MARUFUJI SHEET PILING CO.,LTD.

Business Details

The company's core business centers on the sales and leasing of steel heavy temporary materials for construction foundation work, including steel sheet piles, H-beams, steel earth retaining materials, and road decking plates, while integrally providing construction, processing, and transportation services incidental to material supply. The materials handled are primarily Nippon Steel products, with major customers including large and mid-tier general contractors such as Kajima Corporation, Takenaka Corporation, Obayashi Corporation, and Kumagai Gumi. Its business territory spans from Hokkaido to the Kansai region. Subsidiaries Fuji Transportation and D.K.Com handle part of the construction work execution and transportation.

Recent Overview

In FY2026 (ending March 2026), net sales and all profit items reached record highs, with the medium-term management plan targets achieved ahead of schedule

In FY2026 (ending March 2026), net sales were ¥40,340 million (up 13.4% year on year), operating income was ¥2,110 million (up 33.6%), and ordinary income was ¥2,663 million (up 28.2%), marking substantial increases across all profit items. The company achieved the final-year targets of its three-year medium-term management plan (consolidated net sales of ¥400 million and ordinary income of ¥2.0 billion) ahead of schedule, in the second year. A five-for-one stock split was implemented effective April 1, 2026, and the year-end dividend was raised from the initially planned ¥180 to ¥200 (including a ¥10 commemorative dividend). A new five-year medium-term management plan (with fiscal year 2030 as the goal) was launched starting in fiscal year 2026. The earnings forecast for FY2027 (ending March 2027) is net sales of ¥41,000 million, operating income of ¥2,000 million, ordinary income of ¥2,600 million, and net income of ¥1,750 million, projecting a slight decline in profit despite an increase in sales.

Key Products

Growth Drivers

• Improved profit margins through profitability-oriented sales activities and the spread of appropriate pricing improvements
• Expansion of construction order intake through continued strengthening of proposals for high-value-added construction methods optimized for regions and job sites
• Improved maintenance capacity and productivity from the introduction of an automated road decking plate maintenance line at the Ibaraki plant (fully operational from December 2025)
• Robust construction demand driven by urban redevelopment, railway and energy-related facilities, warehouse and factory projects, and government-led initiatives such as the First National Resilience Implementation Medium-Term Plan and the Infrastructure Longevity Plan
• Continued strengthening of management foundations and growth investment under the new five-year medium-term management plan starting in fiscal 2026 (with fiscal year 2030 as the goal)
• Improved share liquidity and expanded investor base through a five-for-one stock split

Risks

• Tightening labor supply-demand balance due to labor shortages in the construction industry and delays in construction commencement and progress associated with the application of overtime work limit regulations
• Sustained inflationary pressure from elevated energy and raw material prices, and deterioration in profitability due to rising construction costs from surging material and labor costs
• Constraints on maintenance capacity at the plant division due to the aging of partner companies and difficulty securing personnel
• Downward pressure on the domestic economy from price increases, foreign exchange fluctuations, rising interest rates, and geopolitical risks (such as the situation in the Middle East)
• Risk that cost increase pressures will squeeze earnings, as the FY2027 (ending March 2027) earnings forecast projects a year-on-year decline in operating income, ordinary income, and net income