People, Dreams & Technologies Group Co., Ltd.

Business Details

Provides survey, planning, design, and construction management services across a wide range of fields including bridges, roads, transportation, ground/soil, environment, architecture, and renewable energy. Major customers are government agencies including the Ministry of Land, Infrastructure, Transport and Tourism and the Ministry of Defense. The majority of orders are from government demand, and sales are seasonally weighted toward the second quarter and beyond. Handled by major group subsidiaries including Chodai Co., Ltd., Kiso-Jiban Consultants Co., Ltd., Chodai Tech Co., Ltd., and PC Railway Consultant Co., Ltd.

Recent Overview

In H1 FY2026 (ending March 2026), both orders received and sales exceeded the prior-year period, showing strong performance.

In the Consultant Business for H1 FY2026 (October 2025 to March 2026), sales reached ¥23,872 million (up 4.8% year-on-year), orders received reached ¥21,377 million (up 15.8% year-on-year), and order backlog reached ¥22,145 million (up 9.4% year-on-year). Earlier delivery timing and strong orders in core businesses contributed. Orders expanded across a wide range of fields including bridges, geology, regional revitalization, and defense-related work. There is no change to the full-year earnings forecast, and orders, sales, and profits are progressing steadily while steadily implementing forward-looking investments (R&D, engineer headcount increases, IT/DX investment).

Key Products

Growth Drivers

• Continued solid government demand due to sustained securing of public works budgets for national resilience and disaster prevention/mitigation
• Full-scale expansion of defense-related business (broad development across geological/soil survey, structural design, transportation, environment, and architecture fields)
• Increasing demand for infrastructure deterioration countermeasures and maintenance management for bridges, tunnels, etc. (practical application of next-generation technologies such as bridge inspection robots)
• Expanding demand for surveys and consulting in renewable energy fields such as offshore wind and geothermal power
• Effect of bringing forward sales recognition through earlier delivery and operational efficiency improvements
• Expansion of flood control/river improvement projects in light of climate change and acceleration of urban infrastructure reconstruction to strengthen regional disaster prevention capabilities
• Responding to the sophistication of infrastructure services through AI/ICT utilization and expansion of work related to the social implementation of autonomous driving

Risks

• Risk of being directly affected by public works budget cuts and policy changes, as the majority of orders come from government demand
• Tendency for lower performance in the first half due to seasonality with sales weighted toward the second quarter and beyond
• Risk of losing order opportunities due to engineer shortages and difficulty securing personnel
• Risk of provisions for losses on order contracts (uncertainty in estimating future losses related to order contracts)
• Risk of impairment of fixed assets (an impairment loss of ¥92 million was recorded in the Consultant Business in FY2025, ended September 2025)
• Geopolitical risk, infectious disease risk, and foreign exchange fluctuation risk in overseas business
• Governance and compliance risk related to improper accounting discovered in FY2024, ended September 2024 (recurrence prevention measures being implemented)
• Cost increase risk due to sustained high raw material and energy prices against the backdrop of US trade policy trends and instability in the Middle East region