RVH Inc.
6786・Standard Market・Services
Business
RVH, Inc. was established in 1996 and is listed on the Standard Market of the Tokyo Stock Exchange as a holding company. It has 7 consolidated subsidiaries under its umbrella, and operates three segments: System Development (IT staffing, contract development, PC recycling, etc.) as its main business, Renewable Energy (battery storage facility construction contracting, wind power electricity sales), and Asset Management Related Business (factoring, real estate sales). The System Development segment accounts for approximately 88% of net sales, with NTT DOCOMO BUSINESS, Inc. as a major customer (10.4% of net sales). Consolidated net sales for FY2026 (ending March 2026) were ¥1,252 million.
Business Model
In the core System Development segment, the company secures stable revenue through a combination of services including SE staffing dispatch, contract development, and PC recycling. In the Renewable Energy segment, revenue is generated from contracted construction work for battery storage facilities and sales of wind power electricity. In the Asset Management Related Business, revenue sources include factoring fees and gains from short-term resale of real estate. Under the holding company structure, the company promotes business diversification while leveraging the customer base and technology of each subsidiary mutually.
Company Strengths
In FY2026 (ending March 2026), the System Development segment posted net sales of ¥1,105 million (approximately 88% of total company sales) and segment profit of ¥73 million (up 7.7% year on year). By promoting in-house production of contract development work, the company curbed outsourcing costs and significantly improved its profit margin. A corporate client base led by NTT DOCOMO Business, combined with a one-stop service structure integrating staffing services, contract development, and PC recycling, underpins the stability of earnings.
In FY2026 (ending March 2026), the Renewable Energy segment recorded net sales of ¥73 million (up 79.0% year on year) and segment profit of ¥6 million (versus a loss of ¥26 million in the prior period), returning to profitability. Depreciation expenses decreased significantly due to the impairment loss recorded in the prior period, and maintenance costs were also reduced as no large-scale repairs occurred. Steady order intake for battery storage facility construction work, along with favorable trends in wind power generation output and electricity sales prices, drove the increase in sales.
In the contract development and industrial graphics divisions, thorough in-house production of operations was implemented to curb outsourcing costs, achieving margin improvement and profit growth even amid a year-on-year decline in sales. Across the System Development segment as a whole, segment profit rose 7.7% despite a 1.1% decline in net sales, confirming the numerical impact of cost structure reform.
ENVALITH's Perspective
Performance Trend
Revenue trended as follows: ¥1,226 million in FY2022 → ¥1,301 million in FY2023 → ¥1,277 million in FY2024 → ¥1,470 million in FY2025 → ¥1,252 million in FY2026. FY2025 saw increased revenue driven by contributions from the Factoring Service and Real Estate Sales Business, but FY2026 shifted to a revenue decline due to a significant contraction in the Asset Management Related Business (down 73.7% year on year). Operating loss narrowed substantially from ¥217 million in FY2024 to ¥51 million in FY2025 and ¥50 million in FY2026. Net income turned positive for the first time in FY2026 at ¥29 million, though this was mainly attributable to one-off factors such as the reversal of allowance for doubtful accounts. Regarding the market environment, demand for DX investment remains solid, but rising recruitment costs due to a shortage of IT personnel continue to weigh on profitability.
Growth Strategy
Achieving operating profitability through strengthening IT business revenue and selective expansion of renewable energy and asset management businesses
In addition to sales growth through new customer acquisition and deeper penetration of existing customers, the company aims to improve segment profit margin by curbing outsourcing costs through the active promotion of in-house development for contract development projects. It plans to expand capacity through enhanced recruitment and training, steadily capturing DX demand. In FY2026 (ending March 2026), segment profit reached ¥73 million (up 7.7% year on year), indicating steady improvement.
The company aims to secure stable earnings by acquiring intermediary, consulting, and construction contract projects related to the development of battery storage facilities, as well as through the sale of electricity generated by wind power. It is also considering entry into new business areas within the broader renewable energy field. In FY2026 (ending March 2026), the segment achieved a turnaround to profitability (profit of ¥6 million), confirming the direction of this strategy.
In the Factoring Service business, the company has prioritized the collection of existing receivables as its top priority and has scaled down its sales operations accordingly. In the Real Estate Sales Business, it is reviewing its sales policy for acquired properties. As the timing of collection of certain receivables remains uncertain, the earnings forecast for FY2027 (ending March 2027) has not yet been determined.
Material doubt exists regarding the going concern assumption due to eight consecutive fiscal years of operating losses since FY2019 (ended March 2019). The company aims to resolve this at an early stage by strengthening the revenue base of each segment and securing stable earnings power. On the financial side, the company has judged that it has secured the funds necessary for its immediate business operations and that there is no material concern regarding cash flow.
Last updated: July 19, 2026