Marumae Co., Ltd., the Kagoshima-based maker of vacuum parts for semiconductor and flat-panel-display manufacturing equipment, has raised the numerical targets in its medium-term plan "Fusion2028". The board approved the revision on August 21, 2026, lifting the target for the year to August 2028: consolidated net sales to ¥32.0bn from ¥25.0bn, operating profit to ¥8.2bn from ¥5.6bn, and consolidated ROIC to 25% from 15%.
| Metric | Previous target | Revised target |
|---|---|---|
| Consolidated net sales | ¥25.0bn | ¥32.0bn |
| Consolidated operating profit | ¥5.6bn | ¥8.2bn |
| Consolidated ROIC | 15% | 25% |
Marumae attributes the upgrade to a semiconductor market that expanded faster than it had planned for, plus three internal factors: better factory utilization at its aluminum-casting subsidiary KM Aluminium (known as KMAC) as chamber orders climb, a higher in-house production rate at Marumae's own precision-parts plants, and group-wide price increases that offset cost inflation. The company also points to new-customer wins moving into volume production.
The growth is concentrated in specific product lines rather than spread evenly across the business. In the precision-parts segment, Marumae's own semiconductor-related sales are set to rise from ¥7.6bn in the current year's forecast to ¥12.5bn by the year to August 2028, while the flat-panel-display and other fields add only modest amounts. In functional materials, KMAC's semiconductor-equipment-parts line, dominated by vacuum chambers where the company says it already holds a high market share, is expected to expand from ¥2.3bn to ¥6.5bn over the same period, with capacity increases aimed at extending that share further. Basic materials, mostly high-purity aluminum for electrolytic capacitors, and IT equipment products grow more slowly by comparison.
Alongside the target upgrade, Marumae set a new dividend framework: a payout ratio target of 35% or higher, with a minimum annual dividend of ¥30 per share (at least ¥15 at the half-year mark), though the company says it will reconsider that floor if it posts a full-year net loss. It also set segment-level operating margin goals of 32% for precision parts and 20% for functional materials, the latter measured after goodwill amortization.
Marumae is careful to flag the limits of the numbers: it says the year-to-August-2028 figures are targets embedded in the medium-term plan rather than a formal earnings forecast, and no results briefing accompanied the release. For a company whose fortunes track the capital-spending cycle of chipmakers and equipment builders, the upgrade is nonetheless a concrete data point on how strong that cycle has become for at least one supplier of the vacuum hardware inside etching and deposition tools.