DN HOLDINGS CO., LTD.
7377・Standard Market・Services
Business
DN Holdings Corporation is a holding company established in July 2021 through a joint share transfer between Dai Nippon Consultants and Diaconsultant. Its core operating subsidiary, Dai Nippon Diaconsultant Co., Ltd., conducts survey, planning, design, construction supervision, and consulting services related to civil engineering, architecture, surveying, geology, and ground conditions. Its main customers are government agencies, led by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), with sales to MLIT in FY2025 (ended June 2025) totaling ¥12,000 million (32.5% of net sales). Built on two core businesses—the Construction Consultant Business and the Geological Survey Business—the company supports social infrastructure development across the fields of disaster prevention and mitigation, national resilience, energy, defense, and infrastructure management. Listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company receives orders for social infrastructure development-related work commissioned by government agencies, and records revenue by providing consulting services across the survey, planning, design, and construction supervision phases. Collection of fees for services has a seasonal pattern concentrated between March and May, and a portion of working capital is supplemented with short-term borrowings. For growth investment, the company adopts a prudent financial policy that relies primarily on operating cash flow and cash on hand as basic funding sources, with fundraising from financial and capital markets as an option when necessary.
Company Strengths
Under the "1st Mid-Term Plan for the Implementation of National Resilience" (decided by the Cabinet in June 2025), the public works environment is expected to remain solid even after the conclusion of the 5-year acceleration measures. The order backlog for FY2025 (ended June 2025) stood at ¥20,067 million (101.1% year-on-year), maintaining a stable order base underpinned by policy tailwinds.
Through the integration of Dai Nippon Consultant, founded in 1963, and Dia Consultants, the company possesses high specialization in both bridge/structural design and geological/ground survey fields. The Medium-Term Management Plan 2026 explicitly states the aim to "establish an unshakable position as a market leader centered on the structural and geological/ground fields," with over 60 years of accumulated technical expertise serving as the source of competitive advantage.
The equity ratio for FY2025 (ended June 2025) remained at a high level of 60.6%, and ROE reached 13.3%, exceeding the company's own target (10% or higher). Operating cash flow improved significantly to ¥3,029 million from ¥-1,916 million in the previous period, while total net assets expanded to ¥15,498 million. The company has achieved both financial stability and profitability simultaneously.
ENVALITH's Perspective
Performance Trend
Net sales rose for four consecutive fiscal years: ¥32,113 million in FY2022 → ¥32,580 million in FY2023 → ¥34,132 million in FY2024 → ¥36,976 million in FY2025. For FY2026 (ending March 2026), full-year net sales are forecast at ¥38,000 million (+2.8% year on year), continuing the growth trend. On the profit side, however, following the significant improvement to operating profit of ¥2,716 million in FY2025, cumulative operating profit through Q3 of FY2026 came in at ¥2,260 million (down 2.0% year on year), falling below the prior-year level. In terms of the external environment, public works projects related to national resilience (kokudo kyoujinka) infrastructure development have continued to trend firmly, but rising selling, general and administrative expenses, including personnel costs, are weighing on profitability. Full-year operating profit is forecast at ¥2,500 million (down 8.0% year on year), a projected profit decline, indicating an adjustment phase following the high level achieved in FY2025.
Growth Strategy
Concentrated investment in growth areas of national resilience, energy, and defense, while improving productivity through DX
Geological and ground surveys for nuclear power plants and nuclear fuel cycle-related facilities, in line with the "Strategic Energy Plan," are positioned as a growth area, with management resources allocated accordingly. Orders received in the Geological Survey Business increased to ¥3,329 million (up 6.4% year-on-year for the same quarter), and the initiative is progressing.
Planning and design for seismic retrofitting and aging countermeasures at Self-Defense Force facilities, based on the "Defense Buildup Program," are positioned as a growth area, aiming to expand orders in the Construction Consultant Business. Orders received in the Construction Consultant Business increased to ¥24,400 million (up 4.1% year-on-year for the same quarter), and the initiative is progressing.
The company aims to grow decarbonized energy-related consulting, including onshore and offshore wind power, hydrogen utilization, wood biomass power generation, and CCS, as well as the Infrastructure Management Business, including comprehensive management. This is contributing to revenue growth, but specific progress figures are not disclosed in the financial results report.
The company is promoting technological development such as AI utilization for infrastructure maintenance and DX in geological surveys, aiming to improve productivity and capture new demand. This is being pursued continuously as part of the basic goal of "Promoting DX" under the Medium-Term Management Plan, but specific quantitative results are not disclosed in the financial results report.
Last updated: July 17, 2026