ktk INC.
3035・Standard Market・Wholesale Trade
Business
KTK Corporation has adopted the vision of "Change the office mirai" and operates on two business pillars: the Supply business, centered on reuse products such as repacked toner and OA supply products, and the IT Solutions business, covering MFPs (multifunction printers), PCs, networks, and related equipment. Its main customers are in the BtoB market, primarily small and medium-sized enterprises, and it operates nationwide from its base in Nagoya. The company has seven consolidated subsidiaries, including Seiun Crown Co., Ltd., SBM Solution, and Ikoris, and has built an integrated framework spanning production, logistics, sales, and digital marketing. It is listed on the Standard Market of the Tokyo Stock Exchange and the Main Market of the Nagoya Stock Exchange.
Business Model
In the supplies business, the company secures high profit margins by manufacturing and directly selling its own remanufactured toner (repack toner), while building continuous relationships with customers through the "Sustainable Partner Program," a customer-participation-based circular system operated via its own e-commerce site "YORIDORI." Leveraging this customer base, the company cross-sells IT solutions such as multifunction printers, PCs, and networking equipment, aiming to expand sales in the IT solutions business, which is a growth business. The company employs a structure in which cash generated by the supplies business is reinvested into the IT solutions business.
Company Strengths
Began recycling ink ribbons in 1977 and started full-scale sales of repacked toner in 1992. Its own factory (Komagane) has obtained quality certifications such as STMC certification, ISO9001, ISO14001, and the E&Q mark, establishing a stable manufacturing-to-direct-sales supply and quality control system. In FY2025 (ended August 2025), Supply segment sales were ¥14,554 million, accounting for approximately 77% of total company sales, making it a core foundational business.
The company leverages the customer base centered on small and medium-sized enterprises built up over many years in the Supply business to promote cross-selling into the IT Solutions business. In FY2025 (ended August 2025), IT Solutions segment sales reached ¥4,374 million (up 16.9% year on year), with segment profit of ¥161 million (up 14.4% year on year), demonstrating high growth and reflecting the effectiveness of the cross-selling strategy in the numbers.
In FY2025 (ended August 2025), sales reached ¥18,928 million (up 4.5% year on year) and ordinary profit reached ¥515 million (up 5.4% year on year), both record highs. Operating profit also rose to ¥427 million (up 11.3% year on year), exceeding the initial forecast of ¥400 million by 6.7%, with all segments achieving both higher sales and higher profit.
ENVALITH's Perspective
Performance Trend
For the cumulative nine months of FY2026 (ending August 2026) (August 21, 2025 – May 20, 2026), net sales were ¥15,111 million (up 7.3% year on year), operating profit was ¥418 million (up 29.5%), ordinary profit was ¥488 million (up 24.9%), and profit attributable to owners of parent was ¥361 million (up 36.1%), achieving substantial improvement at every profit level. Compared with the sales trend over the past five fiscal years (FY2021: ¥17,286 million → FY2025: ¥18,928 million), the pace of growth is accelerating. As external factors, rising corporate awareness of sustainability has supported demand for reuse products, while demand associated with the Windows 11 transition has driven sales of IT equipment. The full-year earnings forecast (net sales of ¥19,700 million, operating profit of ¥500 million, ordinary profit of ¥600 million, and net income of ¥420 million) remains unchanged, and the likelihood of achievement is considered high.
Growth Strategy
Under the medium-term management plan 'Growth Plan 2027,' the company is advancing both strengthening the Supply business foundation and growing the IT Solutions business as twin pillars.
The company is capitalizing on industry consolidation in the recycled toner market as an opportunity, leveraging its integrated manufacturing-to-direct-sales system and quality control capabilities as differentiating factors to drive new customer acquisition and expand sales of proprietary products. In the cumulative nine months of Q3 FY2026 (ending August 2026), Supply segment sales increased 5.4% year-on-year and segment profit increased 16.2% year-on-year, with results becoming increasingly evident.
Leveraging the existing customer base from the Supply business, the company is promoting cross-selling and upselling of PCs, security equipment, cloud services, and other offerings. In the cumulative nine months of Q3 FY2026 (ending August 2026), IT Solutions segment sales increased 13.7% year-on-year and segment profit increased 14.8% year-on-year, maintaining high growth, with the numbers supporting its positioning as a growth business.
The annual dividend forecast for FY2026 (ending August 2026) is ¥20.00 (up from ¥17.00 in the previous fiscal year), reflecting a planned dividend increase. An interim dividend of ¥10.00 was already paid at the end of the second quarter, and the company is strengthening shareholder returns in line with improving business performance. There has been no change to the dividend forecast, and a year-end dividend of ¥10.00 is expected to be implemented.
Last updated: July 17, 2026