# TAKAMATSU CONSTRUCTION GROUP: 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61期(2025/04/01－2026/03/31) (S100YDDS)
> Page: https://vizora.meequs.com/en/company/takamatsu-construction-group
> Retrieved: 2026-09-30T21:09:29.457Z

## Company

Takamatsu Construction Group, founded in 1965, is a company in Homebuilders listed on TSE Prime. It has 5,119 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKAMATSU CONSTRUCTION GROUP CO., LTD. |
| Ticker | 1762 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1762.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区新北野一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 髙松 浩孝 |
| Founded | Jun 1965 |
| Share capital | ¥5B |
| Employees (consolidated) | 5,119 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.takamatsu-cg.co.jp (https://www.takamatsu-cg.co.jp/) |
| Corporate number | 2120001056705 |
| EDINET | E00285 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YDDS, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.2 | 84 |
| Profitability | 29.9 | 92 |
| Cash conversion | 11.5 | 91 |
| Efficiency | 73.4 | 92 |

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 48% of Takamatsu Construction Group's sales come from Building construction, with Civil engineering and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +56.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥357.7B |  |
| Operating income | ¥17.9B | Margin 5.0% |
| Net income | ¥11.4B | Margin 3.2% |
| Free cash flow | -¥18.2B |  |
| Largest business | Building construction | of segment revenue 48.3% |
| Employees (consolidated) | 5,119 |  |
| EPS | ¥43.28 |  |
| Book value per share | ¥855.52 |  |
| Equity ratio | 46.7% |  |
| Shares outstanding | 34,818,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 24,299 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 10.8% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | -1.9 pp | General Contractors |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥283080000000 | ¥357675000000 | +26.4% |
| Operating income | ¥12198000000 | ¥17897000000 | +46.7% |
| Operating margin | 4.3% | 5.0% | +0.7 pp |
| Employees | 4,581 people | 5,119 people | +11.7% |
| Cash and equivalents | ¥72625000000 | ¥33920000000 | -53.3% |

### 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 |
| --- | ---: |
| 建築事業 → 建築事業 | 48.3% |
| 建築事業 → 事業再編・廃止 | 1.3% |
| 土木事業 → 土木事業 | 28.2% |
| 土木事業 → 事業再編・廃止 | 11.3% |
| 不動産事業 → 不動産事業 | 10.9% |
| 新設・再編 → 不動産事業 | 12.7% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building construction | 5 years | +4.2% | ¥172838000000 | 7.2% | 2 |
| Civil engineering | 5 years | -2.1% | ¥100736000000 | 6.5% | 2 |
| Real estate | 5 years | +22.3% | ¥84100000000 | 7.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 357,675 | 100.0% | S100YDDS |
| Cost of revenue | 302,478 | 84.6% | S100YDDS |
| Gross profit | 55,196 | 15.4% | S100YDDS |
| SG&A | 37,299 | 10.4% | S100YDDS |
| Operating income | 17,897 | 5.0% | S100YDDS |
| Ordinary income | 17,512 | 4.9% | S100YDDS |
| Pretax income | 17,735 | 5.0% | S100YDDS |
| Income tax | 6,294 | 1.8% | S100YDDS |
| Net income | 11,440 | 3.2% | S100YDDS |
| Net income attributable to owners | 11,426 | 3.2% | S100YDDS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.4% → Operating margin 5.0% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +56.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.72×
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 | 346,685 | 357,675 | 10,990 | +3.2% |
| Gross profit | 44,626 | 55,196 | 10,570 | +23.7% |
| Operating income | 11,460 | 17,897 | 6,437 | +56.2% |
| Net income attributable to owners | 6,452 | 11,426 | 4,974 | +77.1% |
| Operating cash flow | 5,132 | -16,889 | -22,021 | -429.1% |
| Free cash flow | 3,557 | -18,217 | -21,774 | -612.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 282,366 | 14,720 | 5.2% | 8,698 | 21,791 | 10,633 | S100LOC4 |
| FY ending Mar 2021 | 283,080 | 12,198 | 4.3% | 7,467 | -4,116 | -7,759 | S100ODJG |
| FY ending Mar 2022 | 263,907 | 11,225 | 4.3% | 6,727 | 2,513 | -2,038 | S100SMHC |
| FY ending Mar 2023 | 282,495 | 12,038 | 4.3% | 7,534 | -6,281 | -13,439 | S100TMRF |
| FY ending Mar 2024 | 312,680 | 11,651 | 3.7% | 9,165 | -10,476 | -13,910 | S100VXNT |
| FY ending Mar 2025 | 346,685 | 11,460 | 3.3% | 6,452 | 5,132 | 3,557 | S100YDDS |
| FY ending Mar 2026 | 357,675 | 17,897 | 5.0% | 11,426 | -16,889 | -18,217 | S100YDDS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.9M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 4,731 | 4,790 | 4,892 | 4,981 | 5,119 |
| Average salary (parent company) | ¥8.8M | ¥8.2M | ¥8.1M | ¥8.9M | ¥9M |
| Average age (parent company) | 49.9 years | 49.1 years | 47.5 years | 47.7 years | 48.3 years |
| Average tenure (parent company) | 11.5 years | 12.6 years | 11.7 years | 11.1 years | 9.9 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building construction | 172,838 | 48.3% | 12,465 | 7.2% |
| Civil engineering | 100,736 | 28.2% | 6,514 | 6.5% |
| Real estate | 84,100 | 23.5% | 6,084 | 7.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building construction | 48.3% | 49.7% | 1.4 | 7.2% |
| Civil engineering | 28.2% | 26.0% | -2.2 | 6.5% |
| Real estate | 23.5% | 24.3% | 0.8 | 7.2% |

Segment → industry: Real estate → Homebuilders / Real estate → Real Estate Development & Leasing / Civil engineering → General Contractors / Building construction → General Contractors

## 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 | -16,889 | -4.7% | S100YDDS |
| Capital expenditure | 1,328 | 0.4% | S100YDDS |
| Free cash flow | -18,217 | -5.1% | 算出 |
| Investing cash flow | -3,588 | -1.0% | S100YDDS |
| Financing cash flow | 18,761 | 5.2% | S100YDDS |
| Dividends paid | 2,995 | 0.8% | S100YDDS |
| Share buyback | 0 | 0.0% | S100YDDS |
| Change in cash | -1,802 | -0.5% | S100YDDS |
| Cash and equivalents | 33,920 | 9.5% | S100YDDS |

## 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 | 67,407 | 36,047 | 26,785 | 35,723 | 33,920 | S100TMRF, S100VXNT, S100YDDS |
| Total assets | 236,719 | 233,963 | 245,149 | 269,725 | 314,734 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Net assets | 121,471 | 127,759 | 134,069 | 137,756 | 146,926 | S100TMRF, S100VXNT, S100YDDS |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Property, plant and equipment | 41,573 | 47,580 | 46,880 | 46,816 | 46,456 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Intangible assets excluding goodwill | 2,490 | 1,732 | 1,610 | 1,434 | 1,414 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Goodwill | 1,576 | 845 | 676 | 507 | 338 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Investment securities | 9,442 | 8,976 | 7,982 | 7,518 | 9,629 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Current assets | 176,582 | 168,709 | 179,605 | 203,327 | 246,602 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Current liabilities | 86,465 | 77,075 | 81,436 | 111,695 | 148,016 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Short-term borrowings | 17,200 | — | 6,000 | 15,000 | 47,000 | S100SMHC, S100VXNT, S100YDDS |
| Bonds | 15,000 | 15,000 | 15,000 | 5,000 | 5,000 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Total liabilities | 115,247 | 106,204 | 111,079 | 131,968 | 167,808 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Non-controlling interests | 38 | 36 | 43 | 51 | 59 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Equity attributable to owners of parent | 121,689 | 127,030 | 133,619 | 136,729 | 145,161 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Retained earnings | 115,892 | 121,233 | 127,822 | 130,932 | 139,364 | S100SMHC, S100TMRF, S100VXNT, S100YDDS |
| Treasury stock | — | — | 0 | 0 | 0 | S100VXNT, S100YDDS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YDDS |
| Property, plant and equipment | 15% | S100YDDS |
| Intangibles and goodwill | 0% | S100YDDS |
| Investment securities | 3% | S100YDDS |
| Other assets | 71% | S100YDDS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YDDS |
| Equity | 47% | S100YDDS |

### 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 | 236,719 | 233,963 | 245,149 | 269,725 | 314,734 |
| Equity | 121,471 | 127,759 | 134,069 | 137,756 | 146,926 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 67,407 | 36,047 | 26,785 | 35,723 | 33,920 |

## 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) | 13.0% | S100YDDS |
| Fixed assets ÷ total assets | 14.8% | S100YDDS |
| Goodwill ÷ parent equity | 0.2% | S100YDDS |

Goodwill over 4 years: 1,576 → 338 JPY; total investing cash flow: -19,251 JPY. This does not imply causation.

### 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) | 10.8% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -94.4% |
| Cash vs. profit gap | -28,315 JPY mn (of net income -247.8%) |
| Shareholder returns / net income | 26.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | — |

## 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 | 2.5% | 1.11× | 2.8% | 1.95× | 5.5% | S100SMHC |
| 2023 | 2.7% | 1.20× | 3.2% | 1.89× | 6.1% | S100TMRF |
| 2024 | 2.9% | 1.31× | 3.8% | 1.84× | 7.0% | S100VXNT |
| 2025 | 1.9% | 1.35× | 2.5% | 1.90× | 4.8% | S100YDDS |
| 2026 | 3.2% | 1.22× | 3.9% | 2.07× | 8.1% | S100YDDS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱三孝社 | Major shareholder | 13.8% | 2026-03-31 |
| 髙松 孝之 | Major shareholder | 11.3% | 2026-03-31 |
| 合同会社孝英社 | Major shareholder | 7.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.5% | 2026-03-31 |
| 髙松 孝育 | Major shareholder | 6.0% | 2026-03-31 |
| 合同会社孝兄社 | Major shareholder | 5.1% | 2026-03-31 |
| ㈱孝 | Major shareholder | 3.5% | 2026-03-31 |
| ㈱りそな銀行 | Major shareholder | 2.3% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 1.8% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥357.7B, up 3.2% from ¥346.7B a year earlier.
- Profits grew much faster than sales: gross profit rose 23.7% to ¥55.2B, operating income 56.2% to ¥17.9B, and net income 77.1% to ¥11.4B.
- Cash flow went the other way. Operating cash flow swung from ¥5.13B to -¥16.9B, and free cash flow from ¥3.56B to -¥18.2B.

### Drivers

- Segment profit in building construction rose sharply and drove most of the group's profit growth.
- Civil engineering sales dipped slightly, yet its segment profit increased. Real estate sales grew, but its segment profit fell.
- Operating cash flow turned negative because more money was tied up in unpaid customer receivables and in inventory such as property held for sale.

### Risks

- If material prices or labor costs rise after a contract is signed and can't be passed on, margins could shrink.
- A shortage of engineers and skilled workers could delay projects.
- Property held for sale and investment securities, in Japan and overseas, could lose value if market prices or exchange rates move against the company.

Cited: Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YDDS | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDDS,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100VXNT | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXNT,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TMRF | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMRF,, |
| 訂正有価証券報告書－第58期(2022/04/01－2023/03/31) | S100SMHC | 2024-01-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SMHC,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100ODJG | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODJG,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LOC4 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOC4,, |

## 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).