ENVALITH
株式会社ミダックホールディングス logo

MIDAC HOLDINGS CO., LTD.

6564・Prime Market・Services

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株式会社ミダックホールディングス logo
MIDAC HOLDINGS CO., LTD.6564

Business

Midac Holdings Co., Ltd. is a waste treatment specialist group founded in 1952. Headquartered in Hamamatsu City, Shizuoka Prefecture, the company operates three business segments: the Waste Disposal Business, centered on the in-house operation of controlled and stable-type final landfill sites; the Collection & Transportation Business for industrial and general waste; and the Intermediary Management Business, which connects clients with waste treatment operators. The group operates as a pure holding company structure comprising 7 consolidated subsidiaries, 2 non-consolidated subsidiaries, and 1 equity-method affiliate. Its main customers are industrial waste generators in the construction, manufacturing, food service, and other industries, and the company is expanding its business area from its Tokai region base into the Kanto and Chubu areas. Consolidated net sales for FY2026 (ending March 2026) were ¥11,844 million.

Business Model

The Waste Disposal Business accounts for approximately 81% of net sales and the majority of segment profit. By accepting waste at proprietary Controlled Landfills (Okuyama no Mori, Enshu, Otsukayama, etc.) and processing it through landfilling, the company achieves high fixed-cost recovery efficiency. The Collection & Transportation Business serves as the point of contact with waste-generating businesses, promoting an integrated processing system that channels waste toward the Waste Disposal Business, which is the source of the company's competitive advantage. The Intermediary Management Business functions as a complementary revenue source, operating as an asset-light business boasting a profit margin exceeding 76%.

Company Strengths

The Waste Disposal Business segment recorded a segment profit margin of 55.4% in FY2026 (ending March 2026). Controlled landfills face entry barriers due to permits and licenses required under the Waste Management Act, meaning improvements in the utilization rate of existing facilities directly translate into profit. Through the expansion of contracted volume centered on Okuyama no Mori Clean Center, operating profit doubled from ¥2,265 million in FY2022 to ¥4,723 million in FY2026.

The company possesses an integrated treatment system capable of completing collection & transportation, intermediate treatment, and final disposal entirely within its own group. By providing a one-stop service to waste-generating businesses, it achieves customer lock-in and can deepen transactions with existing clients. By combining multiple intermediate treatment facilities (incineration, dehydration, crushing, etc.) with multiple final landfills, the company has the processing capability to handle a wide variety of waste types.

Starting with the full consolidation of Sanko in 2015, the company has continuously executed M&A, including Midac Konan in 2021, Enshu Saiseki and Friend Sanitary in 2023, Ohira Kosan (Chiba Prefecture, controlled landfill) in 2025, and Enoken Kogyo (Shizuoka Prefecture, stable-type landfill) in 2026. Through in-house development, Okuyama no Mori Clean Center began operations in February 2022, and plans to obtain permits for controlled landfills in the Eastern and Western Japan regions are also underway.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved net sales of ¥11,844 million (up 8.6% year-on-year) and operating profit of ¥4,723 million (up 4.2% year-on-year), marking five consecutive years of revenue and profit growth and setting a new record high. However, the operating profit margin fell 1.7 percentage points to 39.9% from 41.6% in the previous fiscal year. This appears to be attributable to limited earnings contributions from M&A subsidiaries, including the continued restriction on inbound shipments at Ohira Kosan (resumption scheduled for November 2025) and the disappearance of surplus soil acceptance at Enshu Saiseki. Full-scale operation of these subsidiaries going forward will be key to a recovery in the profit margin.

In FY2026 (ending March 2026), cash flow from investing activities expanded sharply to ¥-8,040 million (from ¥-3,470 million in the previous fiscal year), while interest-bearing debt increased substantially, with long-term borrowings at ¥9,320 million (up from ¥6,872 million in the previous fiscal year) and short-term borrowings at ¥2,500 million (up from ¥1,290 million in the previous fiscal year). Meanwhile, operating cash flow decreased 21.9% to ¥3,261 million from ¥4,174 million in the previous fiscal year. As an external factor, amid the continuing phase of rising interest rates, interest expenses increased to ¥154 million (from ¥114 million in the previous fiscal year), and trends in borrowing costs could affect ordinary profit going forward.

The earnings forecast for FY2027 (ending March 2027) calls for net sales of ¥13,494 million (up 13.9% year-on-year), operating profit of ¥5,489 million (up 16.2% year-on-year), ordinary profit of ¥5,268 million (up 13.3% year-on-year), and net income of ¥3,340 million (up 15.6% year-on-year), representing double-digit growth. The main growth drivers are the full-scale operation of Ohira Kosan, the new consolidation of Enoken Kogyo, and improved utilization rates at Miyakoda Techno Plant. As the final year of the first medium-term management plan, the company plans to focus on strengthening the earnings power of its existing businesses, and the likelihood of achieving the forecast is judged to be high, though the progress of integration of M&A subsidiaries remains an important point to monitor.

Growth Strategy

Expanding the final landfill disposal network through eastern Japan expansion and M&A promotion, aiming for net sales of ¥40.0 billion in FY2032 (ending March 2032)

A controlled landfill operating company in Chiba Prefecture that became a subsidiary in April 2025. Acceptance restrictions had continued due to construction work on the No. 7 embankment section of the third disposal site, but acceptance resumed in November 2025. In FY2027 (ending March 2027), the increase in contracted waste volume from full-scale operation is expected to become a major growth driver for the Waste Disposal Business.

On April 3, 2026, the company acquired 100% ownership of a stable-type landfill operating company in Makinohara City, Shizuoka Prefecture. It handles final disposal of rubble and similar waste from construction and demolition companies, aiming to improve market share in the central to eastern Shizuoka Prefecture area and expand its trading area into the Kanto region.

The capacity increases at Enshu Clean Center and Hamanako Clean Center have been completed and are now in service. Together with the expansion of contracted waste volume centered on Okuyama no Mori Clean Center, the company is working to maximize the utilization rate of existing disposal sites.

As a new water treatment facility within the intermediate processing facilities, the company is promoting sales activities centered on the Miyakoda Techno Plant to expand its customer base and improve its utilization rate. This is positioned as a pillar for expanding intermediate processing facility revenue in FY2027 (ending March 2027).

Capital expenditure on tangible fixed assets in FY2026 (ending March 2026) expanded to ¥7,839 million, 2.3 times the previous fiscal year. Under the Midac Group's 10-year vision "Challenge 80th," the company will continue to actively invest in growth centered on final disposal sites and intermediate processing facilities, aiming for net sales of ¥40.0 billion and ordinary income of ¥12.0 billion in FY2032 (ending March 2032).

Last updated: July 19, 2026