Daily Brief Industrials: Nihon Dengi, Axon Enterprise , Starfighters Space, Csx Corp, Indo-MIM Ltd, Veralto , GE Vernova , Tobishima Holdings, Tsubakimoto Kogyo and more

• Revenue increased 3.2% YoY to JPY8.7bn, driven by large projects in Air Conditioning Instrumentation-related business.
• Orders for new installations rose 46.3% YoY, while revenue for existing facilities increased 30.9% YoY.
• Operating profit rose 97.2% YoY to JPY209mn, with orders increasing 32.0% YoY due to higher demand.

• Our estimations for FY 2026 (ending December 2026) annual revenue range at around $3,609 million and for FY 2027 at around $4,690 million.
• The company’s annual revenue reached $2,780 million in FY 2025 (ending December 2025) compared to $2,083 million in 2024, posting an annual increase by 33.5%.
• AXON’s gross profit for FY 2025 settled at $1,658 million, increased by 33.6% compared to $1,241 million for the corresponding period of FY 2024.

• Starfighters is a commercial aerospace company providing specialized flight services, pilot training, and equipment testing using F-104 supersonic aircraft. It is developing air-launch services for suborbital and low Earth orbit.
• Starfighters operates the only commercial fleet of seven F-104 supersonic aircraft, with three flight-ready and three flight-capable. Wind-tunnel testing for STARLAUNCH 1 was completed in January 2026.
• The company incurred a net loss of $(4,269,131) for the three months ended March 31, 2026, and auditors indicated substantial doubt about its ability to continue as a going concern.

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• The latest quarterly results from CSX Corporation reveal a mixture of operational progress and challenges amid strong volume growth and financial performance.
• In the second quarter of 2026, CSX experienced a 6% increase in volume and a 10% rise in revenue, reaching a new quarterly record.
• This growth was supported by various commercial initiatives and network investments.

• Indo-MIM Limited is a global leader in Metal Injection Molding (MIM) technology (7% of global market share), providing high-precision components to highly regulated industries including automotive, defense, medical, and aerospace.
• Its capabilities include mold designing and tooling, coupled with finishing and assembly operations. The company serves the largest customers in its space across 50+ countries through its global manufacturing base
• The IPO aims to raise $400mn at valuation of $3bn (45x FY26 PAT), through a combination of primary and secondary paring balance sheet debt while enabling liquidity for its promoters. 

• Financial Viability is Critically Fragile: Starfighters Space (FJET) entered Q1 2026 with nil ($0.00) revenue, a widened net loss of $4.27 million, and an operating cash burn of $3.96 million. While the $17.5 million strategic equity investment announced in May 2026 provides a temporary lifeline, it offers only 12 to 15 months of runway at current spend rates, which will accelerate as physical launch development begins.
• STARLAUNCH 1 is a Limited Pathfinder, Not an Orbital Solution: Despite progress with the Critical Design Review (CDR) in late February 2026, STARLAUNCH 1 is strictly a suborbital microgravity test vehicle. Transitioning this platform from wind-tunnel models to physical test flights will require substantial remaining Capex and faces a realistic timeline of 18 to 24 months—far longer than the near-term commercial expectations priced in by retail investors.
• Severe Regulatory and Operational Bottlenecks: Legacy F-104 operations suffer from severe maintenance constraints, with engines requiring specialized parts cannibalized from obsolete military stocks. Furthermore, securing airspace access from Space Launch Delta 45 (SLD 45) places Starfighters at the bottom of the launch priority list, behind national security missions and major players like SpaceX, severely capping flight cadence.

• Veralto’s Alfaa UV Acquisition Could Unlock Major Synergies Veralto Corporation has expanded its ultraviolet water-treatment capabilities through the acquisition of India-based Alfaa UV, a provider with more than 20 years of experience serving industrial and commercial customers.
• Announced on July 21, 2026, the transaction will place Alfaa UV within Veralto’s Trojan Technologies business, adding locally established commercial relationships and a portfolio of fit-for-purpose ultraviolet solutions.
• The acquisition follows a period of active capital deployment for Veralto, which invested approximately $1 billion in In-Situ and GlobalVision during the first quarter of 2026 while continuing opportunistic share repurchases.

• General Electric Vernova reported strong second quarter 2026 results highlighted by robust order growth, expanding backlog, margin improvement, and substantial free cash flow generation.
• Equipment orders more than doubled year-over-year, supported by significant demand in the Power and Electrification segments.
• The company’s total backlog increased to $176 billion, up $13 billion sequentially, driven by Gas Power orders and electrification equipment, with a goal to reach $200 billion by 2027.

Key points (machine generated)

• Tobishima Holdings reported increased profits for the fiscal year ending March 2026 and anticipates further profitability improvements.
• The company is diversifying its operations beyond construction to include infrastructure development, disaster prevention, and real estate.
• This strategic shift is part of its growth strategy, ‘A Story that Innovates the Future,’ aligned with a mid-term management plan.

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Key points (machine generated)

• Tsubakimoto Kogyo Co., Ltd. reported record-high financial results for FY3/26, with net sales up 5.4% to ¥131,032 million and operating profit up 8.2% to ¥6,513 million.
• The company projects continued growth in FY3/27, with net sales expected to rise 0.7% to ¥132,000 million and operating profit to increase by 2.9% to ¥6,700 million.
• Tsubakimoto’s Medium-Term Management Plan, ‘ATOM2028,’ targets net sales of ¥150 billion and operating profit of ¥7.5 billion by FY3/29, while maintaining a progressive dividend policy with an annual forecast of ¥90 for FY3/27.

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