LAND Co., Ltd.
8918・Standard Market・Real Estate
Business
LAND Co., Ltd. was founded in 1996 and is listed on the Tokyo Stock Exchange Standard Market as a real estate and energy investment company. The company is composed of itself and 6 consolidated subsidiaries, and develops its Renewable Energy-Related Investment Business, including solar and biomass power plants, centered on the planning, development, and sale of real estate. Its main customers are developers and domestic and overseas income-producing real estate investors, and it conducts capital-efficient business operations through securitization projects in a joint business format. Its corporate philosophy is "Creating a Rich and Comfortable Life" (LAND), and it also pursues a policy of creating socially contributing business opportunities with an awareness of the SDGs and ESG.
Business Model
In securitization projects formed with joint business partners (TTS Planning Co., Ltd., Platform Co., Ltd., etc.), the company generates revenue by adjusting real estate rights, obtaining permits and licenses, and developing properties before selling them to developers and investors. In the Renewable Energy-Related Investment business, revenue is also generated through the distribution of electricity sales income from co-investments in power plants. The company operates with a focus on asset efficiency, primarily using its own funds while utilizing financial institution borrowings as needed.
Company Strengths
The equity ratio at the end of FY2025 (ending February 2025) remained at an extremely high level of 88.8%. Against total assets of ¥10,017 million, net assets of ¥8,902 million were secured, indicating low reliance on interest-bearing debt and strong financial resilience even in a rising interest rate environment. The interest coverage ratio also stood at an outstanding 343.6x.
The company employs a joint business format in both the Real Estate and Renewable Energy-Related Investment businesses, building a framework that allows participation in large-scale projects while preserving equity capital. In FY2025 (ending February 2025), transactions with key partners accounted for the majority of sales, including ¥2,449 million (48.1% of sales) with TTS Kikaku Co., Ltd. and ¥2,093 million (41.1% of sales) with Platform Co., Ltd.
The balance of cash and cash equivalents at the end of FY2025 (ending February 2025) stood at ¥3,978 million. Operating cash flow turned positive at ¥2,103 million, securing liquidity that enables the company to fund new projects flexibly using its own capital.
ENVALITH's Perspective
Performance Trend
In Q1 FY2027 (ending February 2027) (March-May 2026), revenue was ¥626 million (up 203.9% year on year), operating profit was ¥330 million (versus an operating loss of ¥143 million in the same period last year), ordinary profit was ¥383 million, and quarterly net profit was ¥341 million, achieving a turnaround to profit across all profit and loss line items. The main driver was the recognition of ¥460 million in revenue from the securitization of grid-connected battery storage facilities within the Renewable Energy-Related Investment Business (no such revenue was recognized in the same period last year). The Real Estate Business posted revenue of ¥166 million (down 19.6% year on year), a modest decline, but secured an operating profit. On the financial side, total assets stood at ¥10,804 million (up ¥447 million from the end of the previous fiscal year), and net assets stood at ¥9,535 million (up ¥341 million from the same point). In terms of the external environment, resilient demand from overseas investors for Japanese real estate and renewable energy assets, along with decarbonization policy, is supporting business performance. The full-year forecast (revenue of ¥5,000 million and operating profit of ¥1,470 million) anticipates strong growth of 66.3% and 245.3% year on year, respectively, and remains unchanged.
Growth Strategy
Diversification of the revenue base through the aggressive development of real estate and renewable energy securitization deals and the establishment of a new business pillar
Actively expanding the securitization of grid-connected battery storage facilities and similar assets through joint business formats. In the first quarter of FY2027 (ending February 2027), revenue of ¥460 million and operating profit of ¥420 million were recorded, achieving profitability. Leveraging the tailwind from the 7th Strategic Energy Plan (targeting a 73% reduction in greenhouse gas emissions by FY2040), the company aims to build up its deal pipeline in line with the expansion of the renewable energy market.
Continuing to deliver Purchase & Resale Business properties and to securitize real estate through joint business formats. In the first quarter of FY2027 (ending February 2027), revenue of ¥166 million and operating profit of ¥4 million were recorded, securing a small but positive profit. Backed by resilient real estate acquisition demand from overseas investors, the company aims to record large-scale, highly profitable deals.
Continuing preparations for new businesses at consolidated subsidiaries and elsewhere. In the first quarter of FY2027 (ending February 2027), the Other segment recorded an operating loss of ¥1 million (compared with a loss of ¥7 million in the same period of the previous year), narrowing the loss. The aim is to build a third revenue pillar to generate group-wide synergies and risk diversification, although revenue from external customers has not yet been recorded.
Last updated: July 17, 2026