REFINVERSE Group, Inc.
7375・Growth Market・Services
Business
Refinverse Group Inc. is a holding company composed of two segments: the Materials Business and the Resources Business. In the Materials Business, the company manufactures and sells REFINE POWDER, produced from used carpet tiles through proprietary cutting technology, and REAMIDE® (Reamide), a recycled nylon resin made from discarded fishing nets and airbag scraps. Its main customers are major carpet tile manufacturers such as SUMINOE, Sangetsu, and Kawashima Selkon Textiles. In the Resources Business, the company collects and transports, and provides intermediate treatment of, construction-related industrial waste at three sites in the Tokyo metropolitan area (Katsushika Ward, Ota Ward, and Adachi Ward), with major developers and general contractors as its customer base. The company is also launching a Waste Plastic Feedstock Supply (for Oil-to-Chemical Recycling) business through a capital and business alliance with Mitsubishi Chemical. It established resin recycling technology in 2001, listed on the Tokyo Stock Exchange Mothers market in 2016, and transitioned to a holding company structure in 2021.
Business Model
In the Materials Business, the company adopts a dual revenue model in which it records treatment fee income upon accepting waste and records product sales revenue upon selling recycled resin products. A distinguishing feature is its ability to both procure raw materials from waste and receive treatment fees for accepting it. In the Resources Business, the company provides industrial waste collection & transport and intermediate treatment services, earning revenue based on the volume of waste accepted. The two segments work in tandem, with the company aiming to build a circular platform in which waste plastic procured through the Resources Business is utilized as feedstock for the Materials Business.
Company Strengths
The proprietary cutting technology established in 2001 separates the resin layer and fiber layer of carpet tiles with high purity. A hybrid technology combining mechanical and chemical processing has achieved mass production of REAMIDE® (Reamide), and this technology has also been licensed to companies both in Japan and overseas. The company also holds ISCC PLUS certification (obtained in June 2024), establishing technical differentiation.
In FY2025, the Resources Business recorded net sales of ¥2,850 million (up 13.0% year on year) and segment profit of ¥607 million (up 24.6% year on year), with order volume reaching a record-high level. Profitability improved substantially through operational review and resource optimization, and the acquisition of new business relationships with major developers and general contractors, leveraging the geographic advantage of the three Tokyo metropolitan area sites (Katsushika Ward, Ota Ward, and Adachi Ward), proved successful.
The company is building a waste plastic procurement network in preparation for supplying waste plastic feedstock to the oil-to-chemical recycling business planned by Mitsubishi Chemical. This is positioned as a new profit pillar of a resource recycling platform combining the waste collection network of the Resources Business with the recycling technology of the Materials Business, and the strengthening of the business foundation through collaboration with a major chemical manufacturer is expected.
ENVALITH's Perspective
Performance Trend
The company turned profitable in FY2025 (operating profit of ¥182 million) after a significant loss in FY2023 (net income attributable to owners of parent of ¥-505 million). In cumulative Q3 FY2026 (ending June 2026), revenue reached ¥3,332 million (+7.0% YoY), operating profit reached ¥245 million (+54.0% YoY), and quarterly net income attributable to owners of parent reached ¥184 million (+61.1% YoY), showing accelerating profit growth. The Resources Business achieved a record-high number of orders for three consecutive quarters, supporting the earnings base, while the Materials Business absorbed relocation costs for the REAMIDE® (Reamide) plant (¥32 million) and still achieved a significant recovery in segment profit. As an external factor, tailwinds from decarbonization and resource circulation policies are boosting demand. The full-year forecast (revenue of ¥4,800 million, operating profit of ¥380 million) remains unchanged, implying growth of +17.9% and +108.5% respectively versus the prior fiscal year.
Growth Strategy
Building a waste plastic resource recycling platform and expanding profitability through REAMIDE® value enhancement
Carpet tile recycling has spread mainly among major customers, with both procurement and sales volumes reaching record highs in the third quarter. Net sales have reached record highs for two consecutive quarters, confirming sustained demand growth.
The company is proceeding with the relocation from the Ichinomiya plant to the Gamagori plant, promoting fundamental improvements to the production process and higher quality. Expansion of sales channels into multiple industries, including apparel and molded parts, is anticipated. Plant relocation costs of ¥32 million have been recorded on a cumulative basis through the third quarter in connection with the relocation.
The company is building a supply chain for the supply of waste plastic feedstock to the oil-to-chemical recycling business operated by Mitsubishi Chemical, and is making upfront investments toward business growth. The development of a collection and resource recovery system for polyolefin-based waste plastics is progressing.
The company is promoting DX, including visualization of waste treatment status, to expand customer-issue-solving services. The number of orders in the Industrial Waste Treatment Business has reached record highs for three consecutive quarters, with an increase in the acquisition of new major customers and in orders for restoration construction work.
Last updated: July 17, 2026