ENVALITH
株式会社ブランジスタ logo

Brangista Inc.

6176・Standard Market・Services

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株式会社ブランジスタ logo
Brangista Inc.6176

Business

Branjista Inc. is a company listed on the TSE Standard Market (market segment change in November 2025) that upholds "CONNECT with COMMUNITY" as its corporate philosophy, developing digital services that connect companies, regions, and municipalities with people, products, and information. Its core business, "Axel Japan," is a monthly flat-rate promotion support service utilizing well-known celebrities, deployed nationwide to small and medium-sized enterprises and local governments through regional financial institutions as sales partners. In the Media Business, centered on the digital magazine "Tabiiro," the company provides advertising placement and production outsourcing services for accommodation facilities, restaurants, and municipalities. In the Solutions Business, it handles EC support and website production on a one-stop basis. The company consists of 6 consolidated subsidiaries, including overseas local subsidiaries in Taiwan and Hong Kong.

Business Model

The Promotion Support Business builds up stable recurring revenue through a flat monthly fee system requiring no initial cost, achieving a high-profitability structure with a segment profit margin of 44.2% in FY2025 (ending September 2025) (exceeding 50% in Q4). The Media Business's main revenue sources are advertising placement fees and production outsourcing fees for the free digital magazine "Tabiiro." The Solutions Business is underpinned by monthly business outsourcing fees for EC Support. By utilizing regional financial institutions as sales partners, the company enhances sales efficiency, and through a capital and business alliance with SBI Holdings, it is further expanding its network of financial institutions.

Company Strengths

In FY2025 (ended September 2025), the Promotion Support Business achieved net sales of ¥2,055 million (up 23.3% year on year), segment profit of ¥909 million (up 38.3% year on year), and a profit margin of 44.2%. The profit margin in the fourth quarter exceeded 50%, and the stock-type revenue structure built through the accumulation of renewal sales underpins the high profitability.

In FY2025 (ended September 2025), the company achieved net sales of ¥5,196 million (up 7.8% year on year) and operating profit of ¥1,151 million (up 21.1% year on year), marking three consecutive fiscal years of increased revenue and profit and renewing its all-time high performance. Operating profit expanded even as selling, general and administrative expenses decreased by 1.7% year on year, indicating a notable improvement in profitability.

On September 10, 2025, the company entered into a capital and business alliance agreement with SBI Holdings and SBINM LLC, and implemented a disposal of treasury shares through a third-party allotment. This strategic alliance is expected to strengthen new sales activities targeting local governments and private companies by leveraging the SBI Group's network of financial institutions, as well as to expand tie-up advertising with local governments in the Media Business.

ENVALITH's Perspective

Net income attributable to owners of the parent for the interim period of FY2026 (ending March 2026) rose sharply to ¥1,707 million (up 436.2% year on year), but this was due to a gain on sale of investment securities of ¥2,015 million (extraordinary income). Ordinary income was ¥508 million, down 2.7% year on year. While the core earnings power of the business steadily improved, with operating income of ¥567 million (up 8.4% year on year), non-operating expenses ballooned to ¥61 million (versus ¥2 million in the same period of the previous year) due to the recording of stock issuance costs of ¥30 million and taxes and public dues of ¥25 million, among other items, which weighed on ordinary income. It is important for investors not to take the net income figure at face value but to assess the company based on the underlying strength of ordinary income and operating income.

The full-year forecast for FY2026 (ending March 2026) calls for net sales of ¥5,600 million, operating income of ¥1,450 million, and net income of ¥2,000 million (up 204.5% year on year). Interim results came to net sales of ¥2,472 million (44.1% of the full-year forecast) and operating income of ¥567 million (39.1% of the full-year forecast), meaning the second half will need to achieve net sales of ¥3,128 million and operating income of ¥883 million. In the Media Business, tie-up advertising with local governments is seasonally concentrated in the second half (particularly the fourth quarter), and in the Promotion Support Business, proposals for furusato nozei (hometown tax donation) sites are also expected to commence use in the second half. As an external risk factor, rising prices and uncertainty over trade policy could affect personal consumption, and progress in the second half warrants close monitoring.

The Solutions Business posted a sharp decline in net sales to ¥395 million (down 32.7% year on year) in the interim period of FY2026 (ending March 2026). While monthly recurring revenue related to the EC Support Service remained solid, a decrease in spot projects such as 3D holograms weighed on the overall figure. The segment profit margin remained at 18.5%, the lowest among the three segments. Large fluctuations in orders for spot projects and the resulting low predictability of revenue remain an ongoing challenge. Progress in converting new services such as the TikTok Shop Operation Support Service into recurring revenue will be a key point to watch in evaluating this business.

Growth Strategy

Aiming for net sales of ¥5,600 million in FY2026 (ending September 2026) through leveraging the financial institution network, rolling out new services, and strengthening shareholder returns

Leveraging the capital and business alliance with SBI Holdings, the company is expanding new contract acquisitions through referrals from regional financial institution partners. The results of this collaboration are gradually materializing, with net sales in the first half of FY2026 (ending September 2026) growing more than 10% year-on-year and 43.2% compared to the first quarter of the previous fiscal year. Combined with the steady performance of renewal sales, a system for sustained high growth has been established.

The company is proposing the use of Axel Japan for furusato nozei sites where local governments list return gifts, targeting the year-end rush in demand. The number of proposals to local governments is being increased ahead of the planned start of use in the second half, and this is expected to become a new revenue source in the second half.

The company has begun offering a new feature that enables direct accommodation bookings from travel plans and articles. By linking the content strength of the media with the accommodation booking feature, the company aims to build a new revenue model in addition to advertising revenue. Private-sector advertising sales from accommodation facilities and restaurants are also progressing steadily.

The annual dividend for FY2026 (ending September 2026) has been significantly increased from the initial forecast of ¥15 to ¥65 (ordinary dividend of ¥15 plus special dividend of ¥50). The interim dividend of ¥25 (special dividend) is scheduled to be paid on June 8, 2026. The company aims to improve capital efficiency by strengthening shareholder returns funded by gains on the sale of investment securities.

Building on the monthly recurring revenue from EC Support Service, the company is expanding new customer acquisition through its operation support service as an official TikTok Shop partner. The company aims to shift away from dependence on spot projects toward recurring revenue, stabilizing the earnings of the Solutions Business.

Last updated: July 17, 2026