Mitsuboshi Belting Ltd.
5192・Prime Market・Rubber Products
Construction Materials
Segment engaged in the manufacture, sale, and construction of waterproofing and water-shielding sheets for domestic building and civil engineering applications
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (full year, FY2026 ending March 2026) | ¥6,769 million | ¥8,102 million (FY2025, ended March 2025) | ↓ |
| Segment profit (full year, FY2026 ending March 2026) | ¥88 million | ¥703 million (FY2025, ended March 2025) | ↓ |
| Segment assets (end of FY2026, March 2026) | ¥3,282 million | ¥3,662 million (end of FY2025, March 2025) | ↓ |
| Revenue year-on-year change | -16.4% | - | ↓ |
| Segment profit margin (full year, FY2026 ending March 2026) | approx. 1.3% | approx. 8.7% (FY2025, ended March 2025) | ↓ |
Business Details
The Construction Materials segment is a domestically focused business engaged in the manufacture and sale of Waterproofing Sheets for Building Construction, Water-Shielding Sheets for Civil Engineering, and related products, as well as Civil Engineering Waterproofing Construction. Mitsuboshi Belting Ltd. handles manufacturing and sales, operating across three fields: building waterproofing, civil engineering water-shielding (waste disposal sites, etc.), and civil engineering waterproofing (public works). Although the company expanded its business scope by acquiring the civil engineering waterproofing business in February 2023, FY2026 (ending March 2026) saw significant headwinds across all fields, resulting in a substantial decline in both revenue and profit.
Recent Overview
In FY2026 (ending March 2026), a decrease in large-scale construction projects combined with labor shortages resulted in a sharp deterioration, with revenue down 16.4% and profit down 87.4%
Full-year revenue for FY2026 (ending March 2026) was ¥6,769 million (down 16.4% year on year), and segment profit was ¥88 million (down 87.4% year on year), representing a sharp deterioration. In the building field, ongoing labor shortages at construction sites led to a decline in sales. In the civil engineering water-shielding field, sales declined due to fewer large-scale construction projects compared to the prior year. Only the civil engineering waterproofing field saw an increase in sales, driven by contributions from water treatment plant-related construction projects, but this was insufficient to offset the overall decline. The segment profit margin plunged from approximately 8.7% in the prior period to approximately 1.3%, exposing the fragility of the segment's profit base.
Key Products
Growth Drivers
- Increase in orders for public works such as water treatment plant-related projects in the civil engineering waterproofing field (revenue growth confirmed again in FY2026, ending March 2026)
- Acquisition of extremely large-scale construction projects such as waste disposal sites in the civil engineering water-shielding field
- Continued effect of business scope expansion from the civil engineering waterproofing business acquired in February 2023
- Medium- to long-term expansion of demand related to aging public infrastructure (water treatment plants, disposal sites, etc.)
Risks
- Structural downward pressure on building waterproofing sales due to labor shortages at construction sites
- Risk of significant fluctuations in revenue and profit depending on the presence or absence of large-scale construction project orders (materialized in FY2026, ending March 2026)
- Extremely low segment profit margin (approximately 1.3% in FY2026, ending March 2026) and risk of sharp profit decline when construction projects decrease
- Risk of fluctuations in the construction and civil engineering market economy and public investment budgets
- Declining share of overall group revenue (approximately 7.3% in FY2026, ending March 2026), meaning even a recovery would have a limited contribution to consolidated results
Last updated: June 25, 2026