Takamiya Co.,Ltd.
2445・Standard Market・Services
Business
Takamiya Co., Ltd. was founded in 1969 and is a temporary construction equipment specialist group listed on the Standard Market of the Tokyo Stock Exchange. The company manufactures temporary construction equipment such as exterior scaffolding materials, shoring materials, and formwork materials at two domestic plants and plants in Korea and Vietnam, and provides rental and construction services through 9 domestic branches, 10 sales offices, and 29 equipment bases. Its main customers are construction contractors. In recent years, the company has been driving a shift beyond conventional sales and rental toward a platform business centered on "OPE-MANE," an operation management service for temporary construction equipment. Consolidated group net sales were ¥45,212 million (FY2026, ending March 2026), with the rental business accounting for approximately 60% of sales, making it the largest segment.
Business Model
The company has a vertically integrated earnings structure spanning manufacturing (including in South Korea and Vietnam), sales and rental, and platform services. OPE-MANE undertakes comprehensive outsourced management of customers' temporary construction equipment, generating recurring revenue from additional rentals and purchases linked to the volume of equipment deposited. The rental business (net sales of ¥27,185 million) serves as the earnings pillar, while the platform business (net sales of ¥6,788 million, operating margin of 24.4%) is beginning to function as a high-profitability engine.
Company Strengths
In addition to two domestic plants, the company owns overseas manufacturing bases in South Korea and Vietnam, and has built an integrated in-house group structure spanning manufacturing, sales, rental, and construction/logistics (Hiramatsu Co., Ltd.) of temporary scaffolding equipment, as well as temporary structure drawing design (Cadian Co., Ltd.). Its stable supply network through 29 domestic equipment bases ("Base") serves as a key differentiator versus competitors.
The number of users of "OPE-MANE," the temporary equipment management outsourcing service, has steadily increased since the end of the previous fiscal year, and recurring revenue linked to the growth in deposited equipment volume has expanded beyond initial expectations. The operating margin of the Platform business reached 24.4% (FY2026, ending March 2026), indicating the formation of a highly profitable recurring revenue base.
In FY2026 (ending March 2026), operating profit in the Rental business was ¥4,234 million (up 31.7% year on year). Against the backdrop of strong performance in the Platform business, revisions to rental unit prices took hold, and combined with the full-scale start of equipment shipments to large-scale sites such as the Hokkaido Shinkansen extension construction project, profit expanded significantly even as revenue remained roughly flat.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue trended broadly upward, moving ¥39,800 million → ¥41,894 million → ¥44,127 million → ¥43,827 million → ¥45,212 million. Operating profit peaked at ¥3,404 million in FY2024 (ended March 2024), fell back to ¥2,061 million in FY2025 (ended March 2025), then recovered to ¥3,266 million in FY2026 (ending March 2026). The main drivers of the recovery were improved profitability in the platform business (operating margin of 24.4%) and reduced SG&A expenses through the coin system and DX promotion. On the other hand, interest expenses increased to ¥526 million, keeping ordinary income at ¥3,038 million. For FY2027 (ending March 2027), SG&A expenses are expected to increase due to investments in service quality improvement and business infrastructure strengthening, and ordinary income is forecast to decline to ¥2,850 million.
Growth Strategy
Establishing a platform business centered on OPE-MANE and transforming the industry through DX and human capital investment
The company continues to increase the number of user accounts for its temporary construction equipment management service "OPE-MANE," and aims to expand recurring revenue from additional equipment rentals and purchases linked to increases in deposited equipment volume. In FY2026 (ending March 2026), user growth was steady, albeit more gradual than planned, while recurring revenue performed well.
The company is advancing the development and expansion of Bases that support nationwide logistics functions, promoting stable equipment supply, improved utilization rates, and more sophisticated management operations. In FY2027 (ending March 2027), this is positioned as one of the factors contributing to increased SG&A expenses, remaining in a continuous investment phase.
The company is pursuing simultaneous improvements in internal efficiency and value creation through the DX promotion event "TAKAMIYA FAIR 2025" and operation of a coin system (mutual utilization of personnel). In FY2026 (ending March 2026), the effect of SG&A expense containment exceeded expectations, achieving an operating profit margin of 7.2%.
Amid sluggish construction investment and economic uncertainty in South Korea (Holly Korea), the company recorded an operating loss of ¥98 million in FY2026 (ending March 2026). While closely monitoring political and economic conditions in each country, the company plans to improve profitability and strengthen its business foundation, though the timing of recovery remains unclear.
Last updated: July 19, 2026