KI-STAR REAL ESTATE CO.,LTD
3465・Prime Market・Real Estate
Business
KI Star Real Estate was founded in 1990 and is headquartered in Honjo City, Saitama Prefecture, operating as a real estate company specializing in detached housing. Under its vision of "homeownership for everyone," the company's core business is high-quality, low-price Built-for-Sale Housing (Ready-Built Housing) based on standardized designs. With 24 consolidated subsidiaries and 20 equity-method affiliates, it centers on the Built-for-Sale Housing Business (revenue of ¥365,776 million) while also operating the Custom-Built Housing Business, Used Housing Renovation, Apartment Income Real Estate, Real Estate Leasing, Brokerage, and other operations. Consolidated revenue for FY2026 (ending March 2026) reached a record high of ¥393,905 million. Its main customers are general consumers, primarily first-time home buyers, and it covers a wide range of areas from major metropolitan regions to regional cities.
Business Model
By standardizing designs for Standardized Custom-Built Housing, the company streamlines design, procurement, and production management, enabling stable supply of cost-competitive housing. It handles everything from land acquisition to construction and sales in an integrated manner, with 9,232 units sold in FY2026 (ending March 2026). The scale merits in production management and procurement shared with the Built-for-Sale Housing Business are also extended to the Custom-Built Housing Business, forming a structure that enhances the cost competitiveness of the group as a whole. Funding is primarily sourced through financial institution borrowings, with surplus funds consolidated via CMS to improve capital efficiency.
Company Strengths
Standardization of design specifications improves efficiency in design, procurement, and production management. The Built-for-Sale Housing Business and Custom-Built Housing Business share scale merits in production management, quality control, and procurement, building a supply system that offers lower prices and shorter delivery times compared to fully customized housing. Built-for-Sale Housing production value in FY2026 (ending March 2026) reached ¥352,101 million (up 20.5% year on year).
The company is strategically strengthening store openings in major metropolitan areas where housing demand remains solid. In FY2026 (ending March 2026), units sold reached 9,232 (including land sales), Built-for-Sale Housing orders received amounted to ¥379,878 million (up 15.4% year on year), and the order backlog grew to ¥50,237 million (up 39.0% year on year). Profitability in suburban areas is improving through reorganization with the Used Housing Renovation Business.
The Medium-Term Management Plan 2028 sets targets of ROE of 15% or higher and an equity ratio of 20% or higher. Actual results for FY2026 (ending March 2026) achieved both targets, with ROE of 23.0% and an equity ratio of 20.6%. The company maintains management discipline that controls risk by managing inventory turnover period and the long-term inventory ratio while utilizing leverage.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026) (April 2025 to March 2026), net sales reached ¥393,905 million (+15.0% year on year), operating profit reached ¥26,995 million (+56.5% year on year), and net income attributable to owners of parent reached ¥15,355 million (+73.3% year on year), with both sales and profit setting new record highs. Gross profit improved to ¥56,120 million (gross margin of 14.2%). Note that, following a correction dated June 12, 2026, salaries and allowances within selling, general and administrative expenses were revised from ¥6,295 million to ¥5,821 million, and provision for bonuses was revised from ¥492 million to ¥966 million; however, total SG&A expenses of ¥29,125 million and operating profit of ¥26,995 million remain unchanged. In terms of market environment, in addition to steady housing demand in major metropolitan areas, improvements in profit margin were driven by productivity gains, inventory optimization, and the enhancement of added value through the transition to ZEH specifications.
Growth Strategy
Three-pillar strategy targeting sales revenue of ¥500,000 million and net income of ¥18,000 million under Mid-Term Management Plan 2028
The company is focusing on major metropolitan areas where housing demand remains solid, while continuing to expand into new areas and deepen penetration in existing areas. It aims to enhance added value and improve gross profit margin by transitioning all units to ZEH-level specifications. In FY2026 (ending March 2026), it achieved sales revenue of ¥393,905 million and a gross profit margin of 14.2%, and the expansionary trend continues.
Through the consolidation of Shinyamagata Hometec and TAKASUGI as subsidiaries, the company has expanded its coverage areas and number of units. Orders received for Single-Story Custom-Built Housing and Standardized Custom-Built Housing surged to ¥11,228 million (up 150.1% year on year). In FY2026 (ending March 2026), segment profit turned positive at ¥38 million, but the profit contribution remains minor, and full-scale profitability is the next challenge.
Used Housing Renovation, Apartment Income Real Estate, Real Estate Leasing, brokerage, and other businesses are consolidated and fostered under the Others segment. In FY2026 (ending March 2026), the segment recorded sales revenue of ¥12,957 million and segment profit of ¥1,894 million. The company is also concurrently expanding its renovation and stock businesses aimed at maximizing customer LTV.
Last updated: July 19, 2026