NISSIN SHOJI CO., LTD.
7490・Standard Market・Wholesale Trade
Business
Nissin Corporation is an energy trading company founded in 1950 and affiliated with ENEOS Holdings, comprising 8 consolidated subsidiaries and 1 affiliated company. In its core Petroleum-Related Business, the company operates 53 Directly Operated SS Service stations, engages in fuel oil wholesaling, direct sales to corporate customers, and Industrial Materials Sales, supplying petroleum products nationwide under a dealership agreement with ENEOS. In the Renewable Energy-Related Business, the company handles Biomass Power Generation Fuel (PKS) (palm kernel shell) sales and other biomass fuels, as well as the Solar Power Generation & Electricity Sales Business. In the Real Estate Business, the company generates stable income centered on the Rental Apartments (EDIAN Series). Its main customers include individual users (Directly Operated SS Service), corporate customers such as manufacturers and electric power companies, and affiliated dealer service stations.
Business Model
The core of profitability is a margin-based business that purchases petroleum products from ENEOS and sells them through three channels: Directly Operated SS Service, wholesale, and direct demand. In the Directly Operated SS Service channel, the company enhances added value through car care (vehicle inspections, etc.) and customer acquisition via a refueling app, while in the Fuel & Lubricant Oil for Corporate Customers (Direct Demand Segment), it is expanding high-margin lubricant products. The Real Estate Business generates stable cash flow through the operation of rental apartments built on former SS sites and company housing land, and the Renewable Energy-Related Business, through biomass fuel sales and solar power sales, aims to become a future pillar of profit.
Company Strengths
Through an agency agreement with ENEOS Corporation, a subsidiary of ENEOS Holdings, the company maintains a stable procurement base for petroleum product supply across all branch service areas. In FY2026 (ending March 2026), sales of the Petroleum-Related Business reached ¥35,619 million, accounting for approximately 90% of total company sales, with the long-standing trading relationship serving as a differentiating factor versus competitors.
As of the end of FY2026 (ending March 2026), the number of Directly Operated SS Service locations expanded to 53, an increase of 1 SS from the previous fiscal year-end. Through enhanced rollout of pure self-service stores, customer acquisition via apps targeting individual users, and increased car care revenue such as vehicle inspections, segment profit of the Petroleum-Related Business rose 50.3% year on year to ¥940 million.
Former SS sites and employee housing in Yokohama, Tokyo, Nagoya, and other locations have been converted into Rental Apartments (EDIAN Series), generating stable real estate income. In FY2026 (ending March 2026), sales of the Real Estate Business totaled ¥642 million, with segment profit of ¥331 million (profit margin of 51.6%), maintaining high profitability and functioning as a model for effective asset utilization amid declining petroleum demand.
ENVALITH's Perspective
Performance Trend
Revenue was ¥39,426 million (up 1.0% year on year), remaining flat for the fifth consecutive fiscal year. Operating profit fell to a loss of ¥185 million, the first operating loss in five fiscal years (versus ¥385 million in the prior period). The main causes were declining profitability in PKS (Biomass Power Generation Fuel) sales in the Renewable Energy-Related Business, lightning damage at a solar power plant, and losses on disposal. Ordinary profit also declined to ¥317 million (down 42.9% year on year). On the other hand, the recording of a gain on sale of investment securities of ¥5,135 million (including J-Leaf shares) caused profit before income taxes to surge to ¥4,415 million, with profit attributable to owners of parent reaching ¥3,661 million. As for external factors, crude oil prices at one point surged past $100 per barrel during the period, while domestic petroleum demand continued its structural decline due to the spread of electric vehicles.
Growth Strategy
Enhancing corporate value through monetization of the renewable energy business, strengthening of the core petroleum business, and going private via an MBO
Through the expansion of car care (vehicle inspection, etc.) revenue at 53 Directly Operated SS Service locations, strengthening of the direct demand segment for corporate lubricant oil, and expansion of the industrial materials segment including agriculture-related products (up 22.3% year on year), segment profit for the Petroleum-Related Business reached ¥940 million, up 50.3% year on year. The effect of increased sales volume following the abolition of the former provisional tax rate also contributed.
While expansion in PKS sales volume progressed (sales revenue up 6.6% year on year to ¥3,164 million), segment loss expanded sharply to ¥(916) million due to declining profitability, lightning damage to solar power plants, and the suspension of operations at JJ FUEL SUPPLY SDN.BHD. A provision for business restructuring losses of ¥299 million has been recorded, and business restructuring at the overseas subsidiary is ongoing.
As of May 11, 2026, the company resolved to recommend tendering in the tender offer by EDIAND Co., Ltd. Through going private following delisting, the company intends to flexibly promote a medium- to long-term business structure transformation. Both next-period earnings forecasts and dividend forecasts remain undisclosed.
Last updated: July 19, 2026