ENVALITH
大黒屋ホールディングス株式会社 logo

Daikokuya Holdings Co.,Ltd.

6993・Standard Market・Retail Trade

Official website
大黒屋ホールディングス株式会社 logo
Daikokuya Holdings Co.,Ltd.6993

Business

Daikokuya Holdings, through its subsidiary Daikokuya, mainly engages in the purchase and sale of used brand goods (bags, watches, jewelry) and pawnshop operations based on the Pawnshop Business Act, accounting for over 97% of group sales. In addition, the company holds an Electric Equipment Business that manufactures and sells industrial lighting equipment, control equipment, and electrical construction materials. The Pawnshop & Secondhand Goods Trading Business operates through both physical stores nationwide and e-commerce channels, and sales of head office merchandise (for BtoB and auctions) are also expanding against the backdrop of inbound demand and rising gold prices. Consolidated net sales for FY2026 (ending March 2026) were ¥11,472 million.

Business Model

In the pawnshop business, the company lends funds secured against pawned items and earns pawn interest (equivalent to interest income) as stable revenue (outstanding operating loans of ¥2,139 million, pawn interest revenue of ¥909 million). In the secondhand goods trading business, the company purchases used brand goods and sells them through physical stores, e-commerce, and B2B channels (such as precious metal auctions), adopting a margin-based model. The Electric Equipment Business combines indirect sales through agencies and distributors with OEM sales.

Company Strengths

Daikokuya has built a customer base as a major nationwide operator in the used brand goods business over many years, accumulating capabilities in customer credit assessment, authenticity appraisal, and valuation. In the pawnshop business, it records stable interest revenue (¥909 million in FY2026 (ending March 2026)) based on a high-quality customer base, and possesses an operating history and trust-based assets that competitors cannot easily replicate in a short period.

Through a third-party share allotment (¥4,365 million) and exercise of stock acquisition rights (¥1,414 million) in December 2025, the equity ratio improved substantially from 6.3% at the end of the previous fiscal year to 53.1% at the end of FY2026 (ending March 2026). Of total assets of ¥10,065 million, net assets of ¥5,959 million were secured, achieving simultaneous inventory buildup (an increase of ¥1,714 million year-on-year) and repayment of borrowings.

Through collaboration with Mercari and LINE Yahoo, the company is working to expand AI-driven purchasing channels and strengthen customer appeal. Under its mission of "Innovating industrial structure through reuse × AI technology," it is advancing the sophistication and efficiency of purchasing and sales, and possesses a digital collaboration infrastructure that competitors cannot easily build in a short period.

ENVALITH's Perspective

In FY2026 (ending March 2026), financing CF turned sharply positive at ¥4,929 million, driven by a third-party allotment capital increase of ¥4,365 million and stock acquisition rights exercise proceeds of ¥1,414 million, improving the equity ratio to 53.1%. On the other hand, operating CF deteriorated at an accelerated pace to ¥(3,120) million (versus ¥(1,193) million in the prior period). Although the main cause was an increase in inventory (¥(1,705) million), the pre-tax net loss of ¥2,140 million indicates that the recovery of underlying business earnings power is only halfway complete, making the recovery of inventory investment the biggest key to FY2027 (ending March 2027) performance.

The worsening of net loss attributable to owners of the parent to ¥2,053 million in FY2026 (ending March 2026) (versus ¥968 million in the prior period) was mainly due to a one-time factor: a ¥1,278 million loss from the write-off of foreign currency translation adjustments associated with the sale of the UK sub-subsidiary SFL Group. Excluding this, operating loss improved to ¥652 million (versus ¥904 million in the prior period), and ordinary loss improved to ¥881 million (versus ¥1,076 million in the prior period). With the deconsolidation of SFL Group eliminating the overseas loss factor, the fact that underlying profitability is trending toward improvement is a positive point.

The full-year forecast for FY2027 (ending March 2027) projects net sales of ¥22,251 million (up 94.0% year on year) and operating profit of ¥1,315 million, a significant swing to profitability. The premise of nearly doubling sales includes the acquisition of the on-site purchasing business (from VOOM, to be executed in May 2026) and the full-scale rollout of the corporate financial business in the second half. While a tailwind exists from external factors such as soaring gold prices and continued inbound demand, headwinds include intensifying competition from M&A by major industry players and aggressive store openings by specialized purchasing chains. Unless the turnover rate and gross margin materialize following the inventory build-up, achieving the forecast will be difficult, making progress monitoring essential.

Growth Strategy

Aiming for a return to profitability in FY2027 (ending March 2026) through restructuring of the Daikokuya business and new business development in corporate financial services and off-site purchasing

Through active merchandise procurement utilizing funds raised from the December 2025 capital increase, merchandise and product inventory increased from ¥1,440 million to ¥3,154 million. The company will continue high-quality inventory buildup with a focus on gross margin and turnover rate, aiming to revitalize Daikokuya stores nationwide. The goal is to achieve profitability for the period in FY2027 (ending March 2026).

Based on the basic agreement concluded on March 31, 2026, the company has begun discussions on expanding the customer base through mutual customer referrals, jointly implementing brand value enhancement measures, and jointly developing new businesses leveraging the know-how of both companies. Promotion of M&A and alliances utilizing the SBI Group's network will also proceed in parallel.

On May 1, 2026, consolidated subsidiary Luxwise Co., Ltd. acquired VOOM Co., Ltd.'s precious metals off-site purchasing business for ¥361 million. The company will establish a growth foundation through hiring field sales personnel and forming alliances with companies in other industries, projecting operating profit of ¥190 million for FY2027 (ending March 2026).

The company is promoting personnel recruitment and internal organizational structure development, aiming for full-scale commercialization from the second half of FY2027 (ending March 2026). Synergy creation in the financial field leveraging the alliance with SBI Holdings is also being considered. Operating profit of ¥100 million is projected for FY2027 (ending March 2026).

The UK sub-subsidiary SFL Group, for which a business withdrawal policy was decided in 2019, was sold externally and deconsolidated effective March 27, 2026. Although a loss of ¥1,278 million was recorded from the reversal of foreign currency translation adjustments, this eliminated overseas loss factors and simplified the group's earnings structure.

Last updated: July 19, 2026