Taikisha Overview
Taikisha is a Tokyo-based specialist engineering contractor that designs, builds and maintains controlled environments for manufacturing. Its Green Technology System Division engineers industrial HVAC and cleanrooms for semiconductor, electronic-component, battery and pharmaceutical plants, alongside building HVAC for offices, hospitals and data centres; its Paint Finishing System Division supplies turnkey automotive paint shops, conveyors, robotics and VOC abatement, a niche in which the company describes itself as the world's number two. Founded in 1913 and listed since 1974, the group generated JPY 286.1 billion of sales and a record JPY 23.3 billion of operating income in FY2025, with half of revenue earned outside Japan across a network spanning Southeast Asia, India, North America, China and Europe. It is positioned as a mid-cap, net-cash, asset-light engineering firm leveraged to fab, data-centre and EV capital spending, now executing a 10-Year Plan targeting more than JPY 500 billion of sales and a 12% ROE by FY2034.
The company's own description
In its annual securities report, Taikisha describes its group as conducting two principal businesses. The Green Technology System business designs, supervises and constructs building HVAC for general offices and related facilities, and industrial HVAC for factory production facilities and research institutes, together with the manufacture and sale of related equipment and materials. The Paint Finishing System business designs, supervises and constructs paint finishing systems, mainly for the automotive industry, and manufactures and sells related equipment. Customer fields listed for Green Technology include offices, hotels, retail, schools, research institutes, theatres, halls, hospitals and data centres for general air-conditioning, and cleanrooms for semiconductors, electronic components, batteries, precision machinery, pharmaceuticals and food, as well as plant factories, for industrial air-conditioning. Paint Finishing serves car body and bumper lines and also construction-machinery, railway-vehicle, aircraft and general industrial equipment plants.
The corporate overview lists the business area as the design, construction and administration (including manufacture, processing, sales and import/export of peripheral equipment) of HVAC facilities, freezing and fumigation facilities, cleanrooms and peripheral equipment, plumbing and sanitary systems, fire protection, district heating and cooling and cogeneration, paint finishing plants, emission and waste treatment systems, and electrical and instrumentation facilities.
Under the 10-Year Plan 2035, the company recasts its identity as "Be Engineering for a Sustainable Society", a global engineering company that integrates core technologies from various fields into systems delivering essential functions to customers.
Independent characterisation
| End market | Division | Typical scope |
|---|---|---|
| Semiconductors and electronic components | Green Technology (Industrial HVAC) | Cleanrooms, precision temperature/humidity control, exhaust treatment, utilities |
| Batteries (EV) | Green Technology and Paint Finishing | Dry rooms, NMP solvent recovery, heat/power supply, e-coating for battery cases |
| Pharmaceuticals and biopharma | Green Technology | GMP cleanrooms, room-pressure control, decontamination |
| Data centres | Green Technology (Building and Industrial HVAC) | Cooling and air-conditioning systems, modularised equipment |
| Offices, hospitals, commercial, urban redevelopment | Green Technology (Building HVAC) | Building HVAC and sanitary systems |
| Food, chemicals, precision machinery, plant factories | Green Technology | Process air-conditioning, controlled-environment agriculture |
| Automobiles (4-wheel) and motorcycles | Paint Finishing | Turnkey paint shops, conveyors, robots, VOC abatement |
| Rail, aircraft, construction machinery, general industry | Paint Finishing | Paint systems, automation |
Taikisha is best understood as a project-based engineering, procurement and construction (EPC) contractor for the "process environment" inside factories rather than a general building contractor. The value it adds lies in specifying and integrating air handling, temperature and humidity control, contamination control, exhaust treatment and material conveyance, then managing a large subcontractor base through installation and commissioning. It owns relatively little fixed capital (property, plant and equipment of JPY 13.5 billion against JPY 286.8 billion of total assets at March 2026), and its balance sheet is dominated by contract receivables, advances received and cash.
Revenue model. Almost all revenue is recognised as "net sales of completed construction contracts" under percentage-of-completion style accounting. The mix is overwhelmingly project/solution revenue (design-build contracts), with a smaller stream from after-sales service, maintenance, retrofit and spare parts (for example through Tokyo Taikisha Service Ltd. and overseas service units) and from equipment manufactured by group companies (San-Esu Industry, Nippon Noise Control, Nicomac Taikisha Clean Rooms, Encore Automation). There is no subscription or licensing revenue of significance. The company does not split product versus service revenue.
Value-chain position. Taikisha sits between manufacturer-clients (and their building contractors) and a broad equipment and trade-subcontractor ecosystem. Its domestic network included roughly 1,535 client companies and 1,717 subcontractors according to the 2024 Integrated Report, organised partly through the Taikisha Partners Group (TPG). In paint finishing it typically acts as the main contractor for the entire paint shop, buying robots, burners and controls from vendors while designing booths, ovens, pre-treatment and conveyors itself.
Customer types and end markets.
Semiconductors and electronic components: Division: Green Technology (Industrial HVAC); Typical scope: Cleanrooms, precision temperature/humidity control, exhaust treatment, utilities
Batteries (EV): Division: Green Technology and Paint Finishing; Typical scope: Dry rooms, NMP solvent recovery, heat/power supply, e-coating for battery cases
Pharmaceuticals and biopharma: Division: Green Technology; Typical scope: GMP cleanrooms, room-pressure control, decontamination
Data centres: Division: Green Technology (Building and Industrial HVAC); Typical scope: Cooling and air-conditioning systems, modularised equipment
Offices, hospitals, commercial, urban redevelopment: Division: Green Technology (Building HVAC); Typical scope: Building HVAC and sanitary systems
Food, chemicals, precision machinery, plant factories: Division: Green Technology; Typical scope: Process air-conditioning, controlled-environment agriculture
Automobiles (4-wheel) and motorcycles: Division: Paint Finishing; Typical scope: Turnkey paint shops, conveyors, robots, VOC abatement
Rail, aircraft, construction machinery, general industry: Division: Paint Finishing; Typical scope: Paint systems, automation
In FY2025, the Green Technology System Division generated 64% of sales and Paint Finishing 36%. Overseas sales were JPY 144.0 billion, or 50.3% of the total.
Strategy
Long-term framework: 10-Year Plan 2035 (FY2025–FY2034)
| Target | End FY2027 | End FY2030 | End FY2034 |
|---|---|---|---|
| Net sales (JPY bn) | 336 | 400 | 500 |
| of which core businesses (JPY bn) | 246 | 250 | 270 |
| of which growth businesses (JPY bn) | 88 | 125 | 180 |
| of which new businesses (JPY bn) | 2 | 25 | 50 |
| Sales to non-Japanese customers (JPY bn) | 113 | 128 | 169 |
| ROE (%) | 10 | 11 | 12 |
| DOE dividend policy (%) | 4.0 | 4.5 | 5.0 |
| Scope 1+2 CO2 reduction vs FY2022 (%) | 26 | 42 | 53 |
| Scope 3 CO2 reduction vs FY2022 (%) | 15 | 25 | 35 |
Announced in May 2025, the plan sets the goal "Be Engineering for a Sustainable Society" under two strategic policies: Innovative Engineering (integrating core technologies into systems that enable smart, carbon-neutral industries, through industry focus, "Design, Build & Care" and GX/DX optimisation) and Global Inclusion (leveraging a global network of roughly 30 affiliates in 20 countries and five global R&D centres).
Net sales (JPY bn): End FY2027: 336; End FY2030: 400; End FY2034: 500
of which core businesses (JPY bn): End FY2027: 246; End FY2030: 250; End FY2034: 270
of which growth businesses (JPY bn): End FY2027: 88; End FY2030: 125; End FY2034: 180
of which new businesses (JPY bn): End FY2027: 2; End FY2030: 25; End FY2034: 50
Sales to non-Japanese customers (JPY bn): End FY2027: 113; End FY2030: 128; End FY2034: 169
ROE (%): End FY2027: 10; End FY2030: 11; End FY2034: 12
DOE dividend policy (%): End FY2027: 4.0; End FY2030: 4.5; End FY2034: 5.0
Scope 1+2 CO2 reduction vs FY2022 (%): End FY2027: 26; End FY2030: 42; End FY2034: 53
Scope 3 CO2 reduction vs FY2022 (%): End FY2027: 15; End FY2030: 25; End FY2034: 35
The company targets 7,200 employees by FY2034 and defines "core" businesses as Japanese industrial HVAC, building HVAC and the painting process; "growth" businesses as industrial HVAC for non-Japanese customers, automation, batteries and dry decoration; and "new" businesses as facility management and environmental businesses (heat and exhaust processing, CCUS, water treatment). Sales to non-Japanese customers were JPY 57 billion in FY2024.
The plan's eight strategic focal points are: active expansion into growth industries; global regional strategies; development of non-Japanese customers; enhancement of intellectual capital (GX/DX technologies); human-capital enhancement and business-process transformation; strengthening execution and monitoring; global group management infrastructure; and DX strategy. A central theme is the transition from a labour-intensive to a capital-intensive model, using BIM-centred digital infrastructure, AI and robotics to automate design and construction and redeploy engineers to higher-value work.
Priority markets
| Market | 10-year market growth assumption | Taikisha 10-year sales ambition | Approach |
|---|---|---|---|
| Semiconductors and electronic components | 8% a year (2x) | 2x | Taiwan office to win non-Japanese semiconductor clients; Kyushu "Silicon Island"; ASEAN; later US and India; water treatment and turnkey solutions |
| Mobility (cars, two-wheelers, rail, aircraft) | 3% a year (1.3x) | 1.3x | Dry decoration, automation, European expansion, US and India |
| Batteries | 26% a year (10x) | 18x | Dry rooms, solvent recovery, heat/power supply and modular plants, starting with Japanese makers in Japan and North America |
| Biopharmaceuticals | 6% a year (1.8x) | 1.8x | Non-Japanese global companies; Japan, ASEAN, India, North America |
| Data centres | 10% a year (2.5x) | 9.5x | Hyperscalers; modularisation and new cooling methods; expansion from Japan to ASEAN and India |
Semiconductors and electronic components: 10-year market growth assumption: 8% a year (2x); Taikisha 10-year sales ambition: 2x; Approach: Taiwan office to win non-Japanese semiconductor clients; Kyushu "Silicon Island"; ASEAN; later US and India; water treatment and turnkey solutions
Mobility (cars, two-wheelers, rail, aircraft): 10-year market growth assumption: 3% a year (1.3x); Taikisha 10-year sales ambition: 1.3x; Approach: Dry decoration, automation, European expansion, US and India
Batteries: 10-year market growth assumption: 26% a year (10x); Taikisha 10-year sales ambition: 18x; Approach: Dry rooms, solvent recovery, heat/power supply and modular plants, starting with Japanese makers in Japan and North America
Biopharmaceuticals: 10-year market growth assumption: 6% a year (1.8x); Taikisha 10-year sales ambition: 1.8x; Approach: Non-Japanese global companies; Japan, ASEAN, India, North America
Data centres: 10-year market growth assumption: 10% a year (2.5x); Taikisha 10-year sales ambition: 9.5x; Approach: Hyperscalers; modularisation and new cooling methods; expansion from Japan to ASEAN and India
Medium-Term Business Plan (FY2025–FY2027): "3-year phase of restructuring for transformation"
| Financial target | FY2025 initial forecast | FY2027 target |
|---|---|---|
| Orders received (JPY bn) | 362.0 | 296.0 |
| Net sales (JPY bn) | 279.0 | 336.5 |
| Ordinary income (JPY bn) | 18.2 | 22.7 |
| Profit attributable to owners (JPY bn) | 12.0 | 15.8 |
| ROE (%) | 8.1 | 10.3 |
| Equity ratio (%) | 45 or higher | 40 or higher |
| Cross-shareholdings / net assets (%) | 15–20 | 15 or lower |
| Item | Amount |
|---|---|
| Core cash flow (operating cash flow before investment) | 51.5 |
| Sale of cross-shareholdings | 5.0 |
| Use of cash or borrowings | 16.5 |
| Total sources | 73.0 |
| Growth investment | 38.0 |
| — capital allocation (M&A and affiliates): Japan 7.0, North America 7.0, India 5.0, Europe 2.0, ASEAN 1.0 | 22.0 |
| — business growth investment (dry decoration line, R&D, new businesses) | 6.5 |
| — digital growth investment (BIM/DX, AI, global communications, e-procurement) | 7.0 |
| — human-capital investment | 2.5 |
| Infrastructure investment | 3.5 |
| Dividends | 16.5 |
| Share buybacks (JPY 5 billion a year) | 15.0 |
| Total uses | 73.0 |
Orders received (JPY bn): FY2025 initial forecast: 362.0; FY2027 target: 296.0
Net sales (JPY bn): FY2025 initial forecast: 279.0; FY2027 target: 336.5
Ordinary income (JPY bn): FY2025 initial forecast: 18.2; FY2027 target: 22.7
Profit attributable to owners (JPY bn): FY2025 initial forecast: 12.0; FY2027 target: 15.8
ROE (%): FY2025 initial forecast: 8.1; FY2027 target: 10.3
Equity ratio (%): FY2025 initial forecast: 45 or higher; FY2027 target: 40 or higher
Cross-shareholdings / net assets (%): FY2025 initial forecast: 15–20; FY2027 target: 15 or lower
Segment targets for FY2027 are Green Technology sales of JPY 224.0 billion with ordinary income of JPY 18.8 billion, and Paint Finishing sales of JPY 112.5 billion with ordinary income of JPY 4.5 billion. FY2025 results (ordinary income JPY 24.8 billion; ROE 10.1%) already exceed the FY2027 profit and ROE targets, while the sales target still requires roughly 18% growth over two years.
Cash allocation (FY2025–FY2027 cumulative, JPY billion)
Core cash flow (operating cash flow before investment): Amount: 51.5
Sale of cross-shareholdings: Amount: 5.0
Use of cash or borrowings: Amount: 16.5
Total sources: Amount: 73.0
Growth investment: Amount: 38.0
-
— capital allocation (M&A and affiliates): Japan 7.0, North America 7.0, India 5.0, Europe 2.0, ASEAN 1.0 — Amount: 22.0
-
— business growth investment (dry decoration line, R&D, new businesses) — Amount: 6.5
-
— digital growth investment (BIM/DX, AI, global communications, e-procurement) — Amount: 7.0
— human-capital investment: Amount: 2.5
Infrastructure investment: Amount: 3.5
Dividends: Amount: 16.5
Share buybacks (JPY 5 billion a year): Amount: 15.0
Total uses: Amount: 73.0
Key initiatives in the last 24 months
Green Technology: prioritised deployment of engineers to semiconductor clusters (e.g. Kyushu); building capacity for large projects with partner companies; ASEAN Management Dept. in Singapore shifting overseas HQ functions out of Tokyo; global design-and-build standards rolled out to ASEAN affiliates; unitisation and modularisation of equipment with partner fabricators (TPG-fab); BIM-based front-loading, digital twins, robots and drones for site management; logistics centralisation; entry into water treatment; energy-management and overseas electrical engineering expansion.
Paint Finishing: expansion of the dry decoration demonstration line and push to mass-production adoption; automation beyond painting (inspection, polishing, handling); European supply-chain build-out and alliances; non-automotive markets; smart industrial HVAC; EV battery plant support through US affiliates.
Synergies: combining Green Technology (dry rooms, solvent recovery, heat/power) and Paint Finishing (e-coating, sealing, conveyance, handling robots) into one-stop battery plant solutions with modular construction.
New business development: reinforced Business Development Headquarters covering market research, technology surveys, business companies and R&D; collaboration with universities, VC/CVC and start-ups; IP strengthening.
Governance and systems: Growth Strategy Council, Digital Innovation Committee, Group Corporate Officer system, new management accounting to protect growth investment, group-wide ROIC management, common global IT infrastructure.
Human capital: KPIs of 350 career professionals and senior expert engineers by 2035 (100 in 2025) and 1,780 globally skilled staff by 2035 (1,200 in 2025); a new specialised training institute for semiconductors and pharmaceuticals.
Capital policy: 2-for-1 split (April 2025); DOE raised from 3.2% to 4.0% (FY2025 plan) and then to 4.5% (May 2026); JPY 5 billion annual buybacks; retirement of 3.7 million treasury shares (February 2026); first credit rating to diversify funding.
Identity: a new Group Philosophy Framework announced in June 2026.
Products & Services
Taikisha sells engineered solutions rather than catalogue products. Pricing is project-specific and contract-based; the company does not publish list prices.
Green Technology System Division
| Offering | Description and key capabilities | Target customers | Notes |
|---|---|---|---|
| Industrial cleanroom systems | Design-build of ISO-class cleanrooms, make-up air, recirculation, fan-filter units, humidity and temperature control, exhaust and scrubber systems | Semiconductor front-end and back-end fabs, electronic components, displays | Core growth franchise; "Silicon Island / East Asia" strategy targets Kyushu, Taiwan and ASEAN |
| Ultra-precise Temperature Control Chamber (mini-environment) | Localised chambers holding temperature within very narrow tolerances around sensitive tools, cutting energy versus conditioning entire rooms | Semiconductor lithography/metrology, precision machining, battery R&D | Being extended beyond semiconductor and battery customers |
| Battery plant dry rooms | Ultra-low-dew-point rooms for lithium-ion cell assembly | EV and battery makers in Japan and North America | Combined with heat/power supply and modular construction |
| NMP / solvent recovery and purification | Integrated recovery and recycling of electrode-coating solvents, including for solid-state battery processes | Battery makers | Identified as a key driver of battery-market growth |
| Pharmaceutical and biopharma facilities | GMP cleanrooms, room-pressure cascades, decontamination, validation and measurement support | Global pharmaceutical and biopharma producers, ASEAN local firms | Priority market under the 10-Year Plan |
| Data centre cooling | HVAC and cooling for data halls; unitised/modularised plant; new cooling methods under development | Colocation and hyperscale operators in Japan, expanding to ASEAN and India | Company targets a 9.5-fold increase in data-centre sales over ten years |
| Building HVAC and sanitary systems | Air-conditioning, ventilation, plumbing and sanitary systems for offices, hotels, retail, schools, hospitals, theatres | Developers, building owners, general contractors | Strong urban redevelopment pipeline in Japan |
| AIREL displacement-ventilation diffuser | Air diffuser that supplies conditioned air at low velocity to achieve comfort and energy savings simultaneously | Offices, public buildings | Launched April 2026 |
| Energy management (EMS) and AI-based operations | One-stop system for energy saving in HVAC and heat sources, failure prediction, safe operation and maintenance | Factory and building owners | Expansion area under the Medium-Term Plan |
| Water treatment and wastewater recycling | Water recirculation systems for semiconductor and electronic-component plants, developed with partners | Semiconductor and electronics plants facing water regulation | New entry under the Medium-Term Plan |
| Exhaust gas and heat-energy treatment | Non-combustion exhaust treatment, electrification, gas recycling, waste-heat utilisation | Manufacturing plants under tightening emissions rules | Part of the planned third core business |
| CCUS / Direct Air Capture | Integration of low-concentration CO2 recovery into air-conditioning, with use in agriculture, forestry and fisheries; direct ocean capture research | Long-term environmental market | Demonstrated at Taikisha Innovation Site Aikawa (TISA) |
| Overseas electrical engineering | Turnkey proposals integrating electrical facilities with HVAC | Japanese and non-Japanese manufacturers in ASEAN and India | Expanding scope beyond mechanical works |
| Noise and vibration control | Silencers and anti-vibration devices (Nippon Noise Control Ltd.) | Buildings and plants | Group manufacturing subsidiary |
| Cleanroom panels, doors and components | Prefabricated cleanroom envelopes manufactured in India (Nicomac Taikisha Clean Rooms) | Pharma and electronics plants in India and export markets | Majority-owned since 2020 |
| Maintenance and after-care | Inspection, renewal and service of installed systems (Tokyo Taikisha Service Ltd. and overseas affiliates) | Installed base | "Design, Build & Care" lifecycle model |
| Plant factories | Controlled-environment vegetable production (Vege-Factory Co., Ltd.) | Agriculture and food | Small new business |
Paint Finishing System Division
| Offering | Description and key capabilities | Target customers | Notes |
|---|---|---|---|
| Turnkey automotive paint shops | Complete paint shops: pre-treatment, electro-deposition (e-coat), sealing, primer/base/clear booths, ovens, sanding and inspection, utilities | Global automotive OEMs (Japanese, US, European, Indian, Chinese) | Company claims world number-two position; overseas ratio of sales 80% in FY2025 |
| Paint booths and air supply | Spray booths with energy-saving low-air-volume design and high coating efficiency | Automotive and general industry | Draws on Green Technology air-handling know-how |
| Curing ovens and heat systems | Gas, electric and hybrid ovens; energy transition towards electrification and hydrogen | Automotive | One of three pillars of the paint-shop carbon-neutral roadmap |
| Conveyor systems | Body conveyance and handling; conveyor manufacturing in China (Tianjin Dongchun-Taiki) | Automotive | — |
| Robotics and automation | Paint and sealer robots integration, automated wiping and polishing, inspection and material handling; Encore Automation (Auburn Hills, Michigan) | Automotive, aerospace, motorcycles, general industry | Encore named a FANUC integrator of the year (2016) |
| i-ART auto-teaching technology | Automatic robot-path teaching enabling high-mix, low-volume painting | Smart factories in automotive and other industries | Basis for expansion outside automotive |
| Auto-repair technology | Automated defect repair in paint finishing | Automotive | — |
| Dry decoration | Film-application process replacing spray painting; company estimates up to 75% reduction in CO2 emissions from paint production facilities | Automotive OEMs, later other mobility and decoration markets | Demonstration line at Zama Technical Center; key growth investment |
| VOC abatement | Regenerative thermal oxidisers (RTO), fluidised-bed VOC concentrators | Automotive and industrial paint lines | — |
| Digital twin and BIM engineering | Digital twin for planning, simulation and commissioning; BIM certified under ISO 19650 (BSI Kitemark, April 2025) | Automotive OEMs, especially in Europe | — |
| Battery-related lines | E-coating for in-vehicle battery cases, airtight and waterproof sealing, conveyance and handling | Battery and EV makers | Synergy area with Green Technology |
| Non-automotive painting | Paint systems for railway vehicles, aircraft, construction machinery, motorcycles and general equipment | Industrial manufacturers | Taikisha USA supplied Boeing, Embraer, Honda Jet and Harley-Davidson lines |
| Process technical services | Paint-process consulting, GHG reduction consulting, after-sales service and retrofit | Installed paint-shop base | Dedicated Paint Finishing website launched February 2026 |
Financial Narrative
All figures in JPY million under Japanese GAAP for fiscal years ended March 31 (FY2021 = year ended March 2022; FY2025 = year ended March 2026). Per-share data are restated for the April 1, 2025 2-for-1 stock split. Source: Taikisha Fact Book (fiscal year ended March 2026) and securities reports.
Income statement
Diluted EPS is not presented because the company has no dilutive securities outstanding.
Margins and growth
Revenue grew at a compound annual rate of 8.1% from FY2021 to FY2025 (JPY 209.3 billion to JPY 286.1 billion), while operating income grew at 25.4% a year and profit attributable to owners at 21.1% a year.
Commentary. The decisive trend is margin expansion rather than volume. Gross margin rose by 4.2 percentage points over five years, with the step change in FY2024 (16.3%) and FY2025 (19.3%), as the company became more selective on price and risk in Japanese industrial HVAC, completed high-margin cleanroom projects, and benefited from fewer loss-making overseas paint projects after the Geico exit. SG&A rose by 44% over the period to JPY 31.9 billion, reflecting salary increases (employee salaries in SG&A up from JPY 8.2 billion to JPY 12.7 billion), share-based remuneration and deliberate growth spending under the new plan, but this was more than offset by gross profit. The FY2023 sales jump (+36.7%) came from very large semiconductor-related completions; the FY2024 decline (-5.9%) reflected their roll-off.
Net income has been noisier than operating income because of extraordinary items: FY2022 absorbed JPY 2.5 billion of business restructuring expenses and a JPY 0.6 billion impairment; FY2024 absorbed a JPY 3.3 billion impairment that eliminated customer-related intangible assets and most goodwill, which is why profit attributable fell 29% despite flat ordinary income. FY2025 included JPY 1.4 billion of gains on sales of cross-shareholdings and a JPY 473 million provision for the closure of a factory at Taikisha USA's Columbus, Ohio site. Profit attributable to non-controlling interests (JPY 1.8 billion in FY2025) reflects minority partners in overseas subsidiaries such as India and Thailand.
Balance sheet
Net debt is defined as short- plus long-term borrowings less cash and deposits.
Commentary. Taikisha runs a conservative, cash-rich balance sheet with negligible structural debt. Borrowings are almost entirely short-term working-capital lines used by overseas subsidiaries; the JPY 13.2 billion of short-term loans at March 2025 coincided with the receivables build-up of that year and was repaid in FY2025. Contract receivables swing heavily with project timing: they rose to JPY 151.9 billion at March 2025 and then fell by JPY 39 billion to JPY 112.9 billion at March 2026 as large projects were billed and collected, which is the main reason cash almost doubled to JPY 90.7 billion. Advances received on uncompleted contracts rose to JPY 27.4 billion (from JPY 19.7 billion), another source of funding. The goodwill write-down in FY2024 leaves a clean intangible base for future acquisitions. Cross-shareholdings (investment securities of JPY 32.9 billion, about 19% of net assets) are being reduced towards a target of 15% or less. At June 30, 2026, total assets were JPY 288.5 billion, net assets JPY 183.7 billion and the equity ratio 60.5%, the increase in equity reflecting higher valuations of listed shareholdings and pension remeasurements.
Cash flow
Free cash flow is operating cash flow less purchases of property, plant, equipment and intangible assets.
Commentary. Operating cash flow is lumpy and driven by the receivables cycle on large contracts. The five-year cumulative operating cash flow was JPY 60.5 billion against cumulative profit before tax of JPY 92.1 billion, with negative years (FY2021, FY2024) offset by sharp releases (FY2023, FY2025). Capital expenditure is low at around 1% of sales, confirming the asset-light model. Shareholder distributions have stepped up markedly: dividends plus buybacks totalled JPY 10.3 billion in FY2025 against JPY 3.1 billion in FY2021, and the company has committed to JPY 5 billion of buybacks per year for FY2025–FY2027.
Ratios
Commentary. ROE has moved from the 6% range typical of Japanese specialty contractors to 10.1% in FY2025, already meeting the Medium-Term Plan target for FY2027 two years early; management guides 11% for FY2026. The improvement comes from margins rather than leverage, which is close to zero. The cash conversion cycle is structurally long (receivables of five to seven months of sales) because Japanese and overseas EPC contracts are billed on milestones with retention, while subcontractors are paid faster; reducing DSO from 201 days to 144 days in FY2025 released more than JPY 38 billion of cash.
Current-year trading and guidance
First quarter FY2026 (April–June 2026) versus prior year (JPY billion)
In 1Q FY2026 orders rose 7.5% to JPY 105.4 billion while sales fell 4.2% to JPY 61.3 billion; Green Technology delivered stable ordinary income (JPY 3.7 billion, 9.0% margin) but Paint Finishing posted an ordinary loss of JPY 0.4 billion. Profit attributable fell 28.4% to JPY 2.0 billion (EPS JPY 32.29), partly on higher SG&A. Comprehensive income was JPY 18.1 billion on securities and pension gains.
FY2026 company forecast (year ending March 2027, unchanged at August 7, 2026; JPY billion)
The forecast assumes USD/JPY 148, and a 1% move in all exchange rates changes sales by about JPY 1.6 billion and ordinary income by about JPY 0.1 billion.
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Revenue by Segment
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Green Technology System sales (JPY Mn) | 134,393 | 171,844 | 216,519 | 169,420 | 183,043 |
of which Building HVAC sales (JPY Mn) | 40,978 | 45,355 | 40,756 | 36,839 | 46,186 |
of which Industrial HVAC sales (JPY Mn) | 93,414 | 126,488 | 175,763 | 132,580 | 136,856 |
Industrial HVAC sales, Japan (JPY Mn) | 53,159 | 77,726 | 101,737 | 71,949 | 75,408 |
Industrial HVAC sales, overseas (JPY Mn) | 40,255 | 48,762 | 74,025 | 60,630 | 61,448 |
Paint Finishing System sales (JPY Mn) | 74,867 | 42,948 | 77,036 | 106,792 | 103,084 |
Paint Finishing sales, Japan (JPY Mn) | 13,570 | 11,154 | 13,270 | 35,787 | 20,502 |
Paint Finishing sales, overseas (JPY Mn) | 61,297 | 31,793 | 63,766 | 71,004 | 82,582 |
Consolidated net sales (JPY Mn) | 209,261 | 214,793 | 293,556 | 276,212 | 286,127 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Green Technology operating income (JPY Mn) | 8,949 | 13,966 | 16,409 | 14,671 | 20,326 |
Green Technology ordinary income (JPY Mn) | 9,302 | 14,599 | 17,027 | 15,299 | 20,820 |
Green Technology operating margin (%) | 6.66 | 8.13 | 7.58 | 8.66 | 11.10 |
Paint Finishing operating income (JPY Mn) | 574 | -1,637 | 2,664 | 3,701 | 4,227 |
Paint Finishing ordinary income (JPY Mn) | 667 | -1,606 | 2,804 | 4,256 | 4,365 |
Paint Finishing operating margin (%) | 0.77 | -3.81 | 3.46 | 3.47 | 4.10 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Green Technology sales growth YoY (%) | 4.0 | 27.9 | 26.0 | -21.8 | 8.0 |
Paint Finishing sales growth YoY (%) | -5.6 | -42.6 | 79.4 | 38.6 | -3.5 |
Green Technology share of sales (%) | 64.2 | 80.0 | 73.8 | 61.3 | 64.0 |
Paint Finishing share of sales (%) | 35.8 | 20.0 | 26.2 | 38.7 | 36.0 |
Revenue by Segment — Green Technology orders
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Green Technology orders (JPY Mn) | 158,917 | 208,078 | 171,902 | 179,197 | 216,588 |
Building HVAC orders (JPY Mn) | 43,329 | 36,188 | 36,205 | 53,795 | 77,129 |
Industrial HVAC orders (JPY Mn) | 115,588 | 171,889 | 135,697 | 125,402 | 139,458 |
Paint Finishing orders (JPY Mn) | 73,202 | 80,591 | 91,646 | 98,205 | 135,151 |
Total orders received (JPY Mn) | 232,120 | 288,670 | 263,549 | 277,403 | 351,740 |
Year-end construction backlog (JPY Mn) | 198,289 | 258,299 | 233,567 | 239,871 | 304,405 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Orders received (JPY Mn) | 232,120 | 288,670 | 263,549 | 277,403 | 351,740 |
Net sales (JPY Mn) | 209,261 | 214,793 | 293,556 | 276,212 | 286,127 |
Gross profit (JPY Mn) | 31,614 | 33,071 | 43,312 | 45,005 | 55,259 |
SG&A expenses (JPY Mn) | 22,186 | 21,515 | 25,041 | 27,034 | 31,938 |
Operating income (JPY Mn) | 9,428 | 11,556 | 18,270 | 17,971 | 23,320 |
Depreciation and goodwill amortisation (JPY Mn) | 2,910 | 2,462 | 1,953 | 2,353 | 2,266 |
EBITDA (JPY Mn) | 12,338 | 14,018 | 20,223 | 20,324 | 25,586 |
Ordinary income (JPY Mn) | 10,818 | 13,001 | 19,852 | 19,938 | 24,790 |
Pre-tax income (JPY Mn) | 12,001 | 12,557 | 23,001 | 19,020 | 25,474 |
Profit attributable to owners of parent (JPY Mn) | 7,248 | 7,917 | 15,602 | 11,026 | 15,594 |
Basic EPS (JPY) | 106.35 | 117.31 | 235.97 | 169.44 | 245.14 |
Dividend per share (JPY) | 50.0 | 60.5 | 65.5 | 72.0 | 110.0 |
Payout ratio (%) | 47.0 | 51.6 | 27.8 | 42.5 | 44.9 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Sales growth YoY (%) | 3.3 | 2.6 | 36.7 | -5.9 | 3.6 |
Gross margin (%) | 15.1 | 15.4 | 14.8 | 16.3 | 19.3 |
SG&A to sales (%) | 10.6 | 10.0 | 8.5 | 9.8 | 11.2 |
Operating margin (%) | 4.5 | 5.4 | 6.2 | 6.5 | 8.2 |
EBITDA margin (%) | 5.9 | 6.5 | 6.9 | 7.4 | 8.9 |
Ordinary income margin (%) | 5.2 | 6.1 | 6.8 | 7.2 | 8.7 |
Net margin (%) | 3.5 | 3.7 | 5.3 | 4.0 | 5.4 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (JPY Mn) | 228,159 | 237,105 | 266,494 | 268,448 | 286,820 |
Cash and deposits (JPY Mn) | 49,085 | 46,988 | 55,462 | 47,556 | 90,664 |
Cash and cash equivalents (JPY Mn) | 48,791 | 43,946 | 63,265 | 42,013 | 86,359 |
Contract receivables (JPY Mn) | 104,956 | 124,236 | 125,357 | 151,900 | 112,879 |
Short-term borrowings (JPY Mn) | 15,535 | 2,942 | 3,747 | 13,200 | 1,247 |
Long-term borrowings (JPY Mn) | 5,605 | 98 | 143 | 116 | 35 |
Total debt (JPY Mn) | 21,140 | 3,040 | 3,890 | 13,316 | 1,282 |
Net debt (JPY Mn; negative = net cash) | -27,945 | -43,948 | -51,572 | -34,240 | -89,382 |
Shareholders' equity (JPY Mn) | 124,695 | 125,791 | 144,029 | 148,053 | 160,975 |
Total net assets incl. minorities (JPY Mn) | 130,788 | 131,992 | 151,562 | 156,486 | 170,232 |
Goodwill (JPY Mn) | 3,966 | 3,640 | 3,528 | 715 | 970 |
Total intangible assets incl. goodwill (JPY Mn) | 7,381 | 5,929 | 5,949 | 1,947 | 2,305 |
Investment securities (JPY Mn) | 29,605 | 26,487 | 30,879 | 26,324 | 32,939 |
Working capital (JPY Mn) | 86,304 | 88,527 | 99,870 | 109,905 | 115,226 |
Equity ratio (%) | 54.7 | 53.1 | 54.0 | 55.2 | 56.1 |
Book value per share (JPY) | 1,829.27 | 1,894.37 | 2,194.04 | 2,282.91 | 2,555.19 |
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View Subscription PlansCash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (JPY Mn) | -8,544 | 4,806 | 20,738 | -21,219 | 64,700 |
Capital expenditure (JPY Mn) | 2,314 | 2,176 | 3,885 | 3,953 | 2,077 |
Free cash flow (JPY Mn) | -10,858 | 2,630 | 16,853 | -25,172 | 62,623 |
Investing cash flow (JPY Mn) | -1,071 | -1,748 | 2,148 | -4,982 | 748 |
Financing cash flow (JPY Mn) | 6,000 | -9,822 | -5,545 | 1,907 | -23,475 |
Dividends paid to shareholders (JPY Mn) | 3,078 | 4,090 | 4,030 | 4,624 | 5,285 |
Share buybacks (JPY Mn) | 0 | 3,001 | 1,731 | 2,000 | 4,992 |
Proceeds from sale of investment securities (JPY Mn) | 1,455 | 3,145 | 4,224 | 3,350 | 1,988 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | 5.9 | 6.3 | 11.6 | 7.6 | 10.1 |
ROA (net income / average total assets, %) | 3.2 | 3.4 | 6.2 | 4.1 | 5.6 |
ROIC (after-tax operating income / (net assets + debt), %) | 4.2 | 6.0 | 8.6 | 7.0 | 9.3 |
Effective tax rate (%) | 32.8 | 29.6 | 27.1 | 34.2 | 31.9 |
Current ratio (x) | 2.05 | 1.92 | 1.96 | 2.09 | 2.13 |
Debt to equity (x) | 0.17 | 0.02 | 0.03 | 0.09 | 0.01 |
Net debt to EBITDA (x) | -2.26 | -3.14 | -2.55 | -1.68 | -3.49 |
Interest coverage (operating income / interest expense, x) | 31.1 | 76.0 | 76.1 | 59.7 | 72.4 |
Total asset turnover (x) | 0.92 | 0.92 | 1.17 | 1.03 | 1.03 |
Days sales outstanding (days) | 183 | 211 | 156 | 201 | 144 |
Days payables outstanding (days) | 97 | 111 | 95 | 78 | 70 |
Cash conversion cycle (days) | 92 | 106 | 66 | 128 | 80 |
Dividend on equity, DOE (%) | 2.8 | 3.2 | 3.2 | 3.2 | 4.5 |
Margin Analysis (%) (Quarterly)
| Metric | 1Q FY2024 | 1Q FY2025 | 1Q FY2026 |
|---|---|---|---|
Orders received | 67.5 | 98.0 | 105.4 |
Net sales | 53.0 | 64.0 | 61.3 |
Gross margin (%) | 15.5 | 16.2 | 17.0 |
Operating income | 2.5 | 3.9 | 3.5 |
Ordinary income | 2.8 | 4.1 | 3.8 |
Profit attributable to owners | 2.4 | 2.8 | 2.0 |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | FY2025 actual | FY2026 forecast |
|---|---|---|
Orders received | 351.7 | 330.5 |
Net sales | 286.1 | 307.0 |
Green Technology sales | 181.2 | 195.0 |
Paint Finishing sales | 103.0 | 110.0 |
Operating income | 23.3 | 23.8 |
Ordinary income | 24.7 | 25.0 |
Green Technology ordinary income | 21.0 | 21.8 |
Paint Finishing ordinary income | 4.3 | 4.2 |
Profit attributable to owners | 15.5 | 18.0 |
EPS (JPY) | 245.14 | 285.72 |
ROE (%) | 10.1 | 11.0 |
Dividend per share (JPY) | 110 | 119 |
Revenue by Region and Revenue by Region (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Domestic sales (JPY Mn) | 107,708 | 134,236 | 155,764 | 144,577 | 142,096 |
Overseas sales (JPY Mn) | 101,552 | 80,556 | 137,792 | 131,635 | 144,031 |
Overseas share of sales (%) | 48.5 | 37.5 | 46.9 | 47.7 | 50.3 |
Domestic orders (JPY Mn) | 143,469 | 152,713 | 148,406 | 137,259 | 166,259 |
Overseas orders (JPY Mn) | 88,650 | 135,956 | 115,142 | 140,143 | 185,480 |
Revenue by Region
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Japan (JPY Bn) | 107.7 | 134.2 | 155.8 | 144.6 | 142.1 |
Southeast Asia (JPY Bn) | 36.9 | 43.4 | 53.1 | 54.6 | 49.7 |
India (JPY Bn) | 11.5 | 13.2 | 17.8 | 19.9 | 32.6 |
North America (JPY Bn) | 17.4 | 6.2 | 20.6 | 33.1 | 33.1 |
East Asia (JPY Bn) | 17.0 | 17.0 | 45.7 | 21.9 | 17.1 |
Other regions incl. Europe (JPY Bn) | 18.9 | 0.8 | 0.6 | 2.3 | 11.5 |
Region Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Japan growth (%) | 16.0 | -7.2 | -1.7 |
Southeast Asia growth (%) | 22.5 | 2.7 | -8.9 |
India growth (%) | 35.0 | 11.9 | 63.8 |
North America growth (%) | 232.4 | 60.4 | 0.2 |
East Asia growth (%) | 168.3 | -52.2 | -21.7 |
Segment Overview
| Segment | Japan | Overseas | Total | Overseas share (%) |
|---|---|---|---|---|
Building HVAC | 46,186 | 0 | 46,186 | 0 |
Industrial HVAC | 75,408 | 61,448 | 136,856 | 44.9 |
Paint Finishing | 20,502 | 82,582 | 103,084 | 80.1 |
Total | 142,096 | 144,031 | 286,127 | 50.3 |
Share Price and Valuation Multiples (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Approx. share price at March year-end (JPY) | 1,520 | 1,840 | 2,320 | 2,290 | 3,290 |
P/E at year-end (x) | 14.32 | 15.69 | 9.84 | 13.49 | 13.42 |
P/B at year-end (x) | 0.83 | 0.97 | 1.06 | 1.00 | 1.29 |
Dividend per share (JPY) | 50.0 | 60.5 | 65.5 | 72.0 | 110.0 |
Dividend yield at year-end (%) | 3.3 | 3.3 | 2.8 | 3.1 | 3.3 |
Valuation Snapshot
| Metric | Value |
|---|---|
P/E on FY2025 actual EPS (JPY 245.14) | 14.9x |
P/E on FY2026 company forecast EPS (JPY 285.72) | 12.8x |
P/B on June 2026 book value per share (about JPY 2,780) | 1.3x |
Enterprise value (market cap + debt + minorities - cash and securities, June 2026) | about JPY 165 billion |
EV/EBITDA on FY2025 EBITDA (JPY 25.6 billion) | 6.4x |
EV/Sales on FY2025 sales | 0.58x |
Dividend yield on FY2026 forecast (JPY 119) | 3.3% |
Dividends & Capital Returns and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total dividends (JPY Bn) | 3.42 | 4.06 | 4.33 | 4.69 | 6.97 |
Share buybacks (JPY Bn) | 0.0 | 3.0 | 2.0 | 2.0 | 5.0 |
Total payout ratio (%) | 47.2 | 89.3 | 40.6 | 60.7 | 76.8 |
DOE (%) | 2.8 | 3.2 | 3.2 | 3.2 | 4.5 |
Analyst Conclusions
Management guidance. For FY2026 (year ending March 2027), management guides to orders of JPY 330.5 billion, sales of JPY 307.0 billion (+7.3%), operating income of JPY 23.8 billion (+2.1%), ordinary income of JPY 25.0 billion and profit of JPY 18.0 billion (+15.4%), an ROE of 11% and a JPY 119 dividend. Green Technology is expected to drive growth (sales JPY 195.0 billion, ordinary income JPY 21.8 billion), while Paint Finishing holds a high order level but thin profitability (ordinary income JPY 4.2 billion). Consensus sits above guidance, at operating income of about JPY 26.2 billion. The Medium-Term Plan's FY2027 targets (sales JPY 336.5 billion; ordinary income JPY 22.7 billion; ROE 10.3%) look conservative on profit and stretching on sales.
Bull case
-
Backlog-driven earnings visibility: a record JPY 357.2 billion backlog at June 2026, with Japanese industrial HVAC orders up more than threefold in 1Q, supports sales growth well into FY2027 at Green Technology margins above 11%.
-
Capital efficiency re-rating: ROE has risen from 6.3% to 10.1% in two years, and with DOE at 4.5%, JPY 5 billion annual buybacks and JPY 89 billion of net cash, the stock trades at about 6.4 times EV/EBITDA and 1.3 times book, below Takasago.
-
Optionality in new markets: data centres, batteries, India and dry decoration could lift the growth-business share of sales from 16% to 27% by FY2027, while unused acquisition capacity (JPY 22 billion budget) could add scale in North America and India.
Bear case
-
Paint Finishing drag: the division earns about 4% margins and lost money in 1Q FY2026; automotive capex hesitancy, tariffs and the Columbus closure point to a structurally weaker business.
-
Order-timing and cyclicality: Green Technology orders slipped twice in FY2025, and the FY2023–FY2024 pattern (sales +37% then -6%) shows how quickly volumes can reverse when semiconductor projects complete.
-
Execution and integration risk: the group's previous large acquisition (Geico) was unwound with restructuring costs, a JPY 3.3 billion impairment followed in FY2024, and ambitious 10-Year Plan targets (JPY 500 billion sales) depend on M&A and new technologies that remain unproven.
Key catalysts and monitorables (next 12 months)
November 10, 2026: Catalyst / monitorable: 1H FY2026 results: Green Technology margin, Paint Finishing return to profit, any guidance revision
By January 31, 2027: Catalyst / monitorable: Completion of the JPY 5 billion buyback
February 2027: Catalyst / monitorable: 3Q FY2026 results and potential forecast revision
Ongoing: Catalyst / monitorable: Announcement of acquisitions in North America or India under the JPY 22 billion budget
Ongoing: Catalyst / monitorable: Large semiconductor and data-centre awards in Japan, Taiwan and ASEAN
Ongoing: Catalyst / monitorable: First commercial adoption of dry decoration by an automaker
May 2027: Catalyst / monitorable: FY2026 results, FY2027 guidance and progress against Medium-Term Plan targets
Ongoing: Catalyst / monitorable: Further cyber incidents and remediation across overseas subsidiaries
Analyst verdict. Taikisha has moved from a low-return, under-valued specialist contractor to a company that is genuinely improving its economics. The evidence is concrete: gross margin up from 14.8% to 19.3% in two years, record operating income of JPY 23.3 billion, ROE above 10% two years ahead of plan, a record JPY 357 billion backlog and a JPY 89 billion net-cash position that now funds a 4.5% DOE dividend and JPY 5 billion a year of buybacks. The Green Technology business, in particular, is benefiting from a once-in-a-generation wave of semiconductor, electronics and data-centre construction in Japan and Asia, at a time when engineering capacity is scarce and contractors can price for risk.
The investment debate centres on durability and mix. Paint Finishing remains the weak link, earning around 4% margins with a lumpy, overseas-heavy order book exposed to automotive capex uncertainty, and the guided 2% operating-income growth for FY2026 shows that management itself expects the margin step-up to slow. The 10-Year Plan is ambitious, relying on acquisitions, non-Japanese customers and technologies such as dry decoration that have yet to reach commercial scale, and the group's acquisition record is mixed. Cash flow will remain volatile because of long receivable cycles, and two cyber intrusions in 2026 underline the governance demands of a dispersed overseas network.
On balance, at roughly 13 times forward earnings, 6.4 times EV/EBITDA and 1.3 times book, with a 3.3% dividend yield and buybacks adding about 2% a year, the valuation does not price in the Medium-Term Plan's sales targets or the consensus view that profits will exceed guidance. The stock's discount to Takasago is justified by lower margins but appears wider than the ROE gap warrants. Taikisha merits a constructive stance for investors seeking exposure to semiconductor and data-centre infrastructure spending with balance-sheet protection, conditional on Paint Finishing returning to consistent profitability and on disciplined deployment of the acquisition budget. The 1H FY2026 results in November 2026 and the first sizeable acquisition will be the clearest tests of that thesis.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Director since | Background |
|---|---|---|---|
Masashi Osada | Representative Director, President Corporate Officer | June 2021 | Joined 1983; President, Taikisha (Singapore) 2015; Corporate Planning HQ chief 2020; Chief General Manager, Green Technology 2021; President since April 2023; Keio University (Economics, 1983); born April 1959 |
Yasushi Nakajima | Representative Director, Executive Vice President Corporate Officer; in charge of Administrative Management HQ and Engineering HQ | June 2017 | Joined 1982; engineering leadership in Green Technology; Chief General Manager, Green Technology 2019; Administrative Management HQ chief 2021 |
Tadashi Sobue | Director, Executive Corporate Officer; Chief General Manager, Green Technology System Division and GM, Regional Strategy Dept. | June 2023 | Joined 1987; branch engineering roles; Director, Taikisha (Thailand) 2017 |
Takuji Fukunaga | Director, Managing Corporate Officer; Chief General Manager, Paint Finishing System Division | June 2026 | Joined 1985; President, TKS Industrial (now Taikisha USA) 2009; Paint Finishing sales and global business management |
Yoshihiro Matsuda | Director, Managing Corporate Officer; Chief Executive, Corporate Planning HQ, in charge of Sustainability Promotion | June 2026 | Joined 1988; Green Technology sales; General Manager, Chubu and Osaka branches |
Hirokazu Hikosaka | Outside Director (independent) | June 2017 | Attorney (Akanekusa Law Office); former Vice President, Tokyo Bar Association; Audit & Supervisory Board Member of the company 2015–2017 |
Nobuyuki Soda | Outside Director (independent) | June 2024 | Former Director and Managing Executive Officer, Nippon Life Insurance; President, Nissay Business Service; has chaired the Nomination Advisory Committee |
Suga Soejima | Outside Director (independent) | June 2024 | Certified public accountant; former Partner, Deloitte Touche Tohmatsu; Outside Director, Sanoyas Holdings |
Hiramasa Nakata | Outside Director (independent) | June 2025 | Former Senior Vice President, NEC Corporation; former Executive Vice President, NEC Solution Innovators; digital and IT background |
Board of Directors
| Name | Role | Background |
|---|---|---|
Makoto Wakida | Full-time Audit & Supervisory Board Member (since June 2020) | Former Mizuho Bank general manager; Corporate Planning roles at Taikisha |
Junichi Sakurai | Outside full-time Audit & Supervisory Board Member (since June 2023) | Former Executive Officer, Sompo Japan Insurance; former President, Sompo Risk Management |
Yasuhiro Sato | Full-time Audit & Supervisory Board Member (since June 2025) | Joined 1985; President of Taikisha subsidiaries in Malaysia, the Philippines and Thailand |
Koichi Nagao | Outside Audit & Supervisory Board Member (since June 2024) | Former Managing Executive Director, Meiji Yasuda Life Insurance |
Shoko Yamashita | Outside Audit & Supervisory Board Member (since June 2024) | Attorney, Higuchi & Partners |
Executive Leadership Team — Seiji Takeshita
| Name | Title |
|---|---|
Seiji Takeshita | Managing Corporate Officer, Chief Executive, Administrative Management Headquarters (principal finance and accounting officer and the signatory contact for statutory filings) |
Takuya Mori | Managing Corporate Officer, Chief Executive, Business Development Headquarters |
Masaaki Tachibana | Corporate Officer, Chief Executive, Engineering Headquarters |
Tsuyoshi Tamura | Managing Corporate Officer, General Manager, Tokyo Branch Office, Green Technology |
Junzo Sappa | Managing Corporate Officer, President, Taikisha (Thailand) and Taikisha Lao |
Yasuaki Nakata | Managing Corporate Officer, Senior General Manager, Sales and Marketing, Green Technology |
Kozo Kubota | Managing Corporate Officer, Vice Chief General Manager, Green Technology |
Yuji Ohno | Corporate Officer, Vice Chief Executive, Business Development HQ and head of R&D Center |
Itsumi Kanazawa | Corporate Officer, President, Taikisha Engineering India |
Taichi Nagano | Corporate Officer, President, Nicomac Taikisha Clean Rooms |
Directors' Remuneration
| Name | Fixed | Bonus | Stock-based | Total |
|---|---|---|---|---|
Masashi Osada | 59 | 63 | 102 | 226 |
Yasushi Nakajima | 47 | 52 | 93 | 192 |
Masanori Nakagawa | 43 | 46 | 82 | 172 |
Tadashi Sobue | 37 | 41 | 57 | 137 |
Yukinori Hamanaka | 37 | 39 | 55 | 132 |
Board & Management Changes
| Date | Change |
|---|---|
November 29, 2022 | Board selected Masashi Osada to succeed Koji Kato as President, effective April 2023; Kato became Executive Adviser after the June 2023 AGM |
April 2024 | Osada additionally took charge of the newly created Business Development Headquarters |
April 2025 | Nakajima promoted to Executive Vice President; Sobue to Executive Corporate Officer |
June 2025 | Hiramasa Nakata (ex-NEC) joined as Outside Director; Yasuhiro Sato joined the Audit & Supervisory Board |
April 2026 | Fukunaga became Chief General Manager of Paint Finishing; Matsuda became Chief Executive of Corporate Planning; Sobue added the Regional Strategy Dept. |
June 24, 2026 | Fukunaga and Matsuda elected directors |
Major Shareholders
| Shareholder | Shares held (thousands) | % of shares outstanding (excl. treasury) |
|---|---|---|
The Master Trust Bank of Japan, Ltd. (trust account) | 7,683 | 12.12 |
Custody Bank of Japan, Ltd. (trust account) | 4,079 | 6.43 |
Kenzaisha Ltd. | 3,280 | 5.17 |
Taikisha Employees Shareholding Association | 2,486 | 3.92 |
Sumitomo Realty & Development Co., Ltd. | 2,269 | 3.58 |
Luft Zwei Co., Ltd. | 2,000 | 3.15 |
Taikisha Business Partners Shareholding Association | 1,942 | 3.06 |
Nippon Life Insurance Company | 1,732 | 2.73 |
BNY GCM Client Account JPRD AC ISG (FE-AC) | 1,610 | 2.54 |
State Street Bank and Trust Company 505001 | 1,496 | 2.36 |
Competitive Landscape
Key Competitors
| Competitor | Home market | Positioning | Latest annual revenue |
|---|---|---|---|
Takasago Thermal Engineering (TSE 1969) | Japan | Largest Japanese HVAC contractor; strong in semiconductor cleanrooms and data centres; Asian subsidiaries | JPY 423.9 bn (FY ended March 2026) |
Daidan (TSE 1980) | Japan | Building and industrial HVAC, electrical; domestic focus | JPY 256.2 bn (FY ended March 2026) |
Sanki Engineering (TSE 1961) | Japan | Building systems, mechanical systems, environmental systems; Mitsui group | JPY 254.7 bn (FY ended March 2026) |
Shin Nippon Air Technologies (TSE 1952) | Japan | Industrial and building HVAC; China and ASEAN cleanrooms | JPY 154.9 bn (FY ended March 2026) |
Asahi Kogyosha (TSE 1975) | Japan | HVAC contractor including precision environments | JPY 104.8 bn (FY ended March 2026) |
Techno Ryowa (TSE 1965) | Japan | Cleanroom and industrial HVAC specialist | JPY 98.7 bn (FY ended March 2026) |
Hibiya Engineering (TSE 1982) | Japan | Building HVAC and sanitary | JPY 94.1 bn (FY ended March 2026) |
Dürr AG | Germany | Global leader in automotive paint shops, application robots and final assembly; Automotive division formed January 2025 | Group EUR 4.17 bn (2025); Automotive division EUR 2.05 bn |
Geico S.p.A. (Gecofin group) | Italy | European paint-shop contractor; Taikisha holds 14.5% and cooperates project by project | — |
“—” = not publicly disclosed.
Peer Comparison FY2026
| Company | Revenue (local currency, bn) | Revenue growth (%) | Operating margin (%) |
|---|---|---|---|
Taikisha (FY ended March 2026, JPY) | 286.1 | 3.6 | 8.2 |
Takasago Thermal Engineering (FY ended March 2026, JPY) | 423.9 | 11.1 | 11.3 |
Sanki Engineering (FY ended March 2026, JPY) | 254.7 | 0.6 | 11.0 |
Dürr AG (2025, EUR; EBIT margin before extraordinary effects) | 4.17 | -2.8 | 5.6 |
