AINAVO HOLDINGS Co.,Ltd.
7539・Standard Market・Wholesale Trade
Large-Scale Property Business
Specialty construction segment handling tile, equipment, and HVAC construction for large-scale properties such as buildings and condominiums
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (interim cumulative) | ¥7,810 million | ¥7,998 million | ↓ |
| Segment profit (interim cumulative) | ¥821 million | ¥708 million | ↑ |
| Segment profit margin (interim cumulative) | 10.51% | 8.85% | ↑ |
Business Details
Provides interior and exterior tile and stone construction, housing equipment construction such as unit baths and system kitchens, and HVAC & sanitary equipment construction for the large-scale property market including buildings and condominiums. Responsible subsidiaries include Aberco Co., Ltd., Onchogiken Co., Ltd., Intergrow Co., Ltd., Imamura Co., Ltd., Manix Co., Ltd., and Mic Co., Ltd. The primary markets are private non-residential and public construction investment, and the segment also handles construction for multi-family housing. From this interim period, Kamino Tile Co., Ltd. was added to the scope of consolidation, contributing to Tile & Stone Construction sales.
Recent Overview
Net sales decreased 2.4% year on year, but profit increased 15.9% due to improved profit margin
In the interim period of FY2026 (ending March 2026) (October 2025 to March 2026), the Large-Scale Property Business recorded net sales of ¥7,810 million (down ¥188 million, or 2.4%, year on year). While a shortfall in orders for housing equipment construction for multi-family housing weighed on results, an increase in HVAC construction for public facility renovations and the sales contribution from newly consolidated Kamino Tile Co., Ltd.'s Tile & Stone Construction supported performance. Segment profit increased significantly to ¥821 million (up ¥113 million, or 15.9%, year on year), and the profit margin improved to 10.51% (from 8.85% in the same period of the prior year). Private non-residential and public construction investment remained broadly in line with the prior year, but construction investment for condominiums continued to lack strength.
Key Products
Growth Drivers
- Expansion of Tile & Stone Construction sales through the consolidation of Kamino Tile Co., Ltd.
- Improvement in HVAC construction sales and profitability due to an increase in public facility renovation projects
- Selective order-taking for high-profitability projects through thorough VE proposals and cost management
- Expansion of construction areas and product offerings through M&A (an ongoing strategy under the three-year plan)
- Steady trends in private non-residential and public construction investment
Risks
- Continued weak construction investment for new condominiums (shortfall in orders for housing equipment construction for multi-family housing)
- Order restrictions and price revision requests from housing equipment manufacturers amid heightened tensions in the Middle East
- Cost increase risk from persistently high construction material prices and labor costs
- Supply constraints due to the aging construction workforce and shortage of logistics drivers
- Risk of a downturn in private construction investment due to rising mortgage interest rates and soaring real estate prices
Last updated: December 17, 2025