MAEZAWAKASEI INDUSTRIES CO.,LTD
7925・Prime Market・Chemicals
Business
Maezawa Kasei Industries, founded in 1954, is a manufacturer of water supply and sewerage-related resin products listed on the Prime Market of the Tokyo Stock Exchange. Its core business consists of Pipe & Plumbing Equipment—including PVC pipes and fittings for water supply, water meter boxes, resin valves, and manholes—along with Water & Environmental Engineering, which handles the design, construction, and maintenance management of water treatment facilities, and Various Plastic Molding, which manufactures made-to-order plastic components. Together these form the company's three business segments. Its main customers are homebuilders, construction contractors, and local governments, with sales conducted mainly through pipe material distributors, led by Watanabe Pipe (13.07% of net sales). The company has Joyo Suido Kogyo and Niigata Seikei as consolidated subsidiaries, and it provides products and services essential to the development and maintenance of social infrastructure.
Business Model
In the Pipe & Plumbing Equipment segment, which accounts for approximately 90% of net sales, in-house manufactured products from the Kumagaya No. 1 and No. 2 Plants are supplied to the housing and construction markets via pipe material distributors. Profitability is managed through price revisions and strategic sales of high-margin products. In Water & Environmental Engineering, stable earnings are secured through order-based design, construction, and maintenance management. The company continues to invest ¥326 million in R&D expenses and maintains 266 industrial property rights to sustain product differentiation.
Company Strengths
Since its founding in 1954, the company has continuously developed products ranging from PVC pipe fittings for water supply to resin manhole covers and the single-pipe drainage system "Vinicore." As of the end of March 2025, it held 266 domestic and international industrial property rights (up from 244 in the previous period), and continued to invest in R&D with R&D expenses of ¥326 million (up 0.9% year on year). This forms a technological barrier to entry.
At the end of FY2025 (ended March 2025), net assets stood at ¥41,513 million, with cash and cash equivalents of ¥11,805 million. The company maintains a virtually debt-free management structure with only ¥330 million in short-term borrowings. Against total assets of ¥49,901 million, the equity ratio exceeds 83%, reflecting an extremely healthy financial structure and substantial capacity for growth investment.
In FY2025 (ended March 2025), orders received in the Water & Environmental Engineering segment reached ¥1,977 million (up 225.3% year on year), and the order backlog expanded sharply to ¥1,261 million (up 361.0% year on year). The company has been securing large-scale projects in both private and public demand, and this is drawing attention as a leading indicator of revenue to be recognized in future periods.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive periods, from ¥21,879 million in FY2022 (ended March 2022) to ¥25,152 million in FY2026 (ending March 2026). The operating margin, which bottomed at 7.4% in FY2024 (ended March 2024), continued to improve to 9.0% in FY2025 (ended March 2025) and 9.2% in FY2026 (ending March 2026). In FY2026 (ending March 2026), despite the external headwind of a sharp decline in the number of new detached housing starts, price revision effects and rapid growth in Water & Environmental Engineering (net sales up 38% year on year) drove the company to achieve higher revenue and profit. The equity ratio rose to 86.2%, and net assets expanded to ¥43,391 million. On the other hand, cash flow from investing activities showed a substantial increase in outflow to ¥2,451 million (versus ¥459 million in the previous period), reflecting a combination of capital expenditures of ¥854 million, acquisition of investment securities of ¥712 million, and expenditure of ¥420 million associated with the sale of subsidiary shares, among other items. The cash balance decreased to ¥10,184 million (versus ¥11,805 million in the previous period), but financial soundness has been maintained.
Growth Strategy
Execution of key strategies under "SHIFT 2026" and enhancement of corporate value through management integration with Maezawa Industries
Continued expansion of sales of Priority Sales Products (Building Equipment, Exterior, Disaster Prevention) and promotion of new adoption by housing manufacturers. Logistics cost reduction through consolidation of distribution centers has also been implemented, maintaining net sales of ¥22,203 million and a profit margin of 9.1% even amid declining housing starts. The residual effect of price revisions will continue to support earnings.
Through the acquisition of large-scale construction orders from both private and public sector demand, as well as stable maintenance operations throughout the year, net sales increased 38.0% year on year and profit increased 81.8% year on year in FY2026 (ending March 2026). Positioned as a growth segment under the medium-term management plan, the company will continue to allocate management resources intensively.
Based on the joint share transfer plan announced on December 16, 2025, Maezawa Holdings Co., Ltd. is scheduled to be established on June 1, 2026. The Company's common stock will be delisted as of May 28, 2026. Post-integration earnings forecasts and dividend policy will be announced by the joint holding company but remain undetermined at this time.
Ahead of the integration, the company has proceeded with business portfolio realignment, including the deconsolidation of Niigata Seikei Co., Ltd. (in FY2026, ending March 2026). Capital efficiency indicators are trending upward, with an equity ratio of 86.2% and net assets per share of ¥2,913.60. Under a target dividend payout ratio of 60%, the annual dividend was increased to ¥75 (up from ¥69 in the previous period).
Last updated: July 17, 2026