ENVALITH
BRANU株式会社 logo

BRANU Inc.

460A・Growth Market・Information & Communication

BRANU株式会社 logo
BRANU Inc.460A

Business

BRANU Corporation operates under the vision of "Updating the construction industry through technology," providing a DX platform specialized in solving the management challenges faced by small and medium-sized construction companies (approximately 480,000 nationwide), which account for 99% of the construction industry. Its core services consist of three pillars: the construction industry matching media "CAREECON," the integrated business tool "CAREECON Plus" (which integrates marketing, recruitment management, construction management, and business management functions), and "Caricon Job," a talent acquisition support service specialized for the construction industry. Founded in 2009, the company listed on the Tokyo Stock Exchange Growth Market in December 2025. It operates bases in Tokyo, Osaka, Fukuoka, and Sendai, expanding its reach to small and medium-sized construction companies nationwide.

Business Model

A two-stage model in which owned media construction (flow revenue) via "CAREECON" serves as the entry point for customer acquisition, followed by cross-selling to the SaaS-type "CAREECON Plus" (upselling from the mini plan to the Standard plan) and advertising operation services to build up stock revenue. As of the end of October 2025, ARR from stock-type services stood at ¥825 million, with 2,881 licensed contracted companies. The company also leverages indirect sales channels through business alliances with comprehensive building materials trading companies such as Watanabe Pipe, with sales via Watanabe Pipe reaching ¥257 million in the current period (12.1% of sales).

Company Strengths

Since its founding in 2009, the company has built a support framework centered on Face-to-Face principles, combining outbound telephone sales, offline events, and customer success support for small and medium-sized construction companies. It has expanded nationwide with a four-site structure in Tokyo, Osaka, Fukuoka, and Sendai, and the number of client companies under stock-type service contracts reached 2,881 as of the end of October 2025.

For the fiscal year ended October 2025, net sales were ¥2,123 million (up 50.3% year on year) and operating profit was ¥332 million (up 231.0% year on year). ARR from stock-type services increased 41% from ¥585 million in the previous period to ¥825 million, confirming a qualitative improvement in the revenue base. The gross profit margin remained at a high level of 81.5%.

CAREECON Plus, which integrates a full set of functions—marketing, recruitment management, construction management, and business management—designed on the premise of use by small and medium-sized construction companies, has established a unique position as a service providing an integrated function set for companies of the same scale and industry. The company is leveraging construction industry data accumulated through transactions with 2,881 client companies for AI applications.

ENVALITH's Perspective

Interim net sales of ¥1,294 million represent 46.2% progress against the full-year forecast of ¥2,800 million. Operating profit of ¥170 million represents only 43.0% progress against the full-year forecast of ¥395 million. Although the full-year forecast remains unrevised, the company needs to add ¥1,506 million in net sales and ¥225 million in operating profit in the second half, and close attention is warranted on how cost increases associated with branch expansion will affect the second-half profit margin.

Listing-related expenses of ¥17 million were recorded as non-operating expenses in the current interim period, which weighed on ordinary profit (ordinary profit of ¥152 million versus operating profit of ¥170 million). Since this one-time expense will not recur from the second half onward, an improvement in the second-half ordinary profit margin is expected. Meanwhile, the risk that rising construction material prices and labor costs will squeeze the construction industry's capacity for investment continues as a market environment factor, and it will be necessary to continue monitoring the impact on customers' willingness to adopt the service.

The transaction concentration risk from net sales to Watanabe Pipe, which account for 12.1% of net sales, continues to exist. In addition, dependence on the representative director and risks related to hiring, developing, and retaining personnel could constrain the execution of the growth strategy of accelerating branch and organizational expansion. As a subsequent event, in June 2026 the company issued 1,500 stock acquisition rights (covering 150,000 shares) to 2 directors and 16 employees, indicating progress in addressing personnel retention and incentive enhancement.

Growth Strategy

Building up ARR and expanding market share through nationwide branch expansion, strategic alliances, and enhanced AI functionality

Promoting branch expansion into Tokyo, Osaka, and Fukuoka along with local hiring to accelerate new customer acquisition. In the first half of FY2026 (ending March 2026), new customer acquisition progressed steadily, confirmed as a key driver behind the 40.0% increase in net sales.

Upselling has progressed favorably through high-value-added proposals accompanying the expansion of new features. Management commentary confirmed that upselling to existing customers contributed to expanding the revenue base in the first half of FY2026 (ending March 2026), with the accumulation of recurring revenue accelerating profit leverage.

Business alliances with Watanabe Pipe and others have secured sales channels via building materials distributors. Sales to Watanabe Pipe amounted to ¥257 million (12.1% of net sales), and the effect of the alliance is reflected in business results. On the other hand, managing transaction concentration risk remains a challenge.

Implementing AI features such as the AI Blog Assistant to enhance the value-added of CAREECON Plus, aiming to raise upsell unit prices and improve customer retention. Monetization of new generative AI services remains ongoing.

By resolution of the Board of Directors on June 12, 2026, 1,500 stock acquisition rights (covering 150,000 shares) were issued to 2 directors and 16 employees. The exercise period runs from June 13, 2028 to June 12, 2036. The purpose is to provide incentives to promote long-term business growth and enhance corporate value.

Last updated: July 17, 2026