Startline CO.,LTD.
477A・Growth Market・Services
Startline CO.,LTD.
477A・Growth Market・Services
Business
Startline Inc. was founded in 2009 and provides one-stop support specialized in employment for people with disabilities. Its main services take three forms: Roastery-type (BYSN), Indoor Farm-type (IBUKI), and Satellite Office with support (INCLU), offering integrated support for recruitment, training, retention, and vocational skills development of persons with disabilities employed by private companies. As of the end of March 2026, the company operates 50 sites in total, with 2,514 supported persons with disabilities and 373 client companies. The Disability Employment Support Services Business accounts for 99.3% of net sales, and the company listed on the Tokyo Stock Exchange Growth Market in December 2025.
Business Model
Service usage fees (subscriptions) from client companies, which automatically renew annually in principle, form the core of stock-type revenue, with the stock revenue ratio reaching 64.4% in FY2026 (ending March 2026). This is supplemented by one-time revenue from recruitment support, initial training, equipment sales, and other services. The company shows high customer retention, with an upsell ratio of 35.6%, a cross-sell ratio of 15.0%, and a churn rate of 2.1% among existing clients. The structure is relatively resistant to economic fluctuations, and stock revenue accumulates as the number of facilities expands.
Company Strengths
The CBS Human Support Research Institute, established in 2014, has 10 resident clinical psychologists and certified public psychologists who continuously develop support techniques utilizing applied behavior analysis and relational frame theory. Over 200 on-site support staff (many holding qualifications) are stationed at each facility, and the company presents research results at domestic and international academic conferences. This has formed an intellectual asset base that is difficult for competitors to replicate in a short period.
The company operates multiple formats including farm-type, roastery-type, satellite office-type, client-site-type (TASKI), and multi-purpose type (Diverse Village), providing one-stop solutions for disability employment. Unlike competitors offering only a single service, it can respond to diversifying client needs. As of the end of March 2026, the company operates 11 BYSN locations, 23 IBUKI locations, and 13 INCLU locations.
Since its founding, the company has a track record of over 10,000 disability hiring selections and a collaborative network with a cumulative total of over 500 welfare facilities. A high customer retention rate, evidenced by a churn rate of 2.1%, and an upsell ratio of 35.6% underscore the quality of its retention support. The proprietary disability support system "Enable360" also contributes to its competitive advantage.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) was ¥5,599 million (up 25.2% year on year), maintaining approximately 25% growth for the second consecutive fiscal year. Operating profit was ¥450 million (up 71.3% year on year) and ordinary profit was ¥374 million (up 63.5% year on year), with profit growth substantially outpacing revenue growth, improving the operating margin from 5.9% to 8.0%. Net income of ¥433 million (up 200.8% year on year) includes a temporary effect from the recognition of deferred tax assets (income tax adjustment of ¥-209 million). As an external factor, the increase in the statutory employment rate in April 2024 (from 2.3% to 2.5%) supported demand expansion. The forecast for FY2027 (ending March 2027) is revenue of ¥7,009 million (up 25.2% year on year), operating profit of ¥560 million (up 24.4% year on year), and net income of ¥310 million (down 28.3% year on year), with net income expected to decline as the temporary effect of deferred tax assets fades.
Growth Strategy
Accelerating new store openings and developing new hub facilities and services to capture demand from the rising statutory employment quota
In FY2026 (ending March 2026), the company invested ¥1,422 million in acquisition of tangible fixed assets to actively expand new store openings. Anticipating the statutory employment rate increase to 2.7% in July 2026, the company is pursuing active expansion of service locations and store opening areas. For FY2027 (ending March 2027), the company plans revenue of ¥7,009 million (up 25.2% year on year), positioning continued store openings as the core driver of growth.
The company newly opened "Diverse Village" (Multi-purpose Disability Employment Support Services Hub), a multi-purpose hub facility enabling the creation of diverse working styles for people with disabilities. In addition to the existing three service formats (INCLU, IBUKI, and BYSN), the company is advancing the development of new services capable of supporting new employment creation, strengthening its service provision framework to meet the needs of both companies and people with disabilities.
The company continues to suppress recruitment costs through improved recruitment unit costs and to reduce running costs at each location, achieving margin improvement alongside revenue growth. In FY2026 (ending March 2026), the operating margin reached 8.0% (versus 5.9% in the prior fiscal year). For FY2027 (ending March 2027), the company plans operating profit of ¥560 million (maintaining an operating margin of approximately 8.0%), aiming to sustain profitability.
The company listed on the TSE Growth Market on December 22, 2025, raising ¥698 million in proceeds from share issuance. The company aims to accelerate customer acquisition by leveraging the increased brand recognition and creditworthiness gained from the listing, as well as investment in new store openings and new service development using the funds raised.
Last updated: July 19, 2026