ENVALITH
不二サッシ株式会社 logo

FUJISASH CO.,LTD.

5940・Standard Market・Metal Products

Official website
不二サッシ株式会社 logo
FUJISASH CO.,LTD.5940

Business

Fuji Sash Co., Ltd., founded in 1930, is an aluminum sash and building materials manufacturer, and serves as a comprehensive exterior manufacturer that produces and sells curtain walls, sash and doors for buildings, residential sash, and renovation sash, among other products. Across the group, comprising 30 consolidated subsidiaries and 1 equity-method affiliate, the company operates the Building Materials Business (accounting for approximately 71% of net sales) as its core, alongside the Aluminum Shapes External Sales Business for Aluminum Shapes and Aluminum Precision Processed Products, the Environmental Business including waste treatment plants, the Logistics Business, and the Real Estate Business. Its main customers are construction companies and developers engaged in large-scale urban development, condominium, and building construction, and the company is also focusing on the renovation market. It is listed on the Standard Market of the Tokyo Stock Exchange. The company is currently pursuing a medium-term management plan with an eye toward its 100th anniversary of founding in 2030.

Business Model

The basic model is a vertically integrated structure in which group manufacturing subsidiaries (Fuji Light Metal, etc.) produce Aluminum Shapes, while six nationwide regional sales companies and renovation specialist companies sell Building Materials. In addition to the order-accumulation-type revenue structure indicated by the Building Materials Business's order backlog of ¥71,787 million (up 9.3% year on year), the Aluminum Shapes External Sales, Environmental, Logistics, and Real Estate businesses each generate complementary earnings. Through cost reduction activities and expansion of high-value-added products, the company has achieved improved profit margins even in phases of declining revenue.

Company Strengths

The company has established an integrated manufacturing-sales system combining a group of sales subsidiaries—including six regional sales companies nationwide and a renovation specialist company (Fujisash Renewal Co., Ltd.)—with nine domestic and overseas manufacturing subsidiaries. In FY2026 (ending March 2026), the Building Materials Business maintained a solid order base, with order backlog of ¥71,787 million (up 9.3% year on year) and orders received of ¥59,810 million (up 2.5% year on year).

In FY2026 (ending March 2026), net sales decreased to ¥101,470 million (down 3.1% year on year), while operating profit increased to ¥2,778 million (up 12.2% year on year). In the Building Materials Business, thorough implementation of high-value-added initiatives and cost reduction activities expanded segment profit to ¥3,752 million (from ¥3,455 million in the previous period). This demonstrates the company's execution capability to absorb the impact of declining sales through cost management.

The Technology Headquarters (Product Development Department, Technology Management Department, and Performance Research Department) employs 64 R&D staff (approximately 7% of total employees), with R&D expenses of ¥1,271 million in FY2026 (ending March 2026). The company continues to develop high-value-added products, including the aluminum-resin composite sash "FNS-II100R" series, the aluminum-wood composite sash that received the 2025 Good Design Award, and practical application research on bioabsorbable magnesium alloys for medical use.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales decreased 3.1% year-on-year to ¥101,470 million, while operating profit increased 12.2% to ¥2,778 million, achieving a decline in revenue alongside an increase in profit. The results reflecting the effects of cost management and higher value-added products are commendable. However, the forecast for FY2027 (ending March 2027) shows operating profit of ¥2,000 million (down 28.0% year-on-year), indicating a substantial decline in profit, and risks are becoming apparent that compound external headwinds—such as soaring aluminum ingot prices due to worsening conditions in the Middle East, shortages of petrochemical-based building materials, and construction period extensions—will pressure business performance.

The equity ratio improved for four consecutive periods, from 21.5% in FY2022 (ending March 2022) to 29.6% in FY2026 (ending March 2026), and net assets per share also steadily increased to ¥2,034.41. Meanwhile, in FY2026 (ending March 2026), financial activities became more active, with ¥5,465 million invested in the acquisition of tangible fixed assets and ¥6,737 million raised through long-term borrowings. Short-term borrowings also increased to ¥15,422 million (from ¥13,268 million in the previous period), and it is necessary to carefully assess the risk of increasing financial burden amid rising interest rates and the outlook for investment recovery.

The year-end dividend for FY2026 (ending March 2026) was raised from the initially planned ¥27 to ¥30, achieving an annual dividend of ¥30 and a dividend payout ratio of 18.6%. An annual dividend of ¥30 is also forecast for FY2027 (ending March 2027), but net income for that period is projected at ¥1,600 million (down 21.3% year-on-year), and the dividend payout ratio is expected to rise to 23.6%. Against the new medium-term plan's "San-Maru" targets (operating profit of ¥3,300 million or more and a dividend of ¥30), the FY2027 (ending March 2027) operating profit forecast of ¥2,000 million falls significantly short, making it essential to confirm progress on concrete measures toward achieving the plan.

Growth Strategy

The new Medium-Term Plan 'San-Maru' aims for operating profit of ¥3,300 million or more and a dividend of ¥30, but achievement of this target appears difficult

Despite headwinds from construction schedule changes and reduced volume in the new building construction business, segment profit of ¥3,752 million (up 8.6% year on year) was achieved through steady performance in the renovation business and thorough high-value-added activities and cost reduction activities. The increasing trend of large-scale urban development projects is providing a tailwind in the external environment.

Strategically promoting the expansion of sales of Aluminum Precision Processed Products, and continuing to reduce outsourcing costs through in-house production and improve productivity through capital investment (depreciation of ¥815 million). In FY2026 (ending March 2026), segment profit declined to ¥262 million (from ¥366 million in the previous fiscal year) due to the impact of reduced volume and rising raw material and energy prices, making profitability improvement a challenge.

Due to strong orders for new plant construction and maintenance work, as well as steady performance in the Chemical Agent Sales segment, FY2026 (ending March 2026) achieved substantial increases in both revenue and profit, with net sales of ¥3,323 million (up 21.1% year on year) and segment profit of ¥285 million (up 77.0% year on year). New customer acquisition, price revisions, and human resource development under the new Medium-Term Plan are proving effective.

The year-end dividend for FY2026 (ending March 2026) was increased from ¥27 to ¥30, achieving an annual dividend of ¥30. A dividend of ¥30 is also forecast for FY2027 (ending March 2027) (expected payout ratio of 23.6%). While the ¥30 dividend target under the 'San-Maru' goal of the Medium-Term Plan has already been achieved, the forecast for FY2027 (ending March 2027) of ¥2,000 million falls short of the operating profit target of ¥3,300 million or more, making achievement of the profit target a challenge.

Last updated: July 19, 2026