NipponCareSupplyCo.,Ltd.
2393・Standard Market・Services
Business
Nihon Care Supply Co., Ltd. was established in 1998 and began full-scale operations alongside the launch of the long-term care insurance system, becoming a major specialist wholesaler renting welfare equipment. Positioned between welfare equipment manufacturers and designated in-home service providers, its core business is the "Welfare Equipment Service," which rents and sells welfare equipment covered by long-term care insurance benefits to providers nationwide. In addition, the company operates "Elderly Life Support Services," including home-visit nursing care, day care, meal services (balanced boxed meals), and EC site operations. Mitsubishi Corporation (39.4% voting rights) and ALSOK (31.3%) are its major shareholders, and the company is pursuing business expansion by leveraging both companies' networks. As of the end of FY2026 (ending March 2026), it operates 99 locations nationwide.
Business Model
The Company purchases and holds welfare equipment and generates recurring rental income by wholesaling it on a rental basis to operators. It employs a circular model in which equipment returned after use is cleaned, disinfected, inspected, and repaired before being re-rented, meaning the efficiency of asset turnover determines profitability. Total capital expenditure for FY2026 (ending March 2026) is capital-intensive at ¥6,833 million (of which ¥6,340 million is for rental asset acquisition), while depreciation expense of ¥7,269 million underpins operating cash flow.
Company Strengths
As of the end of FY2026 (ending March 2026), the company operates 99 sites nationwide. It has continued to open new sites and expand existing ones, primarily in urban areas, opening the Itabashi and Odawara Stations and relocating the Shizuoka Sales Office during the fiscal year under review. The quality control system built on broad-area coverage and consolidated maintenance hubs (such as the Osaka Maintenance Center) constitutes a unique asset that competitors cannot easily replicate in the short term.
Mitsubishi Corporation (39.4% voting rights) and ALSOK (31.3% voting rights) are the company's major shareholders and have dispatched directors to the board. The company has been expanding sales of Welfare Equipment Sales Wholesale to nursing care facilities by leveraging the ALSOK network, and results are reflected in the numbers, with welfare equipment service sales for FY2026 (ending March 2026) reaching ¥30,113 million (up 8.9% year on year). The alliance with these two major companies constitutes a barrier to entry that new entrants cannot easily replicate.
At the end of FY2026 (ending March 2026), the equity ratio stood at 67.1% (up 1.6 percentage points from the previous fiscal year), and interest-bearing debt was extremely low at ¥1,055 million. The company secured operating cash flow of ¥3,225 million, while repaying ¥1,200 million in short-term borrowings and paying dividends of ¥1,136 million. Maintaining financial soundness in a capital-intensive rental business demonstrates the company's ongoing capacity for capital investment.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal years, from ¥23,298 million in FY2022 (ending March 2022) to ¥34,929 million in FY2026 (ending March 2026). Operating profit temporarily declined to ¥2,118 million in FY2023 (ending March 2023), then improved for three consecutive fiscal years, accelerating to ¥2,173 million in FY2024 (ending March 2024), ¥2,459 million in FY2025 (ending March 2025), and ¥3,094 million in FY2026 (ending March 2026). In FY2026 (ending March 2026), the effect of revenue growth absorbed cost increases such as depreciation (¥7,269 million), personnel expenses (salaries of ¥3,937 million), and logistics costs, improving the operating margin to 8.9% (up from 7.7% in the previous fiscal year). External tailwinds included continued expansion in demand for welfare equipment rental driven by an aging population, and the planned special FY2026 revision to long-term care compensation (a 2.03% increase). Operating cash flow improved substantially to ¥3,225 million from ¥1,389 million in the previous fiscal year, strengthening the company's financial position as well.
Growth Strategy
Advancing both the deepening of welfare equipment services and the establishment of elderly life support services as a second pillar of business
Promoting new location openings and warehouse expansion primarily in urban areas where the late-elderly population is increasing. In FY2026 (ending March 2026), the Itabashi and Odawara stations were opened, bringing the total number of locations to 99 at fiscal year-end. Continued expansion is planned for FY2027 (ending March 2027).
Deepening autonomous decentralized management through agile allocation of management resources (people and materials) tailored to regional characteristics. In FY2026 (ending March 2026), ¥6,459 million was invested in rental asset acquisitions, achieving an operating margin of 8.9% through management focused on harvesting returns from prior investments.
Promoting enhanced sales to nursing care facilities through strengthened product lineups and utilization of the ALSOK network. Also focusing on expanding orders through the business-to-business e-commerce site "Green Care Online Shop".
Promoting awareness-building promotions for "Balance Bento" and developing infrastructure such as e-commerce sites. Frozen warehouses have already been expanded to reduce and streamline logistics costs. Building a system to respond to growing demand.
Continuing aggressive talent recruitment, enhanced education and training, improved employee engagement, and promotion of women's advancement. Salaries increased from ¥3,597 million in the previous fiscal year to ¥3,937 million in the current fiscal year, expanding investment in human capital.
Last updated: July 19, 2026