Diamond editorial staff ranked 50 construction companies by estimating the impact on earnings of a 1% increase in interest rates when interest-bearing debt due for repayment within 2 years is refinanced, based on the “Higher Interest Rate Impact Ranking” published in 2026.
This special feature is a republished version of a ranking based on the “higher interest rate impact” estimated for 50 construction companies. It measures how much a 1% increase in interest rates assumed at the refinancing of interest-bearing debt due for repayment or redemption within 2 years would affect the average operating profit for the most recent 3 fiscal years. Against a backdrop of a shift in interest-rate trends, it describes how new financial risks are emerging despite companies’ previously strong earnings.
The article cites demand from redevelopment in the Tokyo metropolitan area, data centers and logistics facilities as factors behind the construction industry’s strong performance. It reports that revenue at industry leader Kajima reached ¥3.0672 trillion for the fiscal year ending March 2026, a record high, while Daiwa House Industry posted record highs in both revenue, at ¥5.5768 trillion, and operating profit, at ¥614.8 billion. It also points out that the arrival of a 1% interest-rate environment could increase companies’ funding costs and explains that the ranking is intended to show the extent of future pressure on profits.
The following pages are scheduled to provide details of the ranking, including the positioning of a mid-sized general contractor in first place and a major general contractor in fourth, the rankings of major general contractors such as Kajima and Obayashi, and the extent of the interest-rate impact on Daiwa House Industry and Sekisui House.