UEKI CORPORATION
1867・Standard Market・Construction
Business
Ueki Corporation was founded in 1885 and is a comprehensive construction group based in Niigata Prefecture. Comprising 13 subsidiaries and 3 affiliated companies, the group centers on its construction business (orders and execution of civil engineering and building construction work), and also engages in diversified operations including real estate (sales, leasing, and residential land development), building materials manufacturing and sales, software development and sales, nursing care and welfare, and golf course operation. Its major clients range widely from government agencies (Ministry of Land, Infrastructure, Transport and Tourism, Tokyo Metropolitan Government, etc.) to private companies (factories, warehouses, hotels, etc.), with a track record of construction primarily in the Hokuriku region as well as in the Greater Tokyo area. The company is listed on the Standard Market of the Tokyo Stock Exchange. Consolidated net sales for FY2026 (ending March 2026) were ¥63,290 million.
Business Model
In the construction business, civil engineering and building works are secured through competitive bidding and negotiated contracts, with revenue recognized as completed construction revenue. The backlog of construction work carried forward at fiscal year-end (¥65,025 million at the end of FY2026 (ending March 2026)) serves as a leading indicator of revenue for the following period. In the real estate business, the company develops and sells residential land and holds and sells rental properties, securing cost competitiveness through internal coordination with the construction business. A group of subsidiaries engaged in building materials manufacturing and sales, software development, and other businesses generates complementary earnings by capturing demand within the group.
Company Strengths
Next-term carried-forward construction volume at the end of FY2026 (ending March 2026) reached ¥65,025 million (up 2.4% year on year), of which private-sector building construction accounted for the majority at ¥37,403 million. Large-scale projects such as the Route Inn Tokamachi new construction and the Sodegaura Kamiizumi Food Warehouse new construction are already in hand, meaning a substantial portion of next-term sales has already been secured through existing orders.
With a history spanning over 140 years since its founding in 1885, the company has a track record of concurrently executing public works projects for entities such as the Hokuriku Regional Development Bureau, the Tokyo Metropolitan Government Bureau of Finance, and the Tokyo Metropolitan Waterworks Bureau, alongside major private-sector projects for clients such as Shigematsu Works and Daiwa Real Estate. In FY2026 (ending March 2026), completed construction revenue expanded on both fronts, reaching ¥20,724 million from public works and ¥34,331 million from private-sector work.
The company has introduced information-based construction technologies such as i-Construction and ICT equipment at job sites, combining these with appropriate staffing to improve productivity. The construction segment's operating margin in FY2026 (ending March 2026) reached 5.7% (up 0.6 percentage points year on year), demonstrating that the company has maintained and improved profitability by promoting contracts at appropriate prices even amid rising construction costs.
ENVALITH's Perspective
Performance Trend
The revenue trend over the past five fiscal years was ¥47,678 million in FY2022 → ¥48,936 million in FY2023 → ¥55,910 million in FY2024 → ¥50,704 million in FY2025 → ¥63,290 million in FY2026, showing a temporary decline in FY2025 followed by a substantial recovery to a new record high in FY2026. Operating profit also showed a steady improvement trend, rising from ¥2,293 million in FY2022 to ¥3,721 million in FY2026. In FY2026 (ending March 2026), steady progress on large-scale carried-over construction projects, mainly in the building construction segment, drove revenue, while the promotion of appropriately priced contracts and productivity improvements through ICT utilization contributed to margin improvement. Amid continued cost pressure from elevated construction material and energy prices and tight labor supply-demand conditions, maintaining pricing power has been the key driver of profitability improvement. FY2027 (ending March 2027) is projected to see a decline in profit due to the impact of rising material and labor costs, and the focal point will be whether the effect of increased revenue can absorb the cost increases.
Growth Strategy
Under the medium-term management plan built around the three themes of "sales capability, technical capability, and human capital," the company aims for net sales of ¥65,000 million in FY2027 (ending March 2027).
The company has set "sales capability," "technical capability," and "human capital" as priority themes, targeting consolidated net sales of ¥65,000 million and operating profit of ¥3,200 million for FY2027 (ending March 2027). In FY2026 (ending March 2026), the company achieved net sales of ¥63,290 million and operating profit of ¥3,721 million, showing good progress toward the sales target; however, profit exceeded the target before an expected decline going forward, making cost control a key challenge.
The company is promoting R&D and DX initiatives aimed at labor savings, addressing the decline and aging of construction engineers and skilled workers. Productivity improvements through the use of ICT technology have contributed to the improvement in profit margin in FY2026 (ending March 2026) and are positioned as an ongoing initiative. R&D expenses included in cost of completed construction contracts increased to ¥32 million (from ¥18 million in the previous fiscal year), showing an upward trend.
Against the backdrop of an accumulation of real estate business expenditures of ¥3,736 million (up from ¥2,321 million in the previous fiscal year), the company plans a substantial recovery in real estate business net sales to ¥5,000 million in FY2027 (ending March 2027), an increase of ¥2,574 million from the FY2026 (ending March 2026) result of ¥2,426 million. The company will promote community-based real estate development and sales, leveraging development cost competitiveness through collaboration with the construction business.
The company supports employee performance through strengthened talent development and the creation of a comfortable working environment, promoting improved treatment and productivity for construction industry workers. Through corporate activities that give consideration to ESG/SDGs, the company aims to achieve sustainable growth and enhanced corporate value. The increase in the provision for bonuses (from ¥189 million in the previous fiscal year to ¥292 million in the current fiscal year) reflects efforts to improve employee treatment.
Last updated: July 19, 2026