Taikisha Ltd.

Business Details

Engages in the design, supervision, and construction of Building Air-Conditioning Systems for general offices, hotels, hospitals, data centers, etc., and Industrial Air-Conditioning Systems (Clean Rooms, etc.) for manufacturing plants in semiconductors, electronic components, pharmaceuticals, food, and other industries, as well as the manufacture and sale of related materials and equipment. Leverages a global network at home and abroad to capture capital expenditure demand from both Japanese and non-Japanese manufacturers. Completed construction revenue for the full year of FY2026 (ending March 2026) accounts for approximately 64% of consolidated total, making it Taikisha's core business.

Recent Overview

Both orders and completed construction revenue increased substantially year on year, with segment profit up more than 36% year on year

In the full year of FY2026 (ending March 2026), orders expanded both domestically and overseas, with the building air-conditioning field up 43.4% year on year to ¥77,129 million, mainly due to increased orders in Thailand, Singapore, and elsewhere, and the industrial air-conditioning field up 11.2% year on year to ¥139,458 million. Completed construction revenue was ¥183,043 million (up 8.0% year on year). Segment profit (ordinary income) was ¥20,820 million, an increase of ¥5,521 million year on year. Backlog carried forward to the next fiscal year remained at a high level of ¥186,265 million (up 21.6% year on year), and is expected to contribute to revenue in the next fiscal year. In the ASEAN region, order-taking and construction activities were promoted through coordination among bases in multiple countries, and concrete results were achieved in the regional strategy, including winning pharmaceutical manufacturer projects in Indonesia and Vietnam via the India base.

Key Products

Growth Drivers

• Continued domestic capital expenditure related to semiconductors and data centers (demand from semiconductor-related manufacturers and data centers is rising both domestically and overseas, with capital expenditure expected to continue)
• Rapid expansion of orders in the building air-conditioning field (orders received up 43.4% year on year in FY2026 (ending March 2026)) and steady urban redevelopment demand
• Enhanced order-taking and construction activities through coordination among multiple country bases in the ASEAN region (organizational promotion through newly established ASEAN Strategy Office, East Asia Strategy Office, and India Strategy Office)
• Expanded approach to pharmaceutical, food, and semiconductor-related customers leveraging the India base (track record of winning pharmaceutical manufacturer projects in Indonesia and Vietnam)
• Support for next fiscal year's revenue from backlog of ¥186,265 million carried forward (up 21.6% year on year)
• Improved productivity and profitability through promotion of BIM and front-loading

Risks

• Risk of overseas customers curbing capital expenditure due to US-China friction, US tariff policy, and geopolitical risks (Middle East situation, rising crude oil prices, supply chain disruption, etc.)
• Risk of customers in the domestic industrial air-conditioning field reconsidering investment timing (a downturn following a concentration of semiconductor-related investment)
• Impact of exchange rate fluctuations (yen appreciation) on yen-translated revenue and profit of overseas subsidiaries
• Impact on order-taking capacity and construction quality due to shortage of skilled technicians and construction management personnel (including securing construction personnel in the ASEAN region)
• Risk of sluggish domestic and international demand in the Chinese market due to real estate downturn and US-China friction