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Overview

Construction

MEISEI INDUSTRIAL Co.,Ltd.

Meisei Industrial is a leading Japanese specialty contractor focused on thermal insulation construction, offering a broad range of services including heat insulation works, cleanroom construction, and refrigeration/cold storage facility installation for industrial and commercial clients domestically and across Asia. The company also manufactures and sells calcium silicate insulation materials through its subsidiary Nippon Keical Co., Ltd., and operates a boiler business through Yoshimine Co., Ltd. covering manufacturing, installation, and sales of boilers and industrial machinery. Its competitive strengths lie in integrated capabilities spanning materials manufacturing and construction execution, combined with an established overseas network across Singapore, Indonesia, Thailand, Malaysia, Nigeria, and the Philippines.

Activists: Dalton Investments, Inc. 0.16%, Nippon Active Value Fund PLC (NAVF) 8.39%

Market Cap

¥76.9B

US$490M

¥34.1B

US$217M

Stock¥1,676▼-2.56%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

4.0

LTM EV/EBIT

4.4

LTM PER

13.9

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.1%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 18, 25Nippon Active Value Fund PLC (NAVF) changed stake (2.31%→3.28%)

2Mar 23, 26Market-wide: Decline phase (TOPIX -3.4%)

3Apr 8, 26Nippon Active Value Fund PLC (NAVF) changed stake (3.28%→4.1%)

4Jun 5, 26Nippon Active Value Fund PLC (NAVF) changed stake (7.49%→7.95%)

5Aug 3, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

AI Briefing

Niche but dominant: Japan's leading thermal insulation contractor spanning cleanroom, cold storage and industrial works across Asia. FY26/3 revenue ¥60.3B, down from FY25/3's ¥66.3B peak, with margins easing to 12.7% from 16.0%. Activist-heavy register (Nippon Active Value Fund + NAVF ~13.9% combined) against ¥37.1B net cash — a balance sheet begging for capital allocation scrutiny.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

99%

EquityD/E 0.01xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 51.3%

as of 2026-03-31 · Source: Annual Securities Report

NIPPON ACTIVE VALUE FUND PLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

8.96%

The Master Trust Bank of Japan, Ltd. (Trust Account)

8.76%

Tomimoto Scholarship Foundation (Public Interest Incorporated Foundation)

5.85%

NAVF SELECT LLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

4.90%

Daido Life Insurance Company

4.41%

Sumitomo Mitsui Banking Corporation

4.34%

MEISEI INDUSTRIAL Co.,Ltd. Business Partners' Stock Ownership Association

4.26%

Nippon Life Insurance Company

4.25%

MUFG Bank, Ltd.

3.04%

The Iyo Bank, Ltd.

2.53%

Management

9 officers

Tetsuji YANASE

Representative Director, President

Mar 1983 Joined the Company Apr 2008 General Manager, Tokyo Sales Department No. 1 Jun 2018 Executive Officer; General Manager, Overseas Sales Promotion Department; Project Manager, Ichthys Project Jun 2020 Director; Deputy General Manager, Sales Division Jun 2021 General Manager, Construction Division Jun 2022 Managing Executive Officer; General Manager, Branch Operations Division; in charge of Procurement Department; Director, Meisei Kenko Co., Ltd.; Director, Nippon Kaikaru Co., Ltd. Jul 2023 Representative Director, President, COO (current)

1961-01-24

Motoshi SHINOHARA

Director, Executive Officer; General Manager, Branch Operations Division; General Manager, Technical Division; in charge of Quality and Safety Management Department; in charge of Procurement Department; in charge of Hamamatsu Plant

Mar 1986 Joined the Company Jul 2007 Branch Manager, Chugoku-Shikoku Branch Apr 2011 General Manager, Environment Department Jun 2013 Executive Officer (current); General Manager, Environmental Business Division Jun 2017 Director; Director, Nippon Kaikaru Co., Ltd. (current); Deputy General Manager, Branch Operations Division Jun 2019 General Manager, Environment Department Jun 2021 General Manager, Sales Division Jun 2022 General Manager, Construction Division Jul 2023 General Manager, Technical Division; in charge of Quality and Safety Management Department (current); in charge of Hamamatsu Plant Jun 2024 General Manager, Branch Operations Division (current); in charge of Procurement Department Apr 2025 in charge of Osaka Procurement Department and Tokyo Procurement Department Apr 2026 in charge of Procurement Department; in charge of Hamamatsu Plant (current)

1963-07-24

Keizo FUJINO

Director, Executive Officer; General Manager, Sales Division; General Manager, Construction Division; Project Director, Tangguh Project

Mar 1983 Joined the Company Apr 2008 General Manager, Tokyo Sales Department No. 2 Aug 2009 Representative Director, MEISEI INTERNATIONAL PTE. LTD. Oct 2011 Representative Director, MEISEI NIGERIA LIMITED (current) Jun 2017 Executive Officer (current); General Manager, Tokyo Sales Department Jun 2019 Director; Project Director, Tangguh Project (current); General Manager, Sales Business Division Jun 2020 General Manager, Sales Division Jun 2021 Deputy General Manager, Sales Division Jun 2022 General Manager, Overseas Sales Promotion Department Jul 2023 General Manager, Sales Division (current) Jun 2024 in charge of Hamamatsu Plant Apr 2025 General Manager, Construction Division (current); General Manager, Nagasaki Sales Department

1960-03-11

Yutaka TSUGI

Director, Executive Officer; General Manager, Administration Division; General Manager, General Affairs Department; General Manager, Corporate Planning Office; in charge of Affiliated Companies

Mar 1985 Joined the Company May 2016 General Manager, General Affairs Department Jun 2020 Executive Officer (current) Jun 2024 Director; General Manager, Administration Division; in charge of Affiliated Companies (current) Apr 2026 General Manager, General Affairs Department; General Manager, Corporate Planning Office (current)

1960-10-11

Yoshihisa TAKASE