ITO YOGYO CO., LTD.
5287・Standard Market・Glass & Ceramics Products
Business
Ito Yogyo Co., Ltd., founded in 1950 and based in Hyogo Prefecture, is a manufacturer of secondary concrete products. Having introduced the Danish-originated Baicon manufacturing method (an immediate demolding process) in 1967, the company operates three segments: the Concrete-Related Business, its core operation, which manufactures and sells road products, no-utility-pole products, environmental products, and the like; the Building Equipment-Related Business, which handles the sales, construction, and maintenance of air conditioning and water supply/drainage equipment; and the Real Estate-Related Business, which leases company-owned real estate. Its main customers are public works contracting authorities affiliated with the Ministry of Land, Infrastructure, Transport and Tourism, as well as expressway companies and private facility operators, and the company is listed on the Standard Market of the Tokyo Stock Exchange and the Main Market of the Nagoya Stock Exchange.
Business Model
In the Concrete-Related Business, the company manufactures high-strength, low-CO₂ products at its own factories using the Baicon manufacturing method, selling directly to road management authorities, expressway companies, and private facilities. In the Building Equipment-Related Business, the company secures orders through both public works bidding and private-sector sales activities, providing integrated services from construction through maintenance. The Real Estate-Related Business generates stable cash flow through leasing of company-owned properties, forming a structure that complements the company's overall earnings base.
Company Strengths
The Baicon manufacturing process, introduced from Denmark in 1967, enables production of high-strength products using less cement and reduces CO2 emissions compared to other manufacturing methods. The company has completed mix designs that meet the Ministry of Land, Infrastructure, Transport and Tourism's "Low-Carbon Concrete Trial Construction" standards, and since construction projects under MLIT jurisdiction nationwide became eligible for the trial from July 2025, the company has built up low-carbon inventory of key products and established a shipping system.
D.D.BOX and S.D.BOX are proprietary products that support the plan to promote undergrounding of utility poles, and increased adoption is expected under the government's next promotion plan (five years starting FY2026). Hume Ceptor, an oil-water separation product compliant with NEXCO design guidelines, has expanded its adoption track record on expressways, national highways, and private facilities, and has established technical differentiation including a history of winning the "Noteworthy Technology Award" at the Construction Technology Exhibition.
At the end of FY2026 (ending March 2026), the equity ratio was 70.6%, the current ratio was 245.9%, and cash and cash equivalents stood at ¥944 million. Through the sale of fixed assets (gain on sale of ¥122 million) and repayment of ¥600 million in short-term borrowings, the company has significantly reduced interest-bearing debt, achieving a financial structure capable of funding next-period capital expenditures with its own resources.
ENVALITH's Perspective
Performance Trend
Net sales bottomed out at ¥3,132 million in FY2024 (ended March 2024) and increased for two consecutive periods, reaching ¥3,934 million in FY2026 (ending March 2026), a new high over the past five periods. Operating profit expanded approximately 5.4x over the five-year period, from ¥62 million in FY2022 (ended March 2022) to ¥337 million in FY2026 (ending March 2026), with the operating profit margin improving from 2.1% to 8.6%. As external factors, continued expansion of the national resilience and disaster prevention budget and the plan to promote the elimination of utility poles supported demand, while expanded adoption in the Concrete-Related Business and increased orders for private-sector construction in the Building Equipment-Related Business drove the increase in both sales and profit. For FY2027 (ending March 2027), the company forecasts a decline in operating profit to ¥270 million (-19.8%), but plans to maintain sales growth with net sales of ¥4,000 million (+1.7%).
Growth Strategy
Promoting sales expansion of high-value-added products in both public and private sectors, centered on the two major themes of national resilience and carbon neutrality
Completed development of products meeting the Ministry of Land, Infrastructure, Transport and Tourism's "Low-Carbon Concrete Trial Construction" standards, and is advancing the transition of mainstay products and product lines to low-carbon versions. The company is strengthening PR activities through exhibitions such as the Decarbonization Management EXPO, aiming to expand orders by promoting products in line with carbon neutrality policy.
The Ministry of Land, Infrastructure, Transport and Tourism is expected to include completion targets for construction on urban emergency transport roads in its next five-year undergrounding promotion plan starting FY2026 (ending March 2027), which is expected to increase adoption of these products. The company will strengthen continuous participation in public works bidding and proposal activities.
In addition to bidding for public works, the company has been actively conducting sales activities for private-sector construction, achieving a year-on-year increase of +20.2% in net sales for FY2026 (ending March 2026). It also continues to gather information and conduct sales activities for the ESCO Business, which captures energy-saving demand, aiming to diversify its earnings base.
The company is developing new products as concrete solutions for microplastic countermeasures, greenhouse gas reduction, and climate change adaptation. It is working to raise awareness and develop sales channels through exhibitions at symposiums hosted by the Ministry of the Environment and events linked to the World Expo.
Last updated: July 19, 2026