Hibino Corporation
2469・Standard Market・Services
Business
Hibino Corporation has 29 consolidated subsidiaries and operates three core businesses: sales and installation of professional audio-visual equipment (Sales & Installation business), design and construction of architectural acoustics and noise control (Architectural Acoustics business), and audio-visual services for concerts and events (Concert & Event Services business). Its major customers span a wide range, including broadcasters, halls, stadiums, arenas, commercial facilities, data centers, and concert promoters. In addition to its domestic operations, the company has bases in South Korea, Australia, Singapore, Malaysia, Indonesia, Sri Lanka, Hong Kong, the United States, and Europe, and is accelerating its expansion in the Asia-Oceania region. Overseas sales for FY2026 (ending March 2026) reached ¥12,033 million (overseas sales ratio of 17.8%).
Business Model
In the sales and installation business, the company provides equipment sales, system design, installation, and maintenance in an integrated manner, while the architectural acoustics installation business secures stable earnings through high-value-added specialized construction work spanning design through installation. The concert and event services business is centered on equipment rental and operation, generating variable revenue linked to utilization rates. Through M&A-driven "honeycomb-style management," the company expands its business portfolio, creating a structure that maximizes revenue opportunities by mutually leveraging equipment, technology, and customer bases across the group.
Company Strengths
The company holds three businesses—sales and installation, architectural acoustic construction, and concert/event services—within a single group, building a system capable of providing integrated services from the planning and design stage through construction and operation. In FY2026 (ending March 2026), all segments recorded record-high revenue, and the group demonstrated its combined strength on large-scale projects such as the Osaka-Kansai Expo and Nagasaki Stadium City.
During the "Vision 2025" period (FY2023 (ending March 2023) through FY2026 (ending March 2026)), the company carried out 6 M&A deals involving 21 companies, increasing revenue by ¥25,177 million compared to FY2022 (ending March 2022). Through overseas M&A activities such as Australia's InSight Systems group and Singapore's Spectrum Audio Visual Pte. Ltd., the company established a sales and installation base in the Asia-Oceania region. Overseas revenue increased by ¥6,807 million during this period, reaching ¥12,033 million.
The architectural acoustic construction business recorded revenue of ¥11,628 million and segment profit of ¥1,026 million (profit margin of 8.8%) in FY2026 (ending March 2026), maintaining profit levels by absorbing the rebound effect from the prior period's highly profitable large-scale projects through profitability management and cost reduction. The business specializes in areas requiring advanced expertise, such as studios, acoustic laboratories, electromagnetic shielding, and noise reduction construction, giving it business characteristics that make it difficult for competitors to enter.
ENVALITH's Perspective
Performance Trend
Revenue increased 59% over five fiscal years, from ¥42,426 million in FY2022 (ended March 2022) to ¥67,603 million in FY2026 (ending March 2026). Operating profit expanded roughly 3.8-fold over the same period, from ¥1,340 million to ¥5,066 million, with the operating margin improving from 3.2% to 7.5%. Profit attributable to owners of parent surged to ¥3,054 million in FY2026 (up 77.3% year on year), driven mainly by the disappearance of the prior year's extraordinary losses (goodwill amortization of ¥353 million, valuation loss on investment securities of ¥218 million, and other items totaling ¥664 million) and a concentration of large-scale projects in the concert and event services business, including the Osaka-Kansai Expo; some of this growth includes one-off factors. External tailwinds—a buoyant domestic concert market, demand for stadium development, and expanding data center investment—also boosted results. The equity ratio improved to 31.6%, and operating cash flow reached ¥8,621 million, reflecting a stronger financial position. For FY2027 (ending March 2027), the company forecasts consolidated operating profit of ¥4,600 million (down 9.2% year on year) as the special demand fades.
Growth Strategy
Under the new mid-term plan "Beyond 1000," the company aims to achieve consolidated sales of ¥100 billion in FY2029 (ending March 2029) through M&A and honeycomb-style M&A.
A three-year plan spanning FY2027 (ending March 2027) through FY2029 (ending March 2029). Under the policy of "realizing sustainable growth through Sound Management 2.0," the company aims to achieve consolidated sales of ¥100 billion, an overseas sales ratio of 30%, and ordinary income of ¥7.0 billion in the final year, FY2029 (ending March 2029). Business creation and innovation through the evolution of honeycomb-style management form the pillar of the growth strategy.
Through the consolidation of Ascent Corporation (subsidiary conversion completed April 2026) and Photron Kikaku Co., Ltd. (subsidiary conversion planned for July 2026), the company will strengthen systems engineering and video equipment sales. It aims to enhance its one-stop proposal capability for AV & IT systems and expand bundled orders. Sales & Installation Business sales for FY2027 (ending March 2027) are projected at ¥40,600 million (up 24.2% year on year).
Through the consolidation of Sonora Technology Co., Ltd. (subsidiary conversion planned for May 2026), a manufacturer of anechoic chambers and soundproof rooms, the company will add prefabricated anechoic chambers and soundproof rooms to its lineup. It will also pursue new product development through group collaboration, capturing demand from data centers, urban redevelopment, and other sources. Architectural Acoustics Installation Business sales for FY2027 (ending March 2027) are projected at ¥12,400 million (up 6.6% year on year).
The company will strengthen its focus on sports, immersive entertainment, virtual production, and video production, while newly launching lighting services to promote spatial production proposals combining video and lighting. This aims to build a stable earnings base following the falloff of large one-off demand. For FY2027 (ending March 2027), sales of ¥20,000 million (down 6.3% year on year) and segment profit of ¥3,300 million (down 22.0%) are projected.
The company will expand its sales scale in the Asia and Oceania region, centered on Australia (InSight Systems group), Singapore (Spectrum Audio Visual Pte. Ltd.), and Korea (efficiency gains through subsidiary merger). Under "Beyond 1000," the final target is an overseas sales ratio of 30% (compared with an actual 17.8% in FY2026, ending March 2026), and the company will accelerate overseas expansion while making use of M&A.
The equity ratio target of 30% set under "Vision 2025" was achieved in FY2026 (ending March 2026) at 31.6%. Short-term borrowings were reduced by a net ¥4,773 million, lowering financial leverage. Under "Beyond 1000" as well, "financial stability" is positioned as one of the pillars of the sound management cycle, and the company intends to maintain a balance between M&A investment and financial discipline.
Last updated: July 19, 2026