ENVALITH
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Nojima Corporation

7419・Prime Market・Retail Trade

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株式会社ノジマ logo
Nojima Corporation7419

Business

The Nojima team is a diversified digital retail group centered on Nojima Corporation, comprising 29 consolidated subsidiaries and other entities. It operates 241 domestic Digital Home Appliance Specialty Store locations (directly operated by Nojima), 937 Carrier Shop locations (Connexio, ITX, etc.), an Internet Business encompassing Nifty and Cecile, an Overseas Business with 115 stores in Singapore, Malaysia, and elsewhere, PC planning, manufacturing, and sales through VAIO Corporation (Product Business), and a Media Business including AXN Corporation. Its main customers are individual consumers and corporations both domestically and overseas, and it is characterized by providing digital products, communication services, and content in a seamless, end-to-end manner. Net sales for FY2026 (ending March 2026) reached a record high of ¥982,804 million.

Business Model

Building on a large-scale physical store network of digital home appliance specialty stores and carrier shops as its customer touchpoint foundation, the company operates a multi-layered revenue structure combining product sales commissions, telecom agency commissions, ISP monthly subscription fees, PC manufacturing and sales, and media subscriptions. It employs a synergy model in which each segment cross-refers customers to one another, deepening inter-business collaboration such as selling VAIO products at NTT Docomo stores within the group.

Company Strengths

The Carrier Shop Operation Business, including Connexio and ITX, operates 937 stores (653 directly managed, 284 franchise), and achieved a record-high FY2026 (ending March 2026) net sales of ¥397,031 million and recurring profit of ¥26,912 million. The company has agency contracts with all major carriers—NTT Docomo, KDDI, and SoftBank—and its organizational foundation, built on the placement of excellent management personnel and the sharing of customer service techniques, constitutes a strength that is difficult for competitors to replicate in the short term.

ROE for FY2026 (ending March 2026) stood at 17.5%, exceeding the company's own target of 15% or higher, while the equity ratio reached 40.8%, greatly surpassing the target of 30% or higher. Net assets totaled ¥249,043 million, and operating cash flow was ample at ¥57,577 million, providing sufficient cash coverage against interest-bearing debt (¥5,916 million short-term and ¥57,622 million long-term). The track record of maintaining financial soundness while repeatedly conducting M&A underpins capacity for the next round of growth investment.

The company has expanded its business domains through phased M&A, including the acquisition of Nifty in 2017, Connexio in 2023, and VAIO in January 2025. The Product Business (VAIO) expanded rapidly in FY2026 (ending March 2026), with net sales of ¥66,988 million (up 378.5% year on year) and recurring profit of ¥4,944 million (up 578.8% year on year). This multi-layered portfolio, which avoids dependence on a single business, enhances resilience to economic fluctuations.

ENVALITH's Perspective

The Carrier Shop Operation Business, which accounts for approximately 40% of net sales, has an earnings structure heavily influenced by the fee schedules and sales incentive policies of telecom carriers. As an external factor, changes in the Ministry of Internal Affairs and Communications' competition policy and each carrier's economic ecosystem strategy directly drive earnings fluctuations. In FY2026 (ending March 2026), ordinary profit was strong at 140.0% year-on-year, but if carrier policy shifts or fee reductions occur, the impact on overall group earnings would be significant, warranting continuous monitoring.

The acquisition of Hitachi GLS's home appliance business (approximate acquisition consideration of ¥110,000 million, voting rights ratio of 80.1%) resolved in April 2026 is scheduled to be completed during FY2027 (ending March 2027). As this is a large cash-financed acquisition, sensitivity to increased interest-bearing debt and rising interest rates (an external factor) is expected to increase. The scale of goodwill and intangible assets, as well as the amortization burden, remain undetermined at this time. While there is a track record of successful VAIO integration, integrating a manufacturing business carries the risk of friction with existing operations in terms of culture and operations, making the timing and scale of integration benefits a key uncertainty for the earnings forecast.

The full-year consolidated earnings forecast for FY2027 (ending March 2027) is net sales of ¥1,000,000 million (101.7% year-on-year), operating profit of ¥59,000 million (101.6% year-on-year), ordinary profit of ¥76,000 million (122.0% year-on-year), and profit attributable to owners of parent of ¥48,000 million (123.3% year-on-year). The large increase in ordinary profit (+¥13,705 million) appears to reflect structural changes following the divestiture of the Financial Business and improved financial income. As external factors, the leveling off of demand following the end of Windows 10 support, rising component prices, and foreign exchange fluctuations could weigh on the Product Business and Overseas Business, while replacement demand for air conditioners ahead of the FY2027 revision to energy efficiency standards is expected to be a tailwind for the Digital Home Appliance business. The diversified portfolio structure, which mitigates single-business risk, can be viewed positively.

Growth Strategy

Hitachi GLS home appliance business acquisition to deepen vertical integration, AI PC sales expansion, overseas ASEAN business restructuring, and continued DX investment form the four pillars of the growth strategy

Board resolution passed on April 21, 2026. Plans to acquire 80.1% of the issued shares of a new company to be established by Hitachi GLS for approximately ¥110,000 million (expected to complete during FY2027 (ending March 2027)). The company will build a business model that circulates customer feedback from product development to after-sales service by combining Nojima's customer touchpoints with Hitachi's manufacturing technology.

Product Business revenue in FY2026 (ending March 2026) expanded sharply to ¥66,988 million (378.5% year-on-year). The company began sales through docomo stores, enhanced brand credibility through battery warranty service introduction across all models, and continued to capture AI PC demand from both corporate and individual customers. Stable growth is expected to continue in FY2027 (ending March 2027).

Optimized management resources by ending operations in Cambodia. In Singapore, the company is promoting renovation investment in existing stores and strengthening ancillary services, while in Malaysia it is advancing store development through scrap-and-build and strengthening procurement and sales promotion collaboration with key business partners. The company aims to focus on growth categories such as AI and smart devices and expand security support services.

Decided to continue implementing base salary increases twice a year, raising the starting salary for new graduates in fiscal 2026 to a maximum of ¥400,000. Relocated headquarters to Shinagawa in March 2026, consolidating dispersed teams into a single location to promote efficiency. Store DX investment aims to simultaneously improve the purchasing experience and enhance store operation efficiency, serving as the foundation for achieving the FY2027 (ending March 2027) earnings forecast (revenue of ¥1,000,000 million and operating profit of ¥59,000 million).

Last updated: July 19, 2026