ENVALITH
カンダホールディングス株式会社 logo

Kanda Holdings Co.,Ltd.

9059・Standard Market・Land Transportation

Official website
カンダホールディングス株式会社 logo
Kanda Holdings Co.,Ltd.9059

Business

Kanda Holdings Co., Ltd. is the holding company of a comprehensive logistics group with a history dating back to its founding in 1944. The group comprises the company and 24 subsidiaries, operating the Motor Truck Transportation Business (approximately 75% of group revenue), the International Logistics Business (International Parcel Delivery Services and International Forwarding), the Real Estate Leasing Business, and Other Businesses including software development and maintenance, and leasing and finance. Domestically, the group operates logistics centers nationwide, including in the Kanto, Kansai, Tohoku, and Chubu regions, while overseas it has built an international network including a local subsidiary in Thailand. Consolidated operating revenue for FY2026 (ending March 2026) was ¥52,366 million. Listed on the Standard Market of the Tokyo Stock Exchange.

Business Model

In the core Motor Truck Transportation Business, the company earns freight and handling fee income through domestic land transportation, warehouse operations, and distribution processing. In the International Logistics Business, it captures overseas transportation demand through two pillars: International Parcel Delivery Services and International Forwarding. In the Real Estate Leasing Business, it secures stable, high-margin income (profit margin of 60.4%) by leasing self-owned properties. The company aims to expand its business foundation through sales collaboration among group companies and the promotion of M&A and logistics DX.

Company Strengths

The company owns multiple logistics centers across Japan, including in the Kanto, Kansai, Tohoku, and Chubu regions, with 24 subsidiaries working together to meet diverse logistics needs. In April 2026, Kanda Corporation is set to absorb-merge with Logi Medical Co., Ltd. and Nagi Logistics Service Co., Ltd., promoting operational efficiency within the group. 32 of the company's 33 business sites have obtained G-Mark certification (Excellent Safety Business Site).

The equity ratio at the end of FY2026 (ending March 2026) stood at a high 58.4% (up 4.1 percentage points year on year). The debt redemption period was short at 1.5 years, and the interest coverage ratio was extremely high at 69.0 times, indicating exceptionally strong financial safety. Net assets reached ¥28,091 million, and cash and cash equivalents also stood at a healthy ¥10,822 million, ensuring ample liquidity on hand.

The Real Estate Leasing Business achieved an extremely high segment profit margin of 60.4% (sales of ¥892 million, profit of ¥539 million), contributing to the stability of the group's overall earnings. The transfer of operations at Kanda Enterprise Co., Ltd. (from distribution processing to real estate leasing) has expanded leased assets, functioning as a stable revenue source that complements the volatility risk of the logistics business.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating revenue was ¥52,366 million (up 0.7% year on year), a limited revenue increase, while operating profit was ¥3,645 million (up 6.1%), ordinary profit was ¥3,800 million (up 8.6%), and net income attributable to owners of parent was ¥2,456 million (up 11.3%), with profit growth substantially outpacing revenue growth. Notably, the International Logistics Business achieved improved profitability (segment profit up 11.7% year on year) even amid declining revenue. Thorough cost control and progress in securing appropriate freight rates have enhanced the quality of earnings.

The severe driver shortage in the logistics industry, rising labor costs, and persistently high fuel prices and various procurement costs continue to pose structural headwinds for the Group. As external factors, the impact of U.S. tariff policy on the global economy and the progression of yen depreciation also introduce uncertainty into demand trends in the International Logistics Business. While efforts to secure appropriate freight rates and improve operational efficiency have been effective, the risk remains that upward cost pressure will constrain the upper limit of profit growth.

The company's forecast for FY2027 (ending March 2027) calls for operating revenue of ¥54,200 million (up 3.5% year on year), operating profit of ¥3,810 million (up 4.5%), and net income attributable to owners of parent of ¥2,555 million (up 4.0%). The annual dividend is planned at ¥26 (an increase of ¥3 from the prior fiscal year), reflecting a policy of strengthening shareholder returns. However, achieving the medium-term management plan target (operating revenue of ¥56,500 million in FY2028, ending March 2028) requires continued revenue growth of approximately 3% per year, and the company's ability to execute new business acquisition and M&A initiatives is being tested in an environment where the recovery of domestic freight volume remains limited.

Growth Strategy

Aiming for operating revenue of ¥56,500 million in FY2028 (ending March 2028) through four pillars: M&A, logistics DX, e-commerce logistics, and group reorganization

Continuing to increase transaction volumes with existing clients while promoting new customer development. In FY2026 (ending March 2026), revenue from the Motor Truck Transportation Business increased to ¥39,434 million (up 1.0% year on year). Progress in securing appropriate freight rates pushed segment profit up 7.2% year on year.

Continuing to expand the business foundation through absorption-type mergers of group companies and new M&A. In April 2026, Kanda Corporation absorbed Logi Medical Co., Ltd. and Nagi Logistics Service Co., Ltd. through mergers, implementing efficiency improvements through group reorganization. The company continues to pursue active M&A as a policy going forward.

Promoting DX and the introduction of advanced technology at logistics sites to improve delivery efficiency and operational efficiency. Continuing in-house system development leveraging the group's Computer Software Development & Maintenance Business (K-COM Co., Ltd. and Softage Co., Ltd.). In FY2026 (ending March 2026), the increase in tangible and intangible fixed assets expanded to ¥1,374 million, up from ¥1,254 million in the previous period.

Positioning logistics services for cross-border e-commerce as a key focus area, promoting the capture of new demand. In FY2026 (ending March 2026), despite a decline in transportation volume, thorough cost management enabled segment profit to increase 11.7% year on year. The company continues to leverage its Asian network of bases through its Thai local subsidiary. Capital expenditure in the International Logistics Business rose significantly to ¥255 million, up from ¥168 million in the previous period.

The basic policy is to maintain stable dividends. In FY2026 (ending March 2026), the annual dividend was ¥23 per share (up ¥2 year on year), with a payout ratio of 20.1%. For FY2027 (ending March 2027), an annual dividend of ¥26 per share (a further increase of ¥3) is planned. The company is maintaining a trend of dividend increases linked to improved business performance, with the dividend-to-net-assets ratio remaining stable at 1.8%.

Last updated: July 19, 2026