Jorudan Co.,Ltd.
3710・Standard Market・Information & Communication
Business
Jorudan Co., Ltd. was founded in 1979 and is listed on the Standard Market of the Tokyo Stock Exchange as an ICT company. Centered on its route search software 'Norikae Annai' (Transfer Guide) for railways, buses, and other transportation, the company operates corporate system provision, advertising, travel, MaaS, contract software development, hardware sales, and other businesses. Its main customers span a wide range, including individual users (free and paid services for smartphones and PCs), corporations (embedded travel expense settlement systems, solutions for transportation operators), and advertisers. The company supports 13 languages and also provides services for foreign visitors to Japan. It has multiple consolidated subsidiaries both domestically and overseas, and also conducts business operations in China. Consolidated net sales for the fiscal year ended September 2025 were ¥2,834 million.
Business Model
For individuals, the company offers paid mobile app services and PC software sales; for corporate clients, it provides embedded travel expense settlement systems and transportation solutions (such as the cloud-based "Norikae Annai Biz"); and for advertisers, it sells advertising space by leveraging the user base of its free services. In addition, revenue sources include digital ticket sales and MaaS platform provision through J MaaS Co., Ltd., contract software development through Zest Pro and others, and hardware sales by its Chinese subsidiary. Funding is primarily covered by internal reserves.
Company Strengths
Since its founding in 1979, the company has cultivated the "Norikae Annai" brand for over 40 years, offering it across multiple platforms including smartphones, PCs, and mobile sites, and supporting 13 languages for inbound foreign visitors to Japan. In FY2025 (ended September 2025), Transfer Guide Business revenue was ¥2,384 million, accounting for approximately 84% of total company revenue, demonstrating the strength of the brand foundation.
In FY2025 (ended September 2025), orders received for the corporate segment of the Transfer Guide Business totaled ¥1,191 million (up 28.5% year on year). The order backlog stood at ¥595 million (total of ¥748 million), supporting revenue in subsequent periods. Cost of sales for the corporate segment has also been reduced, and the segment profit margin of the Transfer Guide Business improved significantly from 7.3% in the previous period to 15.0%.
As of the end of FY2025 (ended September 2025), net assets stood at ¥4,602 million, with an equity ratio of approximately 83.6% (net assets of ¥4,602 million divided by total assets of ¥5,502 million). Cash and deposits amounted to ¥3,232 million, accounting for approximately 58.7% of total assets, while fixed liabilities were merely ¥2 million. Funding is primarily covered by internal reserves, resulting in an extremely high level of financial stability.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years fluctuated in a range of ¥2,652 million to ¥3,005 million, with operating profit/loss remaining sluggish from FY2021 through FY2024. In FY2025 (fiscal year ended September 2025), the company achieved a return to profitability, posting revenue of ¥2,834 million, operating profit of ¥46 million, and net income for the period of ¥262 million. In the first half of FY2026 (fiscal year ending September 2026), all key metrics improved significantly: revenue of ¥1,652 million (up 11.4% year on year), operating profit of ¥87 million (up 94.1%), recurring profit of ¥342 million (up 61.3%), and net income attributable to owners of the parent for the interim period of ¥259 million (up 56.7%). The main drivers were expansion of corporate sales in the Transfer Guide Business and an increase in advertising revenue. External tailwinds included growing travel demand driven by increased inbound visitors to Japan and rising corporate software investment. On the other hand, the full-year forecast calls for revenue of ¥2,950 million (up 4.1% year on year), operating profit of ¥80 million (up 75.2%), and net income for the period of ¥150 million (down 42.7%), implying a structure in which profit is expected to decline significantly in the second half compared with the first-half results. It should also be noted that eTour Co., Ltd. was excluded from the scope of consolidation, marking another change.
Growth Strategy
Aiming to become the 'No.1 ICT Company for Mobility,' the company is advancing revenue diversification through MaaS, corporate-focused, and inbound tourist-focused services
Building up orders centered on API and system provision for corporations, establishing a stable revenue base through long-term contracts. In the current interim period, corporate sales increased significantly, and Transfer Guide Business sales achieved a 13.8% year-on-year increase. Contract liability balance of ¥398 million secures visibility of future revenue.
Actively investing in digital ticketing and transportation system provision through J MaaS Corporation, as well as smart city-related research and development. The company is promoting system provision including MaaS-related services and hardware, and continues these efforts in the current interim period as well.
Leveraging the 13-language-capable 'Norikae Annai' to capture growing travel-related mobility demand from inbound visitors. Management has noted that mobility demand, including the increase in inbound visitors, continues to grow, and further increases can be expected going forward.
Working to build the infrastructure necessary for business development in response to the rapid advancement and practical application of AI technologies, including generative AI and AI agents. While adapting to changes in the competitive environment, the company aims to expand the user base of 'Norikae Annai' and its various internet services.
Last updated: July 17, 2026