AINAVO HOLDINGS Co.,Ltd.
7539・Standard Market・Wholesale Trade
Business
Ainavo Holdings, Inc. is a pure holding company overseeing a specialty trading group for housing and construction, with 8 consolidated subsidiaries and 7 non-consolidated subsidiaries under its umbrella. The company traces its roots to Abe Yogyo Co., Ltd., established in 1955 for tile construction contracting and sales, and transitioned to a holding company structure in 2013. It operates two segments: the Detached Housing Business (sales and construction of tiles, building materials, and housing equipment) and the Large-Scale Property Business (tile construction, HVAC equipment construction, sanitary equipment construction, etc. for buildings and condominiums). Its main customers are housing manufacturers and construction companies, and it has a stable procurement base for products through special distributor agreements with LIXIL, TOTO, and Housetec. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company secures a stable supply of building materials and housing equipment through distributor agreements with major manufacturers such as LIXIL and TOTO, and generates revenue by providing integrated sales and construction services leveraging the construction networks of group companies. The Detached Housing Business accounts for approximately 85% of net sales and is the core segment, adding value by handling not only Tile & Building Materials Sales but also the construction of exterior wall work and Housing Equipment Construction. The company continuously expands its construction areas and product lineup through M&A, aiming to scale up operations and strengthen its earnings base.
Company Strengths
Starting with the acquisition of Onchogiken in 1998, the company has continuously pursued M&A, including Intergrow in 2013, Imamura in 2018, Manix in 2021, Mic in 2022, Inabo Logistics and Restage in 2023, and Techno Glass Service and Ueno Tile in 2024. Through these deals, it has progressively expanded its construction coverage area, product lineup, and construction capabilities, growing net sales by approximately 39% over five years, from ¥66,122 million in FY2021 (ending March 2021) to ¥92,272 million in FY2025 (ending March 2025).
Aberuko Corporation has entered into long-term distributor agreements with LIXIL (signed 1981), TOTO (signed 1999), and Housetec (signed 1996). Each agreement is automatically renewed annually, ensuring a stable supply of products, and stable procurement of housing equipment and tiles supports the company's earnings base.
By capturing increased demand for replacement of high-efficiency water heaters supported by energy-efficiency subsidies, expansion of sash construction through the window renovation business, and growing demand for air-conditioning equipment driven by severe heat, net sales of Housing Equipment, Sanitary & HVAC Equipment Sales and Construction reached ¥43,456 million in FY2025 (ending March 2025), up 4.7% year on year. Net sales of the Detached Housing Business as a whole expanded to ¥77,965 million, up 4.4% year on year.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, rising from ¥66,122 million in FY2021 to ¥92,272 million in FY2025, and the trend continued into H1 FY2026 (ending September 2026) with revenue of ¥48,258 million (+1.7% year-on-year). On the profit side, despite SG&A expenses such as personnel costs rising 8.7% year-on-year, a 1.1-point improvement in gross margin from the previous period drove increases across all profit stages: operating profit of ¥1,744 million (+9.5%), ordinary profit of ¥1,935 million (+9.3%), and net income for the interim period of ¥1,202 million (+10.9%). However, the full-year forecast calls for a decline in operating profit to ¥2,100 million (-17.1% year-on-year), with rising costs in the second half expected to weigh on profit. External risks continue, including the sustained decline in new housing starts and supply constraint risks stemming from conditions in the Middle East.
Growth Strategy
A three-year plan centered on M&A, energy-saving products, and area expansion, targeting sales of ¥112.0 billion and operating profit of ¥3.1 billion
As a core measure of the three-year plan, the Company continues to execute M&A of construction and sales companies. In the current interim period, Uwano Tile Co., Ltd. was consolidated, contributing to sales growth in Tile & Stone Construction within the Large-Scale Property Business. Going forward, the Company will continue to pursue scale expansion through the broadening of areas and product offerings.
The Company aims to improve its gross profit margin through the recovery of original brand tile sales, strengthened sales of original bathtubs targeting high-income customers, and expanded sales of products targeted for procurement enhancement such as wood-based building materials and household air conditioners. In the current interim period, the gross profit margin improved by 1.1 percentage points year on year.
The Company aims to expand sales in the Detached Housing Business by capturing demand for high-efficiency water heater and sash (window renovation) construction supported by energy-saving subsidies. Sash construction continued on an increasing trend in the current interim period, with the continuation of subsidy policy as an external factor serving as a tailwind.
In line with the three-year plan, the Company continues to actively recruit employees. SG&A expenses, including personnel costs, increased 8.7% year on year, but this reflects intentional upfront investment, which is being absorbed through the improvement in gross profit margin. The Company aims to expand its medium- to long-term earnings base.
Last updated: July 17, 2026