# MEISEI INDUSTRIAL Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/04/01－2026/03/31) (S100YFOI)
> Page: https://vizora.meequs.com/en/company/meisei-industrial
> Retrieved: 2026-09-30T20:32:59.333Z

## Company

Meisei Industrial, founded in 1947, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 768 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEISEI INDUSTRIAL Co.,Ltd. |
| Ticker | 1976 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1976.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区京町堀一丁目8番5号 |
| Representative (per filing) | 代表取締役社長 栁瀬 徹次 |
| Founded | Jul 1947 |
| Share capital | ¥6.89B |
| Employees (consolidated) | 768 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.meisei-kogyo.co.jp (https://www.meisei-kogyo.co.jp/) |
| Corporate number | 1120001049032 |
| EDINET | E00161 |
| Industries (Vizora) | Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YFOI, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.3 | 72 |
| Profitability | 80.9 | 76 |
| Cash conversion | 56.1 | 74 |
| Efficiency | 8.6 | 76 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 90% of Meisei Industrial's sales come from Construction, with Boiler making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -9.0% from the prior year, operating profit -27.7%.

## Company structure

- Segment revenue mix: Construction 89.8%、Boiler 10.2%
- Revenue → net income: ¥60299000000 → ¥5466000000
- Net income → operating cash flow: ¥5466000000 → ¥6497000000（difference ¥1031000000）
- Main uses of operating cash flow: CapEx ¥463000000 / dividends ¥2812000000 / buybacks ¥2744000000
- Change in cash: ¥3247000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥60.3B |  |
| Operating income | ¥7.67B | Margin 12.7% |
| Net income | ¥5.49B | Margin 9.1% |
| Free cash flow | ¥6.03B |  |
| Largest business | Construction | of segment revenue 89.8% |
| Employees (consolidated) | 768 |  |
| EPS | ¥149.7 |  |
| Book value per share | ¥1148.46 |  |
| Equity ratio | 80.6% |  |
| Shares outstanding | 55,117,000 |  |
| Treasury shares | 9,074,600 |  |
| Shareholders | 14,350 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 42.9% | Cash ÷ revenue 60.9% |
| Vs. industry median margin | +3.7 pp | Plant Engineering & Building Services |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50533000000 | ¥60299000000 | +19.3% |
| Operating income | ¥6399000000 | ¥7675000000 | +19.9% |
| Operating margin | 12.7% | 12.7% | +0.1 pp |
| Employees | 663 people | 768 people | +15.8% |
| Cash and equivalents | ¥22471000000 | ¥36696000000 | +63.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設工事事業 → 建設工事事業 | 89.8% |
| 建設工事事業 → 事業再編・廃止 | 0.3% |
| ボイラ事業 → ボイラ事業 | 9.9% |
| 新設・再編 → ボイラ事業 | 0.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 60,299 | 100.0% | S100YFOI |
| Cost of revenue | 47,090 | 78.1% | S100YFOI |
| Gross profit | 13,208 | 21.9% | S100YFOI |
| SG&A | 5,532 | 9.2% | S100YFOI |
| Operating income | 7,675 | 12.7% | S100YFOI |
| Ordinary income | 8,306 | 13.8% | S100YFOI |
| Pretax income | 7,359 | 12.2% | S100YFOI |
| Income tax | 1,893 | 3.1% | S100YFOI |
| Net income | 5,466 | 9.1% | S100YFOI |
| Net income attributable to owners | 5,494 | 9.1% | S100YFOI |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 9 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.9% → Operating margin 12.7% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.0%; Core profit growth: -27.7%
Operating leverage (core profit growth ÷ revenue growth): 3.07×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 66,283 | 60,299 | -5,984 | -9.0% |
| Gross profit | 15,739 | 13,208 | -2,531 | -16.1% |
| Operating income | 10,613 | 7,675 | -2,938 | -27.7% |
| Net income attributable to owners | 8,454 | 5,494 | -2,960 | -35.0% |
| Operating cash flow | 6,937 | 6,497 | -440 | -6.3% |
| Free cash flow | 4,937 | 6,034 | 1,097 | +22.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 53,073 | 6,442 | 12.1% | 4,709 | 915 | 404 | S100LPJF |
| FY ending Mar 2021 | 50,533 | 6,399 | 12.7% | 4,600 | 5,165 | 4,377 | S100OECF |
| FY ending Mar 2022 | 48,389 | 5,339 | 11.0% | 3,793 | 7,171 | 6,920 | S100RGMY |
| FY ending Mar 2023 | 55,890 | 6,830 | 12.2% | 4,680 | 4,068 | 3,133 | S100TOS3 |
| FY ending Mar 2024 | 60,377 | 8,061 | 13.4% | 6,243 | 7,126 | 5,219 | S100W3LA |
| FY ending Mar 2025 | 66,283 | 10,613 | 16.0% | 8,454 | 6,937 | 4,937 | S100YFOI |
| FY ending Mar 2026 | 60,299 | 7,675 | 12.7% | 5,494 | 6,497 | 6,034 | S100YFOI |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.5M |
| Operating income per employee (consolidated) | ¥10M |
| Net income per employee (consolidated) | ¥7.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 651 | 671 | 691 | 756 | 768 |
| Average salary (parent company) | ¥6.1M | ¥5.9M | ¥6M | ¥6.1M | ¥7.3M |
| Average age (parent company) | 40.4 years | 39.6 years | 39.9 years | 39.3 years | 39.7 years |
| Average tenure (parent company) | 14.4 years | 13.5 years | 13.1 years | 12.6 years | 13.8 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) -9.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 54,145 | 89.8% | 7,343 | 13.6% |
| Boiler | 6,154 | 10.2% | 237 | 3.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 89.8% | 96.9% | 7.1 | 13.6% |
| Boiler | 10.2% | 3.1% | -7.1 | 3.9% |

Segment → industry: Construction → Plant Engineering & Building Services / Boiler → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,497 | 10.8% | S100YFOI |
| Capital expenditure | 463 | 0.8% | S100YFOI |
| Free cash flow | 6,034 | 10.0% | 算出 |
| Investing cash flow | 2,285 | 3.8% | S100YFOI |
| Financing cash flow | -5,639 | -9.4% | S100YFOI |
| Dividends paid | 2,812 | 4.7% | S100YFOI |
| Share buyback | 2,744 | 4.6% | S100YFOI |
| Change in cash | 3,247 | 5.4% | S100YFOI |
| Cash and equivalents | 36,696 | 60.9% | S100YFOI |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 27,183 | 29,004 | 31,371 | 33,449 | 36,696 | S100TOS3, S100W3LA, S100YFOI |
| Total assets | 71,149 | 77,508 | 84,432 | 88,583 | 85,597 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Net assets | 55,924 | 59,448 | 63,868 | 69,206 | 69,522 | S100TOS3, S100W3LA, S100YFOI |
| Share capital | 6,889 | 6,889 | 6,889 | 6,889 | 6,889 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Property, plant and equipment | 15,102 | 15,381 | 16,754 | 18,214 | 15,047 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Intangible assets excluding goodwill | 74 | 62 | 92 | 188 | 167 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Investment securities | 3,731 | 3,805 | 4,812 | 6,297 | 6,403 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Current assets | 49,847 | 55,674 | 60,083 | 61,236 | 61,199 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Current liabilities | 11,876 | 14,056 | 16,956 | 14,631 | 12,872 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Short-term borrowings | 960 | — | — | — | — | S100RGMY |
| Long-term borrowings | — | 800 | 100 | 700 | 100 | S100TOS3, S100W3LA, S100YFOI |
| Total liabilities | 15,224 | 18,060 | 20,564 | 19,377 | 16,074 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Non-controlling interests | 362 | 394 | 480 | 636 | 518 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Equity attributable to owners of parent | 53,134 | 56,234 | 59,426 | 63,251 | 63,194 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Retained earnings | 48,317 | 51,396 | 55,739 | 60,358 | 63,036 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |
| Treasury stock | -3,071 | -3,051 | -4,201 | -4,996 | -7,736 | S100RGMY, S100TOS3, S100W3LA, S100YFOI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100YFOI |
| Property, plant and equipment | 18% | S100YFOI |
| Intangibles and goodwill | 0% | S100YFOI |
| Investment securities | 7% | S100YFOI |
| Other assets | 32% | S100YFOI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YFOI |
| Equity | 81% | S100YFOI |
| Other liabilities | 0% | S100YFOI |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 71,149 | 77,508 | 84,432 | 88,583 | 85,597 |
| Equity | 55,924 | 59,448 | 63,868 | 69,206 | 69,522 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,183 | 29,004 | 31,371 | 33,449 | 36,696 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 25.0% | S100YFOI |
| Fixed assets ÷ total assets | 17.6% | S100YFOI |
| Goodwill ÷ parent equity | — | —, S100YFOI |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 42.9% |
| Cash ÷ revenue | 60.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.7% |
| Cash vs. profit gap | 1,003 JPY mn (of net income 18.3%) |
| Shareholder returns / net income | 101.1% |
| Shareholder returns / FCF | 92.1% |
| Shareholder payments — dividends / net income | 51.2% |
| Shareholder payments — dividends / FCF | 46.6% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 35.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.8% | 0.68× | 5.3% | 1.34× | 7.1% | S100RGMY |
| 2023 | 8.4% | 0.75× | 6.3% | 1.36× | 8.6% | S100TOS3 |
| 2024 | 10.3% | 0.75× | 7.7% | 1.40× | 10.8% | S100W3LA |
| 2025 | 12.8% | 0.77× | 9.8% | 1.41× | 13.8% | S100YFOI |
| 2026 | 9.1% | 0.69× | 6.3% | 1.38× | 8.7% | S100YFOI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NIPPON ACTIVE VALUE FUND PLC （常任代理人 香港上海銀行東京支店） | Major shareholder | 9.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2026-03-31 |
| 公益財団法人富本奨学会 | Major shareholder | 5.9% | 2026-03-31 |
| NAVF SELECT LLC （常任代理人 香港上海銀行東京支店） | Major shareholder | 4.9% | 2026-03-31 |
| 大同生命保険株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 明星工業取引先持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社伊予銀行 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YFOI | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFOI,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W3LA | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3LA,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TOS3 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOS3,, |
| 訂正有価証券報告書－第81期(2022/04/01－2023/03/31) | S100RGMY | 2023-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGMY,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OECF | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OECF,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LPJF | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPJF,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).