IC CO., LTD.
4769・Standard Market・Information & Communication
Business
IC Co., Ltd. (formerly Information Creative Co., Ltd.) is an independent information services company founded in 1978. It is a single-segment company composed of two divisions: the IT Solutions business centered on software development and system operations (net sales of ¥9,967 million), and the IT Services business, which develops proprietary services (net sales of ¥168 million). Its major customers span a wide range of industries, including government agencies and local municipalities, information and communications/media, finance, securities and insurance, and manufacturing, with its largest customer, Hitachi Systems, Ltd., accounting for 17.8% of sales. The company is listed on the Standard Market of the Tokyo Stock Exchange. Its consolidated subsidiaries include Feat Co., Ltd. (communication support for the hearing-impaired) and Nihon Gazo Haishin Co., Ltd., newly acquired in April 2025.
Business Model
The majority of revenue is generated by the IT Solutions business (98.3% of net sales), underpinned by a man-month-based business model centered on client-site software development and system operations. Meanwhile, the IT Services business is developing proprietary services such as "Ticket for LINE Hybrid" and "iDEP (Individual Development Enhancement Program System)," aiming to shift toward a recurring-revenue, high-profitability model. The target management indicator is an ordinary income margin of 8.0% (versus 6.0% actual in FY2025 (ending September 2025)), with expansion of the IT Services business positioned as the key to improving profitability.
Company Strengths
Revenue grew for 5 consecutive fiscal years, from ¥8,108 million in FY2021 to ¥10,136 million in FY2025. Operating profit declined to ¥405 million in FY2023, then recovered for 2 consecutive fiscal years to ¥443 million in FY2024 and ¥516 million in FY2025. Net income attributable to owners of parent in FY2025 was ¥485 million (up 26.4% year on year), close to the highest level of the past 5 fiscal years.
As of the end of FY2025 (September 2025), the equity ratio stood at 73.9%, with total net assets of ¥6,428 million. Interest-bearing debt was zero, maintaining sound financial standing with working capital funded entirely from internal resources. The company held ¥3,743 million in cash and cash equivalents, providing a financial foundation that enables agile execution of growth investments, including M&A.
In FY2025 (September 2025), the order backlog for the IT Solutions business stood at ¥608 million (up 188.9% year on year), while orders received totaled ¥10,365 million (up 13.3% year on year). The notable buildup of upstream consulting projects serves as a leading indicator, showing steady capture of demand for legacy system renewal and cloud migration.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods from ¥8,108 million in FY2021 to ¥10,136 million in FY2025, and the trend of revenue growth continued into the interim period of FY2026 (ending September 2026), reaching ¥5,305 million, up 7.3% year on year. Operating profit bottomed out at ¥405 million in FY2023 and has since been on a clear improvement trajectory, reaching ¥543 million in the current interim period (up 18.5% year on year). A supportive external factor has been the steady growth in demand for DX investment and core system renewal among domestic companies. Interim net income decreased to ¥357 million (down 20.1% year on year) due to the drop-off of a gain from the revision of the retirement benefit system (¥190 million) recorded in the same period of the previous year and the recording of an impairment loss (¥54 million); however, on an ordinary income basis, income reached ¥574 million (up 18.3% year on year), indicating that the profitability of the core business is steadily improving. The full-year earnings forecast remains unchanged, with revenue of ¥10,558 million (up 4.2% year on year) and operating profit of ¥560 million (up 8.5% year on year).
Growth Strategy
Under "Growing Beyond 2028," the company is transforming into a value-creating IT enterprise through the value enhancement of IT Services and the utilization of M&A.
The company continues to make marketing investments aimed at enhancing the value of its core "IT Services" and "Proposal-Based Solutions" businesses. The operating margin for the current interim period improved to 10.2% from 9.3% in the same period of the previous year, reflecting the effect of improved profitability in the numbers.
The company continues to develop advanced IT talent toward the realization of its long-term vision "VISION 2031." Amid a market environment characterized by a shortage of IT talent, the company aims to improve the quality of its own personnel, thereby expanding orders for upstream consulting projects and raising unit prices. Research and development expenses of ¥15 million were invested in the current interim period.
The company is focusing on the creation of next-generation IT services, including the commercialization of an experiential self-service beer tap system. Current IT Services sales stood at ¥72 million in the current interim period, showing a shrinking trend, making it urgent to offset and expand this through new services. Specific progress on commercialization and the timing of profit contribution have not been disclosed.
Under the new medium-term management plan "Growing Beyond 2028," the company aims to expand its new business and IT Services businesses through the utilization of external resources, including M&A. As of the current interim period, goodwill outstanding stood at ¥258 million, and the company is promoting the integration and monetization of existing M&A deals. No specific announcements have been made regarding new deals.
Last updated: July 17, 2026