METAWATER Co., Ltd.
9551・Prime Market・Electric Power & Gas
Environmental Engineering Business
Core business responsible for the design, construction, and maintenance & management of mechanical equipment for domestic water & sewerage and resource recycling facilities
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥58,475 million | ¥52,367 million | ↑ |
| Operating profit | ¥4,543 million | ¥2,362 million | ↑ |
| Orders received | ¥75,410 million | ¥51,918 million | ↑ |
| Order backlog | ¥118,449 million | ¥101,514 million | ↑ |
| Operating margin | 7.8% | 4.5% | ↑ |
Business Details
Comprises two businesses: the Water Environment Business (design, construction, and maintenance of mechanical equipment for water purification plants and sewage treatment plants) and the Resource Environment Business (design, construction, and maintenance & management for resource recycling facilities). Customers are over 90% public-sector entities, with the Tokyo Metropolitan Government as a major customer. The Company and Santo Co., Ltd. are the main affiliated companies. Revenue recognition is based on progress measured using the cost-based input method. In FY2026 (ending March 2026), net sales were ¥58,475 million, accounting for approximately 27.9% of consolidated net sales.
Recent Overview
Large-scale construction and repair projects progressed smoothly; operating profit surged +92.3% year on year
In FY2026 (ending March 2026), both large-scale construction projects in the Water Environment Business and repair work in the Resource Environment Business progressed smoothly, resulting in net sales of ¥58,475 million (up 11.7% year on year) and a substantial increase in operating profit to ¥4,543 million (up 92.3% year on year). Orders received also surged to ¥75,410 million (up 45.2% year on year), and the order backlog grew to ¥118,449 million (up 16.7% year on year). Orders received, which had declined significantly in the prior period, have recovered, and future contributions to net sales are expected.
Key Products
Growth Drivers
- Increasing renewal demand due to the aging of water & sewerage and resource recycling facilities built during the period of rapid economic growth
- Continued promotion of disaster prevention and mitigation investment based on the National Resilience Plan
- Creation of business opportunities through the expanded introduction of new public-private partnership schemes such as Water PPP
- Expansion of integrated orders for design, construction, and maintenance & management of resource recycling facilities accompanying the increase in DBO projects
- Strengthening competitiveness through the development and introduction of products and systems that contribute to reducing greenhouse gas emissions
Risks
- Since public-sector projects account for over 90% of business, reductions in public investment budgets or delays in execution directly affect performance
- Because revenue is recognized on a percentage-of-completion basis, unexpected cost overruns or schedule delays can cause significant fluctuations in profit margins
- Seasonality whereby sales recognition is markedly concentrated in the fourth quarter, tending to result in low performance during other periods
- Risk of reduced order volume due to local governments' fiscal difficulties and engineer shortages stemming from population decline
- Large fluctuations in orders received (a sharp decline of -29.9% year on year in FY2025 (ended March 2025) followed by a sharp rebound of +45.2% in FY2026 (ending March 2026)), resulting in low predictability of future performance
Last updated: June 16, 2026