RAIZNEXT Corporation

Business Details

Provides an integrated offering—from design, procurement, and construction (EPC) to facility maintenance—across a wide range of industrial infrastructure including petroleum, petrochemicals, gas, general chemicals, non-ferrous metals, electric power, and renewable energy. This is the company's sole reportable segment, accounting for over 90% of domestic sales. The major customer is ENEOS Corporation (completed construction revenue of ¥65,985 million in FY2026 (ending March 2026)). Beginning this period, in addition to Maintenance and Engineering,

Recent Overview

Completed construction revenue increased across all categories; operational efficiency gains also contributed to a substantial 35.5% increase in operating profit

In FY2026 (ending March 2026), orders received rose to ¥188,205 million (up 16.4% year on year) and completed construction revenue rose to ¥174,489 million (up 10.9% year on year), with revenue increasing across all categories. This was driven by periodic repair work in Maintenance, maintenance work in Tank, and large-scale projects in Engineering, respectively. In addition to the increase in completed construction revenue, improved profitability of individual projects through more efficient project execution also contributed, resulting in a substantial increase in operating profit to ¥14,713 million (up 35.5% year on year). Separately, among consolidated subsidiaries, Rise Act Co., Ltd. absorbed and merged with Keihin Kako Co., Ltd. (effective April 1, 2025), aiming to strengthen project execution capacity through integrated regional resource utilization in the Ehime and Okayama areas.

Key Products

Growth Drivers

• Increase in periodic repair work in the Maintenance field (orders received up 23.7% year on year in FY2026 (ending March 2026))
• Increase in maintenance work in the Tank field (up 31.6% year on year) and growing importance following its establishment as an independent segment
• Increase in completed construction revenue from large-scale projects in the Engineering field (up 7.4% year on year)
• Improved profitability of individual projects through more efficient project execution
• Emergence of new demand associated with plant consolidation in the petrochemical field
• Increased equipment demand in the high-performance materials field, driven mainly by semiconductor-related applications
• Steady underlying need for stable operation of domestic manufacturing facilities, driven by economic security and BCP considerations
• Proactive involvement from the planning stage in future facility plans for closed refineries
• New project orders such as solar power generation associated with GX promotion and carbon neutrality initiatives

Risks

• Long-term declining trend in domestic petroleum product demand (energy structure changes driven by EV adoption and the shift to low-carbon fuels)
• Risk of revenue concentration with ENEOS Corporation (completed construction revenue of ¥65,985 million in FY2026 (ending March 2026), approximately 37.8% of the total)
• Declining labor population and shortage of skilled workers in the construction industry
• Risk of recording provisions for construction losses (in the event actual construction progress deviates from plans)
• Risk of a downturn in the domestic economy and continued price increases due to trends surrounding U.S. trade policy, among other factors
• Uncertainty regarding fluctuations in resource and energy prices and investment trends toward carbon neutrality
• Operating profit for FY2027 (ending March 2027) is forecast to decline to ¥13,000 million (down 11.6% year on year), with a slowdown expected in the growth of orders received and completed construction revenue