# Tensho Electric Industries Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第100期(2025/04/01－2026/03/31) (S100YIYI)
> Page: https://vizora.meequs.com/en/company/tensho-electric-industries
> Retrieved: 2026-09-30T19:14:37.352Z

## Company

Tensho Electric Industries, founded in 1973, is a company in Auto Parts listed on TSE Standard. It has 468 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tensho Electric Industries Co., Ltd. |
| Ticker | 6776 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6776.T) |
| Listing | TSE Standard |
| Head office | 東京都世田谷区駒沢一丁目16番7号 |
| Representative (per filing) | 代表取締役社長 藤本健介 |
| Founded | Feb 1973 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 468 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | March |
| Website | www.tensho-plastic.co.jp (https://www.tensho-plastic.co.jp/) |
| Corporate number | 8012301007277 |
| EDINET | E01813 |
| Industries (Vizora) | Auto Parts, Chemicals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIYI, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55 | 110 |
| Profitability | 30.2 | 111 |
| Cash conversion | 82.9 | 108 |
| Efficiency | 55.4 | 111 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 96% of Tensho Electric Industries's sales come from Injection molding business in Japan, with Injection molding business in China and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -21.5% from the prior year, operating profit -20.9%.

## Company structure

- Segment revenue mix: Injection molding business in Japan 96.2%、Injection molding business in China 2.5%、Real estate business 1.3%
- Revenue → net income: ¥21877000000 → ¥504000000
- Net income → operating cash flow: ¥504000000 → ¥1902000000（difference ¥1398000000）
- Main uses of operating cash flow: CapEx ¥1131000000 / dividends ¥85000000 / buybacks —
- Change in cash: ¥-56000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥21.9B |  |
| Operating income | ¥723M | Margin 3.3% |
| Net income | ¥504M | Margin 2.3% |
| Free cash flow | ¥771M |  |
| Largest business | Injection molding business in Japan | of segment revenue 96.2% |
| Employees (consolidated) | 468 |  |
| EPS | ¥28.45 |  |
| Book value per share | ¥538.65 |  |
| Equity ratio | 52.4% |  |
| Shares outstanding | 17,014,000 |  |
| Shareholders | 3,015 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | -1.5 pp | Auto Parts |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.8× net income
- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by 31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15557000000 | ¥21877000000 | +40.6% |
| Operating income | ¥291000000 | ¥723000000 | +148.5% |
| Operating margin | 1.9% | 3.3% | +1.4 pp |
| Employees | 537 people | 468 people | -12.8% |
| Cash and equivalents | ¥2891000000 | ¥3241000000 | +12.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本成形関連事業 → 日本成形関連事業 | 85.2% |
| 中国成形関連事業 → 中国成形関連事業 | 2.3% |
| アメリカ成形関連事業 → 事業再編・廃止 | 10.6% |
| 不動産関連事業 → 不動産関連事業 | 1.3% |
| 不動産関連事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 日本成形関連事業 | 11.0% |
| 新設・再編 → 中国成形関連事業 | 0.2% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Injection molding business in Japan | 5 years | +9.7% | ¥21041000000 | 2.3% | 2 |
| Injection molding business in China | 5 years | +8.8% | ¥551000000 | 1.3% | 2 |
| Real estate business | 5 years | -0.3% | ¥284000000 | 82.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,877 | 100.0% | S100YIYI |
| Cost of revenue | 17,840 | 81.5% | S100YIYI |
| Gross profit | 4,036 | 18.4% | S100YIYI |
| SG&A | 3,312 | 15.1% | S100YIYI |
| Operating income | 723 | 3.3% | S100YIYI |
| Ordinary income | 1,011 | 4.6% | S100YIYI |
| Pretax income | 745 | 3.4% | S100YIYI |
| Income tax | 240 | 1.1% | S100YIYI |
| Net income | 504 | 2.3% | S100YIYI |
| Net income attributable to owners | 504 | 2.3% | S100YIYI |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 15 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 18.4% → Operating margin 3.3% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -21.5%; Core profit growth: -20.9%
Operating leverage (core profit growth ÷ revenue growth): 0.97×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,885 | 21,877 | -6,008 | -21.5% |
| Gross profit | 4,275 | 4,036 | -239 | -5.6% |
| Operating income | 914 | 723 | -191 | -20.9% |
| Net income attributable to owners | 1,264 | 504 | -760 | -60.1% |
| Operating cash flow | 2,492 | 1,902 | -590 | -23.7% |
| Free cash flow | -652 | 771 | 1,423 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,351 | 1,044 | 5.7% | 700 | 2,318 | 115 | S100LMXR |
| FY ending Mar 2021 | 15,557 | 291 | 1.9% | 158 | 1,035 | -971 | S100O96S |
| FY ending Mar 2022 | 19,449 | 225 | 1.2% | 246 | 2,427 | 567 | S100R7QD |
| FY ending Mar 2023 | 23,899 | 604 | 2.5% | 612 | 2,667 | -1,498 | S100TU9G |
| FY ending Mar 2024 | 26,905 | 1,062 | 3.9% | 948 | 2,685 | -115 | S100W3DX |
| FY ending Mar 2025 | 27,885 | 914 | 3.3% | 1,264 | 2,492 | -652 | S100YIYI |
| FY ending Mar 2026 | 21,877 | 723 | 3.3% | 504 | 1,902 | 771 | S100YIYI |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.7M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 691 | 698 | 720 | 727 | 468 |
| Average salary (parent company) | ¥3.9M | ¥4M | ¥4.1M | ¥4.2M | ¥4.1M |
| Average age (parent company) | 40.3 years | 40.8 years | 40.5 years | 40.2 years | 40.2 years |
| Average tenure (parent company) | 12.2 years | 12.4 years | 11.9 years | 11.3 years | 11.4 years |

Year over year: Employees (consolidated) -35.6% · Revenue (consolidated) -21.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Injection molding business in Japan | 21,041 | 96.2% | 481 | 2.3% |
| Injection molding business in China | 551 | 2.5% | 7 | 1.3% |
| Real estate business | 284 | 1.3% | 234 | 82.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Injection molding business in Japan | 96.2% | 66.6% | -29.6 | 2.3% |
| Injection molding business in China | 2.5% | 1.0% | -1.5 | 1.3% |
| Real estate business | 1.3% | 32.4% | 31.1 | 82.4% |

Segment → industry: Injection molding business in Japan → Auto Parts / Injection molding business in China → Chemicals / Injection molding business in Japan → Chemicals / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,902 | 8.7% | S100YIYI |
| Capital expenditure | 1,131 | 5.2% | S100YIYI |
| Free cash flow | 771 | 3.5% | 算出 |
| Investing cash flow | -1,225 | -5.6% | S100YIYI |
| Financing cash flow | -806 | -3.7% | S100YIYI |
| Dividends paid | 85 | 0.4% | S100YIYI |
| Change in cash | -56 | -0.3% | S100YIYI |
| Cash and equivalents | 3,241 | 14.8% | S100YIYI |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,075 | 5,571 | 5,258 | 3,298 | 3,241 | S100TU9G, S100W3DX, S100YIYI |
| Total assets | 21,318 | 27,559 | 27,951 | 22,118 | 21,016 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Net assets | 8,089 | 9,521 | 10,930 | 10,624 | 11,013 | S100TU9G, S100W3DX, S100YIYI |
| Share capital | 1,208 | 1,208 | 1,208 | 1,208 | 1,208 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Property, plant and equipment | 10,078 | 13,728 | 14,232 | 8,929 | 7,893 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Intangible assets excluding goodwill | 101 | 68 | 142 | 117 | 84 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Goodwill | 26 | 6 | — | — | — | S100R7QD, S100TU9G |
| Investment securities | 269 | 333 | 511 | 3,983 | 3,923 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Current assets | 10,644 | 13,083 | 12,762 | 8,876 | 8,939 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Current liabilities | 9,004 | 11,105 | 10,155 | 8,042 | 7,024 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Trade payables | 2,211 | 2,847 | 2,559 | 1,913 | 1,827 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Long-term borrowings | 3,222 | 6,041 | 5,684 | 2,501 | 2,148 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Total liabilities | 13,228 | 18,037 | 17,020 | 11,493 | 10,002 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Non-controlling interests | 1,026 | 1,595 | 1,681 | — | — | S100R7QD, S100TU9G, S100W3DX |
| Equity attributable to owners of parent | 6,862 | 7,424 | 8,322 | 9,627 | 10,047 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Retained earnings | 4,619 | 5,180 | 6,078 | 7,258 | 7,678 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R7QD, S100TU9G, S100W3DX, S100YIYI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YIYI |
| Property, plant and equipment | 38% | S100YIYI |
| Intangibles and goodwill | 0% | S100YIYI |
| Investment securities | 19% | S100YIYI |
| Other assets | 28% | S100YIYI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YIYI |
| Other liabilities | 39% | S100YIYI |
| Equity | 52% | S100YIYI |
| Other liabilities | 0% | S100YIYI |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 21,318 | 27,559 | 27,951 | 22,118 | 21,016 |
| Equity | 8,089 | 9,521 | 10,930 | 10,624 | 11,013 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,075 | 5,571 | 5,258 | 3,298 | 3,241 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 36.1% | S100YIYI |
| Fixed assets ÷ total assets | 37.6% | S100YIYI |
| Goodwill ÷ parent equity | — | —, S100YIYI |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 15.4% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 263.1% |
| Cash vs. profit gap | 1,398 JPY mn (of net income 277.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.9% |
| Shareholder payments — dividends / FCF | 11.0% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 64.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.3% | 0.91× | 1.2% | 3.11× | 3.6% | S100R7QD |
| 2023 | 2.6% | 0.98× | 2.5% | 3.42× | 8.6% | S100TU9G |
| 2024 | 3.5% | 0.97× | 3.4% | 3.53× | 12.0% | S100W3DX |
| 2025 | 4.5% | 1.11× | 5.0% | 2.79× | 14.1% | S100YIYI |
| 2026 | 2.3% | 1.01× | 2.3% | 2.19× | 5.1% | S100YIYI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三甲不動産株式会社 | Major shareholder | 33.6% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 13.8% | 2026-03-31 |
| タキロンシーアイ株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社ワコーパレット | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 合同会社センス | Major shareholder | 2.1% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 三井化学株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 石川 忠彦 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YIYI | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIYI,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W3DX | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3DX,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TU9G | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU9G,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R7QD | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QD,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100O96S | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O96S,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LMXR | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMXR,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).