DAISAN CO.,LTD.
4750・Standard Market・Services
Business
Daisan Co., Ltd. was founded in 1975 and developed the wedge-type low-rise temporary scaffolding system "Bike-Ashiba®" in 1980, establishing itself as a specialized manufacturer and construction company for temporary scaffolding. Domestically, the company operates a Construction Service Business (net sales of ¥7,669 million) with major home builders as key customers, and a Manufactured Goods Sales Business (net sales of ¥1,009 million) handling construction hardware and temporary equipment. It also conducts Overseas Business (net sales of ¥2,399 million) through its Singapore subsidiary Mirador Building Contractor Pte. Ltd. Consolidated net sales for FY2026 (ending April 2026) totaled ¥11,139 million. The company has a vertically integrated business structure covering everything from product planning, development, and production to construction and rental.
Business Model
The company combines a "Construction Service" that manufactures its proprietary Bike-Ashiba® parts and provides them, together with installation, to major housing manufacturers, with a "Manufactured Goods Sales" business that sells and rents parts to external scaffolding contractors. In the Construction Service Business, personnel (installation staff) are the key asset, and securing orders at appropriate prices and expanding installation capacity are the keys to earnings. Demand for the rental service continues against a backdrop of persistently high material prices, and it also functions to maintain and expand customer touchpoints. Overseas, the company secures a high gross margin (31.5%) in scaffolding and ancillary work for plants in Singapore.
Company Strengths
Bike-Ashiba®, developed in-house in 1980, is a product certified by the Temporary Structures Association, and the company has built a vertically integrated model that completes everything from product planning, design, and manufacturing to construction and rental in-house. Construction capacity has expanded to 1,306 thousand square meters (109.0% year-on-year), giving the company an advantage in both parts supply capability and construction systems that competitors cannot easily replicate in the short term.
The main customers of the Construction Service Business are major housing manufacturers, and even amid an environment where housing starts overall have declined significantly, order volume was maintained at roughly the same level as the same period of the previous year. Through expanding share among existing customers and promoting orders at appropriate prices, Construction Service revenue for FY2026 (ending March 2026) [translator note: source states 2026年4月期, rendered per source] reached ¥7,669 million, up 6.0% year-on-year.
As a result of actively promoting the recruitment and training of Japanese and Specified Skilled Worker foreign construction staff, the number of staff on the roster at the end of FY2026 (ending April 2026) reached the highest level in the past 10 years. The company has established a unique program to train Specified Skilled Worker foreign staff to become chiefs (site foremen), simultaneously achieving both an expanded construction workforce and early development of capable personnel.
ENVALITH's Perspective
Performance Trend
Revenue maintained a moderate expansion trend, rising from ¥9,700 million in FY2022 (ending April 2022) to ¥11,139 million in FY2026 (ending April 2026). Operating profit recorded losses in FY2022 and FY2023 (ending April 2022 and April 2023), then recovered sharply from ¥56 million in FY2024 (ending April 2024) to ¥371 million in FY2025 (ending April 2025), but declined again to ¥268 million in FY2026 (ending April 2026). As an external factor, a substantial decline in housing starts (down 12-13% across owner-occupied, rental, and condominium categories alike) pushed down Manufactured Goods Sales Business revenue by 14.5%. Meanwhile, the Construction Service Business secured a 6.0% increase in revenue on expanded share with major home builders. The operating profit margin fell from 3.4% (FY2025, ending April 2025) to 2.4% (FY2026, ending April 2026), with upfront investment in personnel costs made in anticipation of future order growth constraining margin improvement. For FY2027 (ending April 2027), the company forecasts revenue of ¥12,000 million, operating profit of ¥280 million, and net income of ¥130 million.
Growth Strategy
The Fourth Medium-Term Management Plan 'Reborn' advances three pillars simultaneously: deepening the core business, overseas M&A, and human resource development
The company continues to negotiate orders at appropriate prices with major home builders to improve profitability, while expanding its order base through greater share of existing customers and acquisition of new customers. In FY2026 (ending March 2026), Construction Service Business sales reached ¥7,669 million (up 6.0% year on year), achieving sales growth even amid a decline in housing starts.
The company is developing specified skilled worker foreign nationals into foreman-level personnel to accelerate the readiness of overseas talent, building a construction framework capable of responding to order growth. It is also pursuing human resource development through Japanese-style driving instruction, Japanese language education, and safety education at YUZURU DRIVING SCHOOL, established by the Indonesian joint venture PT DAISAN MINORI INDONESIA.
On April 21, 2026, the company acquired all shares of Penguin Engineering & Construction Pte. Ltd. for ¥249 million. By incorporating an engineering business (piping, welding, mechanical work, etc.) for major petrochemical plants, the company aims to drive expansion of combined materials-and-labor orders through synergies with existing subsidiaries Mirador Building Contractor and Golden Light House Engineering.
The company aims to increase scaffolding parts sales volume by capturing new customers amid rising rental demand due to persistently high material prices, while proposing that continuing rental customers switch to purchasing parts. It is also promoting active sales expansion of ancillary products and services in parallel. In FY2026 (ending March 2026), the business struggled, with sales of ¥1,009 million (down 14.5% year on year) due to market conditions.
The company is working to improve the efficiency of administrative operations, primarily in the Overseas Business, through the use of digital technology, aiming to control fixed costs and secure profitability. It is also promoting expansion of SES and contracted development in its digital business in Indonesia, aiming to contribute to an industry facing worsening labor shortages while achieving sustainable growth for the group.
Last updated: July 19, 2026

