ASAHI KOGYOSHA CO., LTD.
1975・Prime Market・Construction
Equipment Construction Business
Core business centered on the design, supervision, and construction of air conditioning and sanitation equipment, accounting for approximately 94.6% of consolidated net sales
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥99,141 million (FY2026, ending March 2026) | ¥86,111 million (FY2025, ended March 2025) | ↑ |
| Operating income | ¥11,783 million (FY2026, ending March 2026) | ¥7,606 million (FY2025, ended March 2025) | ↑ |
| Operating margin | 11.9% (FY2026, ending March 2026) | 8.8% (FY2025, ended March 2025) | ↑ |
| Orders received | ¥111,052 million (FY2026, ending March 2026) | ¥85,716 million (FY2025, ended March 2025) | ↑ |
| Order backlog (carried forward) | ¥94,259 million (end of FY2026, ending March 2026) | ¥82,348 million (end of FY2025, ended March 2025) | ↑ |
| Segment assets | ¥55,067 million (end of FY2026, ending March 2026) | ¥47,708 million (end of FY2025, ended March 2025) | ↑ |
Business Details
An engineering contractor business built around air conditioning and water supply/drainage sanitation technology, handling design, supervision, and construction on an integrated basis. It operates broadly for both public-sector and private construction clients, and includes domestic subsidiaries as well as overseas local subsidiaries in Taiwan and Malaysia. Net sales for FY2026 (ending March 2026) were ¥99,141 million, accounting for approximately 94.6% of consolidated net sales, making it the core segment. Construction profitability has improved steadily, with the operating margin rising sharply from 7.8% in the prior period to 11.9%.
Recent Overview
Orders received surged 29.6% year on year to ¥111,052 million, and operating income rose 61.5% on improved construction profitability
In the Equipment Construction Business for FY2026 (ending March 2026), orders received expanded substantially to ¥111,052 million (up ¥25,336 million, or 29.6%, year on year), supported by steady construction investment. Net sales also grew to ¥99,141 million (up 15.1% year on year). Construction profitability continued to improve, with gross profit on completed construction contracts rising to ¥20,764 million (from ¥14,960 million in the prior period), and operating income reaching ¥11,783 million (from ¥7,606 million in the prior period), an increase of 61.5%. The order backlog also grew to ¥94,259 million, enhancing sales visibility for coming periods. On the other hand, cost pressure from persistently high materials and equipment prices and labor shortages continues.
Key Products
Growth Drivers
- Expanded order opportunities driven by steady construction investment (continued private-sector capital investment and redevelopment projects)
- Improved profit margins from better construction profitability (operating margin rose sharply from 8.8% to 11.9%)
- High visibility of future sales supported by an order backlog of ¥94,259 million (consolidated basis)
- A foundation for sales growth in coming periods driven by a sharp increase in orders received to ¥111,052 million (up 29.6% year on year)
- Initiatives to strengthen profitability and improve productivity under the 19th Medium-Term Management Plan (April 2026 to March 2029)
Risks
- Cost pressure from persistently high materials and equipment prices affecting construction profitability
- Risk of rising construction costs and construction delays due to labor shortages
- Customer concentration risk from dependence on major general contractors
- Risk of slowing construction investment due to deteriorating macroeconomic conditions such as U.S. trade policy and concerns over the Chinese economic outlook
- Impact on the supply chain from escalating tensions in the Middle East and crude oil price trends
Last updated: June 24, 2026