Overview
Construction

TECHNO RYOWA LTD.

Techno Ryowa is a specialized mechanical and electrical engineering contractor focused on the design and construction of air-conditioning, sanitary, and facility systems, with Mitsubishi Heavy Industries as its primary equipment supplier. The company serves large-scale commercial, industrial, and cleanroom projects in Japan and Southeast Asia, leveraging deep technical expertise in HVAC and total clean engineering solutions. Additional business lines include refrigeration/HVAC equipment sales, solar power generation, real estate leasing, and electrical systems construction through its group subsidiaries.

Market Cap
¥124B
US$790M
EV
¥80.7B
US$515M
Stock¥2,015▼-3.50%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.8
x
LTM EV/EBIT
5.0
x
LTM PER
10.2
x
LTM PBR
1.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-8.9%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 5, 26Techno Ryowa announces stock split
MC → EV Bridge
124BUS$790MMarket Cap0.85BUS$5.42M+ Debt26.0BUS$166M− Cash18.1BUS$116M− Inv. Sec.0.05BUS$0.32M+ NCI80.7BUS$515MEV
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Performance & Balance
Revenue 5Y (¥B)
56.9US$363M'22/361.0US$389M'23/373.7US$470M'24/384.2US$537M'25/398.7US$629M'26/3
EBITDA 5Y (¥B)
3.38US$21.5M'22/33.52US$22.5M'23/36.16US$39.3M'24/310.0US$64.0M'25/316.3US$104M'26/3
Net Income 5Y (¥B)
2.24US$14.3M'22/32.34US$14.9M'23/34.51US$28.7M'24/37.26US$46.3M'25/311.8US$75.2M'26/3
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
24.6US$157M0.17US$1.05M'22/322.7US$145M0.07US$0.41M'23/321.3US$136M0.13US$0.80M'24/322.8US$145M0.07US$0.41M'25/333.7US$215M0.11US$0.67M'26/3
Shareholders
Top 10 hold 46.1%
1
TECHNO RYOWA LTD. Business Partners' Stock Ownership Association
10.27%
2
Mitsubishi Heavy Industries Thermal Systems, Ltd.
6.88%
3
MUFG Bank, Ltd.
4.69%
4
Mizuho Bank, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)
4.69%
5
The Bank of Nagoya,Ltd.
3.56%
6
Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
3.54%
7
The Keiyo Bank,Ltd. (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
3.49%
8
Yasumitsu SHIGETA
3.09%
9
BULL-DOG SAUCE CO.,LTD.
3.09%
10
Tokio Marine & Nichido Fire Insurance Co., Ltd.
2.80%
Management
10 officers
Hidehiko KURODA
Director and Chairman
Apr 1976 Joined Namirei Co., Ltd. Nov 1982 Joined the Company Oct 2003 Director, Osaka Branch Manager, the Company Oct 2005 Managing Director, Osaka Branch Manager, the Company Oct 2010 Managing Director, in charge of Tokai and Western Japan Business, the Company Apr 2011 Managing Director, Nagoya Branch Manager and General Manager of Western Japan Sales, the Company Apr 2013 Managing Director, General Manager of Sales Headquarters and Tokyo Head Office Manager, the Company Apr 2014 Senior Managing Director, Tokyo Head Office Manager, the Company Apr 2015 Representative Director, President, the Company Jun 2017 Representative Director, President and Executive Officer, the Company Apr 2024 Representative Director and Chairman, the Company Apr 2026 Director and Chairman, the Company (current)
1954-03-14
Masaya KATO
Representative Director, President and Executive Officer
Apr 1982 Joined the Company Jun 2015 Director, Nagoya Branch Manager, the Company Jun 2017 Senior Executive Officer, Nagoya Branch Manager, the Company Oct 2018 Senior Executive Officer, Deputy General Manager of Administration Headquarters, the Company Apr 2020 Senior Executive Officer, General Manager of Administration Headquarters, the Company Jun 2020 Director, Senior Executive Officer, General Manager of Administration Headquarters, the Company Apr 2021 Director, Managing Executive Officer, General Manager of Administration Headquarters, the Company Apr 2023 Director, Senior Managing Executive Officer, Tokyo Head Office Manager, the Company Apr 2024 Representative Director, President and Executive Officer, the Company (current)
1959-12-18
Tsutomu OISHI
Director, Senior Managing Executive Officer; Head of Technology Division and General Manager of Technology Headquarters
Apr 1983 Joined the Company Jun 2017 Executive Officer, Deputy Osaka Branch Manager, the Company Oct 2018 Senior Executive Officer, Osaka Branch Manager, the Company Apr 2020 Senior Executive Officer, General Manager of Procurement Headquarters and Deputy General Manager of Technology Headquarters, the Company Apr 2021 Senior Executive Officer, General Manager of Technology Headquarters and Procurement Headquarters, the Company Jun 2021 Director, Senior Executive Officer, General Manager of Technology Headquarters and Procurement Headquarters, the Company Oct 2022 Director, Senior Executive Officer, General Manager of Technology Headquarters, the Company Apr 2023 Director, Managing Executive Officer, General Manager of Technology Headquarters, the Company Apr 2024 Director, Senior Managing Executive Officer, Head of Technology Division, the Company Dec 2024 Director, Senior Managing Executive Officer, Head of Technology Division and General Manager of Procurement Headquarters, the Company Apr 2025 Director, Senior Managing Executive Officer, Head of Technology Division, the Company Apr 2026 Director, Senior Managing Executive Officer, Head of Technology Division and General Manager of Technology Headquarters, the Company (current)
1961-02-20
Kazuhiro HAKAMADA
Director, Senior Managing Executive Officer; General Manager of Sales Headquarters and Sales Planning Department
Apr 1986 Joined Namirei Co., Ltd. Apr 1998 Joined the Company Oct 2014 Deputy Manager, Tokyo Head Office, the Company Jun 2017 Executive Officer, Deputy Manager, Tokyo Head Office, the Company Apr 2018 Executive Officer, Yokohama Branch Manager, the Company Apr 2021 Senior Executive Officer, General Manager of Sales Headquarters and General Manager of Eastern Japan Sales, the Company Jun 2022 Director, Senior Executive Officer, General Manager of Sales Headquarters, the Company Apr 2023 Director, Managing Executive Officer, General Manager of Sales Headquarters, the Company Apr 2024 Director, Senior Managing Executive Officer, General Manager of Sales Headquarters, the Company Apr 2026 Director, Senior Managing Executive Officer, General Manager of Sales Headquarters and Sales Planning Department, the Company (current)
1960-08-01
Toshio SUZUKI
Director, Managing Executive Officer; General Manager of Administration Headquarters
Apr 1984 Joined the Company Oct 2011 Deputy Branch Manager, Chiba Branch, Tokyo Head Office, the Company Apr 2013 Branch Manager, Chiba Branch, Tokyo Head Office, the Company Oct 2015 Deputy Manager, Tokyo Head Office, the Company Jun 2017 Executive Officer, Deputy Manager, Tokyo Head Office, the Company Apr 2020 Executive Officer, Osaka Branch Manager, the Company Apr 2022 Senior Executive Officer, Osaka Branch Manager, the Company Apr 2023 Senior Executive Officer, General Manager of Administration Headquarters, the Company Jun 2024 Director, Senior Executive Officer, General Manager of Administration Headquarters, the Company Apr 2026 Director, Managing Executive Officer, General Manager of Administration Headquarters, the Company (current)
1961-08-14
Masatoshi TANAKA
Director
Apr 1989 Joined Mitsubishi Heavy Industries, Ltd. Apr 2016 Section Manager, Planning Section, Refrigeration and Heat Pump Business Division, Machinery & Equipment Systems Domain, Mitsubishi Heavy Industries, Ltd. Apr 2018 Manager, Business Planning Office, Mitsubishi Heavy Industries Thermal Systems, Ltd. Jun 2022 Director and General Manager, General Affairs Department, Mitsubishi Heavy Industries Thermal Systems, Ltd. Oct 2022 Director and General Manager, External Affairs and Administration Office, Mitsubishi Heavy Industries Thermal Systems, Ltd. Apr 2024 Director, Mitsubishi Heavy Industries Thermal Systems, Ltd. (current) Jun 2024 Director, the Company (current)
1966-12-21
Maiko SAKO
Director
Dec 2008 Registered as attorney-at-law with the Dai-Ichi Tokyo Bar Association Jan 2009 Joined Kasumigaseki Law & Accounting Office Oct 2013 Junior Partner, Kasumigaseki Law & Accounting Office Mar 2015 Junior Partner, Sakuradadori Sogo Law Office Sep 2018 Outside Director, F-ON Co., Ltd. Feb 2020 Partner, Sakuradadori Sogo Law Office (current) Jun 2024 Director, the Company (current)
1980-11-21
Shigeru TSUNEKI
Director (Full-time Audit and Supervisory Committee Member)
Apr 1984 Joined the Company Jan 2006 Manager, Second Design Section, Tokyo Head Office, the Company Apr 2007 Manager, Quality Assurance Office, Tokyo Head Office, the Company Jul 2012 Manager, Safety and Quality Assurance Department, Tokyo Head Office, the Company Apr 2021 Manager, Safety and Quality Assurance Department and General Manager of Construction Department, Tokyo Head Office, the Company Apr 2022 Internal Audit Office, the Company Jun 2022 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1962-02-01
Koji OSHIMA
Director (Audit and Supervisory Committee Member)
May 1982 Joined Chiba Sogo Bank, Ltd. (now The Keiyo Bank, Ltd.) Jun 2005 Manager, Motoyawata Branch, the Bank Jun 2007 Manager, Noda Branch, the Bank Jun 2009 Manager, Minomi Branch, the Bank Jun 2011 Director, Tokyo Branch Manager, the Bank Jun 2014 Managing Director, General Manager of Sales Planning Department, the Bank Oct 2014 Managing Director, General Manager of Funds and Securities Department, the Bank Jun 2016 Managing Director, Managing Executive Officer, the Bank Jun 2017 Director, Managing Executive Officer, the Bank Jun 2018 Director, Senior Managing Executive Officer, the Bank Jun 2020 Representative Director and Vice President, Fujimi Jichi Co., Ltd. Jun 2021 Representative Director and President, Fujimi Jichi Co., Ltd. Jun 2024 Director (Audit and Supervisory Committee Member), the Company (current)
1960-01-22
Itaru IYODA
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined Nagoya Sogo Bank, Ltd. (now Nagoya Bank, Ltd.) Apr 2004 Manager, Toyoake Branch, the Bank Jun 2006 Manager, Biwajima-dori Branch, the Bank Jun 2008 Manager, Hotta Branch, the Bank Jun 2010 Deputy General Manager, Head Office Sales Department, the Bank Apr 2011 Nagoya North Area Manager and Manager, Fujigaoka Branch, the Bank Jun 2012 Executive Officer, General Manager of Human Resources Department, the Bank Jun 2014 Director, General Manager of Human Resources Department, the Bank Apr 2015 Director, General Manager of Management Planning Department (in charge of Human Resources), the Bank Jun 2015 Director, General Manager of Management Planning Department, the Bank Apr 2018 Director, Kamimaezu Area Manager and Manager, Kamimaezu Branch, the Bank Jun 2020 Representative Director and President, Nice Co., Ltd. Jun 2025 Director (Audit and Supervisory Committee Member), the Company (current)
1957-10-19
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-05
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2024-08-30
Securities Registration Statement
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-30
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-10
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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