Overview
Construction

NIPPON DENSETSU KOGYO CO.,LTD.

Nippon Densetsu Kogyo is a leading electrical construction company in Japan, specializing in railway electrical works (catenary lines, substations, power transmission, signaling) as well as general electrical construction, information and communications infrastructure, and environmental/energy works including renewable energy and ZEB projects. The company serves primarily railway operators—most notably East Japan Railway Company (JR East) as a key customer—alongside general building and infrastructure clients. Its competitive strengths lie in its deep expertise in railway electrical systems cultivated since 1942, an integrated service model spanning design, construction, maintenance, and education, and a broad network of 16 subsidiaries covering specialized segments.

Market Cap
¥230B
US$1.47B
EV
¥162B
US$1.03B
Stock¥3,940▼-0.38%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.3
x
LTM EV/EBIT
5.8
x
LTM PER
12.2
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+18.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
230BUS$1.47BMarket Cap1.17BUS$7.45M+ Debt11.2BUS$71.3M− Cash72.7BUS$463M− Inv. Sec.14.7BUS$93.6M+ NCI162BUS$1.03BEV
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Performance & Balance
Revenue 5Y (¥B)
174US$1.11B'22/3172US$1.10B'23/3194US$1.24B'24/3217US$1.38B'25/3229US$1.46B'26/3
EBITDA 5Y (¥B)
11.2US$71.5M'22/313.3US$85.1M'23/317.2US$110M'24/322.4US$143M'25/328.7US$183M'26/3
Net Income 5Y (¥B)
5.22US$33.3M'22/37.17US$45.7M'23/310.0US$64.0M'24/313.2US$84.1M'25/318.1US$115M'26/3
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
42.3US$270M0.10US$0.64M'22/342.5US$271M0.10US$0.64M'23/352.8US$337M0.10US$0.64M'24/356.3US$359M5.06US$32.3M'25/364.2US$409M13.3US$84.6M'26/3
Shareholders
Top 10 hold 52.9%
1
East Japan Railway Company
19.36%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.58%
3
Nippon Denssetsu Kogyo Kyosaikai (Mutual Aid Association)
5.13%
4
NIPPON CONCRETE INDUSTRIES CO.,LTD.
4.56%
5
Custody Bank of Japan, Ltd. (Trust Account)
3.97%
6
Employee Stock Ownership Association
3.64%
7
Custody Bank of Japan, Ltd. (Trust Account E)
2.50%
8
Master Trust Bank of Japan, Ltd. (Retirement Benefit Trust Account for Nippon Concrete Industries Co., Ltd.)
1.74%
9
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.73%
10
Shin Nippon Air Technologies Co.,Ltd.
1.67%
Management
10 officers
Kazunari YASUDA
Representative Director, President
Apr 1988 Joined East Japan Railway Company Jun 2008 General Affairs Department Manager, Nagano Branch, East Japan Railway Company Jun 2015 Director, Tokyo Electrical Systems Development Construction Office, East Japan Railway Company Jun 2017 Manager, Investment Planning Department, General Planning Headquarters, East Japan Railway Company Jun 2018 Executive Officer; Manager, Electrical Network Department, Railway Operations Headquarters, East Japan Railway Company Jun 2018 Director of the Company Jun 2021 Senior Managing Director of the Company Jun 2022 Representative Director, President of the Company (current)
1966-01-04
Masaaki TANIYAMA
Representative Director, Executive Managing Director, Assistant to the President; in charge of Corporate Planning, Safety, Railways, Information and Communications, and Systems
Apr 1985 Joined the Company Oct 2008 Manager, Network Construction Department, Information and Communications Headquarters of the Company Apr 2014 Deputy Head, Information and Communications Headquarters of the Company Oct 2017 Executive Officer; Head, Information and Communications Headquarters of the Company Jun 2021 Managing Executive Officer; Head, Corporate Planning Headquarters of the Company Jun 2022 Managing Director; Head, Corporate Planning Headquarters of the Company Jun 2023 Representative Director, Executive Managing Director; Head, Corporate Planning Headquarters of the Company Jun 2024 Representative Director, Executive Managing Director of the Company (current)
1960-10-04
Tomoji TOGAWA
Managing Director; in charge of Sales, Environment and Energy, and Technology Development
Apr 1984 Joined the Company Jun 2013 Manager, Construction Department, Tohoku Branch of the Company Jun 2015 Deputy Branch Manager, Tokyo Branch, Sales Headquarters of the Company Jun 2018 Executive Officer; Deputy Head, Sales Headquarters, and Branch Manager, Tokyo Branch of the Company Jun 2020 Managing Executive Officer; Head, Sales Headquarters of the Company Jun 2022 Managing Director; Head, Sales Headquarters of the Company Jun 2024 Managing Director of the Company (current)
1961-05-24
Katsuhiko MATSUI
Managing Director; in charge of Related Businesses, Audit, Finance, Human Resources, and General Affairs
Apr 1992 Joined the Company Jul 2011 Manager, Human Resources Development Department of the Company Apr 2013 Manager, General Affairs Department, Western Japan Headquarters of the Company Jun 2014 Manager, Human Resources Department of the Company Jun 2019 Manager, General Affairs Department of the Company Jun 2022 Executive Officer; Branch Manager, Osaka Branch, Western Japan Headquarters of the Company Jun 2024 Managing Director of the Company (current)
1966-01-03
Wataru MIZUKAMI
Full-time Director, Audit and Supervisory Committee Member
Apr 1983 Joined the Company Apr 2007 General Affairs Department Manager, Information and Communications Headquarters of the Company Jun 2010 General Affairs Department Manager of the Company Jun 2012 Human Resources Department Manager of the Company Jun 2015 Manager, Corporate Planning Department, Tohoku Branch of the Company Jun 2017 Manager, Corporate Planning Department, Corporate Planning Headquarters of the Company Jun 2019 Director, Full-time Audit and Supervisory Committee Member of the Company (current) Jun 2021 Outside Corporate Auditor, Daido Signal Co., Ltd. (current)
1960-02-12
Osamu KATO
Director
Apr 1990 Joined East Japan Railway Company Nov 2011 Manager, Facilities Department, Takasaki Branch, East Japan Railway Company Jun 2015 Deputy Manager, Electrical Network Department, Railway Operations Headquarters, East Japan Railway Company Jun 2015 Outside Director, East Japan Electrical Engineering Co., Ltd. Jun 2018 Assistant Manager, Electrical Network Department, Railway Operations Headquarters, East Japan Railway Company Jun 2019 Executive Officer; Director, Nagano Branch, East Japan Railway Company Jun 2021 Executive Officer; Manager, Electrical Network Department, Railway Operations Headquarters, East Japan Railway Company Jun 2021 Outside Director, Nihon Retec Co., Ltd. Jun 2022 Executive Officer; Head, Electrical Network Division, Railway Operations Headquarters, East Japan Railway Company Jun 2023 Managing Executive Officer; Deputy Head, Innovation Strategy Headquarters, and Deputy Head, Railway Operations Headquarters (Electrical), East Japan Railway Company (current) Jun 2023 Director of the Company (current)
1966-10-13
Nobuaki TAMAKI
Director
Apr 1982 Joined Meidensha Corporation Apr 2016 Executive Officer; General Manager, Substation Business Division, Meidensha Corporation Apr 2017 Managing Executive Officer; General Manager, Substation Business Division, Meidensha Corporation Jun 2018 Director and Senior Managing Executive Officer; General Manager, Substation Business Division, Meidensha Corporation Apr 2020 Director and Senior Managing Executive Officer; General Manager, Overseas Strategy Headquarters, Meidensha Corporation Apr 2022 Director and Senior Managing Executive Officer; Group General Manager, Power Infrastructure Group, Meidensha Corporation Jun 2022 Senior Managing Executive Officer; Group General Manager, Power Infrastructure Group, Meidensha Corporation Apr 2024 Advisor, Meidensha Corporation (current) Jun 2026 Director of the Company (scheduled)
1960-03-25
Naotaka KAWAMATA
Director, Audit and Supervisory Committee Member
Apr 1990 Joined the Ministry of Transport (now Ministry of Land, Infrastructure, Transport and Tourism) Apr 1994 Registered as attorney-at-law Apr 1994 Joined Marunouchi Sogo Law Office Jan 2008 Partner, Marunouchi Sogo Law Office (current) Apr 2015 Instructor in Civil Litigation, Legal Training and Research Institute of the Supreme Court of Japan Jun 2016 Outside Director (Audit and Supervisory Committee Member), Trex Semiconductor Co., Ltd. Jun 2017 Outside Director, Nippon Flour Mills Co., Ltd. (now Nippn Corporation) Nov 2019 Examiner (Civil Law), National Bar Examination Jun 2020 Director, Audit and Supervisory Committee Member of the Company (current)
1965-05-01
Kunihiro KONDO
Director, Audit and Supervisory Committee Member
Apr 1980 Joined Fuji Bank, Ltd. Apr 2004 Kudanshita Branch Manager, Mizuho Bank, Ltd. Apr 2007 Executive Officer; Osaka Branch Manager, Mizuho Bank, Ltd. Apr 2010 Corporate Auditor, Mizuho Private Wealth Management Co., Ltd. Apr 2011 Executive Officer; Deputy Head Office Manager, Tokyo Head Office, Eastern Japan Division, Takasago Thermal Engineering Co., Ltd. Apr 2014 Executive Officer; Deputy Head, Sales Division, Takasago Thermal Engineering Co., Ltd. Jun 2017 Full-time Corporate Auditor, Takasago Thermal Engineering Co., Ltd. Jun 2022 Director, Audit and Supervisory Committee Member of the Company (current)
1957-01-28
Nobuko HOSOGAYA
Director, Audit and Supervisory Committee Member
Apr 1989 Teaching Assistant, Faculty of Sociology, Rikkyo University May 1994 Assistant Professor, Faculty of Sociology, Rikkyo University Apr 1996 Lecturer, Department of Business Administration, Faculty of Economics, Sophia University Apr 2000 Associate Professor, Department of Business Administration, Faculty of Economics, Sophia University (Professor from Apr 2007) Apr 2014 Invited Researcher, Transnational HRM Research Institute, Waseda University Organization for Research Promotion (current) Apr 2023 Professor, Department of Business Administration, Faculty of Economics, Sophia University (current) Jun 2026 Director, Audit and Supervisory Committee Member of the Company (scheduled)
1965-06-19
Large Shareholding Reports
Fidelity Investments (Japan) Limited
2026-10-07
4.85%
Schroder Investment Management (Japan) Ltd.
2026-02-19
4.36%→3.62%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-07
Large Shareholding Report
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-02-19
Large Shareholding Report
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-07
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-07
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-21
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-05-22
Securities Registration Statement
EDINET
2024-02-06
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-07
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-04
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-06
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-07
Quarterly Securities Report
EDINET
2022-08-04
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-04
Quarterly Securities Report
EDINET
2021-11-05
Quarterly Securities Report
EDINET
2021-08-05
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-04
Quarterly Securities Report
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