GRANDES,Inc.
3261・Growth Market・Real Estate
Business
Grandeeds Co., Ltd. is a housing and real estate group originating in Oita Prefecture, operated under a three-company structure that includes two consolidated subsidiaries (Moriso Co., Ltd. and San-ai Home Co., Ltd.). In its real estate sales business, the company plans, develops, and sells built-for-sale housing (centered on a price range of ¥20 million to ¥40 million) targeted at first-time buyers in regional core cities and the suburbs of the Tokyo metropolitan area, as well as investment condominiums under the "Resco" brand, investment wooden apartments under the "Aterese" brand, and simple lodging facilities for wealthy individuals and corporate clients. In its construction contracting business, subsidiary Moriso develops mid-to-high-end custom-built homes using domestic premium wood "Kiso Hinoki" (Kiso cypress), primarily in the Kanto-Koshinetsu region. In January 2025, the company made San-ai Home Co., Ltd. a subsidiary, expanding its business foundation in the Kanto region (Tokyo and Saitama Prefecture).
Business Model
In the real estate sales business, the company handles everything from land acquisition to planning, development, and sales, with its main revenue sources being the sales margin on built-for-sale housing and gains on the sale of investment real estate. In addition, it is promoting the stabilization of rental income by accumulating self-owned properties. In the construction contracting business, the company receives orders from customers for the design and construction of custom-built homes, adopting a contract-based model in which sales are recognized upon completion and handover. The combination of these two businesses gives the company a multi-layered revenue structure with a customer base spanning both end-user households and affluent investors.
Company Strengths
In FY2025 (fiscal year ended December 2025), the number of units sold, sales, and profit in the built-for-sale housing segment all exceeded the previous year, with sales reaching ¥1,655,442 thousand (up 56.9% year on year). This was driven by an easing of the competitive environment due to competitor withdrawals in regional markets, as well as the company's success in maintaining product appeal and price competitiveness.
Orders received in the construction contracting business rose sharply to ¥1,355,457 thousand (up 108.5% year on year), with the order backlog increasing to ¥881,650 thousand (up 136.3% year on year). As the temporary delay in construction starts caused by the legal revision moves toward resolution, this is drawing attention as a leading indicator expected to contribute to sales recognition in FY2026 (ending December 2026).
In January 2025, the company acquired all shares of Sanai Home Co., Ltd. (Kawagoe City, Saitama Prefecture), bringing it into the consolidated group. This expanded the company's business foundation in the Greater Tokyo area (Tokyo and Saitama Prefecture). In July 2024, the first Kanto-region property under the "Aterese" brand (Gyoda City, Saitama Prefecture) was also completed, laying the groundwork for a shift from a regionally focused business to nationwide expansion.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years peaked at ¥4,600 million in FY2023 (ended December 2023) before decelerating sharply, with FY2025 (ended December 2025) revenue falling to ¥3,417 million, operating profit of ¥13 million, and a net loss of ¥3 million—the company's first net loss since listing. Q1 of FY2026 (ending December 2026) got off to a weak start, with revenue of ¥596 million (down 25.5% year on year) and an operating loss of ¥22 million (widening from a loss of ¥14 million in the same period a year earlier). External headwinds persist, including more cautious homebuying sentiment in regional cities and elevated construction material costs. On the other hand, the construction contracting segment's return to profitability and the buildup of the order backlog are signs of improvement, and whether the full-year forecast (revenue of ¥3,600 million and operating profit of ¥150 million) can be achieved will depend heavily on the number of real estate handovers in the second half.
Growth Strategy
Advancing the 'stabilization' phase through three pillars: stabilizing real estate sales, expanding in-house holding of investment real estate, and establishing profitability at Morizou
The company is expanding sales of built-for-sale housing and investment real estate in the Kanto region (Tokyo and Saitama Prefecture) through San-ai Home, mitigating the risk of market deterioration in the Kyushu-Shikoku area through geographic diversification. In Q1 of FY2026 (ending December 2026), the company achieved sales of an investment-grade wooden apartment property in Saitama Prefecture (the first Kanto area property), and is in the stage of building up its track record.
In Q1 of FY2026 (ending December 2026), the segment turned profitable (profit of ¥0.4 million). The company continues to focus on maintenance and renovation orders along with cost-cutting measures, aiming to stabilize profitability in the construction contracting business by steadily converting the order backlog of ¥882 million (up 136.3% from the previous fiscal year-end) into full-year sales.
Real estate for sale balance reached ¥3,052 million at the end of Q1 of FY2026 (ending December 2026), an increase of ¥298 million from the previous fiscal year-end. The company's policy is to diversify revenue sources through rental income (based on lease transaction standards) from company-held properties. This is expected to have the effect of smoothing out earnings fluctuations caused by concentrated delivery timing of large-scale projects.
Last updated: July 17, 2026