e-Seikatsu Co.,Ltd.
3796・Standard Market・Information & Communication
Business
e-Seikatsu Co., Ltd. is a real estate market-focused cloud service company founded in 2000. Guided by its mission "Bringing more good living through technology and heart," the company provides multi-product SaaS covering all phases of real estate operations, including rental management, brokerage sales, inter-agent distribution, electronic applications, and resident communication. Its primary customers are real estate companies nationwide, ranging from small and medium-sized firms to large enterprises, with 1,589 corporate subscription customers as of FY2026 (ending March 2026). Through its subsidiary Realtech Consulting, the company also offers BPaaS (business process as a service), promoting customer DX through hands-on support that goes beyond mere system provision. Listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
SaaS monthly usage fees (subscription) account for 85.0% of net sales, forming the basis for a stable MRR. The remaining 15.0% consists of solution revenue such as SaaS initial setup, data modernization support, contract development, and resale of other companies' services. The company also aims for a "three-dimensional growth model" that stacks up transaction (usage-based) revenue from the inter-dealer distribution platform "e-Seikatsu Square" as a vertical axis. The average monthly unit price of ¥157,900 (up 3.1% year on year) and an extremely low churn rate creating a negative-churn structure are enhancing the quality of earnings.
Company Strengths
The company maintains an extremely low cancellation rate, achieving a negative-churn structure in which revenue expansion within the existing customer base accelerates. Subscription revenue for FY2026 (ending March 2026) grew a solid 7.5% year on year to ¥2,746,612 thousand, with the number of client companies reaching 1,589 and average monthly unit price rising 3.1% year on year to ¥157,900, reflecting simultaneous growth in both customer count and unit price.
The company develops in-house and sells directly a suite of products covering the entire range of real estate business phases, including rental management, brokerage CRM, inter-agent distribution, electronic application, resident apps, and building management cloud services. It holds three ISO certifications—ISO/IEC 27001 (ISMS), ISO/IEC 27017 (cloud security), and ISO/IEC 20000-1 (IT service management)—forming an entry barrier that allows it to meet the high security requirements of enterprise customers.
In FY2026 (ending March 2026), the company significantly reduced outsourcing costs through the promotion of in-house development capabilities and a review of external outsourcing. Cost of sales decreased 5.9% year on year to ¥1,347,108 thousand, EBITDA rose 56.8% year on year to ¥785,636 thousand, and operating profit reached ¥229,453 thousand, marking a major turnaround from an operating loss of ¥37,275 thousand in the previous fiscal year. The introduction of AI coding, a shift to small teams, and enhanced continuous delivery have contributed to improved productivity.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥2,434 million in FY2022 (ended March 2022) to ¥3,232 million in FY2026 (ending March 2026), up 6.7% year on year in FY2026. Operating profit fell into a loss of ¥37 million in FY2025 (ended March 2025) but returned to profitability at ¥229 million in FY2026. The main drivers were a 5.9% reduction in cost of sales through AI utilization and in-house development, and a 7.5% increase in subscription revenue to ¥2,747 million. EBITDA reached ¥785 million (up 56.8% year on year), and operating cash flow improved significantly to ¥760 million (from ¥316 million in the previous period). As an external factor, demand related to legal reform compliance in the real estate industry and increasingly active DX investment are underpinning SaaS demand. For FY2027 (ending March 2027), the company forecasts revenue of ¥3,415 million and operating profit of ¥319 million.
Growth Strategy
Pursuing ARPU improvement and sustainable growth through multi-product deepening, enterprise development, and accelerated AI implementation
SaaS shift is accelerating even among major clients who have traditionally favored customization, and the Company aims to continue winning orders by emphasizing responsiveness to legal amendments, cost efficiency, and security infrastructure as selling points. Plans are underway to expand the sales pipeline in FY2027 (ending March 2027) through strengthened inside sales and a service site renewal.
Through the adoption of AI coding, shifting to small teams, and strengthening continuous delivery, the Company achieved a 5.9% reduction in cost of sales in FY2026 (ending March 2026). In FY2027 (ending March 2027), the policy is to continue promoting the insourcing of development operations to keep cost of sales at roughly the same level as the previous year, while continuing investment in product development.
In addition to the already-implemented "AI article generation feature" and "AI reconciliation assist feature," the Company is accelerating AI implementation across all products. For the real estate distribution platform "e-Seikatsu Square," the Company aims to activate in-platform transactions by promoting data integration with third parties, thereby expanding transaction-based billing and improving ARPU.
The Company is strengthening data migration, a key element of SaaS adoption, through AI utilization and process standardization. By comprehensively covering and analyzing the diverse data specifications that differ by vendor and supporting the transition to cloud-native environments, the Company aims to reduce dependence on manpower in labor-intensive processes while improving the scalability of the Solution Service business.
Last updated: July 19, 2026