YAMADA Consulting Group Co.,Ltd.
4792・Prime Market・Services
Business
Yamada Consulting Group is an independent consulting group comprising the Company and 21 subsidiaries. In its Consulting Business, it provides comprehensive support to owners of mid-sized companies across four areas: management, M&A advisory, business succession, and real estate. In its Investment Business, it pursues capital gains across three axes: unlisted stocks, real estate, and U.S. real estate funds (fund of funds). Domestically, in addition to major locations in Tokyo, Osaka, Nagoya, Kyushu, and other areas, the group operates overseas offices in Singapore, Thailand, Vietnam, Shanghai, the United States, and India. Consolidated net sales for FY2026 (ending March 2026) were ¥26,712 million, and the consolidated number of employees was 1,154 (as of the end of March 2026). Key clients are owner-managers of mid-sized and small companies and high-net-worth individuals.
Business Model
In the Consulting Business, revenue is derived from service fees (success fees, monthly advisory fees, etc.), with a high gross margin of approximately 89%. In the Investment Business, the company deploys its own capital into unlisted stocks, real estate, and funds sourced from consulting projects, adding capital-gain-type revenue in the form of gains on sale and investment income. A defining feature of the business model is the structure that maximizes customer lifetime value (LTV) through cross-selling between the two businesses.
Company Strengths
In FY2026 (ending March 2026), the Consulting Business posted a gross margin of approximately 89.5% (net sales of ¥21,183 million, gross profit of ¥18,961 million). The Investment Business invests in opportunities sourced from consulting engagements and accumulates gains on sale. Mutual client referrals between the two businesses achieve a depth and stability of earnings that cannot be obtained from either business alone.
Domestically, the company operates across 8 locations: Tokyo, Osaka, Nagoya, Tohoku, Kyushu, Kyoto, Kobe, and Hiroshima; overseas, it has expanded into Singapore, Thailand, Vietnam, Shanghai, the United States, and India. The company has a track record of progressively strengthening its domestic and international M&A advisory framework, having made Pinnacle Co., Ltd. a subsidiary in March 2024, Takenaka Partners LLC a subsidiary in April 2024, and Manas Corporate Partners Co., Ltd. a subsidiary in January 2026.
As of the end of March 2026, total investment balances stood at ¥15,374 million, comprising ¥7,132 million in unlisted stocks, ¥4,276 million in real estate, and ¥3,966 million in funds. Yamada Income Fund, L.P. received ¥3,397 million in capital contributions from external investors, expanding investment scale without impairing the company's own capital. The company has also secured a commitment line totaling ¥10,000,000 thousand, establishing a robust funding base.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 1.8x over five fiscal periods, from ¥14,645 million in FY2022 (ended March 2022) to ¥26,711 million in FY2026 (ending March 2026). In particular, in FY2026 (ending March 2026), Investment Business revenue surged 130.2% year-on-year to ¥5,551 million, driving overall revenue growth. Meanwhile, operating profit declined from a peak of ¥4,133 million in FY2025 (ended March 2025) to ¥3,741 million in FY2026 (ending March 2026). This was mainly due to an increase in SG&A expenses (up ¥1,469 million year-on-year) resulting from headcount growth and wage increases, and the operating margin fell from 18.1% to 14.0%. Profit attributable to owners of parent remained largely flat at ¥2,895 million (up 0.4% year-on-year), supported by the recognition of extraordinary income including a gain on negative goodwill (¥111 million). For FY2027 (ending March 2027), the company forecasts operating profit of ¥4,500 million (up 20.2% year-on-year), anticipating a recovery in profit margin driven by revenue growth in the Consulting Business and stable earnings contribution from the Investment Business.
Growth Strategy
Deepening synergies between consulting and investment, strengthening the overseas M&A framework, and full-scale operation of the fund business to drive medium- to long-term growth
From FY2027 (ending March 2027), the business field classification will be reorganized into four categories: "Business Strategy," "Capital Strategy," "Overseas," and "Real Estate," integrating M&A Advisory into each consulting business. The aim is to provide higher value-added M&A services and contribute to improving clients' business value. Consulting Business sales for FY2027 (ending March 2027) are forecast at ¥23,000 million (+8.5% YoY).
In response to the increasing proportion of overseas projects, the Overseas Consulting Business will be managed as an independent segment. In FY2026 (ending March 2026), Manas Corporate Partners Co., Ltd. was made a subsidiary to strengthen M&A advisory expertise in the Indian market. The company aims to deepen collaboration with Southeast Asia, South Asia, and the United States to capture cross-border M&A demand.
The fund-of-funds structured fund, centered on US real estate, began full-scale investment operations from FY2026 (ending March 2026). Full-scale operating gains and losses are expected to arise from FY2027 (ending March 2027). Capital contributions from external investors (¥3,397 million in FY2026, ending March 2026) have expanded the investment capital base, and the Group's contribution ratio is expected to decline further from 18.5%.
Consolidated employee headcount increased from 1,067 as of the end of March 2025 to 1,154 as of the end of March 2026 (178 mid-career hires, 120 departures). The increase in personnel expenses due to headcount growth and wage increases was the main factor behind the operating profit decline in FY2026 (ending March 2026), but improved utilization rates of hired personnel are expected to contribute to earnings from FY2027 (ending March 2027) onward. SG&A expenses for the Consulting Business in FY2027 (ending March 2027) are forecast at ¥17,200 million (+5.0% YoY).
Last updated: July 19, 2026