KOMAIHALTEC Inc.
5915・Standard Market・Metal Products
Business
Komai Haltec Inc., founded in 1883, is a long-established steel structure manufacturer that handles the design, fabrication, and on-site construction of bridges, steel frames, and steel towers on an integrated basis. In the Bridge Business (approximately 38% of net sales), the company covers everything from estimation of steel bridges to erection and repair, while in the Steel Frame Business (approximately 60%), it supplies steel frames for large-scale buildings, including super high-rise structures. Its main customers include major general contractors such as Shimizu Corporation and Obayashi Corporation, as well as public institutions such as the Ministry of Land, Infrastructure, Transport and Tourism. In addition, the company operates the Infrastructure & Environment Business, which manufactures onshore and offshore wind power generation equipment, and also conducts a real estate leasing business at its Osaka office. The company is listed on the Standard Market of the Tokyo Stock Exchange (transitioned in June 2025).
Business Model
Both the Bridge Business and the Steel Frame Business operate on a build-to-order model, with an integrated system that completes design, fabrication, and on-site construction within the company's own group serving as the basic business model. Because revenue is recognized on a percentage-of-completion basis, the order backlog serves as a leading indicator of future sales. As of the end of March 2026, the total order backlog stood at ¥52,820 million. The Real Estate Leasing Service (with an 80% profit margin) functions to supplement this structure with stable cash flow.
Company Strengths
Obtained the highest S-grade rating under the Ministry of Land, Infrastructure, Transport and Tourism's steel frame fabrication plant certification system at two plants. The S-grade is the only certification that allows unlimited fabrication of steel frames for super-high-rise buildings and large-scale structures, functioning as an entry barrier that is difficult for competitors to replicate in the short term. The company's track record of participating in prominent projects such as the Shibuya Upper West Project supports this.
The company possesses a structure in which it can handle all processes in-house within the group: for the Bridge Business, from cost estimation, design, and fabrication to on-site erection and repair; and for the Steel Frame Business, from design and fabrication to on-site erection. Advanced technical capabilities based on years of accumulated welding process data have earned customer recognition, and the Bridge segment profit margin reached approximately 16.3% in FY2026 (ending March 2026).
As of the end of March 2026, order backlog stood at ¥28,498 million for the Bridge Business (up 16.9% from the previous fiscal year-end) and ¥24,262 million for the Steel Frame Business, totaling ¥52,820 million. In particular, the buildup of order backlog in the Bridge Business increases the certainty of revenue recognition in future periods, serving as a structural strength that mitigates, to some extent, any short-term deterioration in the order environment.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) was ¥34,414 million (down 15.1% year on year), marking a second consecutive year of decline. Both the Bridge Business (down 16.9%) and the Steel Frame Business (down 12.6%) saw lower revenue. On the other hand, thanks to securing additional change-order contracts in the Bridge Business and thorough profit management, the gross profit margin on completed construction contracts improved from 10.5% to 13.6%, and operating profit rose to ¥470 million (up 63.3% year on year). However, because extraordinary gains recorded in the prior period—including a ¥1,635 million gain on sale of investment securities and ¥1,855 million in subsidy income—did not recur, net income fell sharply to ¥335 million (down 73.7% year on year). In terms of the external environment, a decline in the number of bridge orders, sluggish demand for steel frames, rising raw material costs, and higher labor costs continue to weigh on performance. For FY2027 (ending March 2027), the company forecasts revenue of ¥36,000 million and operating profit of ¥170 million, representing a revenue increase but a sharp decline in profit.
Growth Strategy
Earnings recovery through consumption of order backlog and early commercialization of the offshore wind turbine tower business
The order backlog for bridges stood at ¥28,498 million as of the end of March 2026 (up 16.9% from the end of the previous fiscal year), and sales recognition is expected to continue into subsequent periods. Through the acquisition of additional change orders and thorough profit management, segment profit for FY2026 (ending March 2026) secured ¥2,151 million. The company will continue to capture aging infrastructure repair and renewal projects driven by disaster prevention and national resilience-building demand.
The Steel Frame Business turned profitable with segment profit of ¥873 million in FY2026 (ending March 2026), reversing a loss in the previous period. While the order backlog stands at ¥24,262 million, risks remain that could affect profitability, including sustained high steel material prices, rising labor costs, and revised construction schedules for large-scale projects. Key challenges include continuing to win large-scale and super high-rise projects by leveraging the strength of S-grade certified factories, and improving productivity through capital investment.
Capital investment continues to be made utilizing subsidies from NEDO and the Ministry of Economy, Trade and Industry (including the GX Supply Chain Construction Support Program). Subsidy income (extraordinary income) of ¥590 million was recorded in FY2026 (ending March 2026). The Infrastructure & Environment Business segment posted a loss of ¥599 million, reflecting the continuation of the upfront investment phase. Under the 7th Strategic Energy Plan, offshore wind power is positioned as a key power source, with a stated direction toward building a domestic supply chain by 2040.
Starting in fiscal year 2026, the Medium-Term Management Plan 2026 has begun under a new management structure. The company aims to build a stable earnings base and enhance corporate value through efforts to secure and develop human resources and improve productivity. For FY2027 (ending March 2027), sales of ¥36,000 million and operating profit of ¥170 million are projected, representing a significant expected decline in profit compared to the previous period, requiring concrete measures to achieve the plan.
Last updated: July 19, 2026