coly Inc.
4175・Growth Market・Information & Communication
Business
coly Inc. is an IP creator & developer specializing in the entertainment market for women, guided by its corporate philosophy of "Making things more fun." Founded in 2014, the company listed on the TSE Growth Market in 2021. Its core business is the planning, development, and operation of mobile online games, and it owns proprietary original IPs such as Stand My Heroes, Mahoutsukai no Yakusoku, and Break My Case. Building on these games as a starting point, the company develops media mix initiatives including merchandise sales, food & beverage (coly cafe!), permanent stores (coly more!), stage plays, events, and anime, aiming to maximize the long-term value of its IPs. Its primary customer base is female users, and it offers content that emphasizes character appeal and storytelling.
Business Model
The primary revenue source is item purchases in mobile online games (game sales of ¥4,093 million in FY2026 (ending March 2026, fiscal year ending January)). In addition to billing via platforms such as Apple and Google, the company reduces platform fees and improves profit margins through direct web sales via its proprietary payment service, coly ID. Starting from game IP, the company operates a Media Business (Goods, Stage Plays, Events, Food & Beverage) that also includes licensing (sales of ¥2,927 million), forming a structure aimed at maximizing IP value and diversifying revenue.
Company Strengths
The company owns and operates multiple original IPs in-house, including Stand My Heroes (service launched in 2016, 9th anniversary), Mahoutsukai no Yakusoku (service launched in 2019), and Break My Case (service launched in 2024). Total game sales for FY2026 (ending March 2026) amounted to ¥4,093 million, with long-running IPs underpinning stable revenue.
Through the promotion of the company's proprietary web payment service "coly ID," launched in August 2024, cost of sales (payment commissions) for FY2026 (ending March 2026) was reduced by 1.3% year on year to ¥4,051 million. Gross profit improved significantly to ¥2,969 million, up 24.0% year on year.
Net sales for FY2026 (ending March 2026) reached ¥7,020 million (up 8.0% year on year), a record high since the company's founding. This was driven by record-high sales achieved through 1st anniversary initiatives for Break My Case, user acquisition following the broadcast of the TV anime Mahoutsukai no Yakusoku, and strong performance in the Media Business (Goods, Stage Plays, Events, Food & Beverage) (up 11.1% year on year), resulting in net income turning profitable at ¥73 million.
ENVALITH's Perspective
Performance Trend
Revenue for Q1 FY2027 (ending January 2027) (February–April 2026) was ¥1,269 million (up 1.3% year on year), representing only marginal growth. The mobile online game business saw a decline in revenue as the boost from the TV anime broadcast of Mahoutsukai no Yakusoku faded, while the Media Business (Goods, Stage Plays, Events, Food & Beverage), including goods, stage plays, and collaboration cafes, significantly exceeded the same period of the prior year, expanding to a scale comparable to the mobile game business. On the profitability side, both cost of sales (due to increased outsourcing expenses, commissions, and anniversary campaign preparation costs) and selling, general and administrative expenses (due to upfront new development costs) increased year on year, resulting in a sharply widened operating loss of ¥650 million and a quarterly net loss of ¥642 million. Looking at the trend over the past five fiscal years, operating profit peaked at ¥1,499 million in FY2022, followed by continued losses from FY2023 through FY2025. In FY2026, the operating loss narrowed to ¥144 million, coming close to a return to profitability, but in Q1 of FY2027 the loss widened again. The financial position remains stable, with total assets of ¥6,059 million, net assets of ¥4,812 million, and an equity ratio of 79.4%.
Growth Strategy
Maximize the value of original IP through three axes: increasing the number of IPs, expanding business domains, and global expansion
Strengthen media mix development including goods, collaboration cafes, stage plays, music, and anime to diversify revenue away from dependence on game monetization. The renovation and expansion of the sales floor area at "coly more! Ikebukuro PARCO" store has been completed, and in Q1 of FY2027 (ending January 2027), the Media Business (Goods, Stage Plays, Events, Food & Beverage) expanded to a revenue scale comparable to the Mobile Game Business.
Roll out various initiatives both in-game and outside the game for the 10th anniversary of Stand My Heroes (during FY2027, ending January 2027) and the 2nd anniversary of Break My Case (May 2026), aiming to acquire new and returning users and enhance engagement among existing users. For Break My Case, an increasing trend in new and returning users has been confirmed.
Multiple new business releases are anticipated during FY2027 (ending January 2027), with development costs for new development projects recorded as upfront investment. Multiple projects are underway to the extent that earnings guidance has been withheld due to the difficulty of reasonably estimating revenue. Management views this as a period to focus on increasing the number of IPs and expanding business domains.
The utilization rate of "coly ID," which sells in-game items on the web, has remained steady, and revenue via the proprietary channel that avoids platform fees continues to account for a large share of sales. Continued improvement in utilization rate maintains the structural improvement in gross profit margin.
Under the slogan "Life with coly (always having coly IP as part of everyday life)," the company has set full-scale global market entry as a mid-to-long-term goal, while providing a fusion of digital and real-world experiences. At present, the company is in a phase of strengthening its domestic IP foundation, and no specific progress has been disclosed.
Last updated: July 17, 2026