ENVALITH
株式会社ミライロ logo

Mirairo Inc.

335A・Growth Market・Information & Communication

株式会社ミライロ logo
Mirairo Inc.335A

Business

Mirairo Inc. upholds

Business Model

The company builds a user base (552 thousand users) by providing Mirairo ID (digital disability certificate) free of charge to people with disabilities, and monetizes this platform value for corporations through ad distribution, system integration, and marketing support. In parallel, it offers Barrier Value Solutions (Universal Manners training/certification) (revenue of ¥364 million) and Communication Support (Mirairo Connect) (revenue of ¥191 million), capturing demand arising from compliance needs under the revised Act for Eliminating Discrimination against Persons with Disabilities. The company maintains a high-margin structure with a gross profit margin of 66.9%.

Company Strengths

Released in July 2019, Mirairo ID reached 552,000 users as of end-September 2025 (up 147,000 from the previous fiscal year-end) and was adopted by 4,214 business operators, with 208,000 monthly active users. It was also adopted as an identity verification document for the Osaka-Kansai Expo, establishing its position as social infrastructure for people with disabilities.

With the mandating of reasonable accommodation under the revised Act for the Elimination of Discrimination against Persons with Disabilities, effective April 2024, the number of certified holders of the Universal Manners certification expanded to 308,000 (up 83,000 from the previous fiscal year-end). Revenue increased 17.3% year on year to ¥832 million, and operating profit increased 21.6% year on year to ¥142 million, achieving a gross profit margin of 66.9% and an operating profit margin of 17.1%.

Service design incorporating the knowledge of people with disabilities—such as Universal Manners training taught by instructors who themselves have disabilities, and Mirairo Research, which utilizes approximately 2,000 registered monitors and a survey distribution list of 415,000 people—forms a barrier to entry that competitors cannot easily replicate.

ENVALITH's Perspective

Operating profit for the first half of FY2026 (ending March 2026) fell sharply to ¥31 million (down 61.5% year-on-year), primarily due to (1) the decline from the absence of a large-scale Osaka-Kansai Expo-related project booked in the same period of the previous year, (2) a timing shift in a large Barrier Value Solutions (Universal Manners training/certification) project, (3) an increase in commission expenses associated with strengthened recruitment activities to secure specialized personnel, and (4) upfront software investment such as in Mirairo ID (digital disability certificate). This is judged to be the result of a combination of one-off and timing-related factors rather than a structural deterioration in earnings power.

The company has not revised its full-year earnings forecast (net sales of ¥940 million, operating profit of ¥200 million, net income of ¥135 million) from the figures announced on November 14, 2025. Against first-half actual results (net sales of ¥391 million, operating profit of ¥31 million), achieving the full-year forecast requires net sales of ¥549 million and operating profit of ¥169 million in the second half, meaning the plan is premised on a significant weighting toward the second half. Whether the timing-shifted large-scale projects can be recovered in the second half will be key to achieving the full-year targets.

The number of Mirairo ID users, active users, and adopting business operators have all increased compared to the end of the previous fiscal year, and adoption of the platform continues to spread. On the other hand, the current revenue model remains highly dependent on the Solutions Business (training, certification, etc.), and direct monetization of the platform itself is still at an early stage. Amid tailwinds from external factors such as the revised Act for Eliminating Discrimination against Persons with Disabilities (effective April 2024) and the increase in the statutory employment rate for persons with disabilities in July 2026, progress in diversifying revenue with the platform as a starting point will be a key factor in medium- to long-term corporate value assessment.

Growth Strategy

Compound growth driven by expansion of the Mirairo ID platform and deepening of regulatory-compliance solutions

Continue expanding the user base of 617 thousand users and monthly active users of 229 thousand, while enhancing platform value by broadening use cases, such as disability discount support at over 230 parking and bicycle parking locations and collaboration with Meitetsu Kyosho.

The cumulative number of participants in the railway-focused certification jointly developed with Seibu Railway has exceeded 5,000, reflecting growing demand for industry-specific certifications. Expand the revenue base of the training/certification business through horizontal rollout to other industries.

Increased outsourcing fees associated with enhanced recruiting activities are weighing on profit in the current interim period, but the acquisition of specialized talent is regarded as an upfront investment aimed at expanding solution-provision capabilities.

Performance has been strong throughout the current interim period, driven by the Tokyo 2025 Deaflympics held in November 2025. The company aims to capture ongoing demand by leveraging the increased awareness generated through this major event.

Last updated: July 17, 2026