KeePer Technical Laboratory Co., Ltd.
6036・Prime Market・Services
Business
KeePer Giken operates under the corporate philosophy of "bringing a new car-washing culture to Japan," running two businesses: a B2B business (KeePer Products-Related Business) that sells in-house developed car coating chemicals and equipment to professionals, and a B2C business (KeePer LABO Operating Business) that operates "KeePer LABO," a nationwide chain of directly-operated specialty car coating stores for general consumers. Its main customers are KeePer Pro Shops centered on gas stations (6,661 stores as of end-June 2025), new car dealers (Subaru, Toyota, Honda, Mitsubishi, Volvo, Mercedes-Benz, etc.), and general car users who visit its 156 directly-operated stores. Riding the tailwind of a shift in consumer mindset toward "keeping one's beloved car beautiful for a long time," the company is expanding its business into the aftermarket, the new car market, and areas beyond automobiles.
Business Model
In the KeePer Products-Related Business, the company sells its in-house developed chemicals to KeePer Pro Shops and new car dealers, securing high gross margins. Segment profit for FY2025 (ended June 2025) was ¥4,381 million (profit margin approximately 42%). In the KeePer LABO Operating Business, treatment services are provided to general consumers at directly-operated stores, achieving total store visits of 748,349 vehicles and an average unit price of ¥16,839 in FY2025 (ended June 2025). The two businesses have mutual customer-referral synergies, with a structure in which Pro Shops enhance brand recognition while LABO serves as the consumer touchpoint and source of product development insights.
Company Strengths
Revenue expanded roughly twofold from ¥11,801 million in FY2021 to ¥23,093 million in FY2025. Operating profit also grew approximately 2.3-fold over the same period, from ¥3,021 million to ¥7,099 million, with both revenue and profit reaching record highs in FY2025 (ended June 2025). The operating profit margin remained at a high level of 30.7% in FY2025.
Original equipment adoption followed one after another—Subaru (October 2020), Toyota (September 2021), Honda (March 2023), Mitsubishi, Volvo (March 2025), and Mercedes-Benz—expanding new-car market sales to ¥3,156 million in FY2025 (ended June 2025), up 32.4% year on year, and raising its share of composition to 30.3%. Sales to Toyota dealers have roughly doubled for three consecutive years.
KeePer LABO's repeat rate is extremely high at approximately 85%, with total store visits reaching 748,349 vehicles in FY2025 (ended June 2025), up 11.6% year on year. Quality is ensured through 22 training centers nationwide and approximately 80 instructors, and KeePer Pro Shops have reached 6,661 stores, accounting for approximately 23% of all gas stations.
ENVALITH's Perspective
Performance Trend
The company achieved five consecutive fiscal years of revenue and profit growth from FY2021 through FY2025, but in the cumulative nine months of Q3 FY2026 (ending June 2026), while revenue remained on a growth trajectory at ¥18,253 million (up 5.9% year on year), operating profit turned negative at ¥4,279 million (down 20.3% year on year). The main cause of the profit decline was the recording of ¥1,093 million in growth investment expenses as SG&A, funded by extraordinary gains (gain on sale of investment securities of ¥6,763 million). In terms of the external environment, heightened consumer frugality due to soaring energy prices and inflation suppressed customer foot traffic in the aftermarket. Full-year forecasts remain unchanged at revenue of ¥26,300 million, operating profit of ¥7,287 million, and net income of ¥9,340 million (up 91.0% year on year due to the effect of extraordinary gains).
Growth Strategy
Four pillars: deepening the new-car market, building a 200-store KeePer LABO network, mobility-base conversion, and overseas expansion
In addition to OEM adoption by Subaru, Volvo, Mercedes-Benz, and Mitsubishi Motors, the company began selling "LX KeePer" as an exclusive product for new-car dealers under the EX KeePer series starting in February 2026. Targeting a core price range of approximately ¥100,000 for the M size, the company aims to further expand the new-car market.
The plan to open 30 stores this fiscal year (including both directly-operated and franchise stores) is progressing as scheduled. As of the end of April 2026, there were 143 directly-operated stores, 33 franchise stores, for a total of 176 stores. The company is accelerating its store opening pace while promoting early profitability at new stores through a "customer growth" strategy that directs repeat customers from existing stores to new stores. The company expects to reach 186 stores by the end of June 2026.
The company is planning a full renovation of the Setagaya store (converting it into a mobility base by expanding booths from 8 to 20). The Kurume store (from 3 to 7 booths) and the Fuchu store (car-wash efficiency improvements) have already been completed. Booth expansions are also planned for the Sakura, Mito-Uchihara, and Yahashira stores, aiming to increase sales by expanding the capacity of existing stores.
KeePer Pro Shops in Taiwan expanded rapidly from 3 stores in the previous year to 15 stores. Meanwhile, other regions saw a decline, resulting in an overall 15.5% year-on-year decrease in overseas operations. The company is reviewing its structure with a view to applying the same LABO store rollout model used domestically to overseas markets.
The company ran a nationwide TV commercial for "Dia II KeePer," launched in November 2025, to stimulate demand recovery in the aftermarket. The number of vehicles treated increased 7.5% year on year. The company also continues to invest in the LABO app, aiming to strengthen customer touchpoints through digital tools.
Last updated: July 17, 2026