ENVALITH
株式会社ファブリカホールディングス logo

Fabrica Holdings Co., Ltd.

4193・Standard Market・Information & Communication

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株式会社ファブリカホールディングス logo
Fabrica Holdings Co., Ltd.4193

Business

Fabrica Holdings, Inc. was founded in 1992 as an automotive body repair and painting business, and transitioned to a holding company structure in 2024; it is listed on the TSE Standard Market. Through 4 consolidated subsidiaries, the company operates 4 segments: "Business Communication Business," "Automotive Platform Business," "AI Business," and "Auto Service Business." In its core Business Communication Business, centered on the corporate SMS delivery service "Media SMS" (now Aurora X), the company has a cumulative total of 7,331 contracted companies, and as an independent aggregator has held the No.1 share in delivery volume for 5 consecutive years. In the Automotive Platform Business, the company provides the used car sales support SaaS "symphony Series" to 4,966 paid accounts, driving DX in the automotive aftermarket.

Business Model

The Business Communication Business is centered on usage-based billing tied to SMS delivery volume, expanding revenue through additional features such as bidirectional services and IVR integration. The Automotive Platform Business builds a stable revenue base through monthly-fee SaaS, expanding the number of paid accounts while maintaining a low revenue churn rate. Both businesses aim to improve ARPU through cross-selling and upselling to existing customers, and are oriented toward a structure that further enhances added value through the integration of AI Business functions.

Company Strengths

According to Deloitte Tohmatsu MIC Economic Institute's 'MIC IT Report December 2025 Issue,' Media 4u has maintained the No.1 position among independent aggregators in delivery volume share of the domestic corporate SMS market for 5 consecutive years. The cumulative number of contracted companies reached 7,331 at the end of FY2026 (ending March 2026), with annual net additions of 1,005 companies, accelerating from 974 companies in the previous fiscal year. High service quality achieved through direct connections to all domestic carriers forms a barrier to entry.

The 'symphony Series' in the Automotive Platform Business adopts a monthly subscription-based SaaS model, expanding the number of paid accounts while maintaining a low revenue churn rate. The number of paid accounts reached 4,966 at the end of FY2026 (ending March 2026), with annual net additions of 589 accounts significantly accelerating from 341 in the previous fiscal year. The monthly accumulation-type revenue structure supports the stability of business performance.

The equity ratio stood at 60.6% at the end of FY2026 (ending March 2026), with cash and cash equivalents secured at ¥2,454 million. Cash flow from operating activities was robust at ¥1,247 million (up ¥189 million year on year), and the company maintained financial soundness while simultaneously executing growth investments, share buybacks (¥499 million), and dividends (¥301 million). Low reliance on borrowing leaves substantial room for agile capital policy execution.

ENVALITH's Perspective

Revenue for FY2026 (ending March 2026) reached a record high of ¥10,567 million (up 14.8% year on year), and operating profit achieved double-digit growth of ¥1,219 million (up 10.3% year on year). Net profit attributable to owners of the parent increased substantially to ¥665 million (up 100.7% year on year); however, this was due to the reversal of special losses recorded in the prior period, namely a ¥360 million valuation loss on investment securities and ¥421 million in special losses including software impairment. Underlying earnings power improvement should be assessed based on the growth in operating profit and EBITDA. EBITDA showed strong growth of ¥1,469 million (up 16.4% year on year).

The segment loss in the AI Business expanded to ¥95 million (compared with a loss of ¥47 million in the prior period), reflecting continued upfront investment toward the commercialization of the voice AI construction platform "project: On". The Automotive Platform Business also saw a profit decline to ¥277 million (down 19.8% year on year) due to investment in new product development. On the other hand, the company plans to integrate the AI Business into the Business Communication Business from FY2027 (ending March 2027) onward, aiming to shift from an investment phase to a monetization phase; whether the integration benefits can be realized will be a key point of attention going forward.

In FY2026 (ending March 2026), the company acquired ¥499 million of treasury stock (compared with ¥136 million in the prior period), expanding the treasury stock balance to ¥659 million. Net assets decreased by ¥101 million, as a ¥364 million increase in retained earnings was offset by a ¥472 million increase in treasury stock, and the equity ratio declined from 67.6% to 60.6%. From FY2027 (ending March 2027) onward, the company will adopt a progressive dividend policy (targeting a consolidated dividend payout ratio of around 30%) as its basic policy, planning an annual dividend of ¥40 (up ¥2 year on year, expected to mark the sixth consecutive year of dividend increases). ROE (return on equity) improved substantially to 18.6% (from 9.2% in the prior period), reflecting the results of efforts to improve capital efficiency in the numbers.

Growth Strategy

Three-pillar growth through the rollout of the integrated SMS brand "Aurora X," monetization of automotive SaaS, and integration of AI operations

From May 2026, the corporate communication service lineup will be rebranded as "Aurora X," an integrated platform encompassing SMS, IVR, and AI calling. Through enhanced brand recognition and promotion of cross-selling and upselling, the company plans Business Communication Business net sales of ¥7,530 million (up 12.6% year on year) and segment profit of ¥1,970 million (up 5.4% year on year) for FY2027 (ending March 2027).

From the first quarter of FY2027 (ending March 2027) consolidated results, the AI Business will be integrated into the Business Communication Business, unifying development, sales, and marketing functions. Through expanded deployment of "Aurora SIP Trunking," the connection infrastructure for voice AI agents, the company aims to accelerate the speed of bringing AI services to market and generate new revenue streams.

Through the accumulation of contracts for "symphony One-Pla," a business-to-business transaction service launched in April 2026, and an increase in ARPU driven by "symphony Insight," scheduled for release in June 2026, the company plans net sales of ¥2,000 million (up 14.4% year on year) and segment profit of ¥350 million (up 26.0% year on year) for FY2027 (ending March 2027). The target customer base has already been expanded to approximately 150,000 locations.

The company is reducing the proportion of low-margin used car sales while expanding the proportion of accident vehicle repairs, for which unit prices are trending upward. A price increase for basic vehicle inspection fees has also been implemented, with the company planning segment profit of ¥70 million (up 78.4% year on year) for FY2027 (ending March 2027). Net sales are expected to see a slight decline to ¥2,100 million (down 1.2% year on year), reflecting a policy of prioritizing profitability improvement even at the cost of a minor decrease in sales.

From FY2027 (ending March 2027), the company will adopt a progressive dividend policy under which dividends will, in principle, not be reduced, targeting a consolidated dividend payout ratio of around 30% and increasing dividends in line with business growth. For FY2027 (ending March 2027), an annual dividend of ¥40 (up ¥2 year on year) is planned, marking an expected sixth consecutive year of dividend increases. Share buybacks will be conducted flexibly, taking into comprehensive account factors such as the share price level.

Last updated: July 19, 2026