ENVALITH
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SE Corporation

3423・Standard Market・Metal Products

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SE Corporation3423

Business

SE Corporation is a comprehensive construction-related group established in 1981 (with roots dating back to a predecessor founded in 1967), operating through a group of 10 companies including 6 consolidated subsidiaries. In its core "Construction Materials & Equipment Manufacturing and Sales Business," the company manufactures and sells Cable Products such as anchors, fall prevention devices for bridges, PC cables, external cables, and stay cables, Steel Products (KIT Pressure Plates, Displacement Control Devices, etc.), and Concrete Products including ESCON. In the "Building Materials Manufacturing and Sales Business," the company handles Building Hardware (Separators, Suspension Bolts, etc.) and steel frame construction. In the "Construction Consulting Business," it undertakes ODA projects both domestically and overseas. In the "Repair and Reinforcement Construction Business," it carries out Bridge and Tunnel Repair and Reinforcement Construction. Its main customers are public institutions and general contractors, with demand underpinned primarily by national resilience initiatives and responses to aging infrastructure.

Business Model

The SE Group is centered on a manufacturing-and-sales model in which cable, steel, and concrete products are manufactured at its own plants (Yamaguchi Plant and others) and sold to public institutions and construction companies through a nationwide sales network. In addition, by combining repair and reinforcement construction work (SE Repair, etc.) with domestic and overseas construction consulting services (Angelo Sec, etc.), the Group provides integrated services spanning infrastructure development through maintenance, giving it a revenue structure that captures public investment budgets from multiple angles.

Company Strengths

Since the founding of its predecessor in 1967, the company has developed products such as fall prevention devices for bridges, ground anchors, and stay cables for cable-stayed bridges centered on prestressed concrete technology, and has obtained multiple technical review certifications and evaluation certificates from bodies such as the Sabo and Landslide Technical Center and the Public Works Research Center. It has also obtained ISO9001 and ISO14001 certifications, which underpin its credibility in public procurement.

The company operates four segments: Construction Materials & Equipment (net sales of ¥12,019 million), Building Materials (¥9,860 million), Construction Consulting (¥687 million), and Repair and Reinforcement Construction (¥2,834 million), with a structure that captures demand distributed across public, private, domestic, and overseas sources. In FY2026 (ending March 2026), the Repair and Reinforcement Construction Business achieved a 19.1% year-on-year increase in both revenue and profit, demonstrating that the complementary function among segments is actually working.

The company has a nationwide network of offices in Tokyo, Sendai, Nagoya, Osaka, Kyushu, Hokuriku, Hokkaido, Chugoku, Shikoku, and Yamaguchi, and offers a broad lineup of products and services including Cable Products, Steel Products, Concrete Products, Building Hardware, Steel Frame Construction, Repair Construction, and Consulting. This has built a sales foundation that avoids dependence on a single product while responding to diverse customer needs.

ENVALITH's Perspective

For FY2026 (ending March 2026), the company recorded a net loss attributable to owners of the parent of ¥434 million (versus net income of ¥543 million in the previous fiscal year). The main cause was the reversal of deferred tax assets (recording ¥588 million in income tax adjustment expenses), reflecting a conservative assessment of future taxable income projections. The equity ratio declined from 44.0% to 42.6%, and net assets per share also decreased from ¥370.67 to ¥346.20, indicating that the gradual deterioration of the financial base is continuing and warrants attention.

Company-wide expenses (personnel and other costs for the R&D division) increased significantly from ¥601 million in the previous fiscal year to ¥799 million, pressuring operating profit as an adjustment of ¥818 million against total segment profit of ¥1,417 million. The energy-related business is said to have moved to its next research stage, but the specific timing and scale of monetization have not been disclosed. Even in the FY2027 (ending March 2027) forecast, the first year of the "Medium-Term Management Plan 2030," operating profit is expected to remain low at ¥603 million, making the outlook for investment recovery central to the performance assessment.

For FY2026 (ending March 2026), despite recording a net loss, the company maintained a dividend of ¥13 per share (payout ratio not calculable), but plans to cut the dividend to ¥12 for FY2027 (ending March 2027). Although the company has set a shareholder return policy targeting a DOE of 3.5% or higher, retained earnings decreased from ¥8,987 million to ¥8,159 million, indicating that the continuation of net losses and dividend payments is eroding internal reserves. External factors such as uncertainty over U.S. trade policy and persistently high raw material prices also remain obstacles to earnings recovery, leaving uncertainty as to how quickly profit levels can be restored.

Growth Strategy

Under the "Mid-Term Management Plan 2030," the company is advancing both the monetization of new businesses and the strengthening of the profit structure of existing businesses as twin pillars of growth.

In FY2026 (ending March 2026), the company formulated a new "Mid-Term Management Plan 2030." The plan is built on two pillars: generating revenue through the creation of new businesses, and advancing initiatives derived from a backward-planning approach based on the desired future state of existing businesses. In the initial year (FY2026), the policy is to strengthen the growth foundation of existing businesses while accelerating efforts in new businesses.

Advance investment in the energy-related business, which has continued since the "Mid-Term Management Plan 2020-2022," is transitioning to the next research stage. Personnel expenses and costs in the R&D department expanded to ¥799 million, an increase of approximately 33% year on year, as the company further expands investment toward commercialization. The specific timing and scale of monetization have not been disclosed.

In the Construction Consulting Business, the company has begun new business development overseas. While leveraging its existing strengths in Francophone Africa, it is promoting expansion into Asia, Oceania, and other regions, as well as participation in projects utilizing BIM/CIM-related technologies. In FY2026 (ending March 2026), it achieved a turnaround to profitability (operating profit of ¥36 million).

As part of strengthening the foundation of existing businesses under the "Mid-Term Management Plan 2023-2025," the company is working to improve the efficiency of its supply chain, including production. In response to rising raw material prices, it is strengthening coordination between the sales and production departments, aiming to secure planned profits by optimizing procurement and appropriately passing costs through to sales prices.

Against the backdrop of progress in countermeasures against the aging of social infrastructure, the company continues to expand orders for Bridge and Tunnel Repair and Reinforcement Construction. In FY2026 (ending March 2026), it achieved net sales of ¥2,834 million (up 19.1% year on year) and operating profit of ¥249 million (up 3.8% year on year). A decline in profit margin due to smaller-scale projects and increased outsourcing remains a challenge.

Last updated: July 19, 2026