HARIMA B.STEM CORPORATION
9780・Standard Market・Services
Business
Harima Bysteme Co., Ltd. was founded in 1963 and is headquartered in Yokohama, listed on the TSE Standard Market as a comprehensive building services company. It provides five services—cleaning operations (36.4% of sales composition), facility maintenance management (10.1%), security services (7.8%), engineering operations (22.9%), and other services (22.8%)—to public facilities, office buildings, medical facilities, commercial facilities, condominiums, and other properties. In addition to the parent company, the group structure comprises 8 subsidiaries and 9 affiliated companies, with business operations centered on the Greater Tokyo, Kansai, and Tokai areas. The company is also actively entering the PPP field, including PFI projects and designated manager operations.
Business Model
A stock-type business model that undertakes integrated contracts for cleaning, facility management, security, and engineering services at customer facilities, securing stable revenue through long-term continuing contracts. Unit price improvements through contract renewal activities and expanded orders for temporary work and repair/maintenance construction add flow-based revenue on top. The company also expands its service scope through collaboration with group subsidiaries, with expansion of business areas and functions through M&A serving as another pillar of revenue growth.
Company Strengths
Since 2000, the company has progressively made Kyowa Bosai Setsubi, Kyoei Building Management, Kanto Shobo Kizai Co., Ltd., TEC Service Co., Ltd., Aiwa Service Co., Ltd. (Kansai region, hospital cleaning), Musashino Tsushin Co., Ltd. (Tokyo metropolitan area, electrical construction), and others wholly owned subsidiaries. In FY2026 (ending March 2026), the full consolidation of two companies resulted in the recognition of ¥449 million in goodwill and ¥625 million in customer-related assets, reflecting group synergies in the company's results.
By providing an integrated package of four services—cleaning, facilities management, security, and civil engineering works—the company creates high switching costs for customers, and long-term continuing contracts stabilize its revenue base. Net sales for FY2026 (ending March 2026) reached ¥30,944 million, marking the fifth consecutive year of revenue growth, accelerating to a 10.4% year-on-year increase. Measures to enhance profitability through contract renewal activities also proved effective, with operating profit rising 33.5% year on year to ¥1,516 million.
At the end of FY2026 (ending March 2026), net assets stood at ¥9,966 million, with an equity ratio of 57.8%. The company raised M&A funding through the issuance of convertible bond-type bonds with subscription rights to shares (proceeds of ¥993 million), while securing operating cash flow of ¥1,176 million. The company possesses the financial strength to pursue aggressive growth investments while maintaining sound financial health.
ENVALITH's Perspective
Performance Trend
Revenue showed accelerating growth, reaching ¥30,944 million (+10.4% year on year) in FY2026 (ending March 2026). The main drivers were the full-scale ramp-up of new projects booked in the previous consolidated fiscal year and strong temporary work revenue, with the consolidation effects of Aiwa Service and Musashino Tsushin also contributing. Operating profit rose to ¥1,516 million (+33.5%) and net income attributable to owners of the parent rose to ¥1,183 million (+37.5%), with profit growth significantly outpacing revenue growth, improving the operating margin to 4.9% (from 4.1% in the previous period). Although external factors such as soaring raw material and energy prices and rising labor costs due to labor shortages persisted, improved profitability at group companies and profitability enhancement measures absorbed these pressures. For FY2027 (ending March 2027), the company forecasts a temporary decline in operating profit to ¥1,300 million (-14.3%) due to upfront investment in human capital.
Growth Strategy
Under Long-Term Vision 2026-2035, the company pursues "ever-evolving building maintenance" through M&A, area expansion, and DX promotion
Formulated the "Medium-Term Management Plan 2026-2028" as of May 14, 2026. Positioned as the first three-year plan under the Long-Term Vision 2026-2035, it aims to build an organizational structure trusted by customers while responding to a changing environment, targeting a jump to a new stage.
As a measure toward reaching the "Challenge Area" of Long-Term Vision 2026-2035, the company has set forth "business area expansion," making Aiwa Service (Kansai region, hospital cleaning) and Musashino Tsushin (Tokyo metropolitan area, electrical work) wholly owned subsidiaries during FY2026 (ending March 2026). This will promote enhanced group synergies and expansion into new areas and industries.
With "improving service quality to match sophisticated and diversifying customer needs" as a priority issue, the company is achieving further improvements in operational efficiency through the promotion of DX (digital transformation). Combined with strengthened efforts toward the SDGs, this will build a structure capable of providing high-quality services across a wide range of fields.
The company is promoting continuous base pay increases to secure and retain personnel, along with initiatives to resolve chronic labor shortages. In FY2027 (ending March 2027), a temporary decline in profit is expected due to front-loaded human capital investment costs, which are positioned as strategic investments aimed at improving mid- to long-term profitability and strengthening the organizational structure.
Last updated: July 19, 2026