NISSHIN FUDOSAN Co.,Ltd.
8881・Prime Market・Real Estate
Business
Nisshin Group Holdings Co., Ltd. is a Tokyo Stock Exchange Prime Market-listed comprehensive real estate and construction group, founded in 1975 and marking its 50th anniversary in 2025. With 13 consolidated subsidiaries, the group operates three businesses nationwide, centered mainly around the greater Tokyo area: (1) the Real Estate Business (Nisshin Fudosan), which handles condominium planning, development, and securitization; (2) the Construction Business (Tada Construction), which handles condominium building and civil engineering works; and (3) the Real Estate Management Business (Nisshin Kanzai), which handles condominium and building management as well as buy-and-resell operations. Its main customers are home buyers, institutional investors, and condominium management associations in the greater Tokyo area, and the group has built an integrated value chain spanning from development to management.
Business Model
A vertically integrated model completing the value chain within the group: land acquisition → construction (Tada Construction) → condominium sales/securitization (Nissin Real Estate) → management outsourcing (Nissin Kanzai). Revenue consists of flow income from newly-built condominium handovers, whole-building sales, and securitization sales, together with stock income from management commission fees and rental income. The Construction Business also captures external orders, while the Real Estate Management Business is structured to expand stable commission income by accumulating the number of buildings under management.
Company Strengths
The company possesses technical capabilities and trading partner credibility backed by approximately 50 years of history in the condominium development business and approximately 100 years in the construction business. Real estate business expenditures at the end of FY2026 (ending March 2026) reached ¥27,084 million (equivalent to approximately ¥80,700 million in planned sales revenue), and the construction business's order backlog at period-end also remained at a high level of ¥45,895 million. Its long track record enhances the visibility of revenue in the coming period.
The group has built a vertically integrated system that completes everything from land acquisition to construction, sales, and management within the group. Commission income from the Real Estate Management Business grew steadily to ¥3,845 million (up 4.8% year on year), with the number of managed buildings approaching 1,000 and the number of managed housing units approaching 40,000. The combination of flow income and stock income supports the stability of business performance.
Nisshin Real Estate Investment Advisors Co., Ltd. has been entrusted with asset management for Nisshin Private Reslate Investment Corporation, established in 2017, establishing a whole-building sales channel to institutional investors. In FY2026 (ending March 2026), the company recorded Whole-building Sales of 4 properties totaling ¥8,273 million, contributing as a new revenue source. The company possesses a unique sales route through which it can offer its own developed properties as investment targets.
ENVALITH's Perspective
Performance Trend
Revenue declined gradually for four consecutive periods, from ¥81,465 million in FY2022 (ending March 2022) to ¥76,236 million in FY2025 (ending March 2025), but recovered to ¥87,815 million in FY2026 (ending March 2026), the highest level in the past five periods. Operating profit also roughly doubled, expanding from ¥3,448 million (FY2025) to ¥6,678 million, with the operating margin improving from 4.5% to 7.6%. The main drivers of the recovery were the increase in units delivered for newly-built condominiums (from 286 to 347 units), a new contribution from Whole-building Sales (4 properties, ¥8,273 million), progress in price pass-through in the Construction Business (segment profit up 87.6%), and a sharp increase in real estate sales within the Real Estate Management Business (up 190.5% year on year) — a combination of these factors. External tailwinds included resilient demand for condominiums for sale in the Greater Tokyo area and the continued environment allowing pass-through of construction costs.
Growth Strategy
Targeting sales of ¥88,000 million and operating profit of ¥6,000 million through collaboration among four businesses toward the final year of the medium-term management plan
In FY2026 (ending March 2026), 347 newly-built condominium units were delivered (up 21.3% year-on-year), and 4 properties (¥8,273 million) were newly recorded under Whole-building Sales. Business expenditure at fiscal year-end of ¥27,084 million (equivalent to approximately ¥80,700 million in planned sales) and a contract balance of 322 units/¥13,445 million form the revenue base for the next fiscal period onward.
The environment for incorporating rising construction costs into contract amounts has continued, and segment profit for FY2026 (ending March 2026) recovered sharply to ¥3,841 million (up 87.6% year-on-year). The order backlog at fiscal year-end has been built up to ¥45,895 million, providing high revenue visibility for the next fiscal period. Significant progress in the Ancillary Business (Real Estate Sales, Commission Income, etc.) also boosted sales.
Sales in the Real Estate Management Business for FY2026 (ending March 2026) expanded sharply to ¥16,998 million (up 57.1% year-on-year), with segment profit at ¥1,820 million (up 91.3%). Real estate sales, up 190.5% year-on-year, drove this growth, while recurring-type revenue from commission income (¥3,845 million, up 4.8%) also continued to steadily accumulate.
The dividend per share for FY2026 (ending March 2026) was ¥35 (up 52.2% from ¥23 in the previous fiscal year), with a payout ratio of 39.0%. The forecast for FY2027 (ending March 2027) is ¥37 (payout ratio of 49.4%), planning a further increase in dividends and demonstrating a stance of strengthening shareholder returns.
Last updated: July 19, 2026