ENVALITH
レイズネクスト株式会社 logo

RAIZNEXT Corporation

6379・Prime Market・Construction

Official website
レイズネクスト株式会社 logo
RAIZNEXT Corporation6379

Business

Rise Next Corporation is a comprehensive engineering company that provides integrated plant maintenance (periodic repair and upkeep) and engineering (design, procurement, and construction) services across a wide range of industrial fields, including petroleum, petrochemicals, gas, general chemicals, non-ferrous metals, electronic materials, and renewable energy. In 2019, it merged with JX Engineering and changed to its current company name. It operates 15 business sites domestically and has built a construction system leveraging a nationwide network. Its main customers are petroleum and petrochemical majors, led by ENEOS Corporation; of the ¥174,531 million in completed construction work in FY2026 (ending March 2026), ¥66,002 million (37.8%) was for ENEOS. The company is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

The company performs contracted construction work across three fields—periodic repair and maintenance work at customer plants (Maintenance Service), construction and maintenance of tanks (Tank Service), and design through construction of new installations and modification work (Engineering)—recognizing revenue according to the percentage of completion. Revenue recognition is based on progress, creating a structure in which improved efficiency in construction execution and enhanced profitability of individual projects directly translate into higher profit margins. The operating profit margin for FY2026 (ending March 2026) was 8.4% (¥14,713 million / ¥174,531 million).

Company Strengths

Operates 15 domestic business sites from Muroran to Tokuyama, building a construction system adjacent to major petroleum complexes. The order intake of ¥188,205 million (up 16.4% year on year) in FY2026 (ending March 2026) is supported by this wide-area response capability, which constitutes a geographical and organizational advantage that competitors cannot easily replicate in a short period.

The company has a system enabling it to complete periodic repair (Maintenance Service), tank preservation (Tank Service), and new construction work (Engineering) within a single group. In FY2026 (ending March 2026), completed construction revenue was ¥101,179 million for Maintenance Service, ¥28,061 million for Tank Service, and ¥45,249 million for Engineering, with the three segments contributing to earnings in a balanced manner, mitigating excessive dependence on any single field.

Mechanization and IT initiatives backed by R&D expenses of ¥172 million—including completion of on-site verification and addition of units for automatic heat exchanger tube cleaning machines, completion of field deployment of water jet pipe cutting machines, and completion of welding condition verification for automatic tank welding technology—have moved into practical operational use, contributing to improved profitability through more efficient execution of construction work.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating profit reached ¥14,713 million (up 35.5% year on year) and profit attributable to owners of parent reached ¥10,459 million (up 29.1% year on year), both updating record highs. However, the company's forecast for FY2027 (ending March 2027) shows operating profit of ¥13,000 million (down 11.6% year on year) and net profit of ¥9,000 million (down 14.0% year on year), a clear decline outlook, and attention should be paid to the possibility that the high profitability in FY2026 (ending March 2026) includes temporary factors. The first-half cumulative operating profit forecast of ¥4,550 million (down 42.4% year on year) in particular shows a substantial decline.

Sales to ENEOS, the largest customer, decreased slightly from ¥66,882 million in FY2025 (ending March 2025) to ¥65,985 million in FY2026 (ending March 2026), and its share of consolidated net sales also declined from approximately 42.5% to approximately 37.8%. Expansion of orders in the maintenance and tank segments has contributed to reducing this dependence, but the structure of relying on a single customer for approximately 40% of net sales remains unchanged, and changes in ENEOS's capital expenditure policy or a long-term decline in petroleum demand remain risks directly linked to business performance.

Cash flow from operating activities, which had plunged to negative ¥107 million in the previous period, recovered substantially to ¥14,388 million in FY2026 (ending March 2026). The main factor was the change in trade receivables, which shifted from an outflow of ¥12,945 million in the previous period to an inflow of ¥1,173 million. On the other hand, cash flow from investing activities expanded to negative ¥5,129 million (compared to negative ¥2,304 million in the previous period), with acquisition of tangible and intangible fixed assets increasing to ¥5,193 million. The financial base remains solid, with an equity ratio of 75.5% and substantially debt-free status (zero short-term borrowings), but the impact of accelerating capital expenditure on future free cash flow needs to be continuously monitored.

Growth Strategy

Under the third medium-term management plan "RAIZNEXT X CHALLENGE," the company is driving transformation centered on DX, GX, and new tank-related business fields

Continuing to promote the expansion of orders for routine maintenance, periodic repair, and renovation work. In FY2026 (ending March 2026), Maintenance Service order intake reached ¥114,205 million (up 23.7% year on year) and Tank Service order intake reached ¥32,327 million (up 31.6% year on year), achieving significant increases in both segments. The company aims to continue expanding orders in the next fiscal period as well.

Promoting active participation from the review stage of future facility plans for closed refineries, capturing facility demand in the high-performance materials field centered on semiconductor-related applications, and pursuing orders for carbon-neutral projects such as solar power generation. Aiming to diversify orders in the Engineering segment and thereby reduce dependence on ENEOS.

Based on the third medium-term management plan disclosed on May 14, 2025, this period is positioned as a time to challenge every kind of transformation without being bound by conventional approaches. For FY2027 (ending March 2027), the company forecasts completed construction revenue of ¥175,000 million (up 0.3% year on year) and operating profit of ¥13,000 million (down 11.6% year on year), pursuing structural transformation while accepting a decline in profit.

Effective April 1, 2025, RAIZ ACT Corporation absorbed Keihin Kako Co., Ltd. through a merger. By leveraging the regionally integrated resources of both companies, which operate in Ehime Prefecture and Okayama Prefecture respectively, the aim is to further strengthen construction execution capability and sales capability. As this was a merger between wholly owned subsidiaries, the impact on consolidated results is minor.

Last updated: July 19, 2026