TOYO ENGINEERING CORPORATION
6330・Prime Market・Construction
EPC Business (Single Segment)
A single-business company deploying petroleum, chemical, and power generation plant EPC globally
| Period | Current | Previous | Change |
|---|---|---|---|
| Completed construction revenue (FY2026 (ending March 2026), full year) | Data not disclosed (not stated in the corrected earnings report) | ¥278,091 million (FY2025 (ended March 2025), full year) | — |
| Cash flow from operating activities (FY2026 (ending March 2026), full year) | ¥9,305 million | △¥23,094 million (FY2025 (ended March 2025), full year) | ↑ |
| Net loss before income taxes (FY2026 (ending March 2026), full year) | △¥11,398 million | ¥5,076 million (FY2025 (ended March 2025), full year) | ↓ |
| Change in liability for retirement benefits (FY2026 (ending March 2026), full year, post-correction) | △¥534 million | △¥977 million (FY2025 (ended March 2025), full year) | — |
| Change in trade receivables (FY2026 (ending March 2026), full year) | ¥37,213 million (decrease) | △¥11,550 million (FY2025 (ended March 2025), full year, increase) | ↑ |
| Change in trade payables (FY2026 (ending March 2026), full year) | △¥29,852 million (decrease) | △¥14,116 million (FY2025 (ended March 2025), full year) | ↓ |
| Consolidated order intake (FY2026 (ending March 2026), cumulative Q3) | ¥165,628 million | － | — |
| Equity ratio (end of Q3, FY2026 (ending March 2026)) | 15.7% | － | — |
Business Details
Toyo Engineering operates the EPC Business as a single segment, providing an integrated offering—from research and development collaboration to design, equipment procurement, construction, commissioning, and technical guidance—for various industrial plants including petroleum, gas, petrochemicals, chemicals/fertilizers, power generation, pharmaceuticals, and the environment. With a group structure comprising 23 consolidated subsidiaries and 8 affiliated companies in Japan and overseas, the company conducts a global EPC business leveraging multiple locations including India, Indonesia, China, South Korea, Malaysia, and Brazil.
Recent Overview
Minor correction to CF breakdown; total operating CF unchanged at ¥9,305 million
On June 23, 2026, an error was found and corrected in the breakdown of operating cash flow within the consolidated statement of cash flows in the FY2026 (ending March 2026) earnings report. The change in liability for retirement benefits was revised from △¥418 million to △¥534 million, and other items were revised from △¥2,405 million to △¥2,289 million. There was no change to the total cash flow from operating activities (¥9,305 million), which improved significantly from the prior period (△¥23,094 million). On the other hand, net loss before income taxes deteriorated to △¥11,398 million from ¥5,076 million in the prior period, and the weakening of the financial base has continued.
Key Products
Growth Drivers
- Robust demand amid the FPSO market's Golden Age (a 10-year period from 2023) and expansion of EPCI order intake through OFS
- Continued capital investment in fertilizer and petrochemical plants centered on the Middle East and India (driven by population growth, food security, and ethylene market growth)
- New EPC demand backed by government support for carbon neutrality-related areas (CCS, green ammonia, SAF, geothermal)
- Recovery in domestic capital investment for lithium-ion battery electrolyte, pharmaceutical, and high-performance chemical plants, among others
- Improved EPC profitability through productivity gains, shorter construction periods, and stronger project selection capability driven by DXoT promotion
Risks
- Risk of additional losses and receivables becoming uncollectible due to prolonged arbitration and customer credit risk related to the gas-fired power generation project for Brazil
- Construction loss risk inherent to large-scale EPC projects (construction delays, additional cost incurrence, contractual disputes with customers)
- Suppression of customer capital investment due to US tariff policy and geopolitical risks (Middle East, Russia-Ukraine, US-Venezuela)
- Foreign exchange risk (earnings volatility arising from the large volume of foreign-currency-denominated contracts)
- Weakening of the financial base due to a declining equity ratio (15.7% at the end of Q3, FY2026 (ending March 2026)) and erosion of net assets
- Risk of further deterioration in earnings and financial strength following the recording of a net loss before income taxes of △¥11,398 million
Last updated: June 23, 2026