TOBISHIMA HOLDINGS Inc.
256A・Prime Market・Construction
Business
Tobishima Holdings Corporation is a holding company established in October 2024 as the wholly owning parent of Tobishima Corporation. The group comprises 19 consolidated subsidiaries and 1 affiliate, and is organized around two core pillars: the mainstay construction business (civil engineering and building construction) and the Growth Business, which encompasses real estate development, construction-related services, and construction DX support. Major customers range widely from government bodies such as the Ministry of Land, Infrastructure, Transport and Tourism and local governments to private developers and manufacturers. Consolidated net sales for FY2026 (ending March 2026) were ¥139,255 million. Backed by an order backlog of ¥192,841 million (Tobishima Corporation, non-consolidated), the group enjoys high visibility of revenue over the medium term.
Business Model
Core earnings are derived from civil engineering and building construction contracting handled by Tobishima Corporation, based on the construction industry's characteristic flow-type model of order receipt → construction → completed construction revenue recognition. In addition, a diverse group of subsidiaries in regional construction companies, construction materials, real estate sales, IT system development, and other areas within the Growth Business and other segments complement this with stable stock-type earnings. Since the transition to a holding company structure, the company has accelerated the expansion of its business portfolio through M&A, and sales in the Growth Business and other segments reached ¥27,490 million, up 48.7% year on year.
Company Strengths
As of March 31, 2026, Tobishima Corporation's non-consolidated backlog of construction contracts stood at ¥192,841 million (civil engineering ¥123,734 million; building construction ¥69,107 million). This includes large-scale, long-term projects such as the Chuo Shinkansen Ina Sanchi Tunnel (scheduled for completion in December 2030) and the elevated structure at the new Yakumo Station on the Hokkaido Shinkansen (scheduled for completion in June 2027), securing highly predictable revenue over multiple years.
The company consolidated Kyowa Seisan Co., Ltd. in April 2025 and Tachi Construction Co., Ltd. (including its five subsidiaries) in January 2026. Reflecting the contribution of these M&A transactions, external customer sales in the Growth Business and other segments expanded 48.7% year on year to ¥27,490 million, with segment profit growing to ¥2,458 million (up 18.7% year on year). Real estate for sale in the real estate development business also increased from ¥1,410 million to ¥6,057 million.
Tobishima Corporation has developed in-house and deployed both within and outside the group a range of technologies, including the digital twin platform "Cyber Construction Site," the AI agent-based "AI Site Supervisor," and the seismic measurement system "NAMISIIIL." The company invested ¥683 million in R&D, continuing technology development focused on innovating construction production systems, maintenance management, and disaster prevention as key strategic priorities.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for FY2026 (ending March 2026) were ¥139,255 million (up 0.7% year on year), operating profit was ¥6,910 million (up 7.5%), ordinary profit was ¥5,968 million (up 4.2%), and profit attributable to owners of parent was ¥4,845 million (up 30.2%). While sales growth was modest, an improvement in the profit margin of the construction business (segment margin rose from 5.0% to 7.7%) and expansion of the growth business and other segments boosted profit. The recording of a gain on negative goodwill of ¥499 million as extraordinary income (Kyowa Seisan Co., Ltd. ¥133 million; Tachi Kensetsu Co., Ltd. ¥365 million) also contributed to the significant increase in net profit. Amid continued elevated levels of labor costs and material/equipment prices as an external factor, cost of sales was contained, decreasing ¥141 million year on year to ¥122,321 million. The equity ratio improved to 33.3% (from 32.0% in the previous period).
Growth Strategy
Under the medium-term management plan (through FY2027), the company aims to enhance corporate value across three axes: expanding its earnings base, improving capital efficiency, and sustainability.
Continuing strategic M&A to incorporate regional community-based construction companies in anticipation of expansion of the "Infrastructure Anti-Aging" market. Kyowa Seisan Co., Ltd. was made a subsidiary in April 2025, and Tachi Construction Co., Ltd. (acquisition cost of ¥5,887 million) was made a subsidiary in January 2026, expanding Growth Business etc. net sales by 48.7% year on year. Establishing a sustainable regional construction model is positioned as a pillar of the medium-term growth strategy.
Promoting the provision of digital technology within and outside the Group through the Construction DX Support Business. Intersegment net sales of ¥16,222 million (Growth Business etc.) indicate demand within the Group. Continuing to invest ¥683 million in research and development, aiming to respond to productivity improvement and work-style reform while strengthening competitiveness.
Capital efficiency is on an improving trend, with ROE of 9.3% (7.5% in the previous fiscal year) and an equity ratio of 33.3% (32.0% in the previous fiscal year). The dividend was increased to ¥105 per share (dividend payout ratio of 41.5%), and ¥110 (44.0%) is forecast for FY2027 (ending March 2027). The company has adopted a dividend policy using other capital surplus as the source of dividends, and will continue to return profits to shareholders.
Last updated: July 19, 2026