KOYOSHA INC.
7946・Standard Market・Other Products
Business
Koyosha Co., Ltd. is a mid-tier printing company founded in 1949 that operates a Printing-related Business (Single Segment). The company is composed of the parent company and two consolidated subsidiaries (Nicomo Co., Ltd. and Nocom Co., Ltd.), and comprises three divisions: the Product Production division (Photoengraving / Video Content) (production of photoengraving plates for offset printing, displays, and video content), the Printing division (a one-stop service covering planning, design, and DTP production through printing, processing, assembly, and delivery, as well as printing, bookbinding, and delivery of picture books), and the Merchandise division (sale of printing-related consumables). The company is listed on the Standard Market of the Tokyo Stock Exchange and the Main Market of the Nagoya Stock Exchange (listed in June 2025). Its main customers are companies in general that order advertising materials, and it maintains a diversified customer base with no concentration of sales (exceeding 10%) with any specific customer.
Business Model
Printing accounts for approximately 84% of net sales, while Product Production accounts for approximately 16%. The company secures orders through proposal-based sales that reduce customers' operational burden, centered on an in-house integrated production system (one-stop service) covering planning, plate-making, printing, bookbinding/processing, and shipping. By combining Environmentally Friendly Printing (Carbon Offset) (carbon neutral print / carbon zero print) with the Digital Marketing Business / Flat-Rate Web Service, the company aims to raise unit prices and deepen customer relationships by offering added value through the fusion of paper and digital.
Company Strengths
Since its founding in 1949, the company has built a one-stop system completing plate-making, printing, processing, and shipping in-house. Production output for FY2026 (ending March 2026) was ¥4,806 million (up 2.8% year on year), achieving both cost reduction and quality control through the promotion of in-house production. High-quality printing technology based on long-cultivated plate-making skills serves as a differentiating factor.
The company offers Carbon Neutral Print and Carbon Zero Print as its own distinctive Environmentally Friendly Printing (Carbon Offset) offerings. In FY2026 (ending March 2026) as well, carbon-offset-related sales performed well, contributing to revenue that exceeded the initial plan by ¥80 million (net sales of ¥4,830 million). Sales channel expansion continues as a unique service that captures demand related to SDGs and decarbonization.
In the first year (FY2026, ending March 2026) of the FY2025-FY2027 medium-term management plan, the company exceeded all planned indicators, with net sales of ¥4,830 million (up ¥80 million, or 1.7%, versus plan), operating profit of ¥102 million (up ¥32 million, or 46.3%, versus plan), and recurring profit of ¥138 million (up ¥38 million, or 38.8%, versus plan), demonstrating strong execution capability.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥4,059 million in FY2022 (ended March 2022) to ¥4,830 million in FY2026 (ending March 2026). Operating profit, after posting a loss of ¥57 million in FY2022, followed a recovery trend, rising from ¥28 million in FY2023 (ended March 2023) to ¥72 million in FY2024 (ended March 2024), but temporarily declined to ¥60 million in FY2025 (ended March 2025). In FY2026 (ending March 2026), it recovered significantly to ¥102 million, and the operating margin improved to 2.1% (from 1.3% in the previous fiscal year). Amid a continuing external environment of soaring raw material prices and declining demand due to the digitalization of printed materials, the company's efforts to promote in-house production, improve production efficiency, and expand sales channels related to carbon offsetting contributed to the increase in both revenue and profit. Operating cash flow improved significantly to ¥138 million (from ¥14 million in the previous fiscal year), reflecting a recovery in cash-generating capacity as well.
Growth Strategy
Aiming to sustain the trend of increasing revenue and profit through environmentally friendly printing, digital integration, and a new logistics business
Continuing to expand sales channels for environmentally friendly printing centered on carbon neutral print and carbon zero print. The company aims to capture corporate demand for ESG initiatives and secure differentiated orders that are less susceptible to price competition. This contributed to revenue growth in FY2026 (ending March 2026) and is positioned as a key growth driver for FY2027 (ending March 2027) as well.
Developing the Digital Marketing Business, which links print media with digital media, and the Flat-Rate Web Service, which handles the entirety of web operations on an outsourced basis. As a value-added service to offset the structural decline in printing demand, the company is strengthening its problem-solving proposals for customers, deepening relationships with existing customers, and developing new customers.
Launched in April 2026 at the Hanno Printing Center BASE. This is a new service unique to a printing company, providing integrated support ranging from the manufacturing of printed materials to inventory storage, management, picking, assembly, and shipping operations. The aim is to create synergies with printing orders to lock in customers and generate new revenue sources.
Continuously implementing cost reductions through improvements in production technology and the promotion of in-house production. In FY2026 (ending March 2026), the gross profit margin improved from 21.4% to 22.1%, and the operating profit margin also improved from 1.3% to 2.1%. For FY2027 (ending March 2027), the company targets an operating profit margin of 2.2%, aiming for structural improvement in profitability.
Last updated: July 19, 2026