Ishin Co., Ltd.
143A・Growth Market・Services
Business
Ishin Co., Ltd. upholds the philosophy of "business people with a global perspective contributing to the evolution of society through differentiated businesses," and operates across four segments: the Public-Private Co-Creation Business (marketing support for local governments), the Global Innovation Business (open innovation support for major Japanese corporations), the Media PR Business (branding support for growth-stage venture companies), and the HR Business (support for solving recruitment challenges). Its main clients span a wide range, including major and mid-sized private companies, local governments, growth-stage venture companies, and new business divisions of major Japanese corporations. The company listed on the Tokyo Stock Exchange Growth Market in March 2024, and from April 2025 onward has been shifting the HR Business into an active investment phase as a new high-growth area.
Business Model
In each segment, revenue is generated by combining STOCK revenue (monthly platform usage fees, membership fees, RPO monthly fees, etc.) with SPOT revenue (magazine listing fees, event sponsorship fees, recruitment placement commissions, M&A success fees, etc.). The BtoG platform of the Public-Private Co-creation business, BLITZ Portal of the Global Innovation business, and Best Venture 100 membership fees of the Media PR business form the core of STOCK revenue, building a stable revenue base.
Company Strengths
Established in 2014, 'Jichitai Tsushin' (Local Government Communications) is delivered free of charge directly to approximately 1,780 local government bodies nationwide, achieving high recognition among municipal officials. In addition, as of the end of March 2026, the company employed more than 10 former government administrative staff, enabling high-value-added proposals grounded in practical municipal operations and challenges—a distinctive strength that is difficult for competitors to replicate in the short term.
BLITZ Portal, part of the Global Innovation business, is equipped with a database of approximately 4 million or more domestic and international companies as of the end of March 2026, through a licensing agreement with Crunchbase, Inc., a major U.S. startup database provider. This data asset serves as a differentiating factor versus similar services offered by other companies.
Starting with the 1999 launch of 'Venture Tsushin' (Venture Communications), the company has built an extensive network of growth-company executives through initiatives such as Best Venture 100 and large-scale conferences. This network is also leveraged for deal sourcing in the M&A advisory business and for job seeker acquisition and cross-selling to existing clients in the HR business, serving as a foundation for creating synergies across business segments.
ENVALITH's Perspective
Performance Trend
For FY2026 (ending March 2026), revenue reached ¥1,429 million (up 2.5% year on year), marking three consecutive years of revenue growth. However, operating profit fell sharply to ¥50 million (down 79.6% year on year), and profit attributable to owners of parent dropped to ¥5 million (down 97.4% year on year), reflecting a steep deterioration in profitability. The main causes were upfront investment in the HR business (increased recruitment personnel costs and outsourcing expenses), head office relocation costs, expenses related to the prior-period earnings restatement, and the recognition of impairment losses. SG&A expenses rose 22% from ¥817 million to ¥996 million, approaching the level of gross profit of ¥1,046 million. Operating cash flow turned negative at ¥-83 million, a reversal from +¥102 million in the prior period. For FY2027 (ending March 2027), the company forecasts revenue of ¥1,652 million (up 15.6%), operating profit of ¥51 million (up 1.9%), and net profit of ¥33 million (up 610.1%), positioning the period as a transition toward a profit-generation phase. Externally, rising prices and labor shortages continue to be a headwind in terms of cost burden.
Growth Strategy
Positioning the HR business as a high-growth engine, the company is diversifying and expanding its business foundation through M&A and new business development.
The core recruitment agent services progressed favorably, with segment revenue in FY2026 (ending March 2026) reaching ¥129 million, up +114.6% year on year. Through the consolidation of Repucel Inc. as a subsidiary, the company expanded its HR-related service offerings. In FY2027 (ending March 2027), this segment is expected to drive company-wide revenue growth, with the company planning to continue aggressive investment in hiring and marketing.
In FY2026 (ending March 2026), the company expanded its consolidated scope by making Repucel Inc. (HR domain) and OK Junction Inc. (planning and operation of events for local governments) subsidiaries. It also newly launched an M&A advisory business, advancing the expansion of its support offerings for growth companies. In the public-private co-creation business as well, the company continues its strategy of strengthening its business foundation, including consideration of M&A.
In response to a slowdown in new orders for BLITZ Portal, the company plans to focus on improving profitability and developing new solutions that leverage its existing customer base going forward. The consolidation of OK Junction has reinforced the business foundation by adding local government event operations. Segment profit margin in FY2026 (ending March 2026) was maintained at 30.5%, indicating the revenue base itself remains solid.
To accommodate the increase in staff associated with business expansion and to strengthen the organizational foundation, the company completed the relocation of its head office to Shinagawa. Relocation-related expenses of ¥5 million were recorded as an extraordinary loss in FY2026 (ending March 2026). Building on the new office, the company is accelerating hiring and talent development, putting in place a structure to support the transition to the profit-generation phase of its medium-term management plan.
Last updated: July 19, 2026