TAKASE CORPORATION
9087・Standard Market・Land Transportation
Business
Takase Corporation is an independent integrated logistics company founded in 1922, listed on the Tokyo Stock Exchange Standard Market. It provides logistics services combining "transportation," "storage," and "operations" both domestically and internationally, with Freight Forwarding Service, storage, in-warehouse operations, and warehouse facility leasing as its core businesses. The group structure includes 7 subsidiaries, with domestic locations in the greater Tokyo area, Osaka, Sapporo, and other areas, and overseas local subsidiaries in China (Shanghai) and the United States (Los Angeles). Major customers are centered around content and entertainment-related companies such as pixiv Inc. (12.2% of sales) and TOHO STELLA CO., LTD. (11.8% of sales), and the company also holds special qualifications such as a medical device manufacturing license and AEO certification.
Business Model
An asset-utilization model that flexibly combines Freight Forwarding Service (agency), storage, and In-Warehouse Operations (distribution processing) to meet customers' diverse logistics needs. The structure improves profitability by absorbing fixed costs through raising the volume of stored cargo entrusted to the company's own warehouses (in the bay area and elsewhere). Within the group, the Integrated Logistics Business serves as the core, with the Transportation Business and Distribution Processing Business functioning as internal support operations in a vertically integrated framework.
Company Strengths
Founded in 1922 with a track record of over 100 years of continuous business operations, the company holds specialized qualifications such as AEO warehouse operator, AEO customs broker, medical device manufacturing license, license for sales of specially controlled medical devices, and cosmetics manufacturing license. These constitute entry barriers requiring significant time and screening to obtain, and represent a competitive advantage enabling expansion into high-value-added areas such as medical device logistics.
The company owns multiple warehouse facilities in the Tokyo/Kawasaki bay area, giving it a revenue structure in which increases in contracted cargo storage volume directly contribute to margin improvement. In FY2026 (ending March 2026), the increase in contracted cargo storage volume was one of the main factors behind the 167.0% increase in operating profit (from ¥79 million to ¥212 million), and there remains room to expand high-margin services by leveraging fixed assets.
The company maintains ongoing transactions with pixiv Inc. (12.2% of net sales, ¥1,036 million) and Toho Stella Co., Ltd. (11.8% of net sales, ¥1,004 million), with handling volumes for both increasing year on year. The company is pursuing a strategy of building co-creative relationships with existing customers to expand the scope of handled operations, thereby deepening its customer base to secure stable revenue.
ENVALITH's Perspective
Performance Trend
Operating revenue bottomed out in FY2024 (¥8,190 million) and has recovered for two consecutive periods, reaching ¥8,491 million in FY2026 (ending March 2026), up 1.8% year on year. This was driven by increased cargo volume from major domestic customers, expansion of the scope of operations for existing customers, and increased volume handled by overseas local subsidiaries. Operating profit rose sharply from ¥79 million in FY2025 to ¥212 million, up 167.0%, mainly due to the realization of fee revisions with certain customers and an increase in the volume of stored cargo entrusted to the company. However, in the external environment, elevated prices and rising labor costs continue, and cost reduction in distribution processing operations remains a challenge. For FY2027 (ending March 2027), the company forecasts operating revenue of ¥8,850 million, operating profit of ¥370 million, and net income of ¥320 million.
Growth Strategy
Strengthening the earning power of existing businesses and establishing a robust revenue structure through the creation of new business domains and value
The company continues to promote negotiations with major customers to revise freight rates. In FY2026 (ending March 2026), rate revisions were realized with some customers, improving the operating profit margin by 1.6 percentage points year on year (1.0% to 2.5%). Amid continued cost increases, persistent negotiations with customers whose rates have not yet been revised are a prerequisite for achieving the FY2027 (ending March 2027) forecast.
Operational efficiency measures combining manual work with machinery and systems are being promoted primarily by the department manager in charge of business promotion and the metropolitan area sales offices. In FY2026 (ending March 2026), the Distribution Processing Business turned profitable with operating profit of ¥5 million, but management has assessed that "satisfactory results were not obtained," indicating a need for strengthened company-wide initiatives.
The company is promoting entry into high-value-added areas such as medical device logistics and the acquisition of new customers as key priorities. Management recognizes that "satisfactory results were not obtained" in FY2026 (ending March 2026), and has positioned "creation of new business domains and value" as a second-year challenge for FY2027 (ending March 2027), aiming to build co-creation relationships with existing customers and differentiate from competitors.
The Chinese subsidiary has made progress in cost reduction, contributing significantly to the profit improvement of the Integrated Logistics Business in FY2026 (ending March 2026). The U.S. business also expanded, with operating revenue increasing 4.9% year on year to ¥495 million. While deteriorating Japan-China relations and geopolitical risk are concerns as external factors, the risk diversification effect of the three-location overseas structure is being maintained.
Last updated: July 19, 2026