HVAC & Thermal Engineering FY2026 Full Year: Daikin Tops 5T Yen, Miura Profits Surge
Companies compared · 2
Daikin
6367
Miura
6005
Takeaway
Miura's stellar profit growth and Daikin crossing 5 trillion yen.
For the HVAC & Thermal Engineering FY2026 full year, strong demand drove growth. Daikin surpassed 5 trillion yen in sales, while Miura posted a 22.1% surge in operating profit as both leveraged unique strengths.
Industry-Wide Trends
Intense summer heatwaves in Japan provided a powerful boost to demand for air conditioners and other equipment. Globally, energy-saving investments aimed at decarbonization remained highly active. B2B demand was particularly robust, driven by projects for data centers and factories. Both companies successfully leveraged their technological expertise to overcome headwinds like inflation and sluggish housing investment.
Revenue Ranking
Daikin has surpassed 5 trillion yen, maintaining a dominant lead in sales volume. While Miura is steadily expanding its scale, a massive gap in size remains between the two.
Winners and Losers
Industrial boiler leader Miura took the lead in earning power, posting a remarkable 30.9 billion yen in operating profit, up +22.1% year on year. On the other hand, Daikin also reached a milestone, with sales surpassing the major threshold at 5.015 trillion yen. However, its operating profit growth was limited to +3.3% year on year. Miura clearly stood out this term in terms of profit margins and growth rates.
Winner
Miura
Laggard
なし（2社ともに増収増益）
Operating Profit Ranking
Daikin also leads in absolute profit, posting 415 billion yen to outpace the competition. However, Miura is closing in rapidly, booking a record-high profit of 30.9 billion yen.
Operating Margin Ranking
Miura topped Daikin with an operating margin of 11.5%. This demonstrates the high profitability of its recurring maintenance business model.
Key Developments and Strategic Comparison
Daikin is shifting its focus from residential markets to B2B sectors. Growth was notably driven by air conditioning for data centers, where demand is surging. The company also announced a 350 billion yen share buyback to enhance capital efficiency. Meanwhile, Miura rapidly expanded its scale through an M&A strategy involving overseas acquisitions. The company plans to roll out its highly profitable maintenance business model, which has been successful in Japan, to international markets.
Shared Industry Risks
The key challenges facing the entire sector include:
- Rising costs driven by fluctuations in raw material prices such as steel, along with growing labor expenses.
- A cooling of housing and capital investment due to prolonged high interest rates overseas.
- Sharp fluctuations in foreign exchange rates, which are unavoidable as global expansion accelerates.
Outlook for Job Seekers and Career Changers
For those seeking global careers, industry leader Daikin is an ideal match. With a high ratio of overseas sales, it offers opportunities to tackle large-scale challenges on the world stage. Conversely, Miura is highly attractive to those seeking a stable working environment. Its unique, highly profitable maintenance business is a core strength. Both companies actively contribute to environmental sustainability, making this a stable industry with strong future prospects.
Revenue Growth (YoY)
Miura achieved a revenue growth rate of 6.9%, compared to Daikin's 5.5%. Both companies captured robust domestic and overseas demand to secure steady top-line growth.
Net Income Growth (YoY)
Miura's net income surged 20.7%, far outstripping Daikin's 4.0% increase. The expansion of highly profitable segments and M&A integration boosted Miura's bottom line.