T&S Group Inc.
4055・Growth Market・Information & Communication
Business
T&S Group Inc. is a system development and IT services specialist group formed in 2016 through the merger of two companies founded in 1985 and 1996, respectively. In June 2024, the group transitioned to a holding company structure and now comprises four consolidated subsidiaries. Its business is organized into three categories: DX Solutions (targeting heavy electrical equipment, social infrastructure, and business application systems, with major customers including large enterprises such as the Hitachi and Toshiba groups), Semiconductor Solutions (development and operation/maintenance of production management systems for semiconductor plants of companies such as Kioxia and Sony), and AI Solutions (contract development and R&D support leveraging advanced technologies such as machine learning, image recognition, and edge AI). The company is listed on the Growth Market of the Tokyo Stock Exchange, with its head office in Yokohama City, Kanagawa Prefecture.
Business Model
Provides the entire value chain—from consulting, requirements definition, design, development, and testing/verification to operation and maintenance—on a one-stop basis. With major corporate groups as its core client base, it achieves continued order intake through long-term operation and maintenance contracts following large-scale system development. For semiconductor plant clients, stable IT service revenue is expected throughout the plant's operating period. In FY2025 (ending September 2025), the company achieved net sales of ¥4,103 million and operating profit of ¥756 million (operating margin of 18.4%). It maintains a debt-free management structure with an equity ratio of 79.5%.
Company Strengths
The company has continuously provided system development and operation/maintenance services for semiconductor plants for approximately 30 years since the founding of its predecessor, former Tech Japan. Its main customers include Kioxia, Toshiba, and Sony Group, with net sales to Kioxia in FY2025 (ended September 2025) amounting to ¥729,691 thousand (17.8% of net sales). The know-how related to core systems for semiconductor plants, which is highly specialized, unique, and confidential, forms a high entry barrier that is not easily imitated by others.
As of the end of FY2025 (ended September 2025), the company had zero borrowings from financial institutions, an equity ratio of 79.5%, and cash and cash equivalents of ¥2,599,838 thousand. ROE stood at a high level of 19.0%. The company has also secured a ¥500 million commitment line with Resona Bank, giving it sufficient financial capacity for M&A and business alliances.
The company is conducting joint research on highly robust image recognition technology with the Center for Innovative Integrated Electronic Systems (CIES) at Tohoku University (contract renewed in January 2025). In November 2024, it also began joint research with the JAXA Space Exploration Innovation Hub on self-localization technology for edge devices. By actively recruiting highly specialized personnel, including those with doctoral degrees, the company is strengthening the technological foundation of its AI Solutions category.
ENVALITH's Perspective
Performance Trend
In the first half of FY2026 (ending September 2026) (October 2025 to March 2026), revenue was ¥2,254 million (up +11.8% year on year), operating profit was ¥425 million (up +14.9%), ordinary profit was ¥427 million (up +15.2%), and interim net income attributable to owners of the parent was ¥282 million (up +16.5%), achieving increases in both revenue and profit across all metrics. Adjusted EBITDA was ¥435 million (up +15.7%). By category, Semiconductor Solutions led growth at +28.6%, while DX Solutions also performed solidly at +8.0%. AI Solutions declined by -12.7% due to concentrated R&D investment. On the financial front, the equity ratio improved to 82.4% (from 79.5% at the previous fiscal year-end). Comparing revenue trends over the past five fiscal years (¥2,733 million in FY2021 → ¥3,257 million in FY2022 → ¥3,443 million in FY2023 → ¥2,980 million in FY2024 → ¥4,103 million in FY2025), the company has recovered from the temporary decline in FY2024 and has been on a high-growth trajectory since FY2025. External factors such as the recovery of the semiconductor market and expanding demand for DX and AI are supporting business performance.
Growth Strategy
Aiming for ¥10 billion in sales by 2031 through establishing the No.1 SI position in semiconductors, building a proprietary AI brand, and expanding engineering scale
The company aims to expand market share in system development, maintenance, and operation for in-factory systems at semiconductor-related companies. In the first half of FY2026 (ending March 2026), sales increased significantly by +28.6% year-on-year, driven by continued orders for large-scale development projects.
The company aims to establish proprietary branded services leveraging advanced technologies such as AI, image recognition, and hardware control. In the first half of FY2026 (ending March 2026), the segment remained focused on R&D activities, with sales declining -12.7% year-on-year; however, the company states this progress is in line with plan.
Through the group integration of subsidiaries, the company is achieving new client acquisition and order expansion in the DX Solutions category. Backed by a debt-free balance sheet and a high equity ratio (82.4%), there is significant room for additional M&A, enabling simultaneous expansion of engineering resources and the customer base.
Last updated: July 17, 2026