Shinwa Co., Ltd.
3447・Standard Market・Metal Products
Business
Shinwa Co., Ltd. was established in 1979 as a manufacturer of temporary construction materials and logistics equipment, with its main production base at the Tsukura Plant in Kaizu City, Gifu Prefecture. In its Temporary Materials segment, the company manufactures and sells the Wedge-Coupling Scaffolding "Shinwa Catcher" and the Next-Generation Scaffolding "SPS," and provides integrated services encompassing rental and Temporary Construction Services (Installation and Rental). In its Logistics Equipment segment, the company handles custom-made pallets and steel racks for industries such as automotive, logistics, and glass, covering everything from planning and design to delivery. Major customers include rental companies, scaffolding erection and dismantling contractors, trading companies, and distributors. Revenue for FY2026 (ending March 2026) reached ¥20,138 million, a record high since the company's listing. The group consists of nine companies, and it has progressively integrated subsidiaries with capabilities in installation work, aluminum processing, and other functions.
Business Model
In the Temporary Materials segment, the company leverages the cost competitiveness of manufacturing at its own factories to develop proposal-based sales combining sales, rental, and installation. The Logistics Equipment segment provides custom-made products tailored to specific customer challenges through a build-to-order production system, handling everything from design to installation and maintenance. The company extends its value chain through collaboration with group subsidiaries (Yagumi, Kaizu Construction, Ohgane Metal Industry, etc.), creating a structure that enhances added value and profitability.
Company Strengths
The company achieves competitive manufacturing costs through domestic production centered on the Tsuchikura Plant (Kaizu City, Gifu Prefecture; site area 40,642㎡). Through the consolidation of Yagumi Group and Kaizu Construction as subsidiaries, the company has internalized its installation function, building a system capable of providing integrated services from manufacturing through installation. In FY2026 (ending March 2026), revenue from Temporary Construction Services (Installation and Rental) reached ¥5,964 million, up 20.7% year on year.
The company has accumulated expertise in providing an integrated service—from planning and design through delivery—of custom-made products tailored to customer challenges across diverse industries such as automotive, glass, earth and stone, and automated warehousing. In FY2026 (ending March 2026), revenue in the Logistics Equipment (Pallets, etc.) segment reached ¥5,679 million, up 26.9% year on year and a record high, growing into a second pillar following the temporary materials segment.
The company has successively made subsidiaries of Yagumi Group (installation personnel) in April 2024, Ohgane Metal Industry (aluminum processing technology) in May 2025, and Kaizu Construction (installation function) in October 2025. By incorporating each company's specialized functions into the group, the company has built a track record of comprehensively strengthening its product capability, installation capability, and proposal capability.
ENVALITH's Perspective
Performance Trend
Revenue recovered sharply from a trough of ¥12,679 million in FY2024 (ended March 2024), reaching ¥20,138 million in FY2026 (ending March 2026), up 15.1% year on year and a record high since listing. Operating profit came to ¥2,488 million (up 53.4% year on year), with the operating profit margin improving substantially to 12.4% (from 9.3% in the previous fiscal year). Both the Temporary Materials segment, at ¥14,458 million (up 11.0% year on year), and the Logistics Equipment segment, at ¥5,679 million (up 26.9% year on year), expanded. As external tailwinds, resilient construction investment driven by urban redevelopment and infrastructure renewal demand, along with robust demand for large-scale logistics warehouse projects, provided support. Operating cash flow improved substantially to ¥2,319 million from ¥848 million in the previous fiscal year, reflecting an enhanced ability to generate cash.
Growth Strategy
Maximize group synergies through M&A and expansion into new fields, aiming to continue setting record-high results
Established a consolidated 8-company structure through the integration of the Yagumi Group, Ohgane Metal Industry, and Kaizu Construction. The company is promoting the sharing of management resources and maximization of synergies across manufacturing, sales, and construction, and expects the full-year contribution of newly consolidated companies to boost performance in FY2027 (ending March 2027).
Promoting the acquisition of competitively advantageous projects by enhancing product capabilities through the aluminum processing technology of Ohgane Metal Industry. The company aims to improve profitability by proposing high-functionality products that capture labor-saving and efficiency needs, and by refining project selection.
Promoting expansion into infrastructure-related fields in addition to the traditional housing and construction fields, including the launch of suspended scaffolding for special works such as bridges. Demand for wedge-coupling scaffolding, next-generation scaffolding, and safety measure materials is expected to remain firm.
Implementing a progressive dividend policy with a minimum annual dividend per share of ¥32. The company plans an annual dividend of ¥34 for FY2026 (ending March 2026) (an increase of ¥2 year on year) and ¥36 for FY2027 (ending March 2027) (an increase of ¥2 year on year). The dividend payout ratio is maintained at a sound level of 26.9%.
Last updated: July 19, 2026