MEISEI INDUSTRIAL Co.,Ltd.
1976・Prime Market・Construction
Construction Business
Meisei Industrial's core segment centered on thermal insulation work (approx. 90% of net sales)
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥54,145 million (FY2026, ending March 2026) | ¥58,944 million (FY2025, ended March 2025) | ↓ |
| Segment profit | ¥7,343 million (FY2026, ending March 2026) | ¥10,102 million (FY2025, ended March 2025) | ↓ |
| Segment profit margin | 13.6% (FY2026, ending March 2026) | 17.1% (FY2025, ended March 2025) | ↓ |
| Orders received | ¥55,628 million (FY2026, ending March 2026) | ¥56,778 million (FY2025, ended March 2025) | ↓ |
| Order backlog | ¥17,735 million (end of FY2026, ending March 2026) | ¥16,252 million (end of FY2025, ended March 2025) | ↑ |
| Impairment loss | ¥2,719 million (FY2026, ending March 2026) | – (FY2025, ended March 2025) | ↓ |
Business Details
The core business of the Group. Centered on thermal insulation work (heat insulation construction) both domestically and overseas, the segment also engages in building materials construction (clean rooms), refrigeration and low-temperature facility construction, and environment-related construction, among others. Revenue is secured through a two-pronged approach of domestic maintenance work and large-scale new construction projects, with overseas expansion focused mainly on the Asian region. Major customers are petroleum, petrochemical, and energy-related plant owners and engineering companies. The segment comprises multiple companies including construction subsidiaries such as Meisei Kenko Co., Ltd. and M.S. Tech Co., Ltd., as well as Nippon Keikaru Co., Ltd. (manufacturing).
Recent Overview
Both sales and profit declined significantly due to fewer large-scale projects and the recording of an impairment loss
In FY2026 (ending March 2026), while domestic maintenance work remained steady, net sales declined to ¥54,145 million (down 8.1% year on year) due to a decrease in large-scale construction projects both domestically and overseas. Segment profit fell sharply to ¥7,343 million (down 27.3% year on year), and the profit margin declined to 13.6%. In addition, an impairment loss of ¥2,719 million was recorded during the period. On the other hand, the order backlog increased to ¥17,735 million (up 9.1% from the prior period-end), and is expected to contribute to sales in the next period. By region, sales to Japan were ¥50,448 million and sales to Asia were ¥3,696 million.
Key Products
Growth Drivers
- Ongoing demand for maintenance and renewal investment associated with the aging of domestic plants
- Expansion of decarbonization-related investment in renewable energy, CCS, synthetic methane, and other areas
- Winning new and expansion plant construction projects driven by increasing energy demand overseas, mainly in Asia
- Strengthening of the earnings base through steady accumulation of maintenance work
- Contribution to next-period sales from the buildup of order backlog (¥17,735 million at the end of FY2026, ending March 2026, up 9.1% from the prior period-end)
Risks
- Intensifying order competition due to sluggish capital investment in the petroleum and petrochemical sectors and a shrinking domestic market
- Cost pressure from labor shortages and rising procurement prices across the construction industry as a whole
- Risk of period-to-period fluctuation in sales and profit depending on the progress timing of large-scale projects
- Impact on the profitability of overseas construction work from foreign exchange fluctuations and overseas economic uncertainty
- Risk of impairment of fixed assets (an impairment loss of ¥2,719 million was recorded in the Construction Business in FY2026, ending March 2026)
- Impact on overseas projects from geopolitical risks such as U.S. trade policy
Last updated: June 22, 2026