Vertex Corporation
5290・Standard Market・Glass & Ceramics Products
Business
Bertex Corporation is a holding company established in 2018 through a joint share transfer, comprising 10 consolidated subsidiaries and 1 affiliated company. In its core Concrete Business, the company manufactures, sells, and performs installation works for Secondary Concrete Products (Manholes, Hume Pipes, Box Culverts, etc.). In the Slope Disaster Prevention Business, it handles disaster prevention products such as Rockfall Protection Fences. The Pile Business covers manufacturing of Centrifugally Cast Prestressed Concrete Piles (PC Piles) and Pile Driving Works (Construction Services), and has been joined by the manufacturing and sale of tunnel segment products by IKK Co., Ltd., which became a consolidated subsidiary in October 2025. Its main customers are government agencies and construction companies responsible for public infrastructure development, with public investment driven by national resilience initiatives and disaster prevention infrastructure development serving as the primary source of demand.
Business Model
By providing a consistent offering that extends beyond product manufacturing and sales to include installation works and setup works, the company enhances added value. Positioning the Concrete Business and Slope Disaster Prevention Business as core businesses, it aims to improve profitability through selling price revisions and by expanding the composition ratio of high value-added products (such as SJ-BOX). The diversified business group, including Ceramics Products and hydraulic hoses, complements stable earnings, and expanding the business domain through M&A is also utilized as a means of growth.
Company Strengths
Through an expanded proportion of high value-added products such as SJ-BOX (seismic-resistant box culverts) and rainwater storage tanks, combined with sales price revisions, the Concrete Business segment profit for FY2026 (ending March 2026) reached ¥6,341 million (up 17.2% year on year), with a segment profit margin of approximately 21.1%. Improvement in the product mix has directly contributed to enhanced profitability.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 66.8%, cash and cash equivalents amounted to ¥17,981 million, and interest-bearing debt remained limited to ¥5,986 million. The company maintains financial soundness, with net cash substantially exceeding interest-bearing debt, and possesses sufficient funding capacity to finance M&A and capital expenditures using its own funds.
Since establishing the holding company in 2018, the company has continuously executed M&A, including Kyushu Vertex (2020), Proflex (2022), and IKK Corporation (2025). Following the consolidation of IKK, the Segment Business (tunnel segments) was newly established in FY2026 (ending March 2026), contributing newly incorporated sales of ¥5,623 million. A gain on negative goodwill of ¥6,019 million was also recorded.
ENVALITH's Perspective
Performance Trend
Revenue reached ¥46,519 million (up 19.5% year on year), renewing the highest level in five fiscal periods. The Concrete Business grew 11.6% on strong demand for flood-control projects, boosted further by the consolidation of IKK (Segment Business contributing ¥5,623 million). Meanwhile, the Pile Business saw a sharp decline of 23.3% due to the cancellation and postponement of private-sector construction investment, partly reflecting the impact of U.S. tariff policy. Operating profit came to ¥7,058 million (up 12.3% year on year), and the operating profit margin stood at 15.2% (versus 16.2% in the prior period), slightly lower but maintaining a high level. Net income doubled to ¥10,315 million, boosted by the recognition of a ¥6,019 million gain on negative goodwill. As an external factor, resilient public construction investment supported earnings.
Growth Strategy
Under the 3rd Medium-Term Management Plan "VERTEX Vision2034," the company pursues sustainable growth through the realization of IKK synergies and expansion of its business portfolio
The company continues to increase the proportion of flood-control products such as earthquake-resistant Box Culverts (SJ-BOX) and rainwater storage tanks, along with ongoing sales price revisions, to enhance profitability. In FY2026 (ending March 2026), sales reached ¥30,028 million with a profit margin of 21.1%, and the re-growth of the core business is progressing steadily.
The company aims to fully realize integration synergies with IKK Co., Ltd. (tunnel segment products), which became a consolidated subsidiary in October 2025, in FY2027 (ending March 2027), thereby improving the profit margin of the Segment Business and expanding its business portfolio. FY2026 (ending March 2026) progressed largely as planned, although sales recognition for some projects was deferred to the following period.
As a priority initiative of the 3rd Medium-Term Management Plan, the company is strengthening investment in human capital, research and development, and DX promotion to accelerate productivity improvement and new product development. It is enhancing its capability to respond to the promotion of precast construction, which contributes to labor savings, shorter construction periods, and work-style reform at construction sites, thereby capturing market expansion.
The annual dividend for FY2026 (ending March 2026) was ¥35 per share (payout ratio of 16.8%), and the forecast for FY2027 (ending March 2027) is ¥40 per share (payout ratio of 41.6%), maintaining a policy of dividend increases. Share buybacks also continue (¥1,264 million acquired in FY2026, ending March 2026), aiming to achieve both improved capital efficiency and shareholder returns.
Last updated: July 19, 2026