JSH Co., Ltd.
150A・Growth Market・Services
Business
JSH Corporation upholds the corporate philosophy of "creating joy and happiness through people," and operates two core businesses: regional revitalization and home healthcare. In the regional revitalization business, the company opens farms (Cordiale Farm) in regional areas with limited employment opportunities, with its core operation being a disability employment support business that matches the disability employment needs of urban companies with the employment opportunities of people with disabilities living in regional areas. In the home healthcare business, the company provides home-visit nursing services primarily targeting patients with psychiatric disorders, operating 47 locations across 14 prefectures. The company listed on the TSE Growth Market in March 2024, and consolidated net sales reached ¥4,740 million in FY2026 (ending March 2026).
Business Model
In the regional revitalization business, in addition to spot revenue from job placement services for persons with disabilities, recurring revenue—collected monthly as farm usage fees, hydroponic equipment rental fees, and job retention support fees—accounts for approximately 90% of sales. The number of client companies reached 248 and the number of accepted persons with disabilities reached 1,788 as of the end of FY2026 (ending March 2026), with NRR (FY2025, ended March 2025) recording 116%. In the home medical care business, over 90% of sales consist of medical service fees from bodies such as the National Federation of Health Insurance Societies, with a structure in which the expansion of home visit volume is directly linked to revenue.
Company Strengths
The recurring revenue of the regional revitalization business expanded approximately 3.8-fold from ¥729 million in FY2022 (ended March 2022) to ¥2,773 million in FY2026 (ending March 2026). The churn rate remained at a low 4.5% in FY2026, and the number of client companies increased from 112 to 248. Recurring revenue per client company at fiscal year-end also rose year by year to ¥11,183 thousand, reflecting a structure of improving profitability with scale.
The company has established a unique system in which nurses are stationed on-site at its farms, leveraging expertise cultivated in psychiatric home-visit nursing to support employment retention among people with disabilities. It accommodates physical, intellectual, and psychiatric disabilities, and has developed transportation services and barrier-free farm environments. The establishment of home-visit nursing stations near the farms (starting September 2019) implements synergies between the home healthcare and regional revitalization businesses.
As of the end of FY2026 (ending March 2026), the farms comprised 26 locations across 9 prefectures (expanded from 21 locations at the end of FY2025 (ended March 2025)), while home-visit nursing stations spanned 47 locations across 14 prefectures (39 offices and 8 sales offices). The company has also begun expanding farms into urban areas such as Adachi Ward and Ome City in Tokyo, with geographic coverage expansion serving as the foundation for acquiring client companies.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for FY2026 (ending March 2026) reached ¥4,740 million (versus ¥3,967 million in the prior period, +19.5%), reflecting accelerating growth. The regional revitalization business drove this performance at ¥3,205 million (+27.8%), while the home healthcare business saw a slight decline to ¥1,445 million (versus ¥1,455 million in the prior period, -0.7%). Operating loss came to ¥105 million (versus operating income of ¥176 million in the prior period), and net loss attributable to owners of the parent was ¥121 million (versus net income of ¥144 million in the prior period), marking a significant deterioration in earnings. The main causes were a segment loss of ¥196 million in the home healthcare business due to aggressive store openings and a sharp rise in SG&A expenses to ¥1,528 million (versus ¥1,273 million in the prior period). Gross profit slightly decreased to ¥1,422 million (versus ¥1,450 million in the prior period), and a rise in the cost-of-sales ratio (from 63.4% in the prior period to 70.0% in the current period) also contributed to the deterioration in profitability. On the financial side, total assets expanded to ¥3,790 million (versus ¥2,983 million in the prior period), with fixed assets increasing to ¥2,095 million (versus ¥1,533 million in the prior period).
Growth Strategy
Sustainable growth driven by accelerated nationwide expansion of farms and home-visit nursing stations and the deepening of synergies between the two businesses
Expanded to 26 sites across 9 prefectures (up from 21 sites in the previous period) as of the end of FY2026 (ending March 2026). Opened newly built farms "Cordiale Kumamoto No.1 and No.2 Farms" in Ueki-machi, Kita-ku, Kumamoto City, with sequential rollout also planned in Fukuoka, Okayama, and Tokyo. In FY2027 (ending March 2027), the company plans to continue increasing acceptance of people with disabilities and opening new farms. The raising of the statutory employment rate to 2.7% (July 2026) serves as a tailwind for demand expansion.
In FY2026 (ending March 2026), the company newly established 12 business offices and 14 branch offices, converted 10 branch offices into business offices, and built a 47-site network. In FY2027 (ending March 2027), the focus will shift from aggressive store openings to a monetization phase, promoting improved utilization rates at existing sites and user acquisition through strengthened relationships with medical institutions. The goal is to turn the segment loss into a profit.
Regarding the unmanned property viewing system operated by consolidated subsidiary Showtime24 Co., Ltd., the company is accelerating upfront investment in generating sales opportunities through aggressive advertising and in personnel recruitment. FY2026 (ending March 2026) is an upfront investment phase, with net sales of ¥113 million and a segment loss of ¥63 million. The company aims to expand the business scale against the backdrop of growing demand for DX in the real estate industry.
As a new initiative for regional revitalization, the company has launched the "Re:Local" brand and is developing a community-rooted tourism and local products business. Leveraging the farm network of the regional revitalization business and regional partnerships, the company aims to establish new revenue sources utilizing region-specific products and tourism resources.
Specialized expertise in psychiatric home-visit nursing cultivated in the home healthcare business is being applied to disability capability development support for companies using the farms. Through strengthened relationships with medical institutions and others via the existing regional network, the company is promoting mutual customer referrals between the two businesses and improving service quality. In FY2026 (ending March 2026), the system for utilizing home healthcare know-how at the farms was strengthened.
Last updated: July 19, 2026