ASANUMA CORPORATION
1852・Prime Market・Construction
Business
Asanuma Corporation is a general contractor founded in 1892, listed on the Prime Market of the Tokyo Stock Exchange. Its core business is the construction of buildings and civil engineering structures, complemented by peripheral businesses such as maintenance, real estate, and PFI (Private Finance Initiative). Domestically, the company operates under a dual head-office structure in Osaka and Tokyo, with a nationwide branch network, serving both public-sector and private clients. Overseas, it holds a group of subsidiaries centered in Singapore and Thailand that handle building painting, repair, maintenance, and civil engineering works across Southeast Asia. Consolidated net sales for FY2026 (ending March 2026) were ¥175,294 million, with building construction accounting for approximately 81% of the total.
Business Model
The core construction business operates on a build-to-order contracting model, securing projects through a combination of negotiated contracts (64.4% for building construction) and competitive bidding. The "selective order-taking" strategy secures profit margins at the time of order acceptance, balancing construction quality with profitability. In addition, the PFI business (long-term operation and management of crematoriums, school lunch centers, etc.) and the maintenance business (building repair and deterioration diagnosis in Japan and overseas) form stable revenue sources, complementing the cyclical risk inherent in the core construction business.
Company Strengths
As of the end of FY2026 (ending March 2026), the backlog of construction to be carried forward reached a total of ¥240,600 million (up 26.3% year on year), comprising ¥195,828 million in the Building Construction segment and ¥44,772 million in the Civil Engineering segment, substantially exceeding the fiscal year's net sales of ¥175,294 million. This backlog includes large-scale, long-term projects such as the civil engineering work for the Naniwasuji Line's Nishihonmachi Station area (scheduled for completion in March 2028), securing high visibility of revenue over multiple years.
In addition to obtaining patents for the "Kando Block" and "three-dimensional wood lath earthen wall," the company holds multiple proprietary construction technologies, including the "lateral buckling stiffening method," the "Simple Dia method," and the "CCB method." The ratio of sole-source (non-competitive) orders in the Building Construction segment rose from 50.0% in the previous fiscal year to 64.4%, and the expansion of orders won by avoiding competition on the back of technological strength is contributing to improved profit margins (Building Construction segment profit margin of 10.9%).
Against the medium-term three-year plan's KPI of "renewal business operating profit accounting for 40% or more of consolidated operating profit," the actual result for FY2025 reached 49.2%. The segment profit margin of the "Other" segment stood at 21.5%, substantially exceeding that of the core construction business, with renewal-related businesses—including PFI, maintenance, and overseas subsidiaries—functioning as a highly profitable, stable revenue source.
ENVALITH's Perspective
Performance Trend
Revenue expanded for five consecutive fiscal years, from ¥135,478 million in FY2022 (ended March 2022) to ¥175,294 million in FY2026 (ending March 2026), representing a CAGR of approximately 6.7%. However, the growth rate decelerated from 9.4% in FY2025 (ended March 2025) to 5.0% in FY2026 (ending March 2026). Operating profit, after falling to ¥4,057 million in FY2024 (ended March 2024), recovered and expanded for two consecutive periods to ¥6,867 million in FY2025 (ended March 2025) and ¥7,211 million in FY2026 (ending March 2026), with the operating margin maintained at 4.1%. Amid persistently elevated construction material prices and tight labor supply-demand conditions as external factors, a selective order strategy and a significant increase in revenue from the civil engineering segment (up 31.2% year on year) drove the profit improvement. For FY2027 (ending March 2027), revenue is forecast at ¥175,500 million (up 0.1% year on year), effectively flat, suggesting the company may be entering a plateau phase in its growth.
Growth Strategy
In the final year of the medium-term three-year plan, achieving KPIs across all six themes and monetizing the carried-forward construction backlog are the top priorities.
Further strengthening selective order-taking by combining order-time profit margin assurance, four-week eight-day-off scheduling, and construction workforce securing. Results are reflected in the FY2026 (ending March 2026) figures, with the Architecture segment margin at 10.9% and Civil Engineering at 10.4%. The conversion of the next fiscal year's carried-forward construction backlog of ¥240,600 million (up 26.3% year on year) into high-profitability projects is key to next-period profits.
Leveraging patented proprietary technologies such as "Kando Block" (return-soil block) and "Rittai Kizuri Tsuchikabe" (three-dimensional lath earthen wall), the company is expanding value-added renewal construction work addressing decarbonization and SDGs. Aiming to increase sole-source (design-build integrated) orders by capitalizing on rising market demand for environmentally conscious buildings.
In FY2026 (ending March 2026), the company hired 85 employees (new graduates and mid-career combined), up 30 from the previous fiscal year. Promoting human capital strengthening measures including improved compensation, expanded new employee training, and DX/compliance training. In a construction industry facing a persistent structural labor shortage, improving recruiting capability and retention rate is a source of competitive advantage.
In November 2025, the company obtained certification from the Science Based Targets initiative (SBTi) confirming that its GHG emissions reduction targets are scientifically grounded. In connection with this, the non-financial KPI for total CO₂ emissions reduction rate has been updated to a more stringent target. The company aims to accelerate efforts toward realizing a decarbonized society and enhance its evaluation among ESG investors.
One fatal accident occurred at a worksite in FY2026 (ending March 2026). Corrective measures have already been implemented, including cause investigation, submission of a recurrence prevention report to the supervising authority, sharing of the incident across all worksites, and strengthening of the management system. Continued implementation of effective recurrence prevention measures, including enhanced safety education, remains a challenge.
Last updated: July 19, 2026

