MAEDA KOSEN CO., LTD.
7821・Prime Market・Other Products
Business
Maeda Kosen Co., Ltd. is a pioneer in geosynthetics (polymer products for civil engineering), founded in 1972. In the Social Infrastructure Business, the company supplies soil reinforcement materials, river revetment materials, nonwoven fabrics and other products for public works projects. In the Industry Infrastructure Business, it supplies premium BBS-brand forged aluminum wheels as OEM to domestic and overseas automakers, while also expanding into the aftermarket. With 11 consolidated subsidiaries, the company has expanded into diverse business areas—including agricultural materials, marine civil engineering, industrial materials, and exterior wall waterproofing materials—through M&A. Consolidated net sales reached ¥64,108 million in FY2025 (ended June 2025), and the company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
In the Social Infrastructure Business, the company supplies proprietary products leveraging fiber and resin technologies for public works projects, achieving an 18.8% operating margin backed by high entry barriers and stable demand. In the Industry Infrastructure Business, the company develops BBS-brand forged wheels across both the OEM and aftermarket segments, with its European subsidiary BBS Motorsport GmbH complementing overseas revenue. Since 2000, the company has expanded its business domains through 17 M&A deals, simultaneously pursuing synergy creation and scale expansion.
Company Strengths
Since its founding in 1972, the company has accumulated geosynthetics technology combining textiles and plastics. Its focus aligns with the Ministry of Land, Infrastructure, Transport and Tourism's priority policies on disaster prevention/mitigation and infrastructure aging countermeasures, and it maintains a strong market position in products for public works projects such as soil reinforcement materials and river revetment materials. In FY2025 (ended June 2025), the Social Infrastructure Business's operating margin reached approximately 20.2%.
In FY2025 (ended June 2025), the company achieved consolidated operating profit of ¥12,026 million, an operating margin of 18.8%, ROE of 14.5%, and EBITDA of ¥15,515 million. Financial soundness is also high, with cash and cash equivalents of ¥22,260 million against interest-bearing debt of ¥3,871 million, giving the company a capital structure that allows it to fund M&A and capital expenditures primarily through its own resources.
Since 2000, the company has carried out 17 M&A deals, expanding into business areas such as agricultural materials, marine civil engineering, exterior wall waterproofing materials, kindergarten equipment, and fishmeal. Most recently, it made Saikobo Co., Ltd. a subsidiary in December 2024 and Maeda Kosen Sanshi Co., Ltd. (formerly Mitsui Chemicals Sanshi) a subsidiary in April 2025, both of which contributed to results for FY2025 (ended June 2025). The accumulation of M&A expertise serves as a continuous growth engine.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal years, from ¥43,236 million in FY2021 (ended March 2021) to ¥64,108 million in FY2025 (ended March 2025), and cumulative revenue through Q3 of FY2026 (ending March 2026) continued its high growth, reaching ¥54,250 million (up 14.1% year on year). However, operating profit turned negative, coming in at ¥9,718 million (down 4.3% year on year). The main cause was SG&A expenses ballooning to ¥10,728 million (up 31.9% year on year), likely reflecting increased PMI costs following M&A activity and higher administrative department expenses. Ordinary profit increased to ¥10,548 million (up 3.1% year on year), securing profit growth thanks to the recording of ¥562 million in foreign exchange gains (versus a foreign exchange loss of ¥399 million in the same period of the previous year). In the Industry Infrastructure Business, a decline stemming from the reversal of a large transaction at a European subsidiary was a headwind, while the Social Infrastructure Business achieved substantial growth in both revenue and profit, supported by steady execution of public works demand and contributions from two subsidiaries consolidated in the previous fiscal year.
Growth Strategy
Aiming for net sales of ¥70,000 million in FY2027 (ending June 2027) through three pillars: M&A, global expansion, and capital investment
The Company is focusing on PMI for the two subsidiaries that became consolidated in the previous fiscal year, aiming to create early synergies through collaboration between sales and development departments across group companies. In parallel, the Company continues to search for new M&A candidate companies that can help resolve business succession issues faced by regional companies, pursuing expansion of the group's scale.
BBS Japan Co., Ltd. is preparing for the full-scale operation of new coating equipment scheduled for autumn 2026. Once operational, increased production capacity and improved quality are expected to expand sales for both domestic and overseas OEM and aftermarket channels, and to improve profitability.
The Company is actively pursuing efforts to sell mainstay products such as civil engineering and construction-related materials and forged wheels in global markets. Strong overseas OEM sales at BBS Japan have been offsetting the decline in domestic OEM sales, and the strengthening of the global sales network is contributing to the stabilization of earnings.
Last updated: July 17, 2026