SHINKI BUS CO.,LTD.
9083・Standard Market・Land Transportation
Business
Shinki Bus Co., Ltd., founded in 1927, is a group company whose core business is automobile transportation, operating route buses, highway buses, and chartered buses primarily in Hyogo Prefecture. It also engages in diversified businesses including Vehicle Sales & Maintenance, Real Estate (leasing, housing, and construction), Leisure Services (dining and tourist facilities), Travel Charter, and Management Outsourcing, Childcare & Nursing Care. With a total of 22 companies including 17 consolidated subsidiaries, the group positions itself as a "town-building and community-building company" that broadly supports the daily infrastructure of local residents, centered on transportation services. Consolidated net sales for FY2026 (ending March 2026) were ¥55,580 million.
Business Model
Building on stable regional transportation revenue from the route bus business, the group combines vehicle maintenance and merchandise sales that capture intra-group demand, a real estate business encompassing leasing, housing, and construction, and peripheral services such as travel, chartered buses, dining, and tourism facilities to create multi-layered revenue streams. The group enhances capital efficiency through centralized intra-group fund management via a cash management system, and continues capital investment using a combination of internal funds and financial institution borrowings.
Company Strengths
The Shinki Bus Group operates 783 fixed-route buses primarily within Hyogo Prefecture, with ridership reaching 50,145 thousand passengers (103.5% year-on-year) in FY2026 (ending March 2026). In addition to the effects of the October 2024 fare revision, the company continues to expand its route network, including enhanced access routes to Kobe Airport and the newly established Sanda-Kyoto line, establishing an irreplaceable position as regional transportation infrastructure.
The Real Estate segment recorded operating profit of ¥1,407 million on sales of ¥7,278 million in FY2026 (ending March 2026), achieving an operating margin of approximately 19.3%, the highest among all segments. With segment assets of ¥29,556 million, the largest asset base among all segments, the three divisions of leasing, housing, and construction complement one another to generate stable earnings.
The Vehicle Sales & Maintenance segment, underpinned by stable internal transaction demand from the Shinki Bus Group, achieved sales of ¥11,122 million and operating profit of ¥950 million in FY2026 (ending March 2026). The number of vehicle inspections and maintenance serviced reached 5,918 units (101.1% year-on-year), and auto parts procurement amounted to ¥6,067 million (103.9% year-on-year), both showing steady growth, reflecting a structurally stable earnings base that captures demand both within and outside the group.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), the company achieved net sales of ¥55,580 million (+5.0% YoY), operating profit of ¥4,199 million (+20.9%), and net income of ¥3,158 million (+27.8%), marking revenue growth for the 5th consecutive period and profit growth for the 4th consecutive period, updating the record high. The main drivers of profit growth were the effect of the October 2024 fare revision in the Automobile Transportation business and the capture of demand for Expo access buses, along with a ¥797 million profit boost from a change in the vehicle depreciation method (declining-balance method to straight-line method). As an external factor, the Osaka-Kansai Expo provided a tailwind to multiple segments including Travel Charter, Highway Bus, and Leisure Services. On the other hand, for FY2027 (ending March 2027), a significant profit decline is forecast, with operating profit expected to fall to ¥3,300 million (-21.4%) due to the fading of Expo-related special demand, soaring fuel costs, and rising personnel expenses, suggesting the growth trend will temporarily reach a plateau.
Growth Strategy
Strengthening existing businesses and cultivating growth businesses such as Real Estate and tourism based on the Group Vision 2030
Strengthening the route network by focusing on the Kobe area as a key strategic region, including expanding airport access buses corresponding to Kobe Airport international charter flights, establishing and consolidating the operating company for "Basuta Kobe Sannomiya" (Bus Terminal Kobe Sannomiya Co., Ltd.), and opening new Sanda and Kyoto routes. Transportation capacity freed up after the Expo concludes will be redirected to expand Highway Bus routes to maintain demand.
Expanding orders for new construction work such as metal factories and facilities supporting persons with disabilities, strengthening earnings in the Construction Business. The consolidated earnings forecast for FY2027 (ending March 2027) explicitly identifies the acquisition of large-scale construction project orders as a factor driving revenue growth, aiming to expand the Real Estate Development Business (Flow-type Business). Promoting monetization by leveraging the segment's asset base of ¥29,556 million, the largest among all segments.
AWAJI EARTH MUSEUM, which opened in March 2025, continues to record operating losses due to upfront launch costs. MONZEN, a tourism facility in front of Himeji Station scheduled to open in March 2026, is also in the stage of recording initial costs. Stabilizing visitor numbers and resolving losses through the transition to full-scale operation at both facilities will be key to medium-term earnings improvement.
Policy to phase in increases to the consolidated dividend payout ratio, targeting approximately 30% in FY2027 (fiscal year 2027). The dividend payout ratio for FY2026 (ending March 2026) is 19.1% (total dividends of ¥603 million), with the forecast for FY2027 (ending March 2027) at an annual dividend of ¥45 (payout ratio of 24.7%), showing steady increases. Together with the October 2025 stock split (1 share to 2 shares), the company aims to expand its shareholder base and improve liquidity.
Last updated: July 19, 2026