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MeidenshaMEIDENSHA CORPORATION6508東証プライム電気機器FY ending Mar 2026, consolidated, J-GAAP

Meidensha FY ending Mar 2026 results

About 31% of Meidensha's sales come from Power infrastrucuture business, with Public,industrial and commercial sector business and Mobility and electrical components business making up much of the rest.

Out of every ¥100 of sales, about ¥8 is left as operating profit.

Revenue changed +8.3% from the prior year, operating profit +26.1%.

Revenue and profit pattern

Revenue and profit upProfit grew faster

Revenue +8.3% · profit +26.1%, calculated from disclosed figures.

Operating leverage: 3.13× (profit growth ÷ revenue growth)

What changed from last year

FY ending Mar 2025 → FY ending Mar 2026

Revenue
+8.3%¥301.1B → ¥326.2B
Gross profit
+13.4%¥81.6B → ¥92.5B
Operating income
+26.1%¥21.5B → ¥27.1B
Net income attributable to owners
+27.8%¥18.5B → ¥23.6B
Operating cash flow
-50.6%¥35.5B → ¥17.5B
Free cash flow
-90.9%¥24.9B → ¥2.26B

Results at a glance

  • Revenue for the year ending March 2026 was ¥326.2B, up 8.3% from ¥301.1B.
  • Profit grew faster than sales: operating income rose from ¥21.5B to ¥27.1B (+26.1%) and net income from ¥18.5B to ¥23.6B (+27.8%).
  • Cash was a different story. Operating cash flow fell from ¥35.5B to ¥17.5B (-50.6%), leaving free cash flow of just ¥2.26B.

What drove the change

  • Power infrastructure hit record sales and profit, helped by substation demand in the US, Singapore and other overseas markets and more orders from Japanese power utilities.
  • Steady demand for maintenance work gave field service engineering another year of record sales and operating income.
  • The drop in operating cash flow came mainly from a rise in receivables (sales not yet collected). In the mobility and components segment, the EV business saw lower sales and profit as the car models using its parts sold fewer units.

Things to watch

  • The company flags supply chain and geopolitical uncertainty, including China's export curbs on critical minerals, tension in the Middle East and US tariffs.
  • Its main factories sit in areas expected to be hit by a Nankai Trough earthquake or along the coast, so a major quake could halt production.
  • If it cannot hire and keep enough people, it may struggle to meet strong demand and pass on skills to the next generation.

Annual securities report: Management's discussion and analysis / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual securities report: Business risks / 事業等のリスク

Where the money goes

FY ending Mar 2025 → FY ending Mar 2026

Where ¥100 of sales goes

For every ¥100 Meidensha sells, how much goes where, and how much is kept.

FY ending Mar 2026
Cost of sales
¥72
SG&A
¥20
Operating profit
¥8
Net profit kept
¥7

Annual margin trends

Gross margin28.4%
FY ending Mar 2021: 25.0%25.0%FY ending Mar 2022: 24.0%24.0%FY ending Mar 2023: 23.1%23.1%FY ending Mar 2024: 24.0%24.0%FY ending Mar 2025: 27.1%27.1%FY ending Mar 2026: 28.4%28.4%FY21FY22FY23FY24FY25FY26
Operating margin8.3%
FY ending Mar 2021: 3.6%3.6%FY ending Mar 2022: 3.7%3.7%FY ending Mar 2023: 3.1%3.1%FY ending Mar 2024: 4.4%4.4%FY ending Mar 2025: 7.1%7.1%FY ending Mar 2026: 8.3%8.3%FY21FY22FY23FY24FY25FY26
Net margin7.2%
FY ending Mar 2021: 3.2%3.2%FY ending Mar 2022: 2.6%2.6%FY ending Mar 2023: 2.6%2.6%FY ending Mar 2024: 3.9%3.9%FY ending Mar 2025: 6.1%6.1%FY ending Mar 2026: 7.2%7.2%FY21FY22FY23FY24FY25FY26

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Mar 2026

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第162期(2025/04/01－2026/03/31)

    ID S100YQ5Z2026-07-13Open

  • EDINET (FSA Japan)

    有価証券報告書－第161期(2024/04/01－2025/03/31)

    ID S100W34Y2025-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第160期(2023/04/01－2024/03/31)

    ID S100TR582024-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第159期(2022/04/01－2023/03/31)

    ID S100R33C2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第158期(令和3年4月1日－令和4年3月31日)

    ID S100O5E22022-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第157期(令和2年4月1日－令和3年3月31日)

    ID S100LMJU2021-06-24Open

Extracted from XBRL: 53 / Derived from other figures: 1

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