ENVALITH
株式会社豆蔵 logo

MAMEZO CO., LTD.

202A・Growth Market・Information & Communication

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株式会社豆蔵 logo
MAMEZO CO., LTD.202A

Business

Mamezou Holdings Co., Ltd. (listed on the TSE Growth Market in June 2024) is an information services company that supports corporate digital shift based on AI software engineering, data science, and robotics engineering. The company operates four service categories—cloud consulting, AI consulting, AI robotics engineering, and mobility/automation—with major leading companies in finance, telecommunications, manufacturing, and trading as its primary customers. Net sales for FY2025 (ended March 2025) were ¥10,552 million, with an operating margin of 19.6%. In October 2025, the company plans to absorb three wholly owned subsidiaries through merger and transition to unified group operations.

Business Model

The company emphasizes direct transactions with client companies (prime contracting) and provides high-value-added consulting, development, and training services as an integrated offering by participating from the very upstream stage of projects. It advocates a "knowledge-intensive" model that codifies the technical know-how accumulated through projects into explicit knowledge, eliminating dependence on specific engineers. By building medium- to long-term relationships as a partner supporting clients' insourcing initiatives, the company secures repeat orders and achieves a high operating margin (19.6% in FY2025 (ending March 2025)).

Company Strengths

Operating margin for FY2025 (ended March 2025) was 19.6% (operating profit of ¥2,070 million). The company achieved operating profit growth of 15.1% year-on-year, supported by an improvement in gross profit margin (from ¥3,180 million in the previous period to ¥3,535 million in the current period, +11.2%) and restrained SG&A expenses (increase limited to +6.0%), underpinning a high-profitability structure.

The number of engineers increased from 708 in FY2021 (ended March 2021) to 763 in FY2025 (ended March 2025). The turnover rate over the same period declined significantly from 9.8% to 5.5%, providing numerical evidence of the effectiveness of the "Mamezou Way" recruitment and training methodology. Stable securing of talent supports the sustainability of the company's earnings base.

Mamezou Co., Ltd. has obtained certification as an "AWS Partner for In-house Development Support Promotion." The company has built up a track record across multiple industries including automotive, finance, manufacturing, food, and shipbuilding, and revenue in the AI Robotics & Engineering segment recorded high growth of 29.5% year-on-year (¥1,881 million).

ENVALITH's Perspective

Since disclosure shifted to non-consolidated basis from Q3 FY2026 (ending March 2026), year-on-year comparisons are no longer possible. On a reference consolidated basis, results remain solid with net sales of ¥8,699 million (up 11.0% year-on-year) and operating profit of ¥1,691 million (up 16.7%), but the non-consolidated operating margin of 42.9% may include the effect of eliminating subsidiary costs associated with the merger, requiring comparison against the reference consolidated figures to assess underlying profitability. Investors should be mindful of this change in disclosure format.

A tender offer by Roodhalsgans 1 Kabushiki Kaisha (at ¥3,551 per common share) commenced on January 23, 2026, with plans for the company to become a wholly owned subsidiary and delist. A decision has also been made not to disclose supplementary earnings briefing materials, raising the risk that the quality and volume of future information disclosure will decline. The tender offer period runs until March 10, 2026 (30 business days). For existing shareholders, the key focus is evaluating the appropriateness of the offer price.

Regarding the market environment, corporate DX investment is shifting from the PoC phase to company-wide implementation, and demand for IT investment remains at high levels. On the other hand, on a reference consolidated basis, gross profit in the AI Robotics Engineering segment declined 7.5% year-on-year, the only segment to post a decline, suggesting there may be challenges in the cost structure of robot projects targeting the long-tail market. The widening profitability gap versus Cloud Consulting (gross margin up 21.6%) and Mobility Automation (up 18.3%) warrants continued monitoring.

Growth Strategy

Pursuing both scale and quality of earnings through organizational unification via the three-company merger and capturing AI/DX-related demand

The company absorbed and merged former Zuken Inc., Kowa Mex, and NT Solutions on October 1, 2025, consolidating human resources, know-how, and customer bases. Resource optimization through group-wide integration has progressed, with strategic human resource development services functioning as a stable revenue base.

As the utilization of generative AI has shifted from PoC (proof of concept) to full-scale operational deployment and in-house development phases across client companies, the scale of consulting projects in the AI consulting segment has expanded. AI agent development support and support for building data utilization platforms leveraging LLMs have been progressing favorably.

Against the backdrop of accelerating SDV (software-defined vehicle) adoption in the automotive industry, projects for building in-vehicle software development environments and supporting architecture design have remained solid. Orders for advanced motor control support leveraging CASE, ADAS, and MBSE have also expanded, and on a reference consolidated basis, gross profit in the Mobility & Automation segment achieved an 18.3% year-on-year increase.

Against the backdrop of the end of standard maintenance for SAP ERP 6.0 at the end of 2027, ERP implementation support projects centered on Microsoft Dynamics 365 Finance and Supply Chain Management have continued to perform well. Orders have been expanding amid demand for real-time supply chain optimization.

Last updated: July 17, 2026