RAKSUL INC.
4384・Prime Market・Information & Communication
Procurement Platform
A core segment resolving procurement challenges for small and medium-sized enterprises through printing and packaging materials e-commerce
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (cumulative interim period, FY2026 ending March 2025... (interim July 2026)) | ¥32,893 million | ¥27,626 million (cumulative interim period, FY2025 (ending July 2025)) | ↑ |
| Revenue growth rate year-on-year (interim period, FY2026 (ending July 2026)) | up 19.1% | Year-on-year growth rate (reference) | ↑ |
| Segment profit (cumulative interim period, FY2026 (ending July 2026)) | ¥4,153 million | ¥3,490 million (cumulative interim period, FY2025 (ending July 2025)) | ↑ |
| Segment profit growth rate year-on-year (interim period, FY2026 (ending July 2026)) | up 19.0% | Year-on-year growth rate (reference) | ↑ |
| Segment profit margin (interim period, FY2026 (ending July 2026)) | 12.6% | 12.6% (interim period, FY2025 (ending July 2025)) | — |
| Revenue (full-year results, reference) | ¥57,641 million (full year, FY2025 (ending July 2025)) | – | ↑ |
| Segment profit (full-year results, reference) | ¥7,390 million (full year, FY2025 (ending July 2025)) | – | ↑ |
| Printing/Solutions area revenue (interim period, FY2026 (ending July 2026)) | ¥12,811 million | ¥11,148 million (interim period, FY2025 (ending July 2025)) | ↑ |
| Business Supplies Adjacent area revenue (interim period, FY2026 (ending July 2026)) | ¥13,890 million | ¥11,837 million (interim period, FY2025 (ending July 2025)) | ↑ |
| Packaging Materials area revenue (interim period, FY2026 (ending July 2026)) | ¥6,190 million | ¥4,640 million (interim period, FY2025 (ending July 2025)) | ↑ |
| Goodwill amortization (full-year results, reference) | ¥1,008 million (full year, FY2025 (ending July 2025)) | – | ↑ |
| Cumulative number of users, Raksul (end of FY2025 (ending July 2025)) | 3,317,307 users | – | ↑ |
Business Details
Primarily serving small and medium-sized enterprises and sole proprietors, the company operates ordering platforms including Raksul (printing and customer acquisition support), Danbouru One (packaging materials), Hankoya.com (seals/stamps), and Tote Bag Koubou (tote bags). By sharing the surplus capacity of printing companies partnered nationwide, the segment achieves small-lot, low-price orders, and is composed of three areas: Printing/Solutions, Business Supplies Adjacent, and Packaging Materials. The segment also offers services for large enterprises and is pursuing area expansion through continuous M&A.
Recent Overview
Organic growth continued across all three areas; newly made Raksul Crafts and FUSION subsidiaries
In the interim period of FY2026 (ending July 2026) (August 2025 to January 2026), organic growth continued across all three areas—Printing/Solutions, Business Supplies Adjacent, and Packaging Materials—with services for large enterprises also contributing significantly to revenue growth. During the current interim period, Marutama Kogyo Co., Ltd. (now Raksul Crafts Inc.) and Marutama Well Co., Ltd. (now Raksul Coworks Inc.) were newly consolidated as subsidiaries. In addition, as a subsequent event, the company made Team Like Inc. (operator of Vinipro, acquisition cost ¥1,421 million) a subsidiary effective February 1, 2026, further expanding its business scope. Efforts are also underway to integrate ID and payment systems across services and to trial campaigns promoting purchases across multiple categories.
Key Products
Growth Drivers
- Continued organic growth across all three areas: Printing/Solutions, Business Supplies Adjacent, and Packaging Materials
- Expanding revenue contribution from printing solutions for large enterprises
- Area expansion and earnings contribution through continuous M&A, including Raksul Crafts (formerly Marutama Kogyo) and Team Like (Vinipro)
- Promoting cross-category purchases through integration of ID and payment systems across services (strengthening cross-sell)
- Creating ARPU (average revenue per user) improvement synergies through cross-selling to the existing customer base
- Improving gross profit margin through pricing optimization, joint procurement of materials, and improved supplier productivity
Risks
- Risk of overall contraction in the printing industry market (long-term decline in demand for paper media due to digitalization)
- Risk of insufficient production capacity or quality control issues at partner printing companies (dependence on the sharing model)
- Risk of increasing goodwill amortization burden and PMI failure risk associated with continuous M&A
- Risk of rising procurement costs due to soaring material prices and yen depreciation
- Risk of profit margin pressure from intensifying price competition with competing e-commerce platforms
Last updated: October 22, 2025