e'grand Co.,Ltd
3294・Standard Market・Real Estate
Business
e'grand Co.,Ltd is a real estate renovation specialist that launched its used home renovation business in 1996. Its core operation, the Residential Property Renovation & Resale (Used Home Renovation Business), involves purchasing used condominiums and detached houses from the general resale market and real estate auction market, enhancing their value through renovation, and reselling them. Its main business areas are the Greater Tokyo and Kansai regions, primarily targeting first-time buyers (such as young families) with properties averaging ¥20 million to ¥30 million in price. In recent years, the company has expanded into higher-priced properties within Tokyo's 23 wards and income-producing whole apartment buildings. As part of its Other Real Estate Business (Leasing), it also operates a real estate leasing business and a resort business, managing its real estate operations as a single segment. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
Properties are sourced unit-by-unit through two routes—voluntary sale and auction—then outsourced to partner companies for renovation to add value, before being entrusted for sale to local real estate brokerage firms. By not maintaining a direct sales division and not depending on specific sales companies, the company achieves wide-area business expansion with a small workforce. Under a system where the same person manages the process consistently from procurement through sale, staff who are well-versed in property information can concentrate on sales strategy. Income-producing properties offer the distinct advantage over residential properties of generating rental income during the holding period. In FY2025 (ended March 2025), net sales were ¥30,502 million, with a gross profit margin of 14.0%.
Company Strengths
Risk is limited by acquiring properties one unit at a time across geographically dispersed locations, utilizing two channels: the general distribution market (voluntary sale) and the real estate auction market (competitive bidding). In FY2025 (ended March 2025), the number of residential properties acquired reached 896 units (up 8.2% year on year), and the acquisition value of income-producing properties expanded significantly, up 744.6% year on year. Diverse procurement channels support a stable supply of properties.
By outsourcing sales to local real estate brokerage firms rather than maintaining an in-house direct sales division, the company achieves wide-area expansion across the Tokyo metropolitan area, Kansai region, Nagoya, Sapporo, and other areas with a small staff. Under a system in which the same person manages the process consistently from acquisition through sale, staff who are well versed in property information can focus on sales strategies such as pricing and market research, creating an efficient organizational structure.
The acquisition value of income-producing properties reached ¥5,639 million in FY2025 (ended March 2025) (up 744.6% year on year), sales revenue reached ¥5,468 million (up 17.1% year on year), and 10 whole apartment buildings were sold. Rental income of ¥341 million was also earned during the holding period, contributing to the diversification of the business portfolio as a revenue source distinct from residential properties.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive periods, from ¥23,352 million in FY2022 (ended March 2022) to ¥40,091 million in FY2026 (ending March 2026). On the profit side, sharp declines continued for two consecutive periods in FY2024 (ended March 2024) and FY2025 (ended March 2025), but FY2026 (ending March 2026) saw a powerful V-shaped recovery, with operating profit of ¥3,005 million (up 102.0% year on year) and net income attributable to owners of parent of ¥1,831 million (up 108.1% year on year). The main drivers of this recovery were a rise in average selling price (¥31,507 thousand, up 19.1% year on year) resulting from a shift toward purchasing higher-priced properties within Tokyo's 23 wards, a record-high number of residential property sales (1,073 units), the sale of six income-producing whole apartment buildings, and an improvement in gross profit margin to 15.8%. An external tailwind also came from the upward trend in contracted prices for existing condominiums in the greater Tokyo area (average contracted price for March 2026 up 11.6% year on year). Note that no earnings forecast has been disclosed for FY2027 (ending March 2027) due to the company's planned delisting.
Growth Strategy
With the full subsidiarization and delisting by Seibu Real Estate, the growth strategy as an independent listed company has come to an end
Through strengthened procurement focused on high-priced properties within Tokyo's 23 wards, the number of residential property sales in FY2026 (ending March 2026) reached a record high of 1,073 units, achieving the 1,000-unit system. The average sales price per unit also rose to ¥31,507 thousand (up 19.1% year on year), exceeding the target.
The company expanded its acquisition and sale of income-producing whole apartment buildings, selling 6 whole apartment buildings and 3 co-ownership units in FY2026 (ending March 2026), recording sales of ¥5,605 million. This business functions as a second pillar of earnings alongside the Used Home Renovation Business, and also contributed to improving the gross profit margin.
As of March 31, 2026, the company expressed its support for the tender offer by Seibu Real Estate. Following a series of procedures, the company is expected to become a wholly owned subsidiary of Seibu Real Estate and be delisted. Earnings and dividend forecasts for FY2027 (ending March 2027) are undisclosed. The growth strategy as an independently listed company has ended with this fiscal period.
Last updated: July 17, 2026