Mitsubishi Research Institute,Inc.
3636・Prime Market・Information & Communication
Business
Mitsubishi Research Institute, Inc. originated from a comprehensive think tank established in 1970 through investment by 27 companies of the Mitsubishi Group, and currently operates in two segments: Think Tank & Consulting Services (TTC) and IT Services (ITS). In TTC, the company provides research and consulting on policy planning, DX, energy, healthcare, and other areas for government agencies, as well as management strategy, AI, and sustainability support for the private sector. In ITS, the consolidated subsidiary Mitsubishi Research Institute DCS Co., Ltd. serves as the core, providing system development, operations, and BPO services for the financial, public, and education sectors. The group consists of a total of 15 companies, comprising 9 consolidated subsidiaries and 5 affiliated companies, and is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The TTC segment secures research and consulting projects from government agencies and private companies, with man-hour-based contract revenue as its core business. The ITS segment combines order-based System Development revenue with recurring stock-type revenue from BPO and Outsourcing Services, leveraging the payroll and HR service PROSRV and the Chiba Information Center. The order backlog for FY2025 (ending September 2025) reached ¥80,532 million in total (up 6.8% year on year), forming a structure that underpins sales in subsequent periods.
Company Strengths
For 55 years since its founding, the company has continuously supported policy formulation for government agencies, securing stable orders in key policy areas such as energy, healthcare, and DX. In IT Services, sales to Mitsubishi UFJ NICOS Co., Ltd. account for ¥15,391 million (12.7% of net sales), and the company continues to receive orders for financial system projects related to megabanks.
As of the end of FY2025 (ending September 2025), the order backlog reached ¥30,217 million for TTC (up 17.1% year on year) and ¥50,315 million for ITS (up 1.4% year on year), totaling ¥80,532 million (up 6.8% year on year). In particular, orders received for TTC expanded significantly, up 19.4% year on year to ¥51,506 million, suggesting stable sales accumulation is expected from the following period onward.
As of the end of FY2025 (ending September 2025), the equity ratio stood at 56.1%, with cash and cash equivalents of ¥30,010 million secured. Interest-bearing debt remained at an extremely low level of ¥1,036 million, and while capital expenditures of ¥6,318 million were funded through internal funds and leases, the company maintains ample capacity for growth investments such as M&A and human capital investment.
ENVALITH's Perspective
Performance Trend
Revenue over the past 5 fiscal years peaked at ¥116,620 million in FY2022, adjusted down to ¥115,362 million in FY2024, then recovered to ¥121,458 million in FY2025. FY2026 full-year guidance targets ¥125,000 million (up 2.9% year on year), aiming for a record-high level. In H1 FY2026 (ending September 2026), revenue reached ¥72,571 million (up 10.9% year on year) and operating profit reached ¥9,293 million (up 36.3% year on year), showing accelerating improvement. As an external factor, expanding demand for consulting related to Japan's 17 growth strategy fields, promotion of government DX, and increasingly active AI and energy investment have driven TTC's revenue. Meanwhile, ITS's profit has been squeezed by the recording of a provision for losses on unprofitable orders (with a cash flow impact of ¥716 million), widening the profitability gap between segments.
Growth Strategy
Repositioning through business restructuring, strengthening of TTC's focus areas, and reallocation of ITS priority fields as groundwork for the next medium-term management plan (starting FY2027, ending September 2027)
Positioned Electric Power & Energy, Medical & Long-Term Care, and BA & AI as focus areas, deepening the value chain from research and policy proposals through to social implementation. In the first half of FY2026 (ending September 2026), all fields grew steadily, with TTC's overall external sales reaching ¥33,562 million (up 16.1% year on year) and ordinary income reaching ¥8,431 million (up 49.3% year on year). Full-year forecasts have also been revised upward, to TTC sales of ¥51,500 million and ordinary income of ¥5,800 million.
Following the completion of a large-scale project in the Finance & Cards field, resources have been prioritized toward the Industry & Public Sector field (Public Sector & Electric Power, Human Resources & Education), the Finance & Settlement field (Finance domain), and the Data & AI field, which have been designated as growth areas. In the first half, sales increased to ¥39,009 million (up 6.8% year on year), but ordinary income declined to ¥1,665 million (down 16.7% year on year) due to provisions for losses on unprofitable orders. Strengthening profitability management is an urgent priority.
Continuing investment to actively incorporate rapidly evolving and advancing AI into the company's own operations while also leveraging it for new service offerings. TTC's BA & AI field, as a focus area, is growing steadily, with progress being made in capturing demand for AI-related consulting. Disclosure of specific investment amounts and effects remains limited, but this is presumed to be contributing to the improvement in first-half profit margins.
FY2026 (ending September 2026) is positioned as a year for business restructuring, thoroughly pursuing selection and concentration in both the TTC and ITS segments, while clarifying and narrowing down the areas where synergies between the two segments are to be realized. Centered on addressing the 17 strategic fields of Japan's Growth Strategy Headquarters, the company is at a stage of laying the groundwork for steady future growth.
Last updated: July 17, 2026