MIC CO.,LTD.

Business Details

MIC Corporation provides business improvement consulting, system development, BPO, creative design, manufacturing, fulfillment, and field support through an "in-house integrated system" to resolve inefficiencies in the sales promotion activities of retail and manufacturer companies. Its customer base is centered on retail, manufacturer, IT, and service companies, and it operates as a single segment. Net sales for FY2026 (ending March 2026) reached ¥15,092 million (up 23.0% year on year), continuing high growth, while the operating margin improved to 11.2%.

Recent Overview

Net sales up 23% and operating profit up 69%, marking substantial growth in both revenue and profit, with PromOS accounts expanding to 34

In FY2026 (ending March 2026), the company achieved net sales of ¥15,092 million (up 23.0% year on year) and operating profit of ¥1,686 million (up 68.8% year on year), a substantial increase in both revenue and profit. Transactions with major existing customers remained solid, driven by an increase in the number of staff stationed at client sites and an increase in new orders. Co.Hub expanded to new drugstore chains as well as into the home appliance industry. PromOS accounts increased to 34, with cross-selling progressing. On the other hand, accounts receivable increased by ¥1,297 million, causing operating cash flow to decline to ¥360 million (from ¥771 million in the prior period). Capital expenditure (¥1,092 million in tangible fixed asset acquisitions) was used to expand the fulfillment center. The forecast for FY2027 (ending March 2027) calls for net sales of ¥15,400 million (up 2.0% year on year) and operating profit of ¥2,040 million (up 21.0% year on year). Note that from FY2027 (ending March 2027), the company plans to change transaction terms for its direct mail shipping operations to exclude postage fees from net sales.

Key Products

Growth Drivers

• Deepening business with major existing customers (expanding transaction value through an increase in staff stationed at client sites and an increase in new orders received)
• Expanding Co.Hub's penetration in the drugstore industry and horizontal expansion into industries such as home appliances
• Promoting cross-selling of PromOS and the 360° Full Service to the 433 companies that began transactions via Co.Hub
• Capturing DX demand through the increase in PromOS accounts adopted (34 accounts)
• Improving operational efficiency and profit margins through expansion investment in the company's own fulfillment centers and business automation
• Structural expansion of outsourcing demand driven by labor shortages in the retail industry and the diversification and increasing complexity of sales promotion operations
• Medium-term growth guideline: achieving both an average annual net sales growth rate of 10% or more and a net sales-to-ordinary profit ratio of 10% or more

Risks

• Risk of sales concentration in major customers (Rakuten Group companies, FamilyMart, etc.)
• Risk of rising labor and logistics costs in labor-intensive operations (fulfillment centers)
• Risk of expanding working capital and deteriorating operating cash flow due to a sharp increase in accounts receivable (up ¥1,297 million)
• Risk of increased fixed costs and lower utilization rates due to expansion investment in fulfillment centers (¥1,092 million in tangible fixed asset acquisitions)
• Risk of technical failures and security risks in the development and operation of systems such as PromOS
• Impact on net sales presentation due to the change in transaction terms for direct mail shipping operations (exclusion of postage fees from net sales) in FY2027 (ending March 2027)
• Risk of decreased demand due to an economic downturn in the retail industry or reductions in sales promotion investment
• Increasing difficulty in securing talented personnel (intensifying competition for management personnel and on-site operations personnel)