NIKKON Holdings Co.,Ltd
9072・Prime Market・Land Transportation
Business
Nikkon Holdings is an integrated logistics holding company founded in 1953, comprising the Company and 85 affiliated companies. Its core businesses are the transportation, storage, packing, and testing of finished four-wheel and two-wheel vehicles and automotive parts, with its business scope expanding into housing equipment, agricultural machinery, food, and other areas. Its major customers are automobile manufacturers led by Honda Motor Co., Ltd. (15.5% of net sales, ¥41,781 million), and it operates over 57 domestic locations in addition to overseas locations in Thailand, Indonesia, the United States, China, Vietnam, Mexico, and elsewhere. Consolidated net sales for FY2026 (ending March 2026) were ¥269,862 million.
Business Model
The company provides four businesses—transportation, warehousing, packing, and testing—in a vertically integrated manner, building a highly recurring revenue structure by deeply embedding itself within customers' manufacturing and logistics processes. The Warehousing Business is highly profitable with an operating margin of 20.5%, and continuous capital investment in company-owned infrastructure (¥24,597 million in FY2026 (ending March 2026)) serves as the source of competitive advantage. The company pursues both revenue scale and profitability by combining group expansion through M&A with the expansion of proposal areas for existing customers.
Company Strengths
The company has a structure capable of providing four businesses—transportation, warehousing, packing, and testing—in an integrated manner, covering the entire manufacturing and logistics process of its customers. Total sales of the four main segments for FY2026 (ending March 2026) amounted to ¥249,532 million, and the structure in which each segment mutually complements the others' operations contributes to customer retention and stable order intake.
The company made capital expenditures of ¥24,597 million in FY2026 (ending March 2025), including the completion of warehouses in Suzuka City, Mie Prefecture, Kanda Town, Fukuoka Prefecture, Thailand, and Indonesia, continuing to expand its self-owned infrastructure. The operating margin of the Warehousing Business is high at 20.5%, and the flexible operational capability derived from its self-reliant approach serves as a differentiating factor from competitors.
The company has a track record of numerous M&A deals both domestically and internationally since the acquisition of Atsuta Kyuhai in 1959. Most recently, it acquired SUPREME AUTO TRANSPORT in the United States in 2024 and completed the acquisition of Chuo Shiki Kogyo (Packaging Materials Manufacturing and Sales Business) in 2025, bringing the number of group companies to 85. The increase in consolidated companies through M&A contributed to an 8.9% year-on-year increase in sales for FY2026 (ending March 2026).
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales reached ¥269,862 million (up 8.9% year on year), operating income was ¥23,818 million (up 2.9%), and profit attributable to owners of parent was ¥18,237 million (up 10.2%), marking five consecutive years of increased revenue and profit. Over the five-year period, net sales expanded 36% from ¥198,159 million to ¥269,862 million. On the other hand, the operating margin declined slightly to 8.8% (from 9.3% in the prior period), as rising personnel expenses and depreciation costs (total SG&A expenses of ¥19,031 million, up 21.6% year on year) put pressure on profitability. Among external factors, while there was some relief from lower energy costs such as gasoline and diesel, crude oil price surges stemming from the situation in the Middle East, as well as chronic labor shortages and rising personnel costs, continued. Operating cash flow increased 38.0% year on year to ¥38,157 million, indicating steady improvement in cash-generating capacity.
Growth Strategy
Under the 14th Medium-Term Management Plan, the company aims to drive growth through three pillars—overseas business, circular business, and clothing/food/housing business—targeting net sales of ¥285,000 million.
Formulated the 14th Medium-Term Management Plan with FY2027 (ending March 2026 to March 2027) as its first year. Set first-year targets of net sales of ¥285,000 million, operating profit of ¥26,700 million, ordinary profit of ¥27,500 million, and profit attributable to owners of parent of ¥22,300 million, while advancing the three growth drivers of overseas business, circular business, and clothing/food/housing business.
Acquired warehouses in Suzuka City, Mie Prefecture; Kanda Town, Fukuoka Prefecture; Thailand; and Indonesia, resulting in an increase in tangible fixed assets of ¥8,258 million compared to the previous fiscal year. Warehousing Business net sales reached ¥42,976 million (up 5.1% year on year) due to an increase in storage handling volume. The company will continue capital investment domestically and overseas to expand earnings through improved utilization rates.
Advancing the expansion of Asian bases through warehouse acquisitions in Thailand and Indonesia. Net sales to external customers in the "Other" segment grew significantly to ¥20,327 million (from ¥7,527 million in the previous fiscal year), indicating that the sales contribution from overseas and new businesses is becoming apparent. However, the segment posted an operating loss of ¥1,064 million, and profitability remains a challenge.
Raised the dividend policy from a shareholders' equity dividend ratio of 4% or more to 6% or more, with the annual dividend for FY2027 (ending March 2026 to March 2027) planned to increase to ¥112 (from ¥75 in the previous fiscal year). Acquired ¥14,999 million of treasury shares in September 2025, strengthening efforts to improve capital efficiency. The dividend payout ratio is expected to reach 59.9% in the FY2027 (ending March 2026 to March 2027) forecast.
Last updated: July 19, 2026