MARUWN CORPORATION
9067・Standard Market・Land Transportation
Business
Maruun Corporation is a long-established logistics company founded in 1892, comprising the Company and 20 subsidiaries. It operates four segments: Freight Transportation (regional transportation, rail container, heavy cargo, food cold-chain logistics, etc.), Energy Transportation (oil, LPG, lubricants, chemical products), Overseas Logistics (international air, ocean, and customs clearance), and Techno Support (oil depot and refinery on-site work). Its major customers include ENEOS Corporation (32.42% of operating revenue) along with shipper companies in the energy, materials, and manufacturing industries. Listed on the Standard Market of the Tokyo Stock Exchange. Consolidated operating revenue for FY2025 (ended March 2025) was ¥46,145 million.
Business Model
Based on long-term continuous transportation contracts with major shippers (energy companies such as ENEOS and materials manufacturers), the company provides logistics services by owning and operating vehicles, warehouses, and personnel. Revenue centers on freight and service fees, with progress in negotiating appropriate freight rate collection being the main driver of margin improvement. The company enhances capital efficiency through the group's CMS (Cash Management System) while continuing capital investment while maintaining financial soundness with an equity ratio of 68.9%.
Company Strengths
In FY2025 (ended March 2025), negotiations for appropriate freight and fee collection progressed significantly, resulting in operating income of ¥1,266 million (up 148.6% year on year) and ordinary income of ¥1,401 million (up 98.9% year on year). This represents a substantial profit increase despite revenue remaining nearly flat (up 2.6% year on year), with the effect of price revisions improving the earnings structure.
As of the end of FY2025 (ended March 2025), interest-bearing debt (borrowings) stood at ¥370 million against cash and cash equivalents of ¥2,174 million, indicating an effectively debt-free position. The equity ratio improved to 68.9% (up from 67.1% in the previous fiscal year). While ¥3,915 million in capital expenditure is planned for FY2026 (ending March 2026), management judges that this can be funded through internal resources.
In FY2025 (ended March 2025), revenue was supported by two major segments: Freight Transportation at ¥22,404 million (48.5%) and Energy Transportation at ¥16,335 million (35.4%). Even amid the structural headwind of declining domestic demand for oil transportation, the Energy Transportation segment secured revenue growth of 4.6% year on year and ordinary income of ¥580 million, demonstrating that its complementary relationship with Freight Transportation is functioning effectively.
ENVALITH's Perspective
Performance Trend
For FY2026 (ending March 2026), operating revenue was ¥47,422 million (+2.8% year-on-year), operating profit was ¥1,548 million (+22.3% year-on-year), ordinary profit was ¥1,738 million (+24.0% year-on-year), and profit attributable to owners of parent was ¥1,181 million (+5.8% year-on-year). While sales have remained roughly flat since FY2022 (ending March 2022), operating profit has improved for three consecutive periods after bottoming at ¥439 million in FY2023 (ending March 2023), reaching its highest level in the past five periods in FY2026 (ending March 2026). As an external factor, the industry-wide momentum toward securing appropriate freight rates across the logistics sector has served as a tailwind, with the effect of freight and fee revisions being the main driver. Comprehensive income surged to ¥2,440 million (+147.7% year-on-year), also supported by an increase in valuation gains on investment securities (net unrealized gains on other securities +¥1,151 million). The equity ratio rose to 69.5%, indicating improved financial soundness as well.
Growth Strategy
Passed the final year of the 4th Medium-Term Management Plan toward achieving the 2030 Vision; transitioning to the next plan under the Senko Group umbrella
Continued efforts to collect appropriate freight rates and fees and to strengthen proposal-based sales capabilities. In FY2026 (ending March 2026), the effects of freight rate revisions materialized across all segments, achieving an operating profit margin of 3.3%. The Company will continue to promote cost pass-through through negotiations with major shippers.
Aiming to reduce operating costs by promoting DX initiatives such as leveraging digital tachograph data and automated roll calls. Selling, general and administrative expenses in FY2026 (ending March 2026) increased to ¥3,438 million (from ¥3,212 million in the previous fiscal year), and realizing the effects of labor-saving investments remains a future challenge.
In September 2025, the Company acquired a 39% stake in SAO NAM INTERNATIONAL SERVICE & TRADING JOINT STOCK COMPANY, building a one-stop logistics service framework in Vietnam. In the domestic business, volumes of air export cargo and machinery/equipment transportation increased, and the Overseas Logistics segment's ordinary income turned positive at ¥27 million (from a loss of ¥24 million in the previous fiscal year).
Under the "Marun Group Long-Term Vision 2030," the Company has set targets of operating revenue of ¥60.0 billion or more and ordinary income of ¥2.0 billion or more, and is promoting an investment plan totaling ¥12.0 billion, including M&A. Having passed the final year of the 4th Medium-Term Management Plan, FY2025 was positioned as an important year bridging to the next medium-term plan; however, due to the planned delisting resulting from becoming a subsidiary of the Senko Group, the earnings forecast for FY2027 (ending March 2027) is undisclosed.
Last updated: July 17, 2026