ALINCO INCORPORATED
5933・Prime Market・Metal Products
Business
Alinco Incorporated is a group company founded in 1970, comprising 19 subsidiaries. Its core business is the manufacture, sale, and rental of Temporary Construction Equipment (Scaffolding Boards, etc.) (scaffolding, shoring, etc.), and it also handles housing equipment such as aluminum ladders, stepladders, and fitness equipment, as well as electronics equipment such as wireless communication equipment and printed wiring boards. Its main customers include construction companies, construction equipment rental companies, housing builders, and government agencies. In addition to its domestic manufacturing base (Hyogo Plant, etc.), the company has overseas manufacturing, sales, and rental bases in China, Thailand, Indonesia, and Vietnam, and also operates a rental business in Southeast Asia. It transitioned to the Tokyo Stock Exchange Prime Market in 2022. Consolidated net sales for FY2026 (ending March 2026) were ¥62,632 million, marking a record high for the second consecutive fiscal year.
Business Model
In the Construction Materials & Equipment Business (net sales of ¥24,674 million), temporary construction equipment manufactured in-house is sold directly to construction companies and others, while in the Rental Business (net sales of ¥17,881 million), the same products are offered for rental as self-operated assets. By linking sales and rental, the company flexibly responds to changes in customers' procurement patterns (from purchasing to renting), while continuing to invest in rental assets to improve future utilization rates. The Housing Equipment Business and Electronics Equipment Business form complementary sources of revenue.
Company Strengths
The in-house developed New Scaffolding "Albatross" has expanded adoption among major construction companies, improving utilization rates in both sales and rental. In FY2026 (ending March 2026), it continued to drive sales as a core product in both the Construction Materials & Equipment Business and Rental Business segments. Through strengthened coordination between sales and rental operations, the company continues to expand market share for its value-added products.
Domestically, the company has developed facilities including the Hyogo Plant, Motegi Plant, Fukuchiyama Logistics Center (second building completed in March 2025), Izumiotsu Equipment Center, and Tsukuba Equipment Center. Overseas, it operates manufacturing, sales, and rental subsidiaries in China, Thailand, Indonesia, and Vietnam. Total capital expenditure in FY2026 (ending March 2026) amounted to ¥3,928 million, including ¥1,738 million in rental asset investment, continuing an aggressive strengthening of supply capacity.
The company operates four segments—Construction Materials & Equipment, Rental, Housing Equipment, and Electronics Equipment. In FY2026 (ending March 2026), the Electronics Equipment segment captured demand for fire radio replacement, growing significantly by 11.0% year on year to ¥5,620 million, complementing overall sales. This business portfolio, which avoids dependence on a single business, functions as a buffer against fluctuations in specific markets.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥55,256 million in FY2022 (ended March 2022) to ¥62,632 million in FY2026 (ending March 2026). Operating profit recovered sharply from ¥1,119 million in FY2022 to ¥2,421 million in FY2023 (ended March 2023), then fell to ¥1,782 million in FY2024 (ended March 2024), before leveling off at ¥2,196 million in FY2025 (ended March 2025) and ¥2,212 million in FY2026, with the operating margin remaining at just 3.5%. As an external factor, rising overseas procurement costs stemming from the progression of yen depreciation weighed on profit, while foreign exchange gains of ¥439 million (up ¥194 million year on year) supported ordinary income. EBITDA remained stable at ¥5,274 million (up 1.9% year on year), suggesting that the actual earning power of the Rental Business, which carries a heavy depreciation burden, is more solid than the reported figures indicate.
Growth Strategy
Advancing 'Medium-Term Management Plan 2027' through core business evolution, business portfolio restructuring, and progressive dividends
Accelerating market penetration of value-added products centered on the "Albatross" through strengthened coordination between sales and rental operations. In FY2026 (ending March 2026), Construction Materials & Equipment Business net sales remained solid at ¥24,674 million (+0.4% year on year), and early signs of planned procurement in anticipation of future construction projects have begun to emerge.
Continuing aggressive investment in rental assets to capture the industry trend of shifting "from purchasing to renting." In FY2026 (ending March 2026), the increase in tangible and intangible fixed assets totaled ¥4,180 million. Segment profit declined 9.8% year on year to ¥1,269 million due to increased depreciation expenses, but this is positioned as groundwork for strengthening the future revenue base.
The Housing Equipment Business improved its segment loss by ¥160 million year on year due to increased net sales, but a loss of ¥363 million continued. The Electronics Equipment Business posted a loss of ¥441 million due to delays in expanding production capacity for Printed Wiring Boards. Fundamental profitability improvement is an urgent priority ahead of the final year of the medium-term plan.
In addition to targeting a consolidated dividend payout ratio of 40%, the company is implementing progressive dividends during the medium-term plan period, with the prior year's actual dividend serving as the floor. Annual dividends are planned at ¥44 per share (+¥1 year on year) for FY2026 (ending March 2026) and ¥45 per share (+¥1 year on year) for FY2027 (ending March 2027). The dividend payout ratio stands at 50.1%, exceeding the target level, reflecting a priority on shareholder returns.
Last updated: July 19, 2026