Overview
Electric Appliances

ICHIKOH INDUSTRIES,LTD.

Ichikoh Industries is a Japanese manufacturer of automotive lighting products, supplying headlamps and other lighting systems primarily to automotive OEMs. The company develops advanced lighting technologies including ADB (Adaptive Driving Beam) automatic control lighting systems and next-generation LED light source units, targeting both safety improvement and energy efficiency. It also serves the aftermarket segment through the sale of automotive bulbs, wipers, and related accessories.

Market Cap
¥51.2B
US$326M
EV
¥39.3B
US$250M
Stock¥532▼-0.75%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
3.1
x
LTM EV/EBIT
5.5
x
LTM PER
7.0
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.2%pt
100123
Oct 23, 25 – Oct 23, 26StockTOPIX
1Mar 9, 26Impact from Sanko Sangyo MBO & Steel Partners TOB
2May 12, 26Oasis Management Company Ltd. filed large shareholding report
3Aug 10, 26Q2 FY2026/12 earnings announced
MC → EV Bridge
51.2BUS$326MMarket Cap5.40BUS$34.4M+ Debt13.6BUS$86.5M− Cash4.92BUS$31.3M− Inv. Sec.1.13BUS$7.18M+ NCI39.3BUS$250MEV
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Performance & Balance
Revenue 5Y (¥B)
126US$799M'21/12135US$862M'22/12146US$929M'23/12126US$799M'24/12117US$746M'25/12
EBITDA 5Y (¥B)
13.9US$88.6M'21/129.62US$61.3M'22/1213.2US$84.3M'23/1210.9US$69.5M'24/1211.7US$74.5M'25/12
Net Income 5Y (¥B)
3.98US$25.4M'21/124.42US$28.2M'22/127.84US$49.9M'23/124.47US$28.5M'24/126.20US$39.5M'25/12
Capital Structure
94%
EquityD/E 0.07xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
7.09US$45.2M9.95US$63.4M'21/1210.9US$69.4M7.78US$49.5M'22/1211.9US$75.7M5.97US$38.0M'23/1216.1US$103M4.38US$27.9M'24/1216.8US$107M5.54US$35.3M'25/12
Shareholders
Top 10 hold 80.7%
1
Valeo Management (Standing Proxy: MUFG Bank, Ltd.; Mizuho Securities Co., Ltd.)
61.04%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.98%
3
BNP PARIBAS MADRID/2S/JASDEC/SPANISH RESIDENTS/UCITS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch, Securities Services Operations)
3.86%
4
Custody Bank of Japan, Ltd. (Trust Account)
3.06%
5
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
2.48%
6
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
1.50%
7
NOMURA PB NOMINEES LIMITEDOMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)
1.08%
8
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
1.02%
9
BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch, Securities Services Operations)
0.84%
10
Goldman Sachs Japan Co., Ltd. BNYM (Standing Proxy: MUFG Bank, Ltd.)
0.81%
Management
9 officers
Christophe VILLAT
Representative Director, President and CEO
1996 Industrial & Project Controller, Valeo Klimasysteme GmbH (formerly Siemens), Germany 2000 Financial Controller and General Manager, Corporate Planning, Overseas Division, Zexel Valeo Climate Control Corporation 2006 President, Technology and Air Conditioning Division, Valeo Climate Control (France) 2010 Head of Aftermarket, Product Group, Valeo Climate Control (France) Aug 2011 Executive Officer, Head of Accounting Division, the Company Jun 2012 Managing Executive Officer, Head of Accounting Division, the Company Jun 2014 Managing Executive Officer, Head of Lighting Business Division, the Company Jun 2017 Director, Senior Managing Executive Officer, Head of Lighting Business Division, the Company Mar 2021 Representative Director, President and CEO, Head of Lighting Business Division, the Company Mar 2025 Representative Director, President and CEO; Head of Lighting Business Division and Head of Human Resources Division; in charge of Internal Audit Office, the Company Nov 2025 Representative Director, President and CEO; Head of Lighting Business Division; in charge of Internal Audit Office, the Company (current) Jan 2026 Representative Director, President, Valeo Japan Co., Ltd. (concurrent) (current)
1972-05-28
Kazuyuki MIYASHITA
Representative Director, Vice President and CTO; in charge of Development and Advanced Development Divisions; General Manager, Project Management Division
Apr 1990 Joined the Company Oct 2006 General Manager, Early Quality Assurance Department, Quality Assurance Division, the Company Mar 2009 General Manager, Project Management Office, the Company Apr 2010 General Manager, Project Management Office; Executive Officer, the Company Jun 2011 Managing Director; in charge of Project Management and Design Divisions, the Company Jun 2012 Director, Managing Executive Officer; in charge of Project Management and Development Divisions, the Company Jun 2016 Director, Senior Managing Executive Officer; in charge of Development Division and New Product Progress Office; General Manager, Project Management Division and Production Management Division, the Company May 2017 Director, Senior Managing Executive Officer; in charge of Development, Advanced Development, Production Management and New Product Progress; General Manager, Project Management Division, the Company Apr 2018 Director, Senior Managing Executive Officer; in charge of Development, Advanced Development, Production Engineering and New Product Progress; General Manager, Project Management Division, the Company Feb 2019 Director, Senior Managing Executive Officer; in charge of Development, Advanced Development and Production Engineering Divisions; General Manager, Project Management Division, the Company Jun 2020 Director, Senior Managing Executive Officer; in charge of Development and Advanced Development Divisions; General Manager, Project Management Division, the Company Mar 2021 Representative Director, Vice President and CTO; in charge of Development and Advanced Development Divisions; General Manager, Project Management Division, the Company Jan 2023 Representative Director, Vice President and CTO; in charge of Development Division; General Manager, Project Management Division and Advanced Development Division, the Company Jan 2024 CTO, Valeo Japan Co., Ltd. (current) Mar 2024 Representative Director, Vice President and CTO; in charge of Development and Project Management Divisions; General Manager, Advanced Development Division, the Company Mar 2025 Representative Director, Vice President and CTO; in charge of Project Management Division; General Manager, Development Division and Advanced Development Division, the Company (current)
1966-11-09
Maurizio MARTENELLI
Director
1994 Allied Signal Automotive Brake Systems 2000 General Manager, Valeo Lighting Systems Italy Division 2005 General Manager, Valeo Lighting Systems, Northern Europe Region 2008 Senior Vice President, Engine Cooling Equipment, Valeo Thermal Product Group 2010 Senior Vice President, Thermal Powertrain, Valeo Thermal Product Group 2011 President, Valeo Italy Group; Customer Director, Fiat-Iveco Group 2012 Vice President, Valeo Lighting Systems Product Group 2014 President, Valeo Visibility Business Group Jun 2017 Director, the Company (current) 2024 CEO, Valeo Lighting Division (current)
1960-09-15
Raul PEREZ
Director
1999 Joined SEAT S.A. (VW Group) 2002 Controller, Valeo Sylvania (USA) 2006 CFO, Valeo China Lighting Systems 2008 CFO, Valeo North America Electrical Systems 2010 National Finance Director, Valeo (Mexico) 2012 Finance Director, Valeo Lighting Systems Product Group (France) 2022 Senior Vice President, Finance, Valeo Visibility Business Group Mar 2022 Director, the Company (current) 2024 Senior Vice President, Finance, Valeo Lighting Division (current)
1977-12-21
Akemi SAGAWA
Outside Director
1985 Research Analyst, Automotive Parts and Electronics Industries, Daiwa Securities Co., Ltd. 1991 Product Manager (Tokyo/Seattle), Microsoft Corporation 2001 President and CEO, Open Interface North America, Inc. 2008 President, Cammie International LLC (current) 2017 Chairperson, Five Senses Foundation (current) Mar 2024 Outside Director, the Company (current)
1962-01-01
Francois-Xavier LIENARD
Outside Director
1989 Japan branch, Indosuez Bank 1990 Morgan Stanley, United Kingdom 1991 Financial Analyst, Sanofi (France) 1996 CFO, Saint-Gobain (France), CFO Brazil, CFO Japan, and Representative Japan 2008 Foreign Trade Adviser, French Government 2021 Representative, Japan Committee; Director, French Chamber of Commerce and Industry in Japan (current) 2015 CEO, LIXIL Kitchen Technology Japan 2016 CEO, Buffet Crampon Japan 2019 CEO, Raymond Japan Mar 2024 Outside Director, the Company (current)
1966-04-26
Masaki TAKAMORI
Full-time Statutory Auditor
Apr 1989 Joined Mizuho Bank, Ltd. (formerly Nippon Kogyo Bank) Jun 1993 Seconded to Civil Aviation Bureau, Ministry of Land, Infrastructure, Transport and Tourism (formerly Ministry of Transport) Jun 2001 Seconded to Huis Ten Bosch Co., Ltd. Oct 2011 Manager, Corporate Planning Office, the Company Jun 2012 Section Manager, Corporate Planning Office, the Company Jul 2016 General Manager, Corporate Planning Office, the Company Mar 2025 Full-time Statutory Auditor, the Company (current)
1966-08-12
Akira TSURUMAKI
Statutory Auditor
Apr 1997 Registered as attorney-at-law; joined Koga Law Office (now Kasumi Sogo Law Office) Sep 2002 Established Kamijo Tsurumaki Law Office (current) Jun 2012 Statutory Auditor, the Company (current) May 2016 Outside Director, Bell System24 Holdings, Inc. (current) Aug 2023 Outside Statutory Auditor, JPH Co., Ltd. (current)
1968-11-17
Jean-Yves JUAS
Statutory Auditor
Nov 1993 Snecma (Safran Group) Sep 1999 Project Manager, Engine Purchasing, Renault Powertrain Dec 2004 Global Account Manager, Nissan Renault Joint Purchasing Company Apr 2009 General Manager, Global Purchasing and China Supply Chain, Alista Life Science Corporation Apr 2011 Purchasing Director and Asia-Pacific Director, Railway Division, Consolis Group Nov 2016 Expert Consultant, McKinsey & Company Mar 2019 Representative, Wisdom Consulting SASU (France) and Wisdom Consulting Co., Ltd. (current) Mar 2024 Statutory Auditor, the Company (current)
1969-01-25
Large Shareholding Reports
Oasis Management Company Ltd.
2026-05-12
5.39%
Cobas Asset Management, SGIIC, SA
2025-12-17
5.28%→6.28%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-07
Semi-Annual Securities Report
Period: Jan 2026 – Jun 2026
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-05-12
Large Shareholding Report
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-12-17
Large Shareholding Report
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Jun 2025
TDnet
2025-05-09
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-27
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-05-13
Quarterly Securities Report
EDINET
2022-03-28
Annual Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINET
2021-03-26
Annual Securities Report
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