NJS Co.,Ltd.
2325・Prime Market・Services
Business
NJS Co., Ltd. is a construction consulting firm specializing in the water and environment sector, founded in 1951. Centered on water supply, sewerage, and industrial water, the company provides services spanning the entire infrastructure lifecycle, from planning, design, and investigation to construction management, operational support, and DX solutions. Its main clients are public-sector organizations such as local governments and the Japan Sewage Works Agency, with domestic operations accounting for approximately 92% of net sales. Overseas, the company operates in Asia, the Middle East, Africa, and Australia, running its business as a group that includes 13 subsidiaries and 3 affiliated companies. Consolidated net sales for FY2025 (ending December 2025) reached ¥24,854 million, a record high since the company's founding.
Business Model
The majority of revenue consists of consulting fees from outsourced contracts received from public institutions such as local governments and the Japan Sewage Works Agency. Revenue from the Japan Sewage Works Agency stood at ¥4,264 million (17.2% of net sales), providing a stable revenue base. In addition, the company is developing an integrated "Operation Service" combining software development, inspection (drones, robots, etc.), and customer service (billing management, customer support), aiming to diversify its revenue structure from one-off orders toward continuous operational support.
Company Strengths
Since its founding in 1951, the company has continuously provided consulting services specialized in water supply and sewerage, building a network of comprehensive offices and regional offices across Japan, including Tokyo, Osaka, Nagoya, and Kyushu. It has obtained ISO9001, ISO14001, and ISO55001 (asset management) certifications, providing institutional assurance of its quality control system. R&D expenses amounted to ¥927 million (FY2025, ending December 2025), reflecting ongoing efforts to strengthen its technological capabilities.
As of the end of FY2025 (ending December 2025), the equity ratio stood at 81.2%, with cash and cash equivalents reaching ¥17,827 million. Interest-bearing debt is nearly zero, with a cash flow to interest-bearing debt ratio of 0.0 years and an interest coverage ratio of 68,215.9x, maintaining an extremely sound financial structure. The company's basic policy is to operate its business using its own funds, resulting in low financial risk.
At the end of FY2025 (ending December 2025), the consolidated order backlog reached ¥29,322 million (up 40.8% year on year), with domestic operations alone accounting for ¥28,526 million. Orders received of ¥27,636 million exceeded net sales of ¥24,854 million, providing high visibility into future revenue as a leading indicator of sales. The consolidation of CDC Aqua Service as a subsidiary also contributed to the expansion of the order backlog.
ENVALITH's Perspective
Performance Trend
Revenue has expanded steadily over the past five fiscal years, from ¥19,315 million in FY2021 to ¥24,854 million in FY2025. In Q1 FY2026 (fiscal year ending December 2026), revenue reached ¥10,626 million (+20.1% YoY) and operating profit reached ¥4,090 million (+25.3% YoY), indicating accelerating growth. The operating margin remained at a high level of 38.5% (up from 36.9% in the same period last year), showing further improvement. External factors—including rising demand for aging infrastructure countermeasures triggered by the Yashio City road collapse accident, the Water PPP promotion policy, and expanding demand for disaster-prevention infrastructure development amid the intensification of natural disasters—are boosting performance. The full-year forecast (revenue of ¥28,000 million, operating profit of ¥3,600 million) remains unchanged, but given the strong progress in Q1, there is room for upward revision.
Growth Strategy
Aiming for FY2030 revenue of ¥33,000 million through integrated operational service deployment and the SmartPPP platform
Focused on PFI projects, Water PPP, and other public-private partnership introduction studies and promotion services. Against the backdrop of national policies promoting water utility consolidation and public-private partnerships, the company aims to expand orders by providing DX solutions utilizing the SmartPPP platform. Domestic orders received in Q1 FY2026 (ending December 2026) increased significantly by 42.4% year-on-year, indicating the effects of these initiatives are becoming apparent.
Effective January 10, 2026, CDC Aqua Service Co., Ltd. (now: Sky Aqua Service Co., Ltd.) absorbed Suido Asset Service Co., Ltd. through merger. The merger integrates water utility administrative outsourcing, fee management, and facility management operations, aiming to strengthen the customer service business foundation and expand operations. The transaction was accounted for as a transaction under common control.
Focused on software-related operations and inspection services for advancing infrastructure management. The company is capturing demand for facility deterioration surveys, diagnostic services, and infrastructure information visualization needs, aiming to establish new revenue sources beyond traditional consulting services. Domestic operations revenue in Q1 FY2026 (ending December 2026) grew strongly, up 20.8% year-on-year.
Promoting water infrastructure development and flood control projects associated with urbanization in Asia, the Middle East, and Africa. Overseas operating loss in Q1 FY2026 (ending December 2026) improved to ¥31 million (compared with a loss of ¥52 million in the same period of the previous year), but has not yet turned profitable. Orders received totaled ¥556 million (up 2.4% year-on-year), continuing a moderate growth trend.
Last updated: July 17, 2026