Maruken Lease Co., Ltd.
9763・Standard Market・Wholesale Trade
Business
Maruken Rental Co., Ltd. is a construction equipment specialist founded in 1968 and listed on the Standard Market of the Tokyo Stock Exchange. Its core business is the "Heavy Temporary Materials Business" (net sales of ¥19,425 million), which mainly rents, sells, repairs, and processes heavy temporary steel construction materials such as steel sheet piles, H-beams, and road covering plates. The company also operates the "Heavy Temporary Materials-related Construction Business" (net sales of ¥5,372 million), which handles pile driving and extraction, earth retaining work, diaphragm walls, and cast-in-place pile construction, and the "Civil Engineering, Water Supply/Sewerage Facility Construction Business" (net sales of ¥1,672 million), which undertakes civil engineering, water and sewerage facility, and factory plant construction, forming a structure of three segments. Its main customers are construction companies, primarily major general contractors, with demand driven mainly by large-scale urban redevelopment projects and public infrastructure development. In addition to its domestic operations, the company has bases in Thailand and China, forming a group consisting of 8 consolidated subsidiaries and 3 affiliated companies.
Business Model
Heavy temporary steel materials are durable assets that can be used repeatedly, and rental income generated according to rental utilization volume forms a stable revenue base. In addition, the company enhances added value through "integrated materials-and-construction orders," which provide pile driving/extraction, earth retention erection, and other construction work on a bundled basis. Repair and processing of steel materials are handled in-house at the company's own factories, achieving both quality control and cost efficiency. Through group expansion via M&A (Takemoto Kiso Kogyo Co., Ltd. and Daichi Lease Co., Ltd.), the company has strengthened its construction capabilities, and it maintains a revenue structure that pursues synergies between rental and construction operations.
Company Strengths
Since its founding in 1968, the company has developed a network of branches, factories, and yards in major cities nationwide, building long-term continuous business relationships with major general contractors. In the previous consolidated fiscal year, Nishimatsu Construction Co., Ltd. accounted for 11.9% of total sales, and such deep transactional relationships with specific major clients support stable order intake. Its track record of over half a century functions as a barrier to entry.
The company has developed in-house the high-strength waling beam "Tough7," the high-rigidity strut "Tough4," and the large-scale road deck plate "Tough Deck" (registered with NETIS), aimed at improving work efficiency and shortening construction periods at earth retaining sites. In FY2026 (ending March 2026), the company is also working on four new product and technology themes, with one patent application pending and one NETIS application pending. Under its medium-term management plan, the company continues to expand its product lineup.
Starting with the acquisition of Koshin Kogyo Co., Ltd. in 2004, the company has expanded its construction scope through a series of M&A activities: the establishment of Maruken Kiso Koji Co., Ltd. in 2008, the consolidation of Takemoto Kiso Koji Co., Ltd. as a subsidiary in February 2025 (which contributed to a 33.3% increase in segment sales and a 150.6% increase in segment profit in the Heavy Temporary Works and Other Construction segment), and the consolidation of Daichi Lease Co., Ltd. as a subsidiary in April 2026.
ENVALITH's Perspective
Performance Trend
Revenue expanded 38.6% over five periods, from ¥19,103 million in FY2022 to ¥26,470 million in FY2026, with FY2026 growth accelerating to 16.1% year-on-year. Operating profit, meanwhile, had been on an increasing trend from ¥1,066 million in FY2022 to ¥1,514 million in FY2025, but reversed to ¥1,427 million in FY2026 (down 5.8% year-on-year). The main causes were integration-related costs from Takemoto Kiso Kogyo Co., Ltd., persistently high materials and equipment prices, and rising labor costs. Ordinary profit reached a record high of ¥1,930 million (up 12.2% year-on-year), driven by a sharp increase in equity-method investment profit (from ¥120 million to ¥402 million). In terms of market conditions, steady progress on large-scale redevelopment projects in urban areas supported revenue, while persistently high materials, equipment, and transportation costs squeezed margins. For FY2027 (ending March 2027), the company forecasts operating profit of ¥1,600 million (up 12.1% year-on-year), anticipating a recovery in margins after absorbing integration costs.
Growth Strategy
Promotion of M&A, overseas business, and DX under the medium-term management plan "Building Together the Infrastructure Cities of the Future"
The full-year consolidated contribution of Takemoto Kiso Koji Co., Ltd. (brought into the group in February 2025) drove the Heavy Temporary Structures and Related Construction segment to achieve a 33.3% increase in net sales and a 150.6% increase in segment profit. In April 2026, the company made Daichi Lease Co., Ltd. (scaffolding, earthwork, paving, and demolition construction business) a subsidiary, aiming to expand construction machinery and further strengthen construction capabilities.
Based on the medium-term management plan, the company continues to enhance its product lineup and expand its holdings of steel materials. The balance of construction equipment expanded from ¥11,241 million in FY2025 (ending March 2025) to ¥13,075 million in FY2026 (ending March 2026). While the ¥1,766 million increase in inventory pressured operating cash flow, it contributed to sales growth through increased rental utilization volume.
Management has noted that overseas operations in Thailand, China, and other regions show some signs of recovery. While external factors such as the prolonged instability in Ukraine and the Middle East and the slowdown in China's economy continue to create uncertainty, the medium-term management plan positions accelerating overseas expansion as an important strategic initiative.
Equity in earnings of affiliates accounted for by the equity method surged from ¥120 million in FY2025 (ending March 2025) to ¥402 million in FY2026 (ending March 2026), reaching approximately 20.8% of ordinary profit. The earnings contribution from the affiliate network has been increasing, functioning as a revenue source that complements fluctuations in operating profit.
Last updated: July 19, 2026