SRA Holdings, Inc.
3817・Prime Market・Information & Communication
Business
SRA Holdings is an independent IT services group centered on SRA Corporation, with 13 consolidated subsidiaries and 3 affiliated companies under its umbrella. The business is organized into three segments: the "Development Business" (Large-scale System Development and OSS Support), the "Operations & Construction Business" (system operations management, network construction, and outsourcing), and the "Sales Business" (packaged software and system equipment sales, and IT consulting). Major customers are large enterprises in the financial, manufacturing, telecommunications, electric power, and gas industries, and the company has overseas offices in the United States, Europe, China, Singapore, Serbia, and India in addition to its domestic operations. Consolidated net sales for FY2026 (ending March 2026) were ¥53,279 million.
Business Model
The company's primary revenue source is contracted system development, maintenance, and operations management, with continuous transactions with major customers centered on the financial industry supporting stable revenue. In addition, revenue diversification is pursued by combining Oracle Cloud ERP implementation support, cloud businesses such as AWS, OSS Support Service (PostgreSQL, etc.), and Packaged Software Sales and equipment sales. Funds are centrally managed through a group-wide cash management system, enabling efficient financial operations.
Company Strengths
In FY2026 (ending March 2026), orders received in the Development Business totaled ¥26,563 million (up 5.7% year on year), and the order backlog reached ¥6,460 million (up 11.6% year on year), building a solid order base that underpins sales in future periods. Continued order acquisition, particularly for financial industry clients, has kept business visibility high.
The Operations & Construction Business posted an extremely high operating margin of 31.4% in FY2026 (ending March 2026) (net sales of ¥6,594 million, operating profit of ¥2,069 million). The recurring business model centered on outsourcing and on-site operations management generates stable, high profitability, underpinning the profit base of the group as a whole.
Subsidiary SRA OSS has been recognized as one of 16 Major Sponsor companies of PostgreSQL, with five contributors on staff including two committers. It has developed and released Pgpool-II and pg_ivm as original OSS, backing up its technical superiority and customer trust with a proven track record. In 2024, it expanded its service platform through a capital and business alliance with NTT DATA Group.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue reached ¥53,279 million (up 3.2% year on year), operating profit came to ¥8,244 million (up 3.8%), ordinary profit reached ¥9,500 million (up 16.9%), and net income attributable to owners of the parent came to ¥5,601 million (up 65.8%), setting new record highs across all major indicators. Revenue increased across all segments—Development, Operations & Construction, and Sales. The large increase in ordinary profit was driven by an external factor: a foreign exchange gain of ¥722 million from yen depreciation (versus a foreign exchange loss of ¥171 million in the prior period). The sharp recovery in net income was mainly due to the allowance for doubtful accounts shrinking to ¥223 million in the current period from ¥1,587 million recorded in the prior period. Operating cash flow decreased to ¥4,699 million (from ¥5,778 million in the prior period), primarily due to a large decrease in trade payables (down ¥3,372 million), though earning power on a pre-tax profit basis has improved. Over the five-year period from FY2022 (ending March 2022), revenue grew at a CAGR of approximately 7.3% and operating profit at a CAGR of approximately 11.0%, maintaining a steady growth trajectory.
Growth Strategy
Three pillars: deepening relationships with existing customers, shifting to high-value-added cloud offerings, and continued enhancement of shareholder returns through stable high dividends
Advancing the cloud business across both the Development and Sales segments, promoting a shift toward higher-profitability projects. Aiming to improve gross margin by winning high-value-added projects such as Oracle Cloud ERP and AWS. In FY2026 (ending March 2026), gross profit is expected to reach ¥13,743 million (up 4.3% year on year), achieving profit growth that exceeds the rate of revenue growth.
Continuously implementing productivity improvement measures and unit price negotiation efforts in the Development segment. Segment profit for FY2026 (ending March 2026) is improving, reaching ¥5,688 million (up 7.3% from ¥5,303 million in the previous fiscal year), with orders received of ¥26,563 million (up 5.7% year on year) and order backlog of ¥6,460 million (up 11.6% year on year), indicating a solid buildup for the next fiscal year.
Implementing consecutive dividend increases under the policy of "further enhancing shareholder returns." Annual dividend is planned at ¥200 (up ¥20 year on year) for FY2026 (ending March 2026) and ¥220 (up ¥20 year on year) for FY2027 (ending March 2027), with a payout ratio of 50.5% expected. The company aims to maintain stable high dividends while continuing its policy of determining dividend amounts with consideration of temporary factors such as foreign exchange gains and losses.
Last updated: July 19, 2026