TASUKI Holdings Inc.
166A・Growth Market・Real Estate
Business
Taski Holdings Corporation is a pure holding company established in April 2024 through the business integration of Taski Corporation and Shin Nihon Building Co., Ltd. The company operates the Life Platform business, whose main focus is the planning, development, and sale of newly built investment residences equipped with IoT facilities as standard, primarily in Tokyo's 23 wards. It also engages in the Refining business (value-up resale of used properties), logistics facility development, the real estate crowdfunding platform "TASUKI FUNDS," and asset consulting services for real estate owners. Its main customers are domestic and overseas investors and high-net-worth individuals. In the Finance Consulting business, the company provides real estate-secured loans to small and medium-sized enterprises, while its non-consolidated subsidiary ZISEDAI develops SaaS products for the real estate industry.
Business Model
Main revenue consists of gains on sale of IoT residences and refining properties. The gross profit margin target is set at 18%, and FY2025 (ended September 2025) exceeded this target at 19.9%. The company slims its balance sheet through off-balance-sheet fund formation while earning management fees. In the Finance Consulting business, the company accumulates interest income through real estate-backed loans. Inventory turnover is managed through a network of brokers and sales channels for domestic and overseas investors.
Company Strengths
Provides newly built investment residences in prime locations within Tokyo's 23 wards, within a 5-minute walk of the nearest station, featuring IoT-enabled equipment as a standard specification. The company covers different size ranges under two brands: the Tasuki smart series (RC-structure buildings with 8–14 units) and Shin Nihon Tatemono's Renaissance Court series (10–50 units), broadly addressing diverse investor needs.
For FY2025 (ended September 2025), net sales were ¥74,412 million (up 56.8% year on year), operating profit was ¥8,815 million (up 116.8% year on year), and profit attributable to owners of parent was ¥4,934 million (up 122.5% year on year). Gross profit margin improved by 3.1 percentage points, from 16.8% to 19.9%, achieving both scale-up and improved profitability simultaneously.
In addition to operating the real estate crowdfunding platform "TASUKI FUNDS" (investment units starting from ¥100,000), the company forms off-balance-sheet real estate private funds via SPCs. In FY2025 (ended September 2025), it formed nine on-balance-sheet funds and achieved the group's first development-type off-balance-sheet fund, simultaneously compressing inventory assets and expanding its investor base.
ENVALITH's Perspective
Performance Trend
Revenue grew accelerately, from ¥47,455 million in FY2024 (ended September 2024) to ¥74,412 million in FY2025 (ended September 2025), and reached ¥43,090 million (up 28.4% year on year) in the first half of FY2026 (ending September 2026, cumulative). Operating profit also expanded, from ¥4,065 million in FY2024 (ended September 2024) to ¥8,815 million in FY2025 (ended September 2025), and to ¥4,808 million (up 37.2% year on year) in the first half of FY2026 (ending September 2026), with EBITDA reaching ¥5,050 million (up 39.0% year on year). As an external factor, robust investment demand from domestic and overseas investors, driven by rising rents for rental apartments in the Tokyo metropolitan area and the weak yen, has provided a tailwind. On the other hand, the widening negative operating cash flow (an outflow of ¥24,764 million) accompanying the sharp increase in inventories, and the rapid rise in interest-bearing debt, are points warranting close attention from a financial perspective.
Growth Strategy
The company aims to achieve long-term net sales of ¥200,000 million through three pillars: expansion of the IoT residence business, cultivation of the AI business, and inorganic growth via M&A.
By strengthening acquisition staff and expanding sales channels to brokers and domestic/overseas investors, the company is building up its inventory of real estate held for sale to secure revenue for the following period onward. Inventory balances at the end of the interim period of FY2026 (ending September 2026) reached record highs for two consecutive quarters, representing progress ahead of plan.
The company consolidated ZISEDAI Co., Ltd. and newly established the AI Dynamics business, which provides an "AI x cloud x solutions" offering. It aims to build a new revenue source through AI business solutions that go beyond the scope of SaaS. At present the business is still at an early stage, with net sales of ¥45 million and an operating loss of ¥57 million, and an impairment loss of ¥194 million has already been recorded; profitability remains a future challenge.
To control the expansion of interest-bearing debt associated with the buildup of inventory, the company utilizes real estate crowdfunding and the formation of off-balance-sheet funds. This approach, aimed at expanding business scale while maintaining financial soundness, continues to be promoted.
The company is pursuing a long-term growth plan targeting net sales of ¥200,000 million in FY2033 (ending September 2033), built on three pillars: expansion of the IoT residence business, inorganic growth through M&A, and growth in ARR from AI/SaaS businesses. The company has steadily expanded its scale, from ¥74,412 million in FY2025 (ended September 2025) to a forecast of ¥100,450 million for full-year FY2026 (ending September 2026).
Last updated: July 17, 2026