ProjectHoldings, Inc.
9246・Growth Market・Services
Business
Project Holdings Co., Ltd. is a holding company for a DX support group comprising four companies in total: Project Company Co., Ltd., Altowise Co., Ltd., and Dr. Health Management Co., Ltd. In its core Digital Transformation Business, the company provides consulting to resolve capacity shortages among middle management (section and department managers) at large corporations. In the DX x Technology Business, it operates an engineer on-site SES (System Engineering Service) model, while the DX x HR Business develops health management support centered on occupational physician matching. In FY2025 (ending December 2025), the revenue composition was 72.7% from the DX Business, 23.4% from the Technology Business, and 3.9% from the HR Business. NTT DATA Group (19.5% of revenue) and SBI Holdings Group (14.9%) are its major customers. The company listed on the TSE Mothers market in 2021 and transitioned to a holding company structure in January 2024. SBI Holdings is the largest shareholder, holding 29.89% of issued shares.
Business Model
The DX Business, which accounts for over 70% of revenue, is centered on a man-month based utilization model in which consultants are stationed at and work alongside client companies. The number of employees and consultant unit price are key KPIs. The company aims to improve unit price by hiring new graduates and recent graduates and developing them into project-based personnel. The DX x Technology Business operates on an SES (System Engineering Service) staffing model for engineers, while the DX x HR Business operates on a matching model for occupational physician referrals and public health nurse dispatch. Profitability improvement in the Technology Business is also progressing through moving up the supply chain via collaboration with the DX Business.
Company Strengths
The company positions its "Consulting x Business Development" model, which supports execution-phase work at the department/section manager level rather than stopping at strategy formulation for executive management, as a source of competitive advantage. Support demand has remained solid amid the expansion of business transformation themes among existing clients, and Consulting Service revenue for FY2025 (ending December 2025) reached ¥3,883 million, up 11.7% year on year.
In November 2023, the company entered into a capital and business alliance with SBI Holdings, which became the largest shareholder holding 29.89% of shares outstanding. Revenue from the SBI Group amounted to ¥844 million (14.9% of total revenue) in FY2025 (ending December 2025). Combined with revenue from the NTT DATA Group of ¥1,106 million (19.5% of total revenue), the top two clients accounted for approximately 34% of total revenue, forming a stable customer base.
The DX x Technology Business, operated by Alutwise Co., Ltd., expanded revenue by 27.5% year on year to ¥1,284 million in FY2025 (ending December 2025), driven by a significant increase in the number of engineers due to strong recruiting activity and the maintenance of a low turnover rate. The business turned profitable, posting profit of ¥45 million versus a loss of ¥86 million in the previous period, with profitability also improving through collaboration with the DX business that moved the company up the supply chain.
ENVALITH's Perspective
Performance Trend
Looking at the performance trend over the past five fiscal periods, results peaked in FY2022, fell into an operating loss (-¥188 million) and net loss (-¥394 million) in FY2024, before recovering to profitability in FY2025 (operating profit of ¥156 million, net income of ¥127 million). In Q1 of the fiscal year ending December 2026, revenue was ¥1,635 million (up 19.3% year on year), operating profit was ¥85 million (up 12.5%), ordinary profit was ¥86 million (up 20.0%), and quarterly net income attributable to owners of the parent was ¥51 million (up 21.0%), achieving growth in both revenue and profit across all metrics. The gross profit margin improved to 41.1% (from 38.5% in the same period of the previous year), reflecting the effects of reduced outsourcing ratio and optimized utilization. As an external factor, the continued expansion of corporate DX investment demand and rising needs for generative AI utilization have provided a tailwind. Against the full-year forecast (revenue of ¥6,600 million, operating profit of ¥500 million), the Q1 progress rates were 24.8% and 17.1%, respectively.
Growth Strategy
Aiming for sustainable growth through two pillars: HR strategy (project-based talent development) and expansion of expert functions such as AI
Through the AI Consulting Division newly established in January 2025, the company is organizationally rolling out support for corporate AI utilization promotion. UIscope Service sales in 1Q FY2026 (ending March 2026) expanded approximately 5.4x year-on-year (¥9,110 thousand), and revenue contribution in the digital product and AI domain has begun.
The company aims to expand the scale of the SES business through favorable progress in recruiting activities that increase engineer headcount while maintaining a low turnover rate. It is also promoting collaboration with the DX consulting business to move up the business flow hierarchy and win higher-margin projects. Technology Service sales in 1Q FY2026 (ending March 2026) continued to grow, reaching ¥366 million (up 16.3% year-on-year).
The company aims to enhance added value through growth of the Public Health Nurse Consulting Service, centered on occupational physician matching. In 1Q FY2026 (ending March 2026), the DX x HR Business recorded segment profit of ¥4,472 thousand, turning profitable (versus a loss of ¥946 thousand in the same period of the prior year). Expanding demand for health management, driven by mandatory stress checks and work-style reform, is providing a tailwind.
At the Board of Directors meeting on May 15, 2026, the company resolved to acquire treasury shares. It aims to improve capital efficiency while maintaining financial soundness (equity ratio of 51.7%). Quarterly net income per share continued to improve, reaching ¥9.71 (versus ¥7.93 in the same period of the prior year), reinforcing efforts to enhance EPS.
Last updated: July 17, 2026