TAKAHASHI CURTAIN WALL CORPORATION
1994・Standard Market・Construction
PC Curtain Wall Business
Core business holding the top industry share in precast concrete products for office building exteriors
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Q1 cumulative, FY2026 (ending December 2026)) | ¥1,788 million | ¥1,526 million (Q1 cumulative, FY2025 (ending December 2025)) | ↑ |
| Segment profit (Q1 cumulative, FY2026 (ending December 2026)) | ¥326 million | △¥92 million (Q1 cumulative, FY2025 (ending December 2025)) | ↑ |
| Net sales (full year, FY2025 (ending December 2025)) | ¥6,250 million | ― | — |
| Segment profit (full year, FY2025 (ending December 2025)) | ¥20 million | ― | — |
| Orders received (full year, FY2025 (ending December 2025)) | ¥8,159 million | ― | — |
| Order backlog carried forward (end of FY2025 (ending December 2025)) | ¥8,316 million | ― | ↑ |
Business Details
Handles the design, manufacture, and construction of Precast Concrete Curtain Wall (PCCW) on an integrated basis. Its main customers are major general contractors such as Kajima Corporation, Taisei Corporation, and Takenaka Corporation, with 100% of domestic orders coming from the private sector. In addition to stone and tile cladding and coating, the segment also focuses on proposing architectural concrete designs. It has a system in place to outsource design work to a non-consolidated subsidiary in China (Dalian Gaolian Curtain Wall Co., Ltd.). Sales trends show no seasonality.
Recent Overview
Factory utilization has recovered from last year's worst levels, driving significant improvement in both sales and profit
In the first quarter of FY2026 (ending December 2026) (January to March 2026), the PC Curtain Wall Business posted net sales of ¥1,788 million (up 17.2% year on year) and segment profit of ¥326 million (versus a segment loss of ¥92 million in the same quarter of the prior year), turning profitable. The main driver was an improvement in factory utilization rates. On the other hand, company-wide orders received in the same quarter were ¥1,595 million (down 19.5% year on year), and the order backlog was ¥8,457 million (down 4.9% from the end of the prior consolidated fiscal year), showing a declining trend in orders.
Key Products
Growth Drivers
- Contribution to next-period sales from the accumulation of order backlog (¥8,316 million carried forward at end of 2025, up 29.8% year on year)
- Resumption of development projects supported by the expected recovery of the Kanto market in 2026
- Active proposals of value-added products, such as architectural concrete and eaves-shaped PC panels, to design firms
- Expansion of adopted floor area through the development of CO2-reduction technologies and SDG-compliant products
- Recovery in orders driven by improved profitability at general contractors amid a supply-advantaged market environment
Risks
- Deterioration in profitability if cost increases from rising material and labor costs continue
- Construction capacity constraints and a decline in total construction work volume due to work-style reforms at general contractors
- Risk of orders disappearing due to postponement or cancellation of real estate development plans
- Labor shortages and difficulty in technical skill transfer due to the aging workforce and declining birthrate
- Risk of customer concentration dependence, with Takenaka Corporation accounting for 22.4% of sales in the current period
- Risk of further increases in material costs due to crude oil price hikes and yen depreciation stemming from the US-Iran conflict
Last updated: March 26, 2026