TOYOKOH Inc.
341A・Growth Market・Construction
TOYOKOH Inc.
341A・Growth Market・Construction
Business
Toyoko Co., Ltd. operates under the mission "Kirei ni, Mirai e" (Making it Clean, Toward the Future), developing two proprietary technologies specialized in the maintenance of aging social infrastructure structures. In the SOSEI Business, the company renovates deteriorated slate roofs of factories and warehouses using a specialized resin spray coating method it developed in-house in 2006, and has achieved cumulative construction results of 1.7 million square meters through FY2026 (ending March 2026). In the CoolLaser Business, the company manufactures and sells high-output rust-removal laser construction equipment, which it has continued developing since 2008, entering the surface preparation market for repainting work on infrastructure structures such as bridges, steel towers, marine facilities, and plants. Its main customers are automobile, machinery, and steel manufacturers (SOSEI) and construction companies affiliated with major infrastructure owners and engaged in public road bridge works (CoolLaser). The company listed on the Tokyo Stock Exchange Growth Market in March 2025.
Business Model
The SOSEI Business earns construction service revenue through contracted work performed as either prime contractor or subcontractor. The CoolLaser Business is oriented toward a structure centered on equipment sales of approximately ¥100 million per unit, building up recurring stock-type revenue through maintenance contracts and consumables sales after equipment goes into operation. The company has explicitly stated a policy of limiting construction sales to market development and R&D purposes, prioritizing the expansion of recurring revenue through the spread of equipment installations. In FY2026 (ending March 2026), 12 CoolLaser units were delivered over the full year, and the segment recorded sales of ¥1,350 million and segment profit of ¥249 million.
Company Strengths
The company has patented "removal of target objects via circular laser irradiation" in both Japan and the US (Patent No. 5574354, US-9868179). It achieves high output of 5.4kW and long-distance optical fiber transmission of up to 100 meters, far exceeding the industry mainstream of competitors (100W to 1kW). High-speed scanning via circular irradiation suppresses thermal impact on steel materials, raising the difficulty of technical imitation.
Since its proprietary development in 2006, cumulative construction achievements have reached 1.70 million ㎡ through FY2026 (ending March 2026). Repeat orders from existing customers account for approximately 80% of total net sales, forming a stable order base in which customers who have adopted the method once continue to place orders for other factories and facilities. Orders received for the SOSEI Business in FY2026 (ending March 2026) reached ¥1,484,860 thousand, up 155.9% year on year.
The Laser Construction Research Association (a general incorporated association), established under the company's leadership in 2019, had 130 member companies as of the end of April 2026. Through joint research with the Public Works Research Institute under the Ministry of Land, Infrastructure, Transport and Tourism, and the establishment of JIS standards in cooperation with the Ministry of Economy, Trade and Industry, the company has led the formulation of safety guidelines for outdoor high-power laser use. By taking the lead in shaping the rules of this new market, the company has built barriers to entry.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue reached ¥3,133 million (up +54.7% year-on-year), operating profit reached ¥629 million (up +108.8%), and net income attributable to owners of parent reached ¥550 million (up +71.4%), with all key metrics showing substantial increases. The operating margin improved from 14.9% to 20.1%. The CoolLaser Business expanded rapidly, up +219.3% year-on-year, driving overall company growth. On the financial side, the balance sheet also strengthened, with total assets of ¥5,341 million (up +37.3% year-on-year), net assets of ¥2,979 million (up +46.7%), and an equity ratio of 55.8%. While increased capital expenditure in the construction industry served as a tailwind in the external environment, uncertainties such as rising prices, the situation in the Middle East, and U.S. trade policy are casting a shadow over the outlook for the second half and beyond. For FY2027 (ending March 2027), the company forecasts revenue of ¥4,000 million and operating profit of ¥790 million.
Growth Strategy
Full-scale expansion of CoolLaser equipment sales and dual-axis growth through the new SOSEI business (solar panel installation)
In February 2026, the company shifted from build-to-order to build-to-forecast production, enabling order-to-delivery completion within the same quarter. Equipment sales for FY2027 (ending March 2027) are projected at ¥2,075 million (+57.5% year on year), of which ¥911 million is already on order. The company aims to reduce lost order opportunities and accelerate growth by shortening the sales cycle.
With full-year delivery of 12 units of the CoolLaser G19-6000 Series (Equipment Sales) in FY2026 (ending March 2026), the cumulative number of units delivered has increased. Demand for periodic parts replacement and maintenance associated with equipment operation is building up, and Maintenance Service & Consumables Sales for FY2027 (ending March 2027) is projected at ¥18 million (+51.3% year on year). The company aims to build a stable, stock-type revenue base over the medium to long term.
By applying the SOSEI Method (Roof Renovation Construction Service) to slate roofs previously considered too weak to support solar panel installation, and then installing patent-pending specialized fixtures, the company plans to launch a new business from FY2027 (ending March 2027) that enables installation of heavy solar panels. Capturing demand for decarbonization, the company projects SOSEI Business sales of ¥1,900 million (+6.5% year on year) and segment profit of ¥656 million (+4.1% year on year).
The company does not have its own construction workforce and has adopted a business model as an equipment manufacturer that emphasizes collaboration with painting contractors nationwide. By having construction contractors, who are the equipment users, handle the actual construction work, the company is able to concentrate its management resources on product development, manufacturing, and sales. Expanding this collaborative network forms the foundation for the spread of CoolLaser.
Last updated: July 19, 2026