ENVALITH
株式会社TBグループ logo

TB GROUP INC.

6775・Standard Market・Electric Appliances

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株式会社TBグループ logo
TB GROUP INC.6775

Business

TB Group Inc. operates two segments: the LED & ECO Business, centered on the planning and sale of LED displays and digital signage, and the SA Equipment Business, which encompasses POS systems, electronic cash registers, self-checkout payment systems, lodging facility operations, and healthcare equipment. The group consists of 9 consolidated subsidiaries and 1 affiliated company, with major customers including large drugstore chains, fast food chains, airports, public infrastructure, medical institutions, hotels, and other corporate clients. Founded in 1946, the company is listed on the TSE Standard market and has adopted a group management policy of pioneering new markets with "zero penetration rate." Net sales were ¥2,461 million (FY2026, ending March 2026).

Business Model

Historically, the company's core business centered on flow-based revenue from hardware sales such as LED visions and cash register equipment. Currently, it is promoting a shift toward subscription revenue (stock-based) through cloud-based signage management services such as GO! VISION and GO! Platform (CashHive). In parallel with expanding orders for large-scale corporate projects, the company aims to broaden its sales network through horizontal expansion into chain organizations and collaboration with partner companies, thereby building up recurring revenue.

Company Strengths

In FY2026 (ending March 2026), the LED Vision for Corporations segment, including a large-scale airport project, achieved sales growth exceeding 200% year-on-year. The company has a track record of installations across a wide range of industries, including major drugstores, fast food chains, cinema complexes, and public infrastructure, and continued orders for multiple facilities are expected through horizontal expansion within chain organizations.

The company independently developed an "Intelligent Cash Management System" for tax authorities nationwide, contributing to results for the current period. It also has a track record of continued deployment of the self-checkout payment system "CashHive" at major retail chains. The ability to develop and release dedicated systems for government agencies and major corporations functions as a unique competitive advantage for the company.

The company has developed and implemented the cloud-based signage management service "GO! VISION Pro Cloud" and the "GO! Platform." It has an actual implementation track record with the delivery system at Nakano Broadway, and is progressing in building a subscription-based recurring revenue base. The company invested ¥10,712 thousand in research and development, continuing development of 4K-compatible controllers and products supporting disaster and emergency notification.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company recorded an operating loss of ¥83 million and a net loss attributable to owners of the parent of ¥195 million, marking the 20th consecutive term of operating losses. The accumulated deficit in retained earnings expanded to ¥1,197 million. The equity ratio declined to 34.8% (from 38.7% in the prior period), and net assets decreased to ¥479 million. As a subsequent event, the company executed a borrowing of ¥100 million on May 15, 2026 (fixed interest rate of 3%, 1-year term, joint guarantee by the representative director), and cash flow constraints continue. While the material doubt about the going-concern assumption has been resolved in the notes to the financial statements, concerns remain over medium- to long-term financial stability without structural improvement in profitability.

Segment profit in the LED & ECO Business improved significantly to ¥63 million (from ¥3 million in the prior period), driven by Large LED Vision for Corporations. Meanwhile, the SA Equipment Business posted a segment loss of ¥145 million (an improvement from a loss of ¥198 million in the prior period), but a substantial deficit continues. The main cause of the company-wide operating loss of ¥83 million is the structural losses in the SA Equipment Business, and achieving overall profitability will be difficult without a fundamental improvement in that business's profitability. Achieving the projected operating profit of ¥30 million for FY2027 (ending March 2027) will require both a reduction in losses at the SA Equipment Business and continued profit expansion in the LED business.

The company projects net sales of ¥2,910 million (up 18.3% year on year), operating profit of ¥30 million, and net income of ¥10 million for FY2027 (ending March 2027). However, given the track record of the past five terms (operating losses in every term from FY2022 through FY2026), the hurdle for achieving this appears high. The forecast is premised on the simultaneous realization of multiple new initiatives, including the continuation of a large-scale airport project into the next fiscal year, early market launch of the Gacha Reji, and expansion into the indoor LED market. A deterioration in the external environment (rising prices, financial market volatility, the situation in the Middle East, etc.) poses a downside risk to the earnings forecast. The recording of operating profit of ¥11 million in the fourth quarter (January–March 2026) can be evaluated as a sign of improvement.

Growth Strategy

Transition from a flow-based to a stock-based revenue model, and capture of indoor LED market and corporate DX demand

Building on installation track records at major drugstores, fast food chains, airports, and public infrastructure, the company is promoting multi-facility rollouts to chain organizations. In FY2026 (ending March 2026), a large-scale airport project was secured, positioned as a continuing project into the following fiscal year. The company aims for further expansion in the Large LED Vision for Corporations segment, which achieved sales growth of over 200% year on year.

In addition to the conventional outdoor market, the company is strengthening its focus on the larger indoor market (chain stores, public transportation, apparel, etc.). Viewing the market shift from LCD to ultra-high-brightness, high-definition LED vision as an external factor, the company is promoting collaboration with network-compatible signage, cloud ASP business, and system companies, and advancing location development for its community-based digital advertising business.

The company is promoting a shift from flow-based revenue centered on hardware sales to subscription-based stock revenue through the GO! Platform (CashHive), which integrates various services such as registers and signage. By securing recurring revenue, the company aims to stabilize earnings and improve profit margins.

The company is developing a new product for the Gacha Regi (accounting-function-focused, low-cost register) segment from which major companies have withdrawn. Targeting mainly startups and prospective growth customers, this is positioned as a new growth strategy for FY2027 (ending March 2027), aiming to improve profitability through early market launch.

The company is strengthening its SA equipment lineup, led by the cash-hybrid self-checkout register "CashHive," to enhance competitiveness in the self-checkout market and develop new customer segments. Consolidated subsidiary Smart Health Net Co., Ltd. is working to expand sales by developing products for the hotel and tourism sectors and promoting regional revitalization. In FY2026 (ending March 2026), segment loss improved by ¥53 million year on year.

Last updated: July 19, 2026