YAMAURA CORPORATION
1780・Prime Market・Construction
Business
Yamaura Corporation, founded in 1920 and headquartered in Komagane City, Nagano Prefecture, is a general contractor listed on the Tokyo Stock Exchange Prime Market and Nagoya Stock Exchange Premier Market. The company operates three segments: Construction (building and civil engineering), Engineering (electrical and machinery works), and Development and Other (real estate and renewable energy). Its main customers include manufacturers in food, precision equipment, transportation equipment, and other industries, as well as transportation companies and government agencies. Of consolidated net sales of ¥40,527 million (FY2026, ending March 2026), the Construction segment accounted for 87.5%. Leveraging proposal-based sales backed by design-build integrated contracting (approximately 70% of orders) as a core strength, the company has achieved the No.1 track record in factory construction within Nagano Prefecture for three consecutive years.
Business Model
In the construction business, design-build contracts (Design & Build) account for approximately 70% of orders received, with involvement from the proposal stage enabling both cost control and value-added enhancement. The engineering business provides an integrated offering from design through manufacturing, installation, and maintenance of hydroelectric power generation equipment, bridges, control systems, and other facilities. The development business and other operations secure complementary earnings through real estate sales, leasing, and renovation. Comprehensive proposals through collaboration among the three business segments form the core of the company's differentiation.
Company Strengths
The design-build lump-sum contracting ratio in the construction business has reached approximately 70%, achieving cost reductions and high value-added orders through involvement from the proposal stage. In factory construction, the company has achieved the No.1 construction track record in Nagano Prefecture for three consecutive years, and continues to secure orders from manufacturing customers in food, precision equipment, and transportation equipment sectors.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 72.7%, with zero outstanding borrowings and cash and cash equivalents of ¥7,699 million maintained. ROE has been trending at 12.8%, exceeding the company's own recognized cost of capital (approximately 9%), achieving both financial soundness and capital efficiency.
The company has introduced BIM, CIM, machine control, machine guidance, 3D laser scanners, VR, and AR into practical operations, promoting cost reduction, man-hour reduction, and work-style reform as an early adopter of construction DX. Progress has also been made in accumulating proprietary technologies, including in-house developed lightweight and labor-saving temporary materials and a patent for insulated formwork for civil engineering use.
ENVALITH's Perspective
Performance Trend
Revenue grew 45% over five periods, from ¥27,946 million in FY2022 to ¥40,526 million in FY2026. Following a temporary revenue decline in FY2025 (¥35,614 million), FY2026 saw revenue increase 13.8%, marking a new record high. Operating profit peaked at ¥4,328 million in FY2024, declined to ¥3,892 million in FY2025, and recovered to ¥4,259 million in FY2026, though still below the FY2024 level. External factors—elevated construction material prices stemming from surging naphtha prices and a shortage of skilled construction labor—weighed on profit margins (operating margin of 10.5%, down from 10.9% in the prior period). For FY2027 (ending March 2027), revenue is forecast at ¥41,126 million (up 1.5%), while operating profit is projected to decline 13.3% to ¥3,694 million, reflecting the continued impact of rising material and labor costs as a factor pressuring profitability.
Growth Strategy
Under the three pillars of Vision2030 (improvement, differentiation, and proactive strategy), the company aims to achieve an ROE of 14% or higher and enhance corporate value.
Continued high-value-added order intake through the three-brand factory construction structure and integrated design-build contracting. Acquired new corporate customers through expansion of the sales area into Yamanashi Prefecture and other regions and an aggressive marketing strategy. Order intake for the construction business in FY2026 (ending March 2026) accelerated to ¥36,915 million (up 21.0% year on year), and the backlog of work carried forward to the next fiscal year (construction: ¥27,742 million) also continued to build up.
Achieved cross-divisional synergies, such as winning orders for hydroelectric power plant equipment construction in collaboration with the construction business. Developed new client relationships through customer-oriented sales initiatives such as small hydropower plant tours. The backlog carried forward to the next fiscal year (engineering) stood at ¥5,233 million, up ¥371 million year on year, securing revenue capacity for the following fiscal year and beyond.
Strengthened the competitive advantage of proposal-based sales through the use of ICT such as BIM, CIM, and 3D laser scanners. Improved construction quality and productivity through DX promotion, addressing the external environment challenge of a shortage of skilled construction workers. Progress in FY2026 (ending March 2026) was generally in line with the plan, and the company intends to continue these efforts in the following fiscal year.
The annual dividend for FY2026 (ending March 2026) was ¥30.00 (a 25% increase from ¥24.00 in the previous fiscal year), with a payout ratio of 17.9%. The forecast for FY2027 (ending March 2027) is ¥36.00 (payout ratio of 25.1%), planning a further dividend increase. As a subsequent event, the company resolved to conduct a share buyback (up to 1,000,000 shares / ¥1,600 million), clarifying its stance of promoting improved capital efficiency and agile capital policy.
Based on a board of directors resolution in April 2026, the company plans to establish in May 2026 a wholly owned subsidiary, FTT Management Co., Ltd. (capital: ¥200 million), which will be responsible for the maintenance, management, and operation of the "Tomi City Lodging and Exchange Hub Development and Operation Project" in Tomi City, Nagano Prefecture. Consolidation will begin from Q1 of the following consolidated fiscal year, with the impact on the financial statements expected to be minor.
Last updated: July 19, 2026