MIRAIT ONE Corporation
1417・Prime Market・Construction
Business
Mirait One is a comprehensive social infrastructure engineering group composed of 83 consolidated subsidiaries centered on an operating holding company. Based on communications infrastructure construction work for NTT East/West and NTT Docomo (NTT Business and Multi-Carrier Business), the group operates across a wide range of areas including data center-related construction, green energy, spatial information consulting, construction renovation, and ICT solutions. Major customers include telecom carriers such as NTT East (15.2% of sales) and NTT West (10.2% of sales), as well as a diverse range of government agencies, private companies, and cloud service providers. The group also handles global operations through Runtro Vision, which provides ICT solutions for data centers in five Asian countries. Consolidated net sales for FY2025 (ended March 2025) were ¥602,377 million.
Business Model
Main revenue sources are orders and completed-contract sales in telecommunications, environment, and construction work. While maintaining a stable base of long-term business relationships with NTT-group carriers, the company is promoting a transformation of its business structure toward a "full-value-chain model" spanning upstream to downstream: Kokusai Kogyo (consulting/design) → Mirait One (construction) → Mirait One Systems (ICT/software) → Lantro Vision (global O&M). It aims to improve revenue stability by expanding stock-type revenue (maintenance, operation, PPA, etc.).
Company Strengths
Sales to NTT East totaled ¥91,494 million (15.2% of sales), and sales to NTT West totaled ¥61,591 million (10.2% of sales), meaning the two NTT-affiliated companies alone account for approximately 25% of total sales. Since the establishment of the holding company in 2010, the company has repeatedly integrated regional companies through stock swaps, building a nationwide construction network. It possesses a customer base and construction network that competitors would find difficult to replicate in a short period.
In addition to regional telecommunications construction companies such as TTK (Tohoku), Solcom (western Japan), and Shikoku Tsuken (Shikoku), the group includes Seibu Construction (construction and renovation), Kokusai Kogyo (spatial information consulting), Rantle Vision (Asia data center solutions), and MIRAIT ONE Systems (ICT). This multi-axis portfolio spanning telecommunications, environment, construction, consulting, and global operations diversifies dependence on any single business.
Rantle Vision provides ICT solutions for data centers across five countries: Singapore, Malaysia, Hong Kong, Taiwan, and Indonesia. In FY2025 (ended March 2025), it achieved rapid growth with sales of ¥44,317 million (up 29.1% year on year) and operating profit of ¥2,697 million (up 91.0% year on year). The company is progressing in its shift from cabling construction work toward a full-value model incorporating self-operated services.
ENVALITH's Perspective
Performance Trend
Net sales increased for five consecutive fiscal periods, rising from ¥470,385 million in FY2022 (ended March 2022) to ¥602,377 million in FY2026 (ending March 2026), a cumulative increase of +28.1% over the five-year period. Operating profit declined in FY2023 (ended March 2023) and FY2024 (ended March 2024) to ¥21,803 million and ¥17,830 million, respectively, before improving for two consecutive periods to ¥27,985 million in FY2025 (ended March 2025) and ¥34,267 million in FY2026 (ending March 2026). Net income attributable to owners of parent also recovered to ¥23,282 million in FY2026 (ending March 2026), approaching the FY2022 (ended March 2022) level of ¥25,163 million. As external factors, expanding domestic and overseas data center investment, continued public investment related to national resilience infrastructure, and growing demand for green energy have supported performance. On the other hand, persistently high material prices and rising labor costs continue to act as cost headwinds.
Growth Strategy
Concentration of resources on "Mirai Domain" and transformation of the business structure toward a full-value type model
Against the backdrop of rapidly expanding domestic and overseas data center demand, the company is developing electrical work, air conditioning work, and container-type DC business as core segments. It is also expanding DC infrastructure business across five Asian countries through Lantro Vision in parallel, aiming to boost DC-related earnings across the group as a whole.
Renewable energy-related businesses such as solar power generation, PPA, and storage battery installation work are positioned as a key pillar of "Mirai Domain," and are being expanded nationwide through Solcom, MIRAIT ONE, and other group companies. This is contributing to the expansion of non-communications revenue and improved profit margins.
The company is promoting productivity improvements and cost reductions through organizational reorganization within the group, including the establishment of MIRAIT ONE NEXT through the merger of five access-related group companies. It is also proceeding in parallel with the consolidation of ICT businesses into MIRAIT ONE Systems.
Through collaboration between Kokusai Kogyo (upstream consulting), Seibu Construction (construction), and MIRAIT ONE (telecommunications and energy), the company is promoting a new business model that handles decarbonization and aging infrastructure countermeasure projects for local governments and public agencies on an end-to-end basis, from order acquisition through construction.
Last updated: July 19, 2026