INABA SEISAKUSHO Co.,Ltd. (3421) Stock Price

Inaba Manufacturing is a company that manufactures and sells steel storage equipment such as sheds, garages, and warehouses, as well as office furniture. The company operates an integrated business across manufacturing, sales, and logistics through its group, with a primary focus on providing a wide range of storage and space solutions for both residential and commercial use.

The company's main customers include individual consumers, construction contractors, corporations, and local governments. Sales are primarily generated through a network of distributors and retailers, as well as consolidated subsidiaries. In the office furniture segment, the company also conducts direct sales based on OEM orders, supported by in-house logistics and construction capabilities within the group to stabilize revenues.

The business consists of two main segments: the Steel Storage Equipment segment and the Office Furniture segment. Steel storage products include small to large sheds, garages, warehouses, and garbage storage units. Office furniture offerings include desks, chairs, wall-mounted storage, and silent booths. Related companies operate distribution centers and provide construction support services, covering after-sales service as well.

The company has set the following targets for the next fiscal year: revenue of 428.5 billion yen, operating profit of 24.6 billion yen, ordinary profit of 28.0 billion yen, and net profit attributable to parent company shareholders of 18.7 billion yen. The company prioritizes an ordinary profit margin of 6.5% of revenue, EBITDA (earnings before depreciation) of 4,180 million yen, and an EBITDA-to-revenue ratio of 9.8%. Through these metrics, the company aims to improve profitability and ROE, then allocate generated cash toward capital investment, growth initiatives, and shareholder returns to enhance long-term corporate value.

Key investment areas are production equipment and logistics efficiency. The company maintains and strengthens its integrated domestic production system by investing capital across the supply chain. By handling everything in-house—from raw material processing through painting, assembly, and shipping—the company achieves an in-house production ratio exceeding 90%, securing quality and cost competitiveness. On the product side, the company differentiates itself through high wind-resistant garage models, the building-compatible product line "FORTA," and the multi-purpose residential space "Como Space." The company maintains competitive advantage through its top domestic market share in steel storage units and strong brand recognition. On the sales side, the company collects customer feedback through 22 distribution centers nationwide and training seminars with over 90,000 participants, using these insights to build trust and improve products.

For new market development and business expansion, the company is reorganizing production facilities to capture office furniture demand. It will relocate office furniture production from Inuyama to the Kashiwa plant near the Tokyo metropolitan area by January 2026, and transfer some Kashiwa storage unit production to the Tomioka plant by July 2026, with corresponding equipment upgrades. The company has already completed a new garage production line at Inuyama in July 2024, securing business continuity through distributed production facilities and improving logistics efficiency for western Japan. Through these initiatives, the company will reduce logistics burden and stabilize supply while expanding its response to office renovation demand and large-scale storage needs from public institutions and corporations.

In technological innovation, the company continues practical improvements based on a "customer perspective." Building on achievements such as industry-leading assembly methods, material changes to work surfaces, and drawers using plastic bearings, the company advances production efficiency through custom-designed processing equipment and robotic automation in painting and welding. The company conducts proprietary rigorous testing that exceeds JIS standards to ensure durability and safety, and strengthens mechanisms to reflect field insights from sales, engineering, and manufacturing collaboration into development in real time, differentiating itself through both quality and uniqueness.