MARUFUJI SHEET PILING CO.,LTD.
8046・Standard Market・Wholesale Trade
Business
MARUFUJI SHEET PILING CO.,LTD. was founded in 1926 and marked its 100th anniversary in 2026 as a company specializing in steel heavy temporary materials for construction foundation work. In addition to the sales and leasing of heavy temporary materials such as sheet piles, H-shaped steel, steel earth-retaining materials, and road decking plates, the company provides construction, processing, and transportation services in an integrated manner as ancillary to its material supply. Its major customers are large and mid-sized general contractors such as Kajima Corporation, Obayashi Corporation, Ando Hazama Kogyo, and Kumagai Gumi, and its sales territory extends from Hokkaido to the Kansai region. Its subsidiary Fuji Transportation Co., Ltd. handles transportation operations, while D.K. Com Co., Ltd. handles part of the construction work. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
Net sales of ¥40,340 million (FY2026, ending March 2026) break down into: construction revenue ¥14,897 million (36.9%), sales revenue ¥13,613 million (33.7%), transportation revenue ¥3,328 million (8.3%), leasing revenue ¥5,299 million (13.1%), and processing revenue ¥3,200 million (7.9%), forming a multi-layered structure. The company procures materials primarily through trading companies handling Nippon Steel products, and creates added value by providing an integrated service from material supply through construction for major construction companies. The factory division also handles repair, maintenance, and processing of used materials.
Company Strengths
Founded in 1926, the company specialized in heavy temporary materials in 1954 and changed to its current trade name in 1963, giving it over 70 years of specialized operating experience. Its major customers are large and mid-tier construction companies such as Kajima Corporation, Obayashi Corporation, Ando Hazama Corporation, and Kumagai Gumi, and it has built a nationwide sales network spanning from Hokkaido to the Kansai region. In the previous fiscal year, Kajima Corporation alone accounted for 15.0% of net sales (¥5,334 million), reflecting the depth of this business relationship.
In FY2026 (ending March 2026), sales composition was diversified across five business forms: Construction Contracting Services 36.9%, Sales 33.7%, Leasing 13.1%, Transportation Services 8.3%, and Processing Services 7.9%. Construction contracting revenue showed the highest growth, up 18.3% year on year, growing to become the largest item in overall sales. A revenue structure not dependent on sales of a single material has contributed to improved profitability, with gross profit reaching ¥7,834 million, up 21.3% year on year.
As of the end of FY2026 (ending March 2026), total net assets stood at ¥32,733 million, with an equity ratio of 71.2% (up 0.9 percentage points from the previous fiscal year). The company has low reliance on interest-bearing debt and possesses the financial strength to cover capital expenditures (¥1,635 million in the current period) with operating cash flow (¥2,255 million). It has a foundation that allows it to maintain financial soundness while planning ¥10 billion in growth investment over five years under its medium-term management plan.
ENVALITH's Perspective
Performance Trend
Revenue increased 26.6% over five periods, from ¥31,876 million in FY2022 to ¥40,340 million in FY2026. In particular, FY2026 saw an accelerated increase of ¥4,755 million year on year. Operating profit expanded 3.8-fold over the same period, from ¥559 million to ¥2,110 million, with the operating margin improving from 1.8% to 5.2%. As external factors, resilient public and private capital investment supported demand, while construction delays caused by rising construction costs, labor shortages, and overtime work regulations continued to be a concern. Comprehensive income doubled to ¥3,022 million (from ¥1,506 million in the previous period), driven by an increase in the market value of investment securities and improvement in remeasurements of defined benefit plans.
Growth Strategy
Under the new 5-year medium-term management plan (targeting FY2030), the company continues to strengthen its management foundation and pursue growth investments.
Through profitability-focused sales activities and the promotion of appropriate pricing improvements, the company raised its operating profit margin on net sales to 5.2%. It will continue to strengthen proposals of high-value-added construction methods best suited to each region and site, aiming to improve the quality of construction orders received.
An automated maintenance line for road decking plates was introduced at the Ibaraki Plant and began full-scale operation in December 2025. Improved maintenance capacity and productivity will strengthen materials supply capability and reduce costs.
Having achieved the quantitative targets of the 3-year medium-term management plan ahead of schedule, the company will launch a new 5-year medium-term management plan starting in FY2026. With FY2030 as the goal, the company will work to strengthen its management foundation and pursue growth investments. Details are provided in the document "Formulation of the Medium-Term Management Plan and Response Toward Management Conscious of Capital Costs and Stock Price (Update)," published on May 14, 2026.
A 5-for-1 stock split took effect on April 1, 2026, improving stock liquidity. The dividend for FY2026 (ending March 2026) was increased to ¥200 (from ¥130 in the previous fiscal year), with a payout ratio of 36.2%. The company also conducted a share buyback of ¥898 million. It also announced the introduction of a performance-linked stock compensation plan, strengthening incentive design for management.
Last updated: July 19, 2026