p-ban.com Corp.

Business Details

The company operates a printed circuit board e-commerce business as a single segment, centered on "P-ban.com." It has built a system allowing customers to place orders on its website simply by selecting specifications and uploading design drawings, with the optimal factory automatically selected from domestic and overseas partner suppliers (fabless manufacturers). In addition to its one-stop solution covering design, manufacturing, and component assembly, the company is expanding its business domain into the R&D support service "gene," the engineer-focused platform "GUGEN Hub," and AI Hardware Design Tools. The launch of "p-ban Thailand" for the Thai market has also brought its ASEAN expansion into full swing.

Recent Overview

Net sales and operating income both increased, but net income declined 5.8% year-on-year due to recording of an extraordinary loss

In FY2026 (ending March 2026), the company achieved increased revenue and profit, with net sales of ¥2,311 million (up 6.0% year-on-year) and operating income of ¥190 million (up 21.2%). Gross profit margin improved from 36.2% to 37.8% due to a rising share of high-value-added services. On the other hand, the company recorded a valuation loss on investment securities of ¥29 million as an extraordinary loss due to a decline in the substantial value of unlisted shares held, and did not recognize the related deferred tax assets, resulting in net income of only ¥106 million (down 5.8% year-on-year). For FY2027 (ending March 2027), the company expects an increase in selling, general and administrative expenses due to upfront investment in a full overhaul of its system infrastructure and supply chain reform, and forecasts operating income of ¥191 million (essentially flat).

Key Products

Growth Drivers

• Expansion of prototyping and development demand against the backdrop of a recovery in the semiconductor market and a rebound in R&D investment
• Strengthened short-lead-time capabilities and a rising share of high-value-added services (gross profit margin of 37.8%, up 1.6 pt year-on-year) through the launch of the "Zero Delivery Course," shortened lead times for the Normal Course, and shortened standard lead times for component assembly
• Increased share of mid-tier and major customers and improved LTV through a shift to a customer success framework and proposal-based inside sales
• Full-scale expansion into the ASEAN market through the launch of p-ban Thailand and establishment of the Overseas Business Promotion Office
• Realization of an estimated ¥100 million-scale profit improvement opportunity through supply chain reform (supplier review, optimization of procurement terms, logistics improvement)
• Expansion of cross-selling and recurring revenue opportunities through the enhancement of peripheral services such as GUGEN Hub, gene, and AI Hardware Design Tools
• Expansion into next-generation and cutting-edge domains through a track record of co-creation with major corporations such as ROHM and TOPPAN Holdings
• Expansion of the investor base and improved share liquidity following the dual listing on the Nagoya Stock Exchange Premier Market

Risks

• Increased development costs and migration risk associated with the full-scale overhaul of the P-ban.com system infrastructure (ground-up rebuilding of the customer interface, administrative interface, order flow, and internal systems)
• Increase in selling, general and administrative expenses due to upfront investment in overseas expansion, system development, and personnel recruitment (up 8.1% year-on-year in FY2026 (ending March 2026) actual results)
• Continued cost pressure from persistently high material prices and rising labor costs
• Impact on supply chain costs and demand from exchange rate fluctuations and trade policy (such as increased tariffs on shipments to the United States)
• Risk of valuation losses related to holdings such as investment partnerships and unlisted shares (a valuation loss on investment securities of ¥29 million was recorded in FY2026 (ending March 2026))
• Uncertainty in overseas procurement and logistics due to rising geopolitical risk
• Intensifying competition in the printed circuit board market and competition with small and mid-sized domestic board manufacturers