ENVALITH
遠州トラック株式会社 logo

ENSHU TRUCK CO.,LTD.

9057・Standard Market・Land Transportation

Official website
遠州トラック株式会社 logo
ENSHU TRUCK CO.,LTD.9057

Business

Enshu Truck Co., Ltd. is a comprehensive logistics company established in 1965 in Fukuroi City, Shizuoka Prefecture. Its core businesses are general freight motor transport, freight forwarding, and warehousing, and together with three subsidiaries (Fujitomo Logistics Service Co., Ltd., Enshu Truck Kansai Co., Ltd., and Ogasa Unso Co., Ltd.) it forms a corporate group. Its parent company is Sumitomo Warehouse Co., Ltd. (holding 60.0% of issued shares). Based in western Shizuoka Prefecture, the company has established locations across the Kanto, Kansai, and Tokai regions, serving a wide range of shippers including those in transportation equipment parts, chemicals, food products, and e-commerce-related industries. It also operates Real Estate Leasing & Sales and Solar Power Generation (Electricity Sales) businesses as complementary operations. The company is listed on the Standard Market of the Tokyo Stock Exchange.

Business Model

With the Transportation Segment (General Freight Motor Transport) (¥36,749 million in operating revenue for FY2026 (ending March 2026)) and the Warehousing Segment (Warehousing & Logistics Processing) (¥13,027 million) as its two core pillars, the company maintains its in-house transportation framework while leveraging a network of partner companies to meet diverse shipper needs. By combining trunk-line transportation between the Kanto and Kansai regions using the Relay Transport Platform (e-change) with e-commerce individual delivery, joint delivery, and procurement logistics processing, the company enhances added value, generating revenue from freight charges, storage fees, and handling fees.

Company Strengths

In November 2018, the company opened the industry's first relay logistics hub, "Connect Area Hamamatsu," jointly with Central Nippon Expressway Company. Leveraging its location midway between the Kanto and Kansai regions, the company has already established an environment enabling drivers to complete round trips within a single day. In fiscal 2024, the Fukuroi LSC sales office was newly established, steadily expanding the physical infrastructure of the relay network.

The equity ratio as of the end of FY2026 (ending March 2026) stood at 62.2% (improved from 57.9% at the end of the previous fiscal year). Against interest-bearing debt of ¥8,303 million, the company held cash and cash equivalents of ¥5,528 million. Long-term borrowings were procured at fixed interest rates, limiting exposure to interest rate fluctuation risk. ROE reached 9.4%, achieving the medium-term management plan target (8% or higher).

Operating revenue in the Warehousing Segment for FY2026 (ending March 2026) was ¥13,027 million (up 4.4% year on year), continuing its stable growth. In January 2026, a warehouse in Chuo-ku, Hamamatsu City operated by subsidiary Fujitomo Logistics Service Co., Ltd. was completed (investment of ¥1,001 million, 2,692 sqm), expanding storage capacity. The warehousing business has higher revenue stability compared to the transportation business, contributing to an improved revenue mix.

ENVALITH's Perspective

In FY2026 (ending March 2025), operating revenue increased 2.7% year on year to ¥49,947 million, securing revenue growth, while operating profit decreased 4.1% year on year to ¥3,108 million and net income attributable to owners of parent decreased 5.5% year on year to ¥2,257 million, marking the first profit decline in two periods. The main cause was the inability to pass on increased personnel expenses and outsourcing costs to freight rates and storage fees. On the external environment side, persistently high fuel costs and stricter regulations on the upper limit of overtime work for drivers also pressured earnings. The pace of progress in price pass-through will be key to future earnings recovery.

Under the five-year medium-term management plan starting with FY2026 (ending March 2025), the company aims to achieve operating revenue of ¥61.0 billion and operating profit of ¥4.0 billion in FY2030 through ¥33.0 billion in business investment. In FY2026 (ending March 2025), the increase in tangible and intangible fixed assets expanded to ¥2,874 million, approximately 2.6 times the previous period's ¥1,114 million, confirming a shift into the investment phase. Meanwhile, operating cash flow fell 43.1% year on year to ¥2,745 million, making it necessary to closely examine cash flow management and the outlook for investment recovery during this phase of expanded investment.

The company's forecast for FY2027 (ending March 2026) calls for operating revenue of ¥52,400 million (up 4.9% year on year) and operating profit of ¥3,200 million (up 3.0% year on year), representing revenue and profit growth, while net income attributable to owners of parent is expected to be ¥2,100 million (down 7.0% year on year), marking a third consecutive period of profit decline. This is thought to be affected by the disappearance of extraordinary income (which in the previous period included a ¥35 million gain on sale of investment securities, among other items) and the normalization of the tax burden. The company plans to maintain an annual dividend of ¥96 (dividend payout ratio of 34.2%), and while the stability of shareholder returns can be evaluated positively, it is important to monitor the timing of a recovery in net income-based growth.

Growth Strategy

5-year plan with ¥33.0 billion in investment to pursue new logistics services, targeting operating revenue of ¥61.0 billion in FY2030

In March 2025, the company announced a five-year medium-term management plan beginning with FY2026 (ending March 2026). Under the plan, ¥33.0 billion in business investment will be made over the five fiscal years, targeting operating revenue of ¥61.0 billion and operating profit of ¥4.0 billion in FY2030 through new logistics service initiatives and expansion of business domains. Fixed asset investment in the first year expanded to ¥2,874 million, approximately 2.6 times the previous year, and the company has moved into the investment phase as planned.

To offset the slowdown in e-commerce-related transport, the company is promoting expanded handling of general freight and new and expanded transactions involving transport equipment parts. In FY2026 (ending March 2026), the Transportation Segment (General Freight Motor Transport) grew 2.1% year on year and the Warehousing Segment (Warehousing & Logistics Processing) grew 4.4%, achieving steady growth while reducing dependence on specific customers and diversifying revenue sources.

The company is promoting company-wide deployment of an automatic vehicle dispatch system and rebuilding its core systems to address driver shortages and working-hour regulations while improving operational efficiency. Expenditure on acquisition of intangible fixed assets in FY2026 (ending March 2026) expanded to ¥694 million (from ¥479 million in the previous fiscal year), reflecting accelerating system investment. The reduction in personnel and outsourcing costs is expected to contribute to profitability improvement in parallel with price pass-through efforts.

By expanding the Kanto–Kansai transport network utilizing its proprietary Relay Transport Platform (e-change), the company aims to address the "2024 Problem" (regulatory caps on drivers' overtime hours) while improving transport efficiency. By strengthening the relay hub function for long-distance transport, the company seeks to acquire new shippers and deepen relationships with existing customers.

Last updated: July 19, 2026