Drecom Co.,Ltd.
3793・Growth Market・Information & Communication
Business
Dricom Co., Ltd. was founded in 2001 and is listed on the Growth Market of the Tokyo Stock Exchange as an internet entertainment company. In its core Game Business, the company plans, develops, and operates IP Games (for Smartphones) and PC platforms, with Apple, Google, and Bandai Namco Entertainment as major clients. Of the consolidated net sales of ¥17,548 million for FY2026 (ending March 2026), the Game Business accounts for 95.7%. In the Content Business, the company operates publishing, anime, and merchandising businesses centered on DRE Novels / DRE Comics, and is currently in an investment-focused phase aimed at creating, cultivating, and monetizing its own IP. The company is composed of the parent company and two subsidiaries (including DoriUp Co., Ltd.).
Business Model
In the Game Business, the company adopts an F2P (Free-to-Play) model combining free access for users with item-based monetization. Revenue is generated through three formats: standalone distribution by the company itself, receipt of development fees from IP partners, and revenue sharing with partners. In the Content Business, the company monetizes through publishing and sales of books and e-books, anime IP development, and merchandise sales. The company aims for a cyclical model in which stable revenue from the Game Business is reinvested into IP creation investments for the Content Business.
Company Strengths
Even after its first anniversary, the self-published title 'Wizardry Variants Daphne', released in October 2024, continued to perform well, pushing up Game Business revenue for FY2026 (ending March 2026) by 40.9% year on year to ¥16,797 million. The self-distribution format allows for a high revenue capture rate, contributing to segment profit of ¥1,277 million (up 30.8% year on year).
In FY2026 (ending March 2026), the company's major customers consisted of three companies: Apple, Inc. (27.0% of revenue), Google LLC (25.0%), and Bandai Namco Entertainment (15.3%). While dependence on Bandai Namco declined from 24.7% to 15.3% in the previous fiscal year, the proportions from Apple and Google increased, indicating progress in platform diversification.
'DRE Comics', launched in autumn 2023, has produced multiple popular titles with cumulative series sales exceeding 400,000 copies, expanding Content Business revenue by 9.5% year on year to ¥853 million, driven mainly by digital comics. The accumulation of proprietary IP assets through publishing, anime, and MD businesses is progressing, forming the foundation for future media mix expansion.
ENVALITH's Perspective
Performance Trend
Revenue rose from ¥10,528 million in FY2022 to ¥10,800 million in FY2023, then dipped to ¥9,779 million in FY2024, before increasing sharply for two consecutive periods to ¥12,655 million in FY2025 and ¥17,548 million in FY2026 (ending March 2026). The FY2026 revenue growth was mainly driven by the strong performance of Wizardry Variants Daphne and the expansion of proprietary distribution titles. Meanwhile, operating profit peaked at ¥2,281 million in FY2023 and has continued to decline, reaching a low level of ¥408 million in FY2026. Net income recovered from a loss of ¥1,036 million in FY2025 to ¥213 million, but this improvement relies on a one-time factor—a gain of ¥2,570 million from the sale of subsidiary shares—so the underlying improvement in earnings capacity remains limited. The equity ratio improved to 42.0% (from 34.6% in the prior period), and cash and cash equivalents also increased to ¥6,375 million (from ¥3,929 million in the prior period).
Growth Strategy
Strengthening the earnings base of the Game Business and cultivating proprietary IP to transform into a global IP production company
In FY2027 (ending March 2027), the basic policy is to maintain sales of the 9 game titles currently in live operation, aiming to improve profit margins by narrowing losses on unprofitable titles and optimizing operating costs and advertising expenses, among others. The plan is to offset the revenue decline following the sale of two subsidiaries through efficiency improvements in existing titles.
The aim is to create and cultivate IP within the Game Business as well, through the development of pay-to-own PC and console game titles. However, following the large-scale impairment of software in progress recorded in FY2026 (ending March 2026), this initiative will continue with a more conservative outlook on profitability.
Centered on popular titles with cumulative sales exceeding 400,000 copies produced from DRE Comics and DRE Novels, the company will advance expansion into the Anime Business and MD (Merchandising) Business to accelerate IP monetization. Upfront costs are expected to continue in FY2027 (ending March 2027) as well, but the company aims to achieve sales growth through progress in the publishing, anime, and MD businesses.
The company is promoting the development of new services leveraging its expertise in internet services and advanced technology. It continues to invest in new business areas, including the utilization of AI, and is conducting repeated trials aimed at commercialization. Disclosure of "Matters Concerning Business Plan and Growth Potential" is scheduled for June 2026.
By resolution of the Board of Directors on May 12, 2026, the company decided to acquire treasury shares up to a maximum of 1,524,000 shares and a total acquisition price of ¥500 million (acquisition period: May 13, 2026 to May 12, 2027). In addition, for FY2027 (ending March 2027), the company is forecasting its first-ever year-end dividend of ¥5 per share (payout ratio of 23.8%), signaling a shift toward a shareholder return policy underpinned by a more stable financial base.
Last updated: July 19, 2026