Fantasista Co., Ltd.
1783・Standard Market・Real Estate
Business
fantasista Co., Ltd. operates three business segments centered on its Real Estate business (real estate sales, rights coordination, and hotel operations; net sales of ¥9,048 million, FY2025 (ending September 2025)), which serves as its core pillar, alongside its Healthcare business (5-ALA-containing supplements; net sales of ¥138 million) and its Clean Energy business (development and operation of grid-connected storage batteries; net sales of ¥236 million). The company has eight consolidated subsidiaries and is listed on the Standard Market of the Tokyo Stock Exchange. It traces its origins to Minamino Construction, founded in 1950, and changed to its current company name in January 2024. Its corporate philosophy is "to continue taking on challenges through unceasing effort, so as to keep giving surprise and inspiration to an increasingly diverse world."
Business Model
The main revenue source is the acquisition and sale of properties for sale in the real estate business, and the presence or absence of large-scale projects significantly affects annual performance. The hotel business (UNDER RAILWAY HOTEL AKIHABARA, etc.) is a stable revenue source that captures inbound demand. The clean energy business generates revenue through the buying and selling of grid-connected storage battery sites and participation in the electricity supply-demand adjustment market. Bank borrowings and direct financing (such as stock acquisition rights) are utilized for real estate purchases and storage facility construction.
Company Strengths
Real estate business revenue for FY2025 (ending September 2025) was ¥9,048 million (up 7.4% year-on-year). Sales to Daiwa House Industry Co., Ltd. reached ¥4,899 million during the period (52.0% of total sales), demonstrating a track record of large-scale transactions with a major developer.
The grid-connected storage battery business "fantasista gunma PSS" (Gunma Ota Storage Station) began operations on June 30, 2025. In FY2025 (ending September 2025), the Clean Energy segment recorded segment revenue of ¥236 million and segment profit of ¥71 million, achieving profitability from its first year. Capital expenditure amounted to ¥488 million (including leases).
Total liabilities at the end of FY2025 (ending September 2025) were ¥2,860 million (down ¥4,738 million from the previous fiscal year-end), while total net assets stood at ¥6,376 million. Short-term borrowings were reduced by ¥3,298 million, and ¥850 million in corporate bonds were redeemed. Inventory decreased by ¥3,532 million due to the sale of real estate for sale, resulting in a significant reduction in the balance sheet.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods peaked at ¥10,586 million in FY2023, followed by ¥8,806 million in FY2024 and ¥9,422 million in FY2025. In the first half of FY2026 (ending September 2026), revenue fell sharply to ¥1,603 million (down 76.5% year on year), primarily due to a large Tokyo-area real estate transaction being pushed back to the second half. On the profit side, interest expense was reduced from ¥227 million in the same period last year to ¥42 million, resulting in a swing to ordinary profit of ¥62 million (versus a loss of ¥205 million in the same period last year). Gross margin improved substantially from 10.3% to 50.6% year on year, confirming a qualitative improvement in the earnings structure. However, the interim net loss of ¥23 million (a significant improvement from a loss of ¥216 million in the same period last year) was affected by the recording of ¥89 million in corporate taxes and other levies. There is no change to the full-year forecast (revenue of ¥10,300 million, operating profit of ¥500 million, net income of ¥280 million), with the recording of a large-scale transaction in the second half being key to achieving this target. As an external factor, the real estate market continues to see rising land prices across residential, commercial, and industrial categories, and the supply-demand environment remains favorable.
Growth Strategy
While maintaining the earnings base of the real estate business, the company is building second and third pillars of growth in battery storage, precious metals reuse, and healthcare.
The company is proceeding with sales preparations for a large Tokyo-area project scheduled for sale during the period, aiming to achieve full-year net sales of ¥10,300 million through its booking in the second half. It is simultaneously pursuing expansion of brokerage commission revenue and stabilization of hotel business revenue that captures inbound demand.
Entry into the electricity supply-demand adjustment market via the Gunma Ota battery storage station (fantasista gunma PSS), which began operation in August 2025, proved successful, achieving interim segment operating profit of ¥87 million (up 220.8% year on year). The company is also considering leveraging accumulated operational know-how and data toward the future construction of a large-scale, extra-high-voltage battery storage station.
As of May 11, 2025, the company made Amoty Co., Ltd. (a precious metals reuse operator with 20 stores in Tokyo) a subsidiary at an acquisition cost of ¥120 million with a 54.98% voting interest. By combining Amoty's expertise in precious metals trading with the company's financial strength and management systems, the company aims to diversify its business portfolio and secure new revenue sources.
In addition to the existing 5-ALA products, sales of supplements for men and pets began in the interim period, with a supplement for children also scheduled for launch soon. The business remains in an upfront investment stage, building out sales promotion systems for the new product lineup, and a segment loss of ¥10 million continues at present. The key challenge is to surpass the break-even point through sales contributions from the new products.
Last updated: July 17, 2026