Nachi-Fujikoshi
Japanese maker of industrial robots, machine tools, and bearings for automakers.
On the record
Checkpoint: Q3 FY2026 results, checking robotics revenue share and any AI platform announcement
The call
Nachi survives on bearings and machine tools while it tries to turn robotics into a third of sales, absent from the new FANUC-Yaskawa AI platform.
Nachi-Fujikoshi makes machinery and parts for factories and has been profitable for nearly a century. The company is betting its future on becoming a major robot maker, but it faces a huge problem: FANUC and Yaskawa, which are much larger and already dominate robot sales, just joined forces with software companies like Fujitsu and Nvidia to build the next generation of AI-powered robots, and Nachi was left out of that deal. The one thing that could save the company's growth story is if it announces a partnership with a major AI or tech player soon, or if its robot business starts growing much faster than expected, because right now being excluded from that big consortium looks like a sign that the competition is squeezing it out.
Why
01
AI pressure: Fujitsu, FANUC, Yaskawa, Kawasaki, Nvidia physical-AI robotics consortium. A rival-led physical-AI platform for factory robots launched without Nachi, risking its robotics pivot losing ground. Could AI do the core job? Only partly.
02
Bigger players: FANUC and Yaskawa Electric (Motoman). FANUC and Yaskawa already sell more robots and just joined a shared AI platform Nachi is not part of. Could a giant copy it? Yes, easily.
03
What protects it. Decades of bearing and machine tool contracts with automakers bring in steady cash while the robotics bet plays out.
What would change this call
Nachi announces its own or a licensed physical-AI robotics platform partnership by Q3 FY2026. Would show Nachi can counter the FANUC/Yaskawa/Fujitsu/Nvidia consortium instead of falling behind.
Nachi's robotics segment reported at or above 20% of sales in FY2026 or FY2027 results. Would show the 30-35% by 2030 robotics-pivot target is on track, not just aspirational.
Nachi named as joining the Fujitsu/FANUC/Yaskawa/Kawasaki/Nvidia consortium or an equivalent group by Q3 FY2026. Would show Nachi avoided exclusion from the industry's key AI-robotics platform layer.
Nachi's robotics segment reported at or above 20% of sales in FY2026 or FY2027 results. Would show the 30-35% by 2030 robotics-pivot target is on track, not just aspirational.
Nachi named as joining the Fujitsu/FANUC/Yaskawa/Kawasaki/Nvidia consortium or an equivalent group by Q3 FY2026. Would show Nachi avoided exclusion from the industry's key AI-robotics platform layer.
Key numbers
- FY2025 sales ¥235.9B, down 1.7% YoY
- FY2025 operating profit up 47.3% YoY to ¥9.77B
- Robotics ~13% of sales, targeted 30-35% by 2030
Named risks
- Excluded from Fujitsu/FANUC/Yaskawa/Kawasaki/Nvidia physical-AI control platform consortium formed July 2026.
- EV transition erodes demand for legacy gasoline-drivetrain bearings, roughly 40% of FY2025 sales.
- Robotics revenue at only ~13% of sales versus a 30-35% by 2030 target with no independently verified major customer wins.
- Headcount declined 5.9% YoY to 6,532 as of November 2025 amid restructuring.
- FY2025 profit surge partly attributed by a niche newsletter to a one-time ¥3.1B prior-year charge, inflating YoY comparison.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| FANUC | losing to | Named by Nachi's own president as premium incumbent; excluded from FANUC's July 2026 physical-AI consortium with Fujitsu/Nvidia |
| Yaskawa Electric (Motoman) | losing to | Joined Fujitsu/Nvidia physical-AI platform consortium July 2026; Nachi not included |
| Kawasaki Heavy Industries | losing to | Part of July 2026 Fujitsu/Nvidia physical-AI consortium excluding Nachi |
| NSK (Nippon Seiko) | contesting | Named by Nachi's president as direct bearings peer facing same EV-transition pressure, April 2026 |
| ABB, KUKA | contesting | Cited alongside FANUC and Yaskawa as top-tier industrial robotics incumbents in Nov 2025 market report |
Questions people ask
- Is Nachi-Fujikoshi profitable?
- Yes. Nachi-Fujikoshi reported FY2025 operating profit of ¥9,773 million, up 47.3% year over year, on consolidated net sales of ¥235,903 million (fiscal year ended November 30, 2025). 1H FY2026 net income rose 81.0% YoY to ¥3,395 million, per its July 14, 2026 filing.
- Could AI replace Nachi-Fujikoshi's robots business?
- Not directly, but AI is reshaping the competitive layer. In July 2026 Fujitsu led FANUC, Yaskawa, and Kawasaki into a physical-AI control platform using Nvidia technology; Nachi-Fujikoshi was not included, a gap that could erode its robotics differentiation versus rivals building AI-native control software.
- Who is Nachi-Fujikoshi's biggest competitor?
- FANUC and Yaskawa Electric (Motoman) are the premium pure-play incumbents Nachi's own president cites as benchmarks, positioning Nachi as the lower-cost, vertically-integrated alternative, per an April 22, 2026 interview. Kawasaki Heavy Industries, ABB, and KUKA are also named as top-tier rivals.
- Who owns Nachi-Fujikoshi?
- Nachi-Fujikoshi is an independent, publicly traded company on the Tokyo Stock Exchange Prime Market under ticker 6474, with a market cap of roughly ¥126 to 135 billion as of July 24, 2026. It is not owned by Toyota; a dated 2013 Wikipedia figure showing a 5.29% Toyota stake is outdated.
- Is Nachi-Fujikoshi the same company as Toyota Industries?
- No. Toyota Industries Corp (ticker 6201) is a separate company that was taken private via tender offer by Toyota-affiliated entities around March 24, 2026. Nachi-Fujikoshi (ticker 6474) remains an independent, separately listed TSE Prime company.
- Is Nachi-Fujikoshi's robotics pivot working?
- It is early-stage. Robotics is about 13% of FY2025 sales with an internal target of 30 to 35% by 2030, per president Nakamura's April 22, 2026 interview. The company launched the CMZ12 cobot in August 2024 targeting 2,400 units per year, but no independently verified major customer wins have surfaced yet.
Timeline
- 2026-07-141H FY2026 results: net sales up 7.7% YoY to ¥124,832M, operating profit up 60.7% YoY
- 2026-07-01Fujitsu/FANUC/Yaskawa/Kawasaki/Nvidia physical-AI consortium formed; Nachi absent
- 2026-04-22President Nakamura interview details 30-35% robotics revenue target by 2030
- 2026-03-24Toyota Industries (separate company, ticker 6201) taken private; unrelated to Nachi ownership
- 2026-01-21Naritoshi Nakamura named incoming president to accelerate robotics pivot
- 2026-01-14FY2025 results: net sales ¥235,903M (-1.7% YoY), operating profit ¥9,773M (+47.3%)
- 2025-09-22CMZ12 collaborative robot coverage published by Robotics & Automation News
- 2025-07-13Nachi participates in Future-Making Robot Week at Osaka Expo
- 2024-08CMZ12 collaborative robot (12kg payload) released with 2,400 units/year target
Revision history
24 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Nachi-Fujikoshi IR filing (2025-10-06)
- gurufocus.com (2026-07-24)
- Nachi-Fujikoshi FY2025 consolidated results (2026-01-14)
- Nachi-Fujikoshi 1H FY2026 results (2026-07-14)
- Nachi-Fujikoshi financial results and forecast (2026-01-14)
- Tokyo Market and Research interview with President Nakamura (2026-04-22)
- FT Markets (2026-07-17)
- Japan Equity Insights by HR7 (2026-03-12)
- stockanalysis.com, employee data (2026-07-12)
- FT Markets company profile (2026-07-16)
- Nachi-Fujikoshi press release (2024-07-31)
- TipRanks (2026-01-21)