ENVALITH
INCLUSIVE Holdings株式会社 logo

INCLUSIVE Inc.

7078・Growth Market・Services

Official website
INCLUSIVE Holdings株式会社 logo
INCLUSIVE Inc.7078

Business

INCLUSIVE Holdings, Inc. originated as an internet services company founded in 2007 and transitioned to a holding company structure in October 2025. It now operates four segments: Brand Consulting Business (regional tourism hub rebranding, digital marketing, space design), Food-related Business (ryotei, e-commerce, and department store basement sales centered on the 170-year-old Shimogamo Saryo brand), Space-related Business ("Farmland DX," an agricultural administration DX solution for local governments utilizing satellite data), and Investment Business. Its main customers are business corporations, local governments, and organizations, forming a diversified group that captures business opportunities arising from social trends such as expanding inbound demand and the advancement of administrative DX.

Business Model

The Brand Consulting business generates revenue mainly from project-based orders, the Food-related Business from foot traffic and EC sales revenue at ryotei and department store basement shops, the Space-related Business from subscription-type DX service revenue for municipalities, and the Investment business from the sale and dividend income of operational investment securities. Each operating company runs on an independent accounting basis, while the holding company handles group-wide resource allocation and internal controls. The Food-related Business is the only segment currently profitable, underpinning the group as a whole.

Company Strengths

Shimogamo Saryo Co., Ltd. owns a long-established ryotei (traditional Japanese restaurant) brand founded in 1856 (Ansei 3), operating across multiple channels including ryotei restaurants, department store basement food halls, e-commerce, and furusato nozei (hometown tax donation programs). By leveraging its in-house manufacturing system, the company secures flexibility in product development, and in FY2026 (ending March 2026) it recorded net sales of ¥2,211 million and segment profit of ¥87 million, supporting the group's earnings base as its only profitable segment.

"Hojo DX," a satellite data-based field survey support service for agricultural administration provided by LAND INSIGHT Inc., was adopted by 130 municipalities in FY2026 (ending March 2026), approximately six times the number in the previous fiscal year. A demonstration project in Miyazaki Prefecture proved its effectiveness by reducing the number of farmland plots requiring on-site surveys by up to 80%, and the service received the "Minister of Agriculture, Forestry and Fisheries Award" at the 7th Space Development and Utilization Awards in February 2026. As a unique service aligned with the government's policy of promoting DX in agricultural administration, it is expanding its share among municipalities.

The company has a track record of handling projects end-to-end, from planning to space design and operations, including the overall production of "EARTH MART," a signature pavilion at the Osaka-Kansai Expo, and the overall production of "MoN Takanawa," a comprehensive cultural facility at JR Takanawa Gateway Station scheduled to open in March 2026. This track record of securing orders for such high-impact projects underpins the competitive advantage of the Brand Consulting business.

ENVALITH's Perspective

Operating loss for FY2026 (ending March 2026) widened to ¥417 million (versus a loss of ¥366 million in the prior period). While the improvement in the Food-related Business, the only segment posting a profit (segment profit of ¥87 million), is commendable, the segment loss of ¥184 million in the Brand Consulting business and the adjustment amount of ¥339 million in company-wide expenses weigh heavily, and the group as a whole has yet to achieve profitability. The forecast for FY2027 (ending March 2027) also anticipates an operating loss of ¥152 million, and the timing of a return to profitability remains unclear.

Regarding the earnings report (kessan tanshin) disclosed on May 14, 2026, errors including tax effect accounting treatment and account reclassification were identified during the accounting audit process, and a corrected disclosure was issued on June 5, 2026. This resulted in a downward revision of ¥9 million in net sales and ¥22 million in gross profit. While the scale of the correction is minor, as a listed company this matter concerns the accuracy of financial results, and investors need to continue closely monitoring the reliability of the internal control system and accounting processes.

Revenue from the Space-related business expanded rapidly to ¥30 million (up 529.5% year on year), and the expansion of the business foundation is clear, including adoption by 125 municipalities and receipt of the Minister of Agriculture, Forestry and Fisheries Award. There is also a favorable external tailwind in the market environment, namely the government's promotion of DX in agricultural administration. However, the current revenue scale represents only 0.7% of total company revenue of ¥4,560 million, and the segment loss of ¥3 million indicates that profitability has not yet been achieved; it appears that considerable time will be needed before the contribution to overall company performance becomes apparent.

Growth Strategy

Focusing on Food-related and Space-related as priority areas, the company aims to monetize its regional revitalization business through AI utilization and strengthened digital infrastructure

Maximizing the use of the AI data analysis-based digital marketing platform and the Shimogamo Saryo brand, the company promotes continuous growth of the E-Commerce Business and higher value-added store operations. Through collaboration with the INCLUSIVE Holdings group, it strategically pursues synergies between digital (EC) and physical (stores) channels.

Building on the track record of implementation in 125 municipalities and the Minister of Agriculture, Forestry and Fisheries Award, the company is accelerating market penetration of its agricultural administration DX service utilizing satellite data. It is proactively advancing efforts in technology development, partnerships, and policy collaboration, aiming to establish a leading position in DX services for municipal administrations.

While continuing the shift toward highly profitable projects with competitive advantages in the media division, the company aims to translate upfront investments in regional revitalization businesses, such as Regional Tourism Hub Rebranding & Facility Development, into revenue from the next fiscal year onward. It is concurrently advancing management efficiency improvements and cost optimization through AI utilization.

Following the transition to a holding company structure in October 2025, the company is consolidating management and human resources through an absorption-type merger between consolidated subsidiaries (Orange and Partners Co., Ltd. absorbing George Creative Company Co., Ltd., effective June 1, 2026), aiming to accelerate decision-making and reduce administrative expenses.

Last updated: July 19, 2026