ENVALITH
CRGホールディングス株式会社 logo

CRG HOLDINGS CO.,LTD

7041・Growth Market・Services

Official website
CRGホールディングス株式会社 logo
CRG HOLDINGS CO.,LTD7041

Business

CRG Holdings Co., Ltd. is a comprehensive human resources services group comprising five consolidated subsidiaries and one equity-method affiliate under the holding company. Its core subsidiary, Mirairu Co., Ltd., provides staffing, recruitment, and contracted services across a broad range of fields including call centers, logistics, manufacturing, and engineering, while Protecs Co., Ltd. handles contracted manufacturing of pet care-related products. The group has built diverse revenue sources by adding disability employment support (Palette Co., Ltd.), interpretation, translation, and accommodation management (Oshiete Co., Ltd.), and business financing and M&A advisory (Craylish Co., Ltd. and CRG Investment). Its main customers are companies in the finance, telecommunications, manufacturing, and logistics industries, with a nationwide base of registered staff and its proprietary core system "C3" serving as competitive foundations. The company listed on the TSE Mothers market in 2018 and transitioned to the Growth Market in 2022.

Business Model

HR-Related Business accounts for approximately 96% of net sales, with the main revenue source being compensation for labor provision linked to the working hours of dispatched staff. The company leverages its nationwide network to conduct large-scale matching for call centers, logistics, and manufacturing, pursuing higher value-added services through "unit-type staffing," in which supervisors and operators are dispatched as a set. The Financial Business (net sales of ¥598 million) consists of financial income from bill discounting, real estate-secured loans, etc., and M&A advisory fees, and plays a role in offsetting fluctuations in HR business revenue.

Company Strengths

ホワイトカラー・ブルーカラー・オレンジカラー・エンジニアの4領域をカバーする全国規模の登録スタッフ基盤を保有。独自開発の基幹システム「C3」によるAIマッチングとRPAによる事務効率化を組み合わせ、迅速かつ精度の高い人材供給体制を構築している。

2024年10月、株式会社CRドットアイが株式会社キャスティングロード及び株式会社ジョブスを吸収合併し「株式会社ミライル」として発足。クロスセル強化・共通費用効率化・成長事業への経営資源最適配分を実現し、2025年9月期のHR-Related Businessセグメント利益は前年同期比102.2％増の190百万円となった。

株式会社オシエテが保有する35超言語・2,000名超の通訳者登録基盤を活用し、外国人観光客向け宿泊管理事業に参入。東急不動産ホールディングス子会社ReINN株式会社との業務提携契約を締結し、予約管理・清掃手配・収益管理等の宿泊施設運営サービスを展開している。

ENVALITH's Perspective

For the first half of FY2026 (ending March 2026), net sales came to ¥8,299 million (down 2.6% year on year) and operating profit was ¥154 million (down 15.4%), reflecting lower revenue and profit. Ordinary profit in particular deteriorated sharply to ¥72 million (down 52.7%), and the company recorded an interim net loss attributable to owners of the parent of ¥30 million. The steep decline in ordinary profit was mainly due to a one-time syndicated loan fee of ¥64 million (versus ¥0.6 million in the same period of the prior year), and views differ on whether this should be assessed as a structural cost associated with the refinancing. On the other hand, segment profit in the Manufacturing-Related Business surged 221% year on year, and the resulting diversification of the business portfolio is a positive development worth noting.

The full-year forecast remains unchanged from the previous announcement, with net sales of ¥18,000 million (up 9.6% year on year), operating profit of ¥300 million (up 7.4%), and net income of ¥100 million (down 34.8%). However, the progress rate against the full-year forecast stood at only 46.1% for net sales and 51.6% for operating profit at the interim stage. The second half will need to add ¥9,701 million in net sales and ¥146 million in operating profit, and in particular, net sales will need to significantly exceed the level achieved in the same period of the prior year (¥7,898 million). Acceleration in the second half is essential to achieving the full-year forecast, and assessing the likelihood of achievement will be a key focus for investment decisions.

During the first half, the company repaid ¥3,511 million in short-term borrowings and newly raised ¥2,750 million in long-term borrowings as part of a refinancing. While the extension and diversification of repayment maturities improved the stability of the financial base, a one-time syndicated loan fee of ¥64 million weighed heavily on ordinary profit. Interest expense also increased from ¥27 million in the same period of the prior year to ¥38 million, and rising borrowing costs amid a continuing environment of higher interest rates represent an ongoing external factor pressuring earnings. The equity ratio improved to 35.4% (from 32.2% at the end of the previous fiscal year), but the level of interest-bearing debt outstanding warrants continued monitoring.

Growth Strategy

Transformation of the earnings structure through independent growth of the Manufacturing-Related Business and value-addition/diversification of the HR-Related Business

In addition to stable operation of existing sites such as the Togane manufacturing plant, the company is strengthening staffing services for the manufacturing industry and developing new outsourcing clients. In the first half of FY2026 (ending March 2026), segment profit reached ¥141 million (up 221% year on year), and the business is increasingly establishing itself as a second pillar complementing fluctuations in earnings from the HR-Related Business.

In addition to acquiring new clients and opening new locations for the satellite office business, the company has begun offering "Canvas+," a new service that integrates counseling and retention support. In collaboration with Cocodocoro Inc., the company is building a high-value-added model that addresses the corporate challenge of mitigating leave-of-absence and turnover risks.

Oshiete is expanding its contracted operation of accommodation facilities, primarily in the Tokyo metropolitan area. Through business alliances, the company is strengthening operational support for urban minpaku (private lodging) businesses, providing one-stop services covering multilingual support, cleaning, and quality management to reduce the burden on owners and improve guest satisfaction. The external tailwind of growing inbound demand is also supportive.

The company repaid ¥3,511 million in short-term borrowings and refinanced into ¥2,750 million in long-term borrowings. This has improved the stability of the financial base by extending and diversifying repayment maturities. Although a one-time syndicated loan fee of ¥64 million was incurred, the move aims to improve financial discipline over the medium to long term.

The company conducts regular AI training for all employees, covering everything from acquiring basic understanding to examining the scope of application to business challenges. It aims to build a sustainable internal AI promotion structure, which is expected to contribute to improving the labor-intensive cost structure characteristic of the staffing services industry.

Last updated: July 17, 2026