ENVALITH
株式会社ナルネットコミュニケーションズ logo

Nalnet Communications Inc.

5870・Growth Market・Services

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株式会社ナルネットコミュニケーションズ logo
Nalnet Communications Inc.5870

Business

NarunetCommunications Co., Ltd. is a BPO specialist company that operates under the management philosophy of "Mobility's Transformer," undertaking comprehensive outsourced maintenance management operations for corporate and individual leased vehicles. In addition to its core Maintenance Outsourcing Service business (approximately 82% of net sales), the company operates in four segments: the MLS (My Car Lease Support) Business, BPO business (data management, tire storage, tax payment management, pre-delivery inspection of used vehicles, etc.), and other businesses. Utilizing a nationwide network of 13,686 affiliated maintenance garages (as of the end of March 2026), the company manages a total of 212,423 vehicles. Its major customers are auto lease companies such as Toyota Mobility Service Co., Ltd. (13.6% of net sales) and Nippon Car Solutions Co., Ltd. (also 13.6%).

Business Model

The company operates an intermediary/management-type BPO model in which it receives outsourced maintenance management operations from auto leasing companies for the duration of the lease period, and arranges work with affiliated maintenance shops nationwide. This is a stock-type structure in which the accumulation of managed vehicle units forms the revenue base, and ongoing revisions to outsourcing prices allow the company to pass on increases in maintenance costs to revenue. In addition, the company is expanding into new BPO areas such as OEM provision of the Vehicle Inspection Platform and data management services, driving revenue diversification.

Company Strengths

As of the end of March 2026, the company maintains a wide-area network in cooperation with 13,686 affiliated maintenance workshops nationwide, managing a total of 212,423 vehicles under management. Through relationship-building with workshops via the owned media platform "Mobinowa" and the integrated management system "momoCan", the company has formed an operational infrastructure that is difficult for competitors to replicate in a short period.

Since the founding of the former Narunet Communications in 1978, the company has built up long-term continuous transactions with auto leasing companies. In FY2026 (ending March 2026), transactions continued with major leasing companies such as Toyota Mobility Service (13.6% of sales) and Nippon Car Solutions (also 13.6%), and the contract structure linked to lease terms supports the stability of earnings.

Amid rising maintenance prices, the company has continuously reviewed outsourcing prices, achieving significant improvement in FY2026 (ending March 2026), with operating profit of ¥811 million (up 83.6% year on year) and net profit for the period of ¥501 million (up 110.6% year on year). The ability to calculate appropriate prices using maintenance data accumulated over many years underpins the negotiating power to pass on cost increases to earnings.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved net sales of ¥9,925 million (up 16.2% year on year), operating profit of ¥811 million (up 83.6% year on year), and net income of ¥501 million (up 110.6% year on year), marking a sharp turnaround to substantial profit growth from the prior period's pattern of increased revenue with decreased profit. Profitability improvement driven by continuous review of outsourcing prices, together with increased orders from manufacturer-affiliated leasing companies and expansion of managed vehicle count in the MLS (My Car Lease Support) Business (up 5.0% versus the prior fiscal year-end), contributed simultaneously. Amid an external environment of continued rising maintenance prices, progress in price pass-through is judged to be the main driver of the earnings recovery.

As of the end of March 2026, goodwill of ¥1,387 million and customer-related assets of ¥2,535 million accounted for the majority of intangible fixed assets, comprising approximately 79% of total fixed assets of ¥4,948 million. Although these are amortized each period (goodwill: ¥102 million; customer-related assets: ¥188 million), a downturn in business performance could give rise to additional impairment risk. The equity ratio improved to 38.6% (from 34.6% in the prior period), but the financial structure's reliance on intangible assets continues to require ongoing monitoring.

The full-year forecast for FY2027 (ending March 2027) calls for net sales of ¥10,767 million (up 8.5% year on year), operating profit of ¥860 million (up 6.0% year on year), and net income of ¥512 million (up 2.2% year on year). The sales growth rate is expected to slow from 16.2% to 8.5%, with the profit growth rate also declining significantly. The company plans for selling, general and administrative expenses to increase 5.6% year on year, reflecting higher personnel costs associated with business expansion and increased system usage fees from cloud migration of telephone equipment and core servers. Externally, uncertainties such as the situation in the Middle East and US trade policy also remain as downside risks to performance.

Growth Strategy

Expanding business scope through growth in Maintenance Outsourcing Service, MLS growth, horizontal expansion of the Vehicle Inspection Platform, and AI-driven DX solutions

The Company continues to increase new orders from automobile manufacturer-affiliated leasing companies, aiming to expand the number of vehicles under management in the Maintenance Outsourcing Service business. As of the end of March 2026, the number of vehicles under management was 84,664 (up 2.1% from the end of the previous fiscal year). In FY2027 (ending March 2027), increasing the number of outsourced vehicles from manufacturer-affiliated leasing companies is positioned as the primary growth driver.

The Company is capturing growth in the personal car leasing market, maintaining steady transactions with existing partners while actively promoting initiatives with new partners. The number of vehicles under management as of the end of March 2026 grew steadily to 87,632 (up 5.0% from the end of the previous fiscal year). The Company aims for further growth through the development of new partners.

The Vehicle Inspection Platform, jointly developed with Union Eternity, began being provided to a Coop Sapporo affiliated company (Enecoop Corporation) from September 2025. The Company aims to horizontally expand its flat-rate vehicle inspection service utilizing maintenance data into the distribution and retail industries, establishing it as a new revenue pillar.

Through collaboration with Inbound Tech, the Company is promoting the practical application of a system in which an AI voice bot handles phone responses to affiliated repair shops, such as requests for vehicle intake and confirmation of parts replacement. The Company aims to evolve from an "IT-enabled company" to an "AI-enabled company," and to expand into providing DX solutions for the mobility industry that link accumulated maintenance data with AI.

In addition to expanding outsourced pre-delivery maintenance services for used car dealers, the Company is accelerating the rollout of new flow-type products targeting new customer segments across various industries, aiming to diversify revenue through the expansion of the BPO Business. For FY2027 (ending March 2027), the Company plans an increase in SG&A expenses (up 5.6% year on year), reflecting a growth phase involving upfront investment such as staff reinforcement.

Last updated: July 19, 2026