Mitsubishi Research Institute,Inc.
3636・Prime Market・Information & Communication
Think Tank & Consulting Services (TTC)
Core segment of Mitsubishi Research Institute providing research and consulting services for government and private-sector clients
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (external customers) - Cumulative Interim Period | ¥33,562 million | ¥28,914 million (same period prior year) | ↑ |
| Segment Profit (ordinary income basis) - Cumulative Interim Period | ¥8,431 million | ¥5,648 million (same period prior year) | ↑ |
| Net Sales (external customers) - Full-Year Results | (Not applicable, interim period) | ¥47,090 million (full year FY2025 (ending September 2025)) | ↑ |
| Segment Profit (ordinary income basis) - Full-Year Results | (Not applicable, interim period) | ¥5,715 million (full year FY2025 (ending September 2025)) | ↑ |
| Orders Received - Cumulative Interim Period | ¥39,263 million | (up 25.8% year on year) | ↑ |
| Order Backlog | ¥35,918 million | ¥30,217 million (end of previous fiscal year) | ↑ |
| Year-on-Year Net Sales Growth Rate | up 16.1% | (prior-year comparison was against the year before that) | ↑ |
| Year-on-Year Segment Profit Growth Rate | up 49.3% | (year on year) | ↑ |
| Full-Year Earnings Forecast - Net Sales (revised) | ¥51,500 million | ¥48,500 million (initial forecast) | ↑ |
| Full-Year Earnings Forecast - Ordinary Income (revised) | ¥5,800 million | ¥5,300 million (initial forecast) | ↑ |
Business Details
Leveraging policy and institutional expertise as well as quantitative analysis and forecasting techniques in science and technology accumulated since its founding, the segment provides research, policy formulation, and consulting services in social and public infrastructure fields such as national land development, transportation, information and communications, medical and elderly care, and energy, as well as in the science and technology policy field, for government clients. For private-sector clients, it offers management and business strategy, marketing, HR system reform, sustainability management, IT consulting, and other services. In addition to the parent company itself, Mitsubishi Research Institute Business Co., MRI Research Associates, MPX Co., Ltd., MRIA International Inc. and others carry out these operations. Electric power/energy, medical/elderly care, and BA/AI are positioned as focus areas, while the public sector and management DX field is also being emphasized as a comprehensive area.
Recent Overview
Both focus and comprehensive areas achieved double-digit growth, with orders received also strong at up 25.8% year on year
In the interim period of FY2026 (ending September 2026) (October 2025 to March 2026), the focus areas of electric power/energy, medical/elderly care, and BA/AI all grew steadily. The comprehensive area of public sector and management DX also achieved double-digit year-on-year sales growth. In the medical/elderly care and management fields, DX-related projects served as the driving force. Net sales came to ¥33,562 million (up 16.1% year on year) and ordinary income to ¥8,431 million (up 49.3%), representing substantial increases in both revenue and profit. Leading indicators were also favorable, with orders received of ¥39,263 million (up 25.8%) and an order backlog of ¥35,918 million (up 27.8%). In light of the strong interim results, the full-year forecast was revised upward to net sales of ¥51,500 million (up ¥3,000 million from the initial forecast) and ordinary income of ¥5,800 million (up ¥500 million). The impairment loss (¥605 million) recorded in the previous fiscal year is disclosed as having no material items in the current interim period, indicating progress in balance sheet health.
Key Products
Growth Drivers
- Electric power/energy, medical/elderly care, and BA/AI are positioned as focus areas, and all continue to grow steadily
- The public sector/DX field for government clients and the management/DX field for private-sector clients achieved double-digit growth, expanding the breadth of demand
- Rising demand for consulting and solutions accompanying the 17 strategic fields of the Japan Growth Strategy Headquarters (the group has strengths in at least 13 of these fields)
- New project creation driven by the growing importance of resources, energy, security, and GX fields amid factors such as heightened tensions in the Middle East
- Stable sales recognition expected from the second half onward, supported by an order backlog of ¥35,918 million (up 27.8% year on year)
- Continued investment in actively incorporating AI into internal operations while also leveraging it to provide new services
- Increased demand for HR system reform and management strategy review following wage increases exceeding 5% at major companies in the 2026 spring labor negotiations
Risks
- Risk that the core consulting business fails to meet personnel plans and productivity improvement targets
- Risk that the contribution of service-providing businesses to earnings remains limited, delaying the shift in business portfolio
- Risk that rapid technological advances such as generative AI substitute for consulting personnel and services
- Risk that intensifying tensions in the Middle East or destabilizing international conditions lead clients to review or postpone investment plans
- Impact of FY2026 budget trends and shifts in policy priorities on order intake for government-related projects
- Large seasonal fluctuations in order intake, with operating cash flow tending to be negative through the interim period
- Risk of fluctuation in total cost estimates due to increasingly complex projects and more sophisticated client requirements (risk of recording a provision for loss on order backlog)
- Execution risk related to selection and concentration during the business restructuring process ahead of formulating the next medium-term management plan set to begin in FY2027 (ending September 2027)
Last updated: December 10, 2025