NorthSand, Inc.
446A・Growth Market・Services
NorthSand, Inc.
446A・Growth Market・Services
Business
North Sand Inc. is a comprehensive consulting company founded in July 2015. Under its vision of "designing the world," it provides IT Consulting (IT mid-term plan formulation, architecture design, cloud migration, etc.) and Business Consulting (marketing, HR, operational improvement, etc.) across industries. The company is characterized by a culture-fit hiring approach that emphasizes human character traits—"charm, candor, and tenacity"—over consulting skills, and provides services to 179 companies (as of FY2025, ending January 2025), primarily major domestic firms. It operates through a three-location structure in Tokyo, Osaka, and Fukuoka, and listed on the Tokyo Stock Exchange Growth Market in November 2025.
Business Model
A model in which consultants are stationed or dispatched to clients, generating continuous monthly billing based on unit price. Consultants and the sales/business-development team operate under a division of labor, allowing consultants to focus solely on billable work. The "fan-building cycle" promotes continued and expanded orders from existing clients, and the company has maintained a high utilization rate of over 90% since its founding. Gross profit margin has continued to improve, from 42.5% in FY2023 (ending January 2023) to 48.3% in the interim period of FY2026 (ending January 2026).
Company Strengths
Under a division-of-labor structure between consultants and the sales/business development team, consultants can focus exclusively on service delivery. This tripartite structure enables meticulous account management tailored to each client, achieving a utilization rate that has never fallen below 90% since the company's founding.
The number of consultants reached 940 in FY2025 (ended January 2025), up 51.5% year on year, and total employees exceeded 1,500 as of July 2025. Meanwhile, the company has maintained a turnover rate below 10% for five consecutive fiscal periods, well below the all-industry average of 15.4% (Ministry of Health, Labour and Welfare). This is underpinned by the permeation of organizational culture through the "fan-building cycle."
Gross profit margin improved in stages from 42.5% in FY2023 (ended January 2023) to 48.3% in the first half of FY2026 (ended January 2026), while operating profit margin rose from 7.0% to 19.4% over the same period. Higher average unit prices and a declining ratio of fixed costs to sales are progressing simultaneously, reflecting economies of scale in profitability.
ENVALITH's Perspective
Performance Trend
Against FY2026 (ended January 2026) results of net sales of ¥26,185 million, operating profit of ¥5,547 million, and net income of ¥4,046 million, the full-year forecast for FY2027 (ending January 2027) projects substantial growth, with net sales of ¥38,493 million (up 47.0% year on year), operating profit of ¥8,630 million (up 55.6%), and net income of ¥6,405 million (up 58.3%). Q1 FY2027 (ending January 2027) results (February–April 2026) showed net sales of ¥8,856 million, operating profit of ¥1,809 million, and quarterly net income of ¥1,337 million. The operating margin of 20.4% remained at a high level. In terms of the external environment, expanding demand for generative AI utilization is boosting demand for the consulting industry, and steady hiring of new consultants along with maintenance of a high utilization rate are driving performance. The equity ratio improved from 75.3% (at the previous fiscal year-end) to 80.0% (at the end of Q1), strengthening the financial base as well.
Growth Strategy
Pursuing simultaneous revenue growth and margin improvement through three axes: expanding the number of consultants, maintaining utilization rates, and raising average unit prices
Leveraging increased brand recognition and fundraising capability from the TSE Growth Market listing, the company continues to expand its hiring of new consultants. Management has confirmed that talent acquisition progressed smoothly in the first quarter of FY2027 (ending January 2027) as well, making it a key driver toward achieving full-year net sales of ¥38,493 million (up 47.0% year on year).
Through a division of labor between consultants and the sales/business development teams, the company has maintained a high utilization rate exceeding 90% since its founding. It aims to sustain high utilization levels and achieve stable revenue growth through the "Fan-Building Cycle," which enhances customer loyalty and drives continued and expanded orders from existing clients. High utilization was confirmed to have been maintained in the first quarter of FY2027 (ending January 2027) as well.
Through improved consultant skills and enhanced value delivery, the company continues to raise average unit prices, aiming to improve gross profit margin and operating profit margin. The first quarter of FY2027 (ending January 2027) maintained high levels, with a gross profit margin of 49.7% and an operating profit margin of 20.4%, progressing steadily toward the full-year operating profit forecast of ¥8,630 million (up 55.6% year on year).
In the first quarter of FY2027 (ending January 2027), lease deposits and guarantee deposits increased by ¥1,656 million, from ¥2,268 million at the end of the previous fiscal year to ¥3,924 million, confirming from the balance sheet that investment in new offices is proceeding actively. The company aims to strengthen its hiring capabilities and customer touchpoints through office expansion, building a foundation for medium- to long-term growth.
Last updated: July 17, 2026