by rising electricity demand.
Construction in progress increased by ¥1,046 million (as of the end of May 2026), reflecting ongoing capital investment. The Group aims to strengthen production capacity through line expansion and shorten lead times and improve profit margins through process improvements. Toyo Seiki Sangyo Co., Ltd. also continues to strengthen proposal-based sales and shift toward a higher value-added order portfolio.
Last updated: July 17, 2026