NEC Capital Solutions Limited
8793・Prime Market・Other Financing Business
Business
NEC Capital Solutions originated as a leasing company founded in 1978 and has grown into a comprehensive financial services group with 80 consolidated subsidiaries and 42 equity-method affiliates. In its core Leasing Business (approximately 79% of net sales), the company provides leasing and installment sales of ICT equipment, office equipment, and other assets, and holds strength in large-scale projects for government agencies and municipalities, such as the GIGA School Program. In the Finance Business, it engages in Corporate Loans (Operating Loans) and Factoring; in the Investment Business, it conducts receivables, real estate, and advisory businesses through Lisa Partners; and in Other Businesses, it operates rental residences, renewable energy, PFI/PPP Business, and more. In October 2024, the company transitioned to become an equity-method affiliate of SBI Shinsei Bank, entering a new growth phase.
Business Model
The company builds up operating assets (¥1,178,678 million as of the end of FY2026 (ending March 2026)) such as leases, installment sales, and corporate loans, thereby stably earning income gains such as lease payments and interest income. In addition, revenue is diversified across multiple layers by combining capital gains from the sale of real estate, solar power generation facilities, and investment securities with fee-based businesses such as M&A advisory and PC-LCM. Funding is diversified through financial institution borrowings, corporate bonds, commercial paper, receivables securitization, and other means, with interest rate and liquidity risk managed through ALM.
Company Strengths
In FY2026 (ending March 2026), the Leasing Business recorded a 22.6% year-on-year increase in contract execution volume and a 28.9% year-on-year increase in new orders, both significantly outpacing the overall industry growth rate (up 4.2% year on year). The company steadily captured ¥728 million in new orders and ¥568 million in contract execution volume from the second phase of the GIGA School Program, continuing to win large-scale projects centered on government agencies.
Consolidated subsidiary Lisa Partners handles the credit investment, real estate investment, and advisory businesses. The operating asset balance of the Investment Business increased 28.1% year on year, from ¥152,038 million at the end of FY2025 (ended March 2025) to ¥194,820 million at the end of FY2026 (ending March 2026). In January 2026, the company made Keystone Corporation a consolidated subsidiary to strengthen its M&A advisory capabilities, further expanding its platform.
The company continued to expand its customer base for PC-LCM Services (Life Cycle Management) and IT asset management services, steadily capturing demand related to the Windows 11 upgrade cycle and increasing orders for large-scale projects. The launch of "manufacturer-warranted refurbished PCs" received the "21st Century Financial Action Principles Steering Committee Chairman's Award," earning external recognition for the company's uniqueness as a circular ICT service provider.
ENVALITH's Perspective
Performance Trend
Revenue remained flat in the range of ¥249,907 million to ¥258,107 million from FY2022 through FY2025 (ending March 2025), but sharply accelerated in FY2026 (ending March 2026) to ¥306,155 million (up 20.1% year on year). The main drivers were expanded orders for GIGA School Phase 2 ICT equipment projects and large-scale government projects (Leasing Business), along with sales of real estate and solar power generation facilities (Other Businesses). Operating profit recovered to ¥10,617 million from ¥7,782 million in FY2025 (ending March 2025), which had fallen sharply due to one-off factors such as losses on the liquidation of affiliated companies. As an external factor, increased funding costs due to rising interest rates (¥13,356 million) continue to be a profit-pressuring factor, while for FY2027 (ending March 2027) the company forecasts revenue of ¥310,000 million, operating profit of ¥16,500 million, and net income of ¥10,000 million.
Growth Strategy
Developing recycling-type services under the Medium-Term Plan 2028, aiming for sustainable growth across five business axes
Formulated as the second stage toward realizing the Group's vision of becoming a "Solution Company Leading the Next-Generation Recycling-Oriented Society." While capturing the expansion of ICT investment and DX demand, the company will advance the deepening of sustainability management and the evolution of its business foundation and strengthening of its management foundation. Targets operating profit of ¥16,500 million and net income attributable to owners of parent of ¥10,000 million for FY2027 (ending March 2027).
From FY2027 (ending March 2027), the disclosed segments will be changed to five business-based axes: "Public/ICT Infrastructure Business," "Corporate Finance Business," "Real Estate/Energy Business," "Global Business," and "Investment Business," aligning with the internal management approach. This will strengthen profit management by business and aim to improve capital efficiency.
Through the spin-off transfer of real estate investment/financing and renewable energy business to NCS RE Capital (completed April 2025), the company is advancing the expansion of its customer base and the creation of business opportunities such as joint investment and financing by leveraging the network of the SBI Shinsei Bank Group. This includes the planned sale of Lisa RT Servicing to SBI Arhi (scheduled for July 2026), optimizing the division of functions among group companies.
Incorporating Keystone Inc. (acquired January 2026; a management consulting firm specializing in post-M&A growth support), the company is building a system capable of providing integrated support spanning M&A advisory, business due diligence, and PMI support. Acquisition cost of ¥4,200 million, with goodwill of ¥3,615 million (provisional). The company aims to capture business opportunities in the expanding M&A market and diversify the earnings base of the Investment Business.
Last updated: July 19, 2026