ENVALITH
株式会社エコミック logo

ECOMIC.,CO LTD

3802・Standard Market・Information & Communication

Official website
株式会社エコミック logo
ECOMIC.,CO LTD3802

Business

Ecomick Co., Ltd. is a BPaaS company founded in 1997 and originating from Sapporo, listed on the Standard Market of the Tokyo Stock Exchange. It provides HR and labor back-office services—such as payroll (bonus) calculation, year-end tax adjustment, resident tax-related tasks, and My Number collection—on a made-to-order basis, combining these with its proprietary HR tech cloud service "Kantan Nencho" and other offerings. Its customers are mainly domestic companies seeking to streamline and reduce labor in their administrative departments. The company's consolidated subsidiaries include Bizlight Technology (software development) in Japan and Ronaimirai Information Technology (Shanghai) Co., Ltd. (HR systems for the Chinese market) in Shanghai, China. Consolidated net sales for FY2026 (ending March 2026) were ¥2,346 million.

Business Model

The company secures stable recurring revenue by continuously outsourcing routine client operations such as payroll calculation and year-end tax adjustments. Its structure incorporates in-house developed cloud services such as "Kantan Nencho" into business processes, expanding revenue through increases in processing volume and average processing unit price. Cost ratio reduction through operational efficiency improvements, along with expansion in the number of spot-type service cases (year-end tax adjustment, resident tax, etc.), contributes to profit margin improvement.

Company Strengths

Centered on the proprietary cloud-based year-end tax adjustment system "Kantan Nencho," released in 2017, the company has built a BPaaS model that provides BPO and technology in an integrated manner. Spot provision is also possible for customers other than payroll calculation BPaaS clients, and in FY2026 (ending March 2026), an increase in the number of items processed and a rise in average processing unit price were the main drivers of sales expansion.

While implementing pay raises for full-time and part-time employees, the company reduced outsourced processing costs through continuous operational efficiency improvements. The gross profit margin for FY2026 (ending March 2026) improved by 4.7 percentage points year on year to 32.5% (from 27.8% in the previous fiscal year). The company has consistently pursued business process improvements since FY2022, and the strengthening of its cost structure is confirmed as a track record.

In addition to multiple locations including its Sapporo head office, Tokyo headquarters, and Osaka sales office, the company consolidated its Chinese subsidiary in Shanghai (Rongguang Weilai Information Technology (Shanghai) Co., Ltd.) in February 2025, expanding its offshore structure. Operating multiple locations as a BCP measure is one reason client companies adopt outsourcing, and it forms the foundation of the company's competitiveness in winning orders.

ENVALITH's Perspective

Operating profit for FY2026 (ending March 2026) came to ¥173 million (versus ¥46 million in the prior fiscal year), a 271% increase, confirming a sharp rebound from the upfront investment phase seen in FY2025 (ended March 2025). Net sales also rose 10.6% YoY to ¥2,346 million, and the improvement in gross profit margin to 32.5% (from 27.8% in the prior fiscal year) drove the profit expansion. However, net income was limited to ¥109 million, and it should be noted that recording ¥30 million in non-operating expenses related to treasury stock acquisition costs weighed on ordinary profit.

The company acquired ¥573 million of treasury stock during the period (the main driver of financing cash outflows), resulting in a ¥440 million decrease in net assets from ¥1,801 million to ¥1,361 million, and a decline in the equity ratio from 91.4% to 83.7%. Treasury shares at period-end reached 1,263,060 shares, equivalent to approximately 26.9% of shares issued. While the shareholder return stance is commendable, cash and cash equivalents also declined to ¥1,065 million, and the impact on future investment capacity warrants close monitoring.

The company's forecast for FY2027 (ending March 2027) is net sales of ¥2,400 million (up 2.3% YoY), operating profit of ¥180 million (up 3.7% YoY), and net income of ¥141 million (up 29.1% YoY). The growth rates for sales and operating profit are expected to slow significantly from the sharp recovery seen in FY2026 (ending March 2026). External factors cited include uncertainty over US trade policy and intensifying competition, with sustained improvement in processing volume and unit prices seen as key to achieving the forecast. Continued attention should also be paid to the company's characteristic of skewed performance toward the second half.

Growth Strategy

Aiming for sustainable earnings growth through BPaaS transformation, unit price improvement, offshore expansion, and efficiency gains

Integrated the former BPO Business and Software Development Business into the "BPaaS Business," shifting to a high-value-added model that provides cloud services and business process outsourcing as an integrated offering. Completed the single-segment structure in FY2026 (ending March 2026), achieving a gross profit margin of 32.5%.

Achieved an increase in processing volume and average unit price for the Year-End Tax Adjustment Outsourcing (Kantan Nencho) BPaaS operations, as well as an increase in average unit price for payroll calculation BPaaS operations, in FY2026 (ending March 2026). Aiming for continued order expansion with a target of ¥2,400 million in revenue (up 2.3% year on year) in FY2027 (ending March 2027) as well.

Eiko Weilai Information Technology (Shanghai) Co., Ltd. was made a consolidated subsidiary from FY2026 (ending March 2026), formally incorporating the offshore processing structure into the group. This has contributed to operational efficiency and cost ratio reduction, strengthening the ability to respond to rising domestic labor costs.

Promoting new customer acquisition through web marketing initiatives and strengthened inside sales functions. Selling, general and administrative expenses increased to ¥589 million (from ¥542 million in the previous period) due to an increase in commission fees and other costs, reflecting continued investment in sales initiatives.

Last updated: July 19, 2026