ENVALITH
株式会社駅探 logo

Ekitan & Co., Ltd.

3646・Growth Market・Information & Communication

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株式会社駅探 logo
Ekitan & Co., Ltd.3646

Business

Ekitan Co., Ltd. originated in 1997 as a transit navigation service within Toshiba's IP Business Promotion Office, and became an independent company through a spin-off in 2003. The group now includes seven consolidated subsidiaries and operates three segments: (1) the Mobility Support Business, which handles transit navigation, MaaS, and BtoB solutions; (2) the Ad Delivery Platform Business, centered on Proud Engine Inc.; and (3) the M&A & Incubation Business, which is responsible for system development, SES (System Engineering Service), and investment. Major customers span a wide range, including mobile carriers led by NTT DoCoMo (14.6% of net sales), railway companies, local governments, and corporate clients. In April 2026, the company transitioned its listing to the Standard Market of the Tokyo Stock Exchange.

Business Model

In the Mobility Support Business, revenue is generated through paid subscriptions to Ekitan.com (transit navigation service), advertising slot sales, ASP provision, and MaaS Package sales. The Ad Delivery Platform Business secures revenue through Internet Advertising Agency Sales (Proud Engine Inc.) and marketing ASP services. The M&A & Incubation Business builds up stable, stock-type revenue through contracted system development, SES (System Engineering Service), and Worker Dispatch (Staffing). The structure is such that each segment forms a revenue base while complementing one another.

Company Strengths

The company possesses advanced search algorithms capable of handling complex public transportation networks, along with know-how in managing and operating vast, frequently updated data, in the extremely niche transit navigation market that only a limited number of companies in Japan have entered. Its track record of over 25 years since starting operations in 1997 forms a barrier to entry, and it has a history of being adopted as official content from the launch of NTT DoCoMo's i-mode service.

Ekitan.com (transit navigation service) has a media platform of 10 million monthly UUs, serving as a stable source of advertising revenue and customer referral revenue. In the BtoB domain, it boasts a high service continuation rate of 95% in the transportation and travel industries, maintaining a solid customer base. New revenue sources such as the Shinkansen ticket sales service and the MaaS Package have also begun to reliably contribute to earnings.

The company has maintained a contractual relationship with NTT DoCoMo since the launch of the i-mode service in 2000, and in FY2026 (ending March 2026), NTT DoCoMo remains its largest customer, accounting for 14.6% of net sales (¥437,753 thousand). It has also entered into long-term auto-renewing contracts with KDDI and SoftBank, and its stable business relationships with major carriers underpin its revenue base.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company posted net sales of ¥2,993 million (down 14.5% year-on-year), an operating loss of ¥17 million, and a net loss attributable to owners of the parent of ¥369 million, falling into a substantial deficit. The main cause was an impairment loss of ¥316 million on intangible fixed assets such as software (assets used in the Mobility Support Business, goodwill related to Onsei, etc.), effectively representing management's formal acknowledgment of the commoditization of transit navigation services. On the other hand, with the impairment processing now complete, the depreciation expense burden from FY2027 (ending March 2027) onward is expected to be significantly reduced, and a return to operating profit (forecast of ¥5 million) is anticipated.

The decline in paid members of the transit navigation service continued, and combined with a decrease in sales due to the termination of certain information services to a major client, segment sales of the Mobility Support Business fell sharply to ¥1,313 million (down 7.8% year-on-year), with segment profit dropping significantly to ¥192 million (down 39.8% year-on-year). As an external factor, the spread of smartphones has led to the widespread availability of free transit navigation services, creating a structural headwind. The speed of the company's transition away from the paid membership model holds the key to recovering corporate value.

The company forecasts net sales of ¥3,041 million (up 1.6% year-on-year), operating profit of ¥6 million, and ordinary profit of ¥6 million for FY2027 (ending March 2027), marking a return to profitability at the operating level, while it expects a continued net loss attributable to owners of the parent of ¥51 million. Multiple new initiatives—increasing advertising revenue, expansion into BtoB business, and monetization of inbound demand—are progressing simultaneously, but all are still in their early stages, and it appears it will take time for them to offset the decline in paid membership revenue. Operating cash flow also remains at a low level of ¥24 million, making improvement of free cash flow an urgent priority.

Growth Strategy

Based on the new medium-term management plan, the company aims to return to growth through expanding media revenue, entering the BtoB market, and capturing inbound demand

Leveraging the customer-drawing power of the transit navigation media, the company will expand its lineup of highly compatible products (such as Shinkansen ticket sales) and continue to supply various article content to grow media revenue. In FY2026 (ending March 2026), advertising revenue has already shown a certain level of contribution, and in FY2027 (ending March 2027), the plan is to offset the decline in paid membership revenue with increased advertising revenue.

Leveraging accumulated transportation data and operational processing capabilities, the company will promote proposal and development of BtoB services for the transportation and travel industries. The rollout of the MaaS Package to local governments and regional operators has already been confirmed to contribute to revenue and is positioned as a key measure of the new medium-term management plan.

To capture inbound demand, the company will expand promotional projects utilizing apps for foreign visitors to Japan (with a track record of orders from national clients in the beverage and food sectors) and promote stable revenue generation through affiliate marketing and advertising. The plan is to enhance the added value of inbound media and make a full-scale entry into the market.

As a result of recording an impairment loss of ¥316 million on intangible fixed assets and other assets in FY2026 (ending March 2026), the depreciation burden related to these assets will disappear from FY2027 (ending March 2027) onward, leading to significant cost reductions and an expected return to operating profit. The company forecasts operating profit of ¥6 million for FY2027 (ending March 2027).

Having completed the resolution of the loss structure through the sale of Circa Inc., the company will further develop the strengths of its remaining seven consolidated subsidiaries while strengthening collaboration within the group to improve cost control efficiency and accelerate growth. The M&A & Incubation Business functions as a stable revenue source not dependent on transit navigation.

Last updated: July 19, 2026