TAKAHASHI CURTAIN WALL CORPORATION
1994・Standard Market・Construction
Business
Takahashi Curtain Wall Corporation is a company specializing in building exterior wall materials, with the design, manufacturing, and construction of Precast Concrete Curtain Wall (PCCW) as its core business. After entering the industry in the 1960s, the company established the top market share and built a production system with plants in Tsukuba/Shimodate (Ibaraki Prefecture) and Shiga. Its major customers include major general contractors such as Kajima Corporation, Taisei Corporation, and Takenaka Corporation. As a second pillar of business, it operates the Aqua Business, handling planning, design, and construction of pools and bathing facilities for hotels, schools, and sports facilities. The company is listed on the Standard Market of the Tokyo Stock Exchange. Its group structure includes one consolidated subsidiary and two non-consolidated subsidiaries.
Business Model
The company adopts the percentage-of-completion method, under which a certain period is required from order receipt to recognition of completed construction revenue. In the PC Curtain Wall Business, orders are won through proposal-based sales to design offices and general contractors, with manufacturing at the company's own plant followed by in-house construction through to completion. The Aqua Business captures composite demand spanning new pool construction, renewal, and maintenance. Order backlog serves as a leading indicator of next-period sales, and the carried-over construction backlog at the end of 2025 stood at ¥8,887 million (up 26.2% year on year), giving high visibility into next-period performance.
Company Strengths
Despite entering the market later than competitors in the 1960s, the company has built the top industry share through sales efforts, expanded production facilities, and expansion into the Kansai region. Orders received in FY2025 amounted to ¥8,159 million (up 21.8% year on year), with continued large-scale orders received from multiple major general contractors. The company has a robust customer base, with Takenaka Corporation alone accounting for 22.6% of completed construction revenue.
As of the end of 2025, total net assets stood at ¥10,796 million and total liabilities at ¥1,831 million, resulting in an extremely high equity ratio. During the fiscal year under review, the company repaid ¥555 million in short-term borrowings and ¥248 million in long-term borrowings, significantly reducing interest-bearing debt. The period-end balance of cash and cash equivalents was ¥2,150 million (up 109.0% year on year), reflecting ample liquidity on hand.
The company obtained a patent in October 2024 for PC Curtain Wall components utilizing scallop shell sand. It is participating in NEDO's CUCO project, aiming to commercialize carbon-negative concrete by 2030. In FY2025, R&D expenses of ¥39,757 thousand were fully allocated to the PC Curtain Wall Business, continuing the pursuit of improved environmental performance.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years peaked at ¥12,233 million in FY2021, declined to ¥7,333 million in FY2023, recovered to ¥9,384 million in FY2024, and slumped again to ¥7,338 million in FY2025. In Q1 of FY2026 (fiscal year ending December 2026), revenue was ¥2,026 million (up 10.2% year on year) and operating profit was ¥340 million (versus a loss of ¥57 million in the same quarter of the prior year), marking a substantial improvement. Cost of completed construction contracts was reduced from ¥1,658 million in the same quarter of the prior year to ¥1,431 million, with improved factory utilization rates being the main driver of the gross margin improvement. While rising material costs and labor costs continue to be an external headwind, progress in passing on costs and factory efficiency improvements drove the recovery in profitability. The full-year earnings forecast calls for revenue of ¥8,250 million (up 12.4% year on year) and operating profit of ¥450 million (up 299.3% year on year).
Growth Strategy
Dual-axis growth through recovery in PC Curtain Wall Business utilization and expansion of Aqua Business
The business emerged from its worst period in 2025, with plant utilization improving in Q1 FY2026. Reductions in cost of completed construction and a significant improvement in gross margin (9.8% in the same quarter of the previous year → 29.4%) were achieved. The company aims to build up full-year net sales backed by an order backlog of ¥8,457 million.
In addition to schools and sports clubs, the strategy is to capture the trend of expanding renewal construction for aging pool facilities and increasing hotel pools. The company is expanding order-taking and construction capacity by increasing personnel, but progress has been somewhat delayed, with Q1 FY2026 net sales of ¥222 million and profit of ¥15 million, a significant decline year-on-year.
Through proactive proposals to design offices for value-added products such as architectural concrete and eaves-shaped PC panels, and the development of CO2 reduction technology and SDGs-compliant products, the company aims to move away from price competition and expand adopted area. This also contributes to securing room for cost pass-through amid rising material costs.
Last updated: July 17, 2026