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Overview

Transportation Equipment

THE KINKI SHARYO CO.,LTD.

Kinki Sharyo is a Japanese railway rolling stock manufacturer engaged in the design and production of railcars for both domestic and overseas markets, including light rail vehicles, subway cars, and Shinkansen (high-speed rail) cars. The company also develops and manufactures bogies in-house, offering an integrated manufacturing capability from design to delivery. Its overseas business focuses primarily on the North American market (U.S. and Canada), supported by subsidiaries KINKI SHARYO International, L.L.C. and KINKI SHARYO INTERNATIONAL CANADA INC.

Activists: Oasis Management Company Ltd. 6.96%, Effissimo Capital Management Pte. Ltd. 9.75%

Market Cap

¥16.6B

US$106M

¥0.07B

US$0.41M

Stock¥2,418▼-1.06%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

0.0

LTM EV/EBIT

3.0

LTM PER

8.9

LTM PBR

0.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-24.7%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Jun 17, 26Oasis Management Company Ltd. filed large shareholding report

MC → EV Bridge

AI Briefing

Kinki Sharyo: integrated railcar manufacturer (Shinkansen, metro, LRV) with in-house bogie tech and North American footprint via dedicated subsidiaries. FY26/3 revenue ¥37.1B but swung to operating loss (-0.6% margin), a sharp reversal from FY24/3's ¥4.3B OP peak - margin volatility is the key watch item. Tightly held register (Kintetsu Group Holdings + trust ~44%) with EV near-zero versus ¥35.5B equity book, reflecting thin EBITDA (¥1.3B LTM) against net cash position.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

96%

EquityD/E 0.04xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 72.1%

as of 2026-03-31 · Source: Annual Securities Report

Master Trust Bank of Japan, Ltd. (Kinki Nippon Railway Co., Ltd. Retirement Benefit Trust Account)

30.30%

Kintetsu Group Holdings Co.,Ltd.

14.11%

ECM MF (Standing Proxy: Tachibana Securities Co., Ltd.)

8.45%

JEFFERIES LLC-SPEC CUST AC FBO CUSTOMER (Standing Proxy: Citibank, N.A., Tokyo Branch)

6.92%

West Japan Railway Company

5.02%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

2.59%

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.25%

GOLDMAN SACHS BANK EUROPE SE (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

1.24%

Mitsubishi Heavy Industries,Ltd.

1.12%

INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)

1.09%

Management

13 officers

Tomio YOSHIKAWA

Representative Director, President; In charge of Internal Audit Department

Apr 1981 Joined Kintetsu Railway Co., Ltd. (now Kintetsu Group Holdings Co., Ltd.) Dec 2001 General Manager, Vehicle Department, Railway Engineering Division, Kintetsu Railway Co., Ltd. Dec 2005 General Manager, Vehicle and Operations Department, Osaka Transportation Management Division, Kintetsu Railway Co., Ltd. Jun 2006 General Manager, Machinery Department, Osaka Transportation Management Division, Kintetsu Railway Co., Ltd. Nov 2007 Executive Officer, General Manager, Vehicle Design Department, the Company Jun 2012 Director, the Company Jun 2014 Full-time Audit & Supervisory Board Member, the Company Jun 2016 Managing Director, the Company Jun 2018 Director, Managing Executive Officer, Fellow, Kintetsu Railway Co., Ltd. Jul 2019 Director, Managing Executive Officer, the Company Jun 2020 Advisor (Technology), the Company Jun 2022 Retired as Advisor (Technology), the Company Jun 2023 Representative Director, President, the Company (current)

1955-09-15

Hirotaka AOKI

Director, Senior Managing Executive Officer; In charge of Vehicle Business Planning Office, Tokyo Office, and Materials Department

Apr 1982 Joined the Company Jul 2011 General Manager, Materials Department, the Company Jul 2013 Executive Officer, Deputy General Manager, Sales Division; General Manager, Overseas Business Office, the Company Jun 2015 Director, the Company Jun 2018 Managing Director, the Company Jul 2019 Director, Managing Executive Officer, the Company Jun 2022 Representative Director, President, KST Technos Co., Ltd. Jun 2024 Director, Senior Managing Executive Officer, the Company (current)

1958-08-28

Katsushi TABATA

Director, Managing Executive Officer; In charge of Works (Manufacturing Plant)

Apr 1984 Joined Kintetsu Railway Co., Ltd. (now Kintetsu Group Holdings Co., Ltd.) Nov 1999 Deputy General Manager, Vehicle Business Management Office, the Company Jul 2012 General Manager, Vehicle Engineering Department, the Company Jul 2014 General Manager, Overseas Business Office, the Company Dec 2018 Executive Officer, the Company Jun 2019 Director, the Company Jul 2019 Director, Executive Officer, the Company Jun 2021 Senior Executive Officer, the Company Jun 2023 Director, Managing Executive Officer, the Company (current) Jun 2025 Representative Director, President, KST Technos Co., Ltd. (current)

1958-12-02

Seikichi OKAJIMA

Director, Managing Executive Officer; In charge of General Affairs, Human Resources, and Quality Assurance Departments

Apr 1990 Joined the Company Jul 2015 General Manager, Sales Planning Department, the Company Jul 2016 General Manager, Business Planning Office, the Company Jul 2019 Executive Officer, General Manager, Business Planning Office, the Company Jun 2022 Senior Executive Officer, the Company Jun 2024 Director, Managing Executive Officer, the Company (current)

1965-09-29

Naoki OKAZAKI

Director, Managing Executive Officer; In charge of Accounting Department

Apr 1989 Joined Kintetsu Railway Co., Ltd. (now Kintetsu Group Holdings Co., Ltd.) Apr 2012 General Manager, General Affairs Department, Kintetsu Cable Network Co., Ltd. Dec 2013 General Manager, General Affairs Department, Kintetsu Leisure Service Co., Ltd. Jun 2015 Director, General Manager, General Affairs Department (concurrent), Shima Spain Village Co., Ltd. Jun 2017 Director, General Manager, General Affairs Department, Kintetsu Leisure Service Co., Ltd. Nov 2018 Executive Officer, Kintetsu Retailing Co., Ltd. Jun 2020 Director, Kintetsu Retailing Co., Ltd.; Director, Kintetsu Retail Holdings Co., Ltd. Jun 2022 Managing Director, General Manager, Administration Division, Kintetsu Retailing Co., Ltd. Jun 2024 Senior Managing Director, General Manager, Administration Division, Kintetsu Retailing Co., Ltd. Jun 2025 Director, Managing Executive Officer, the Company (current)

1965-06-19

Kuniaki MORIKAWA

Full-time Audit & Supervisory Board Member

Apr 1985 Joined Japanese National Railways Jun 2012 Executive Officer, General Manager, Transportation Department, Railway Division, West Japan Railway Company Jun 2016 Executive Officer, General Manager, Shinkansen Management Division, West Japan Railway Company Jun 2018 Executive Officer, Deputy General Manager, Shinkansen Railway Business Division, Railway Division, West Japan Railway Company Jun 2019 Executive Officer, Deputy General Manager, Kinki Regional Headquarters; General Manager, Osaka Branch, West Japan Railway Company Jun 2021 Managing Executive Officer, General Manager, Shinkansen Railway Business Division, Railway Division, West Japan Railway Company Oct 2022 Executive Officer, General Manager, Shinkansen Division, Railway Division, West Japan Railway Company Jun 2023 Audit & Supervisory Board Member, JR West Consultants Co., Ltd.; Audit & Supervisory Board Member, JR West Building Service Co., Ltd.; Audit & Supervisory Board Member, Chugoku SC Development Co., Ltd. Jun 2024 Full-time Audit & Supervisory Board Member, the Company (current)

1961-02-06

Masaya FUJITA

Director, Managing Executive Officer; In charge of Management Planning Office

Apr 1996 Joined West Japan Railway Company Jun 2011 Assistant Stationmaster, Hiroshima Transportation Office, Hiroshima Branch, West Japan Railway Company Jun 2014 Section Chief, Vehicle Section, Shinkansen Management Division, West Japan Railway Company Jul 2019 Section Chief, General Planning Division, West Japan Railway Company Jun 2022 Director, General Manager, Hakata Vehicle Business Division, JR West Shinkansen Technos Co., Ltd. Jun 2024 Executive Officer, General Manager, Management Planning Office, the Company Jun 2026 Director, Managing Executive Officer, the Company (current)

1970-08-29

Atsuhiko NOZAKI

Director

Apr 1975 Joined Nippon Life Insurance Company Jul 2001 General Manager, Inspection Department, Nippon Life Insurance Company Jul 2004 Audit & Supervisory Board Member, Nippon Life Insurance Company Mar 2007 Full-time Audit & Supervisory Board Member, Nippon Life Insurance Company Jun 2008 Audit & Supervisory Board Member, the Company Jul 2008 Chairman, Nippon Life Saiseikai Foundation (Public Interest Foundation) Jun 2012 Auditor, Osaka Cancer Society (Public Interest Foundation) (current) Jun 2015 Chairman, Nissei Green Foundation (Public Interest Foundation) Jun 2016 Retired as Audit & Supervisory Board Member, the Company Jun 2018 Advisor, Nippon Life Saiseikai Foundation Jun 2021 Director, the Company (current) Dec 2022 Director, Audit and Supervisory Committee Member, FinTech Global Inc. (current)

1952-12-02

Satoru KOMORI

Director

Apr 1979 Research Assistant, Department of Chemical Engineering, Faculty of Engineering, Kyoto University Apr 1980 Researcher, National Institute for Environmental Studies May 1986 Senior Researcher, National Institute for Environmental Studies; Associate Professor, Department of Chemical Engineering, Faculty of Engineering, Kyushu University Oct 1996 Professor, Department of Chemical Engineering, Faculty of Engineering, Kyushu University Apr 1998 Professor, Department of Mechanical Engineering, Graduate School of Engineering, Kyoto University Apr 2005 Professor, Department of Mechanical Engineering and Science, Graduate School of Engineering, Kyoto University Apr 2008 Councilor, Education and Research Council, Kyoto University (to Mar 2010) Apr 2010 Dean, Faculty of Engineering; Dean, Graduate School of Engineering; Vice President, Kyoto University (to Mar 2012) Apr 2016 Professor Emeritus, Kyoto University (current) Jun 2016 Director, the Company (current)

1951-01-18

Junko KOSHINO

Director

Apr 1993 Joined Nippon Credit Bank, Ltd. (now Aozora Bank, Ltd.) Jan 1997 Investment Analyst, Operations Department, Fidelity Investment Trust Co., Ltd. Apr 2002 Investment Analyst, Operations Department, Capital Research and Management Company Feb 2006 Investment Analyst, Tokyo Representative Office, Halbadia Capital Management Apr 2012 Executive Officer, General Manager, Corporate Planning Department, Morito Co., Ltd. Oct 2015 General Manager, Corporate Planning Office, Otsuka Furniture Co., Ltd. Apr 2016 General Manager, Business Development Department and General Manager, Corporate Planning Department, JVCKENWOOD Corporation Apr 2019 Executive Officer, General Manager, Corporate Planning Department, JVCKENWOOD Corporation Apr 2020 Executive Officer, Assistant to CEO, JVCKENWOOD Corporation Jul 2020 Executive Officer, General Manager, Corporate Planning Department, Frontier Management Inc. Jun 2021 Outside Director, Saxa Holdings, Inc. Jun 2022 Outside Director, Rikei Corporation (current) Jun 2024 Outside Director, Kanto Denka Kogyo Co., Ltd. (current); Director, Managing Executive Officer, Suzumo Machinery Co., Ltd. Apr 2025 General Manager, Corporate Division, Suzumo Machinery Co., Ltd. Apr 2026 Director, Suzumo Machinery Co., Ltd. (current) Jun 2026 Director, the Company (current)

1969-09-08

Yukihiko KIMURA

Audit & Supervisory Board Member

Apr 1980 Joined Shin-Etsu Chemical Co., Ltd. Jul 1991 Joined Chuo Shinko Audit Corporation Mar 1994 Registered as Certified Public Accountant Apr 1999 Member, Chuo Audit Corporation May 2003 Representative Partner, Chuo Aoyama Audit Corporation Aug 2007 Partner, Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Aug 2020 Opened Yukihiko Kimura Certified Public Accountant Office (current) Jun 2021 Audit & Supervisory Board Member, the Company (current)

1956-09-05

Tomoko KURIMOTO

Audit & Supervisory Board Member

Dec 2007 Registered as Attorney-at-law; joined Kansai Law & Patent Office (Attorney Corporation) Jan 2014 Partner Attorney, Kansai Law & Patent Office (current) Jun 2023 Director, Nichicon Corporation (current); Director, Tokyo Rinkai Holdings Co., Ltd. (current) Jun 2024 Audit & Supervisory Board Member, the Company (current)

1981-02-06

Koji KAWAMURA

Audit & Supervisory Board Member

Apr 1993 Joined Kintetsu Railway Co., Ltd. (now Kintetsu Group Holdings Co., Ltd.) Jun 2019 General Manager, Accounting Department, Kintetsu Group Holdings Co., Ltd. Jun 2021 General Manager, Business Strategy Department and General Manager, Accounting Department, Kintetsu Group Holdings Co., Ltd. Jun 2024 Executive Officer, Kintetsu Group Holdings Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, the Company (current)

1969-12-10

Large Shareholding Reports

Oasis Management Company Ltd.

2026-06-17

6.96%

Rangeley Capital, LLC

2026-06-17

6.15%→0.04%

Rangeley Capital, LLC

2025-10-08

5.05%→6.15%

Rangeley Capital, LLC

2025-08-18

5.05%