The Imamura Securities Co.,Ltd.
7175・Standard Market・Securities & Commodity Futures
Business
Imamura Securities Co., Ltd. is an independent regional securities firm headquartered in Kanazawa City, Ishikawa Prefecture, founded in 1921 and converted into a securities business in 1944. Centered on its financial instruments business, the company engages in brokerage of stocks, bonds, and investment trusts, underwriting and offering handling, intermediation of discretionary investment contracts, and insurance sales, among other services. It operates a network of head office and branch locations centered on the three Hokuriku prefectures of Ishikawa, Toyama, and Fukui, with face-to-face sales to individual investors as its core business model. The company listed on the JASDAQ market of the Tokyo Stock Exchange in 2014 and transitioned to the Standard Market in 2022. In 2023, it also obtained registration as an investment advisory and agency business, expanding its range of services.
Business Model
The main revenue sources are stock brokerage commissions (¥3,612 million in FY2026 (ending March 2026)) and beneficiary securities fees, including investment trust sales commissions and trust fees (¥1,096 million in the same period). In addition to flow-type revenue, whereby face-to-face sales staff provide information and proposals to clients to promote transactions, the company aims to expand stock-type revenue linked to assets under custody (¥432,900 million at the end of FY2026 (ending March 2026)). Operating its in-house developed system enables both cost efficiency and customer convenience.
Company Strengths
Founded in 1921, the company has built a branch network across the three Hokuriku prefectures and holds a customer base cultivated through long-standing face-to-face sales. In FY2026 (ending March 2026), it acquired 3,897 new accounts, and assets under custody reached ¥432,900 million (up 28.8% from the previous fiscal year-end), updating an all-time high. Trust relationships rooted in the local community support customer retention.
The company develops and operates its core systems in-house, enabling rapid response to customer needs. In FY2026 (ending March 2026), it launched the smartphone app 'Imamura Securities iPortal', strengthened security through the introduction of passkey authentication, and expanded the functionality of its internet trading platform iRoot, reinforcing digital touchpoints.
Assets under custody in equity investment trusts reached an all-time high of ¥106,647 million (up 38.6% from the previous fiscal year-end) at the end of FY2026 (ending March 2026). The expense coverage ratio from beneficiary certificates improved to 31.7% (from 27.7% in the previous fiscal year), indicating steady progress in building a revenue base less susceptible to fluctuations in stock market conditions.
ENVALITH's Perspective
Performance Trend
Operating revenue for FY2026 (ending March 2026) was ¥4,914 million (up 17.4% year on year), operating income was ¥1,407 million (up 42.7% year on year), and net income attributable to owners of parent was ¥1,055 million (up 38.8% year on year), achieving an increase in both revenue and profit for the first time in two fiscal years. Over the past five fiscal years, operating income has fluctuated markedly in line with market conditions: ¥1,422 million in FY2022 → ¥884 million in FY2023 → ¥1,476 million in FY2024 → ¥986 million in FY2025 → ¥1,407 million in FY2026. In FY2026 (ending March 2026), against a backdrop of rising domestic equity markets (an external factor), stock brokerage commissions increased substantially to ¥3,607 million (up 34.0% year on year), while trading gains/losses plunged to ¥19 million (down 95.6% year on year) due to changes in the environment surrounding USD-denominated corporate bonds. Selling, general and administrative expenses increased to ¥3,474 million (up 9.1% year on year), but since the increase in revenue outpaced the increase in expenses, profit margins improved. Cash flows from operating activities improved significantly to a net inflow of ¥3,307 million (compared with a net outflow of ¥1,184 million in the prior period).
Growth Strategy
Three pillars: expansion of assets under custody, shift toward recurring (stock-based) revenue, and strengthening of digital customer touchpoints
The company has established a proprietary KPI defined as investment trust sales commissions and trust fees divided by selling, general and administrative expenses. It aims to achieve a ratio exceeding 36% by the end of FY2029 (ending March 2029), with a long-term goal of exceeding 50%. The ratio for FY2026 (ending March 2026) reached 31.7% (up from 27.7% in the previous fiscal year), showing steady improvement, and assets under custody in equity investment trusts reached a record high of ¥106,647 million.
The company targets assets under custody of ¥475.2 billion by the end of FY2032 (ending March 2032). The actual balance at the end of FY2026 (ending March 2026) was ¥432,900 million, a significant increase of 28.8% compared to ¥336,100 million at the end of the previous fiscal year, indicating steady progress toward the target. While rising stock market prices (an external factor) have provided a tailwind, the expansion of the customer base and strengthening of Investment Trust Sales have been the main drivers.
The company targets the acquisition of 15,000 new customer accounts over five years (3,000 accounts per year). The result for FY2026 (ending March 2026) was 3,897 accounts (compared to 3,926 in the previous fiscal year), maintaining a level above the single-year target of 3,000 accounts. Initiatives such as the Family Support Securities Account, the smartphone app iPortal, the introduction of passkey authentication, and the renovation of the Yayoi Branch are supporting customer acquisition.
Last updated: July 19, 2026