ENVALITH
株式会社富士ピー・エス logo

FUJI P.S CORPORATION

1848・Standard Market・Construction

Official website
株式会社富士ピー・エス logo
FUJI P.S CORPORATION1848

Business

Fuji P.S Corporation is a construction company founded in 1954 specializing in prestressed concrete (PC) technology. In its civil engineering business, its core operations are contracting for public infrastructure works such as expressways and bridges and manufacturing PC civil engineering products, with Central Nippon Expressway Company and West Nippon Expressway Company as major clients. In its building construction business, the company manufactures precast concrete (PCa) products and undertakes construction contracts for condominiums and redevelopment projects. It is also developing a maintenance business for concrete structures through its subsidiary Suruga Giken. Based on a nationwide network of six plants and its head office in Fukuoka, the company serves both government and private-sector clients. Consolidated net sales for FY2026 (ending March 2026) were ¥32,230 million.

Business Model

The main sources of revenue are contracted civil engineering and construction work (on a completed-construction-revenue basis) and sales of PC (precast concrete) products manufactured at six plants nationwide. In contract work, the company combines public tenders and negotiated (limited-competition) orders, securing profitability through the ECI (Early Contractor Involvement) method and negotiations on design changes and price-slide clauses. Factory products (precast PC floor slabs, FR panels, etc.) address on-site labor-saving needs and enhance added value. The company's policy is to keep R&D expenses at 0.3% or more of net sales in order to maintain its technological advantage.

Company Strengths

Since its founding in 1954, the company has specialized in prestressed concrete technology and operates six plants nationwide, including Kyushu Kotake, Kanto, Mie, Tohoku, and Iwaki. Of the ¥23,053 million in Civil Engineering revenue in FY2026 (ending March 2026), the two expressway companies, Central Nippon Expressway and West Nippon Expressway, alone accounted for 28.7% of sales, demonstrating the company's technical credibility in the expressway renewal market.

Through cost management and the promotion of appropriate price pass-through under the "Construction Site Profit Improvement Project," the gross profit margin in FY2026 (ending March 2026) improved by 3.1 percentage points year on year to 15.9%. Even as revenue declined 4.6% year on year, gross profit increased by ¥816 million, and operating profit reached ¥1,588 million (up 79.4% year on year).

The order backlog carried forward at the end of FY2026 (ending March 2026) remained high at ¥29,232 million (of which ¥29,105 million was from government and public agencies). The ratio of sole-source (tokumei) orders in Civil Engineering rose sharply to 50.8% in the fiscal year under review, up from 34.3% in the previous fiscal year, with the securing of large-scale, long-term projects through means such as the use of the ECI (Early Contractor Involvement) method supporting stable management.

ENVALITH's Perspective

For FY2026 (ending March 2026), revenue was ¥32,230 million (down 4.6% year on year), while operating profit rose to ¥1,588 million (up 79.4% year on year), and the operating profit margin improved notably to 4.9% (versus 2.6% in the prior period), reflecting a marked improvement in profitability. Net income fell sharply to ¥993 million (down 54.6% year on year) due to the lapse of the prior period's extraordinary gain (gain on sale of tangible fixed assets of ¥2,297 million), but this decline stems from the disappearance of a one-off factor. On an ordinary profit basis, profit rose to ¥1,476 million (up 73.4% year on year), confirming an improvement in underlying earnings power. With the company now only 0.1 percentage points short of its medium-term target (operating profit margin of 5%), the shift in earnings structure can be assessed as genuine.

Operating cash flow turned positive at ¥418 million in FY2026 (ending March 2026), a notable improvement from cash usage of ¥2,334 million in the prior period, which can be viewed as a sign of improving financial health. On the other hand, the period-end balance of cash and cash equivalents declined by ¥1,133 million, from ¥3,083 million to ¥1,950 million, and short-term borrowings stood at ¥9,957 million, accounting for approximately 28% of total assets of ¥35,613 million. The balance between the company's continued reliance on interest-bearing debt and the pace of recovery in cash generation capacity remains a key point of financial attention. The equity ratio improved to 36.9% (from 32.6% in the prior period), and the overall direction is favorable.

The one-year postponement, to FY2027 (ending March 2027), of the target date for achieving the interim goals of VISION2030 (revenue of ¥35.0 billion and operating profit margin of 5%) indicates that a chronic shortage of human resources is constraining growth. The earnings forecast for FY2027 (ending March 2027) calls for moderate growth, with revenue of ¥33,128 million (up 2.8% year on year) and operating profit of ¥1,660 million (up 4.5% year on year). Achieving the order intake forecast of ¥33,873 million (up 8.6% from the FY2026 (ended March 2026) actual of ¥31,201 million) will hinge on expanding orders in the construction business (forecast at ¥8,366 million). As an external factor, downside risk to the economy stemming from the impact of US trade policy is also recognized as a factor that could weigh on performance.

Growth Strategy

Completing the final VISION2030 targets (net sales of ¥35.0 billion and operating margin of 5%) in FY2027 (ending March 2027)

Continuing thorough cost management and appropriate price pass-through, establishing a management structure capable of stably maintaining a high level of profitability. In FY2026 (ending March 2026), an operating margin of 4.9% was achieved, approaching the medium-term target of 5% by 0.1 percentage points. For FY2027 (ending March 2027), operating profit of ¥1,660 million (margin of 5.0%) is forecast.

Deepening mutual complementation of PC technology and joint technology development, achieving early realization of new business field expansion and enhanced order-taking competitiveness that would have been difficult to achieve independently. FY2027 (ending March 2027) is positioned as the "implementation phase," aiming for concrete conversion into earnings.

As the shortage of workers becomes more severe, human resource strategy is being fundamentally shifted from securing quantity to improving the quality of individual personnel. Promoting the sophistication of on-site operations through practical education and training, enhancing engagement through health management and re-branding activities, and reducing on-site workload through accelerated i-con Strategy Lab activities.

Among the six plants nationwide, considering optimal placement and restructuring of the production system, including consolidation, for plants where issues such as aging facilities and limited site area have become apparent. Renewal of the Kyushu Kotake Plant is progressing steadily. Aiming to establish a next-generation production base to meet expanding demand for plant products.

Expanding the diagnosis, repair, and reinforcement business for concrete structures, centered on Suruga Giken Co., Ltd. Capturing the long-term expansion of demand for aging infrastructure countermeasures, and promoting earnings diversification away from reliance on new construction work. Continuing to consider business scale expansion through M&A.

In response to the Tokyo Stock Exchange's request, implementing profitability improvements and deepening dialogue with the market. Under the target payout ratio of 40%, the dividend per share was ¥22 (payout ratio of 39.1%) in FY2026 (ending March 2026), with a forecast of ¥25 (43.7%) for FY2027 (ending March 2027), maintaining an increasing dividend trend. DOE is also being used as a stable dividend indicator.

Last updated: July 19, 2026