Worth reading
71In focus
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
64
¥100 million (year-on-year increase in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales3,576 Hundreds of millions of yen+3.2%
Operating profit178 Hundreds of millions of yen+56.2%
Ordinary income175 Hundreds of millions of yen+64.9%
Net income¥114 100 million +77.1%net income attributable to owners of the parent
Gross Profit Margin15.4%
Operating profit margin5.0%
Results for the three months of the current quarterQuarterly, rather than cumulative, amounts of orders received are shown in a graph for the five core companies and the consolidated total
Full-year earnings forecast
Fiscal year ending March 2027
Orders received
4,400 Hundreds of millions of yen
Net Sales
4,000 Hundreds of millions of yen
Operating profit
200 Hundreds of millions of yen
Net income attributable to owners of the parent
125 Hundreds of millions of yen
Dividend per share
¥144
Payout ratio
40.1 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit
Fiscal year ending March 2025¥11.4 billion
Increase in gross profit+¥10.5 billion
Increase in SG&A expenses–¥4.1 billion
Fiscal year ending March 2026¥17.8 billion
Gross profit
Five core companies+¥10.4 billion
Other+¥700 million
Selling, general and administrative expenses
Five core companies–¥3.0 billion
Other–¥1.4 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
A conservative plan based on interest-rate trends. The impact of the recent escalation of tensions in the Middle East, including higher crude oil prices, has not been incorporated because the outlook remains uncertain. Numerical assumptions: not disclosedNew initiatives
- Establishment of 髙松都市開発, primarily engaged in real estate development
- Expand into upstream and downstream areas while growing the construction contracting business
- Adopt progressive dividends as the basic policy and set the annual dividend floor at 90 yen per share
Key KPIsA metric the company considers important as a management benchmark.
- Orders received4,360 Hundreds of millions of yenYear on year against the same period last year+11.4%
- Carried-forward construction work¥559,500 millionYear on year against the same period last year+16.3%
- Occupancy rate of properties managed by 髙松エステート (Osaka and Nagoya)95% or higher
- Occupancy rate of properties managed by 髙松エステート (Tokyo)95% or higher
Segment results
Orders received
Construction
¥223,648 million+6.9%
Civil engineering
¥119,665 million+20.9%
Real Estate
¥92,784 million+11.7%
Net Sales
Construction
¥172,838 million+6.0%
Civil engineering
¥100,736 million-0.7%
Real Estate
¥84,100 million+2.3%
Gross profit
Construction
¥30,542 million+46.8%
Civil engineering
¥13,021 million+8.5%
Real Estate
¥11,632 million-1.6%
Operating profit
Construction
¥12,465 million
Civil engineering
¥6,514 million+10.8%
Real Estate
¥6,084 million-15.4%
Medium-term management plan targets
Period CoveredFiscal years ending March 2026 to March 2028
Plan for the fiscal year ending March 2028
Net sales from upstream areas1,020
Net sales from construction contracting2,720
Net sales from downstream areas460
Operating income from upstream areas65
Operating income from construction contracting155
Operating income from downstream areas40
Orders received and order backlog
Orders received
4,360 Hundreds of millions of yen
Carried-forward construction work
¥559,500 million
Annual Dividend
Fiscal year ending March 2026
¥130 per share
Forecast for the fiscal year ending March 2027
¥144 per share
Payout ratio
Forecast for the fiscal year ending March 202740.1 %
PolicyA payout ratio of 40% as a guideline, with progressive dividends as the basic policy
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | 3,576 Hundreds of millions of yen (YoY +3.2%) |
| Operating profit | 178 Hundreds of millions of yen (YoY +56.2%) |
| Ordinary income | 175 Hundreds of millions of yen (YoY +64.9%) |
| Net income | ¥114 100 million (net income attributable to owners of the parent) (YoY +77.1%) |
| Gross Profit Margin | 15.4% |
| Operating profit margin | 5.0% |
| Results for the three months of the current quarter | Quarterly, rather than cumulative, amounts of orders received are shown in a graph for the five core companies and the consolidated total |
| Full-year earnings forecast | Fiscal year ending March 2027 Orders received 4,400 Hundreds of millions of yen / Net Sales 4,000 Hundreds of millions of yen / Operating profit 200 Hundreds of millions of yen / Net income attributable to owners of the parent 125 Hundreds of millions of yen / Dividend per share ¥144 / Payout ratio 40.1 % |
| Segment results | Orders received Construction ¥223,648 million (YoY +6.9%) / Civil engineering ¥119,665 million (YoY +20.9%) / Real Estate ¥92,784 million (YoY +11.7%) / Net Sales Construction ¥172,838 million (YoY +6.0%) / Civil engineering ¥100,736 million (YoY -0.7%) / Real Estate ¥84,100 million (YoY +2.3%) / Gross profit Construction ¥30,542 million (YoY +46.8%) / Civil engineering ¥13,021 million (YoY +8.5%) / Real Estate ¥11,632 million (YoY -1.6%) / Operating profit Construction ¥12,465 million / Civil engineering ¥6,514 million (YoY +10.8%) / Real Estate ¥6,084 million (YoY -15.4%) |
| Breakdown of Factors Affecting the Change | Operating profit Fiscal year ending March 2025 ¥11.4 billion / Increase in gross profit +¥10.5 billion / Increase in SG&A expenses –¥4.1 billion / Fiscal year ending March 2026 ¥17.8 billion / Gross profit Five core companies +¥10.4 billion / Other +¥700 million / Selling, general and administrative expenses Five core companies –¥3.0 billion / Other –¥1.4 billion |
| Key KPIs | Orders received 4,360 Hundreds of millions of yen, Carried-forward construction work ¥559,500 million, Occupancy rate of properties managed by 髙松エステート (Osaka and Nagoya) 95% or higher, Occupancy rate of properties managed by 髙松エステート (Tokyo) 95% or higher |
| Assumptions Underlying the Business Outlook | A conservative plan based on interest-rate trends. The impact of the recent escalation of tensions in the Middle East, including higher crude oil prices, has not been incorporated because the outlook remains uncertain. Numerical assumptions: not disclosed |
| Medium-term management plan targets | Period Covered Fiscal years ending March 2026 to March 2028 / Plan for the fiscal year ending March 2028 Net sales from upstream areas 1,020 / Net sales from construction contracting 2,720 / Net sales from downstream areas 460 / Operating income from upstream areas 65 / Operating income from construction contracting 155 / Operating income from downstream areas 40 |
| Annual Dividend | Fiscal year ending March 2026 ¥130 per share / Forecast for the fiscal year ending March 2027 ¥144 per share |
| Payout ratio | Forecast for the fiscal year ending March 2027 40.1 % / Policy A payout ratio of 40% as a guideline, with progressive dividends as the basic policy |
| Orders received and order backlog | Orders received 4,360 Hundreds of millions of yen / Carried-forward construction work ¥559,500 million |
| New initiatives | Establishment of 髙松都市開発, primarily engaged in real estate development, Expand into upstream and downstream areas while growing the construction contracting business, Adopt progressive dividends as the basic policy and set the annual dividend floor at 90 yen per share |
Items this document does not state (12)
Selling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsAcquisition of treasury sharesCapital expendituresMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In the construction business, contributions came from higher sales at 髙松建設, an improved gross profit margin resulting from selective order acceptance and the acquisition of additional construction work, and the recovery of 青木あすなろ建設, which had reported an operating loss in the previous fiscal year. Factors driving the increase in orders received included large-scale projects such as data centers and logistics facilities at 青木あすなろ建設, government construction projects, private-sector civil engineering projects at みらい建設工業, and stronger demand for spec-built housing in Tokyo's 23 wards at タカマツハウス.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.