Ad-Sol Nissin Corporation
3837・Prime Market・Information & Communication
Business
Adosol Nissin Co., Ltd. is an independent system development company founded in 1976. Its main businesses are the Social Infrastructure field, covering electricity, gas, transportation, public sector, and disaster prevention, and the Advanced Industry field, covering mobility, medical care, and payments, providing one-stop solutions ranging from consulting to design, development, and maintenance. Its major customers are social infrastructure-related companies and major manufacturers such as Mitsubishi Electric Corporation (20.2% of net sales) and Tokyo Gas i Net Corporation (11.1% of net sales). The company has built a globally distributed development structure comprising five domestic locations plus three locations in Vietnam, and also operates an R&D center in San Jose, California.
Business Model
The Social Infrastructure Business is anchored in a one-stop SI business model that addresses the entire IT system lifecycle of customers (consulting for new construction and upgrades, system construction, and post-launch maintenance and operations). By combining enhanced proposal capabilities through co-creation with domestic and overseas alliance partners with cost competitiveness leveraging offshore development in Da Nang, Vietnam, the company has achieved a gross profit margin of 29.0% (FY2026 (ending March 2026)) through unit price increases and an increase in high-profitability projects.
Company Strengths
Since its founding in 1976, the company has built up a track record in system development for electric power, transportation, and public sector clients, maintaining stable business relationships with major customers such as Mitsubishi Electric Corporation (sales of ¥3,462 million, 20.2% of total) and Tokyo Gas i-net Corporation (¥1,909 million, 11.1% of total). The order backlog for the Social Infrastructure Business has grown to ¥2,426 million (up 14.2% year on year), supporting the stability of earnings.
The company possesses a full-stack technology framework covering everything from device control (sensing, OS) to networks, large-scale infrastructure, and the cloud. As of the end of March 2026, it had acquired a cumulative total of 25 patents and has obtained certifications such as ISO9001, ISO27001, and ISO14001. The commercialization of technology assets is also progressing, exemplified by the February 2026 launch of a new service, "+Global," which systematizes the offshore agile development framework in Da Nang, Vietnam.
Sales revenue grew for five consecutive fiscal years, rising from ¥12,248 million in FY2022 (ended March 2022) to ¥17,151 million in FY2026 (ending March 2026). Operating profit expanded from ¥1,088 million to ¥2,145 million over the same period, reaching a record high in FY2026 (ending March 2026), up 25.4% year on year. The gross profit margin also improved to 29.0% (up 1.2 percentage points year on year), and the company achieved record-high sales revenue, operating profit, and order intake for three consecutive fiscal years under its three-year medium-term management plan.
ENVALITH's Perspective
Performance Trend
Net sales increased 40% over five fiscal periods, from ¥12,248 million in FY2022 (ended March 2022) to ¥17,151 million in FY2026 (ending March 2026). Operating profit nearly doubled over the same period, from ¥1,088 million to ¥2,145 million, with the operating margin improving from 8.9% to 12.5%. In FY2026 (ending March 2026), net sales grew +10.9% year on year while operating profit grew +25.4%, with the profit growth rate substantially exceeding the sales growth rate. In terms of the external environment, robust demand continued for IT investment themes with high resilience to economic conditions, such as DX promotion, system renewal, and generative AI utilization. Operating cash flow improved significantly to ¥1,890 million (from ¥1,027 million in the previous fiscal year), and free cash flow of ¥1,876 million was secured.
Growth Strategy
Aiming for a fourth consecutive year of record earnings through next-generation energy, AI, global development, and a new medium-term management plan
In addition to continuing large-scale DX and modernization projects in the electricity domain, the company is engaged in multiple initiatives involving next-generation smart meters, transmission and distribution equipment renewal, and renewable energy-related systems. In the Kyushu region, the company strengthened its electricity business by concluding a partnership with Qsol (a Kyushu Electric Power Group company). Sales in FY2026 (ending March 2026) reached ¥11,183 million (up 14.9% year on year), achieving growth that exceeded the plan.
In October 2025, the company launched "+AIdea," an AI consulting and engineering service. A hybrid agile development menu was added to AgileLeap (June 2025). Customer inquiries for data management and AI engineering premised on the use of generative AI are increasing, and the company aims to accelerate growth in the Advanced Industry Business.
The company began offering "+Global," a new service that systematizes its track record and know-how in offshore agile development in Da Nang, Vietnam, starting in February 2026. Adoption is progressing on projects for companies related to social infrastructure, achieving both expanded development capacity and strengthened cost competitiveness.
The company has formulated a new medium-term management plan with FY2027 (ending March 2027) as its first year, scheduled for announcement on May 20, 2026. Efforts continue toward achieving the ROE target of 22% (target for FY2029, ending March 2029). ROE in FY2026 (ending March 2026) reached 22.2%, achieving the target level ahead of schedule. The company aims to renew record highs in sales, profit, and profit margin for the fourth consecutive year.
The company concluded the "SF-IoT" concept for sustainability and GX support with Future Artisan (Future Group) (July 2025), and a partnership with Asia Air Survey for a smart city integrated platform (March 2026). The Solutions Business struggled, with sales of ¥1,198 million in FY2026 (ending March 2026) (down 0.9% year on year), but multiple orders for the following fiscal year have already been secured.
Last updated: July 19, 2026