LUCKLAND CO., LTD.
9612・Prime Market・Services
Business
LUCKLAND CO., LTD. was founded in 1970 and grew from refrigeration and kitchen equipment construction work for supermarkets into a comprehensive commercial space production company. It currently operates a group structure of 26 companies at home and abroad, spanning six business fields: store facilities, commercial facilities, food factories, distribution warehouses, construction, and others. Its main customers include the restaurant industry, retail industry, hospitality industry, real estate developers, and railway-affiliated companies, and it provides one-stop support from research through planning and development, design, engineering, construction, supervision, and maintenance. Domestically, it has established a branch network covering Eastern Japan, Chubu, Western Japan, and other regions, while overseas it operates subsidiaries in six ASEAN countries and Taiwan. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Main revenue comes from contracted work for planning, design, and construction of stores and commercial facilities, with the Production Business accounting for approximately 95% of net sales of ¥56,574 million. Even after construction completion, the company maintains customer contact through the Maintenance Business (net sales of ¥2,789 million), adopting a cyclical model that leads to orders for subsequent projects. In the energy-saving and CO2 reduction business, the company proposes rental options to reduce initial costs, while also guiding customers toward its other production businesses. The cost of sales ratio of 82.8% (an improvement of 4.7 points year on year) and securing appropriate order pricing are key to improving profitability.
Company Strengths
Starting from a supermarket refrigeration equipment installation order received in 1973, the company has accumulated refrigeration/cold storage technology and food safety expertise for food factories and cold storage warehouses. It holds specialized capabilities that are difficult for competitors to enter, such as HACCP compliance and support for obtaining food safety standards certifications, and has also expanded into resident-type facility maintenance services for food factories.
The company has built a system providing research, planning and development, design, construction, supervision, and maintenance in an integrated manner. It has 25 specialized subsidiaries under its umbrella covering electrical work, water supply/drainage, air conditioning, fire prevention, lighting, metal products, and other areas, and leveraging its combined interior and facility technical capabilities, it has won large-scale renovation projects for commercial facilities (net sales of ¥13,630 million in FY2025 (ending December 2025), up 69.9% year on year).
In FY2025 (ending December 2025), net sales reached ¥56,574 million (up 18.7% year on year), operating profit reached ¥4,033 million (up 1,627.3% year on year), and the operating profit margin reached 7.1%. The cost of sales ratio declined 4.7 percentage points year on year to 82.8%, as securing appropriate order pricing and reducing SG&A expenses (down 0.5% year on year) progressed simultaneously. ROE recovered sharply to 18.6% (from -5.0% in the previous period).
ENVALITH's Perspective
Performance Trend
From FY2021 through FY2024 (December fiscal year-end), revenue fluctuated between ¥35,888 million and ¥47,659 million while operating profit remained at low levels (with operating losses in three of those periods). In FY2025 (December fiscal year-end), the company achieved a substantial V-shaped recovery, with revenue of ¥56,574 million, operating profit of ¥4,033 million, and net income of ¥2,081 million. In Q1 FY2026 (January–March 2026), revenue was ¥10,692 million (down 9.0% year on year), operating profit was ¥683 million (up 1.6% year on year), ordinary profit was ¥699 million (up 16.4% year on year), and quarterly net income attributable to owners of the parent was ¥389 million (down 17.6% year on year). The revenue decline was due to lower revenue in the Store Facility Production Business, Commercial Facility Production Business, and Food Factory & Distribution Warehouse Production Business, partially offset by a 37.3% increase in the Construction Business. Amid a cost environment marked by persistently high material prices, rising labor costs, and continued uncertainty over US trade policy, the company maintained a gross profit margin of 18.4% by securing appropriate order pricing. The equity ratio improved to 51.4% (from 43.9% at the end of the previous fiscal year).
Growth Strategy
With DX as the core, the company circulates three themes—business, human capital, and finance—aiming for FY2028 (ending December 2028) sales of ¥62,000 million and an operating margin of 7.4%
Expanding the business domain from store production to entire buildings, capturing large-scale projects such as hotel renovations, seismic retrofitting, and conversions. Driven by the recovery in inbound demand, sales grew 37.3% year-on-year to ¥1,801 million in Q1 FY2026, functioning as a growth driver.
Thoroughly managing profitability amid an environment of persistently high material costs and rising labor costs, aiming to maintain and improve the gross profit margin. Following the V-shaped recovery in FY2025 (ended December 2025), the gross profit margin was maintained at 18.4% in Q1 FY2026, confirming that the improvement in profit structure has taken hold.
In addition to the plan for directors (26,900 shares; total issuance amount of approximately ¥38 million) approved at the Ordinary General Meeting of Shareholders in March 2026, a new plan for 190 employees (160,500 shares; total issuance amount of approximately ¥220 million) was introduced in May 2026. In the construction industry, where labor shortages are becoming increasingly severe, this aims to retain and secure talent and provide incentives to enhance corporate value.
Responding to increasing needs for HACCP institutionalization and food safety standard acquisition, as well as growing investment in refrigeration and freezing equipment driven by expanding demand for frozen food and the logistics 2024 problem, the company provides specialized services leveraging technical expertise accumulated since its founding. Q1 FY2026 was sluggish, down 54.0% year-on-year, but inquiries continue to be generated.
Last updated: July 17, 2026