ENVALITH
株式会社旅工房 logo

TABIKOBO Co. Ltd.

6548・Growth Market・Services

Official website
株式会社旅工房 logo
TABIKOBO Co. Ltd.6548

Business

Ryokohin Co., Ltd. was established in 1994 and listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2017 as an online travel company. It plans and sells overseas package tours, airline tickets, accommodations, and optional tours to individual customers in Japan, and also arranges business travel and group tours for corporate customers such as companies, government offices, and educational institutions. It has three consolidated subsidiaries: one in Vietnam (Tabikobo Vietnam Co. Ltd.), one in Indonesia (PT. Ramayana Tabikobo Travel), and one domestically (Mitai Travel Co., Ltd.), operating as a group of four companies in total. The company operates under a single segment, the Travel Business (Single Segment), with net sales of ¥3,723 million for FY2025 (ended June 2025).

Business Model

The company acquires customers online through its own website and travel-related portal sites, eliminating store opening costs. It provides added value through a "Hybrid Strategy" that combines 24-hour online reservations via its system with phone and email support from "Travel Concierge" staff who are well-versed in specific destination areas. Revenue consists of sales proceeds from travel products (self-organized), sales commissions from tours organized by other companies, insurance sales commissions, and other items. Gross profit for FY2025 (ended June 2025) was ¥909 million (gross profit margin of 24.4%).

Company Strengths

Obtained accreditation as an authorized passenger agent from IATA (International Air Transport Association) in August 2004, enabling in-house issuance of international air tickets. This reduces commission costs associated with routing through other agencies while enabling prompt ticket arrangements for customers. The company also holds Type 1 Travel Agency registration (registered with the Commissioner of the Japan Tourism Agency), providing a legal basis for handling a wide range of domestic and international travel products.

The company has built a structure in which organizations are divided by destination region, handling everything from planning to reservations and arrangements in an integrated manner. "Travel Concierges" who are well-versed in specific regions listen to individual customer needs and customize itineraries, enabling value-added product proposals that do not rely on price competition. Travel handling volume in the Individual Travel Business expanded to ¥4,387 million (converted from source figures in thousand-yen units) in FY2025 (ended June 2025).

The company operates three businesses: the Individual Travel Business (overseas packages, air tickets, etc.), the Corporate Travel Business (business travel, group travel), and the Inbound Travel Business. Total travel handling volume in FY2025 (ended June 2025) was ¥6,743 million (converted from source figures in thousand-yen units). The Corporate Travel Business recorded a handling volume of ¥3,603 million (same basis) in FY2024 (ended June 2024), functioning to offset demand fluctuation risk in individual travel.

ENVALITH's Perspective

For the cumulative nine months of Q3 FY2026 (ending March 2026), revenue reached ¥4,044 million (up 33.4% year on year), achieving robust revenue growth, while the operating loss expanded to ¥41 million from ¥21 million in the same period last year. The main cause was an increase in selling, general and administrative expenses to ¥897 million (versus ¥757 million in the same period last year). Quarterly net profit attributable to owners of the parent turned positive at ¥286 million, but this was due to temporary extraordinary gains—a ¥290 million gain on debt forgiveness and ¥100 million in insurance proceeds received—and should be evaluated separately from any improvement in core business profitability.

The full-year consolidated earnings forecast for FY2026 (ending March 2026) calls for revenue of ¥4,741 million (up 27.3% year on year), an operating loss of ¥171 million, and an ordinary loss of ¥169 million. An operating loss of ¥41 million has already been recorded for the cumulative nine months through Q3, and an additional loss of ¥130 million is projected for Q4 (a single quarter) alone. Operating losses and ordinary losses have now continued for five consecutive fiscal periods since the COVID-19 pandemic, and it has been disclosed that material doubt exists regarding the company's ability to continue as a going concern. As an external headwind, the persistently weak yen and elevated airfares continue to suppress the recovery of outbound travel demand.

On November 22, 2025, the company was designated as a Security on Alert (security requiring special attention) by the Tokyo Stock Exchange, and a listing contract penalty was also imposed. There is a risk of delisting if problems are identified in the internal control system review that will be conducted approximately one year after the designation, in principle. In addition, the company may receive an administrative monetary penalty order from the Financial Services Agency related to disclosure violations, but because a reasonable estimate of the amount and timing is difficult, the forecast for net profit for the period remains undetermined. These governance risks have a significant impact on both the company's financial position and its credibility, and represent the greatest source of uncertainty in making investment decisions.

Growth Strategy

Early return to profitability through management resource concentration on overseas travel products and cost optimization

Promoting product expansion and sales strengthening centered on Europe, North America, and Asia destinations based on demand trends. Achieved a 33.4% increase in sales for the cumulative nine months of FY2026 (ending March 2026), with progress in capturing demand. However, continued efforts are needed to improve profitability.

Aiming to improve gross profit margin through more efficient product creation and ongoing revision of procurement terms. Cumulative gross profit for the nine months improved to ¥856 million (versus ¥735 million in the same period of the previous year), but the operating loss widened due to increased SG&A expenses, making optimization of the cost structure a challenge.

Continuing to strengthen the order-taking and arrangement system against a backdrop of solid demand for business travel and group bookings. Transaction volume has trended steadily both domestically and overseas, serving to complement earnings during a phase of gradual recovery in individual travel.

Implementing recurrence prevention measures and establishing an internal management system in response to the employment adjustment subsidy fraud issue is an urgent priority. The Tokyo Stock Exchange is scheduled to conduct an internal management system review approximately one year after the November 22, 2025 designation as a securities under special attention, i.e., around November 2026. The results of this review will determine whether continued listing is possible.

Last updated: July 17, 2026