ENVALITH
ブティックス株式会社 logo

Boutiques,Inc.

9272・Growth Market・Services

Official website
ブティックス株式会社 logo
Boutiques,Inc.9272

Business

Boutix Co., Ltd. upholds "Matching First" as its corporate philosophy, with its core business being the planning and operation of business-matching B2B exhibitions: "CareTEX" in the nursing care field and "DXPO" in the IT field. Leveraging the decision-maker contact information accumulated from both nursing care operators and suppliers through its exhibitions, the company operates an M&A brokerage business specialized in seven industries: nursing care, medical, disability welfare, childcare, construction, IT, and pharmacy. In FY2026 (ending March 2026), sales reached ¥5,470 million and operating profit reached ¥1,560 million, both record highs. From FY2027 (ending March 2027), the company plans to integrate its Recruitment Support Business into the Exhibition Business, cultivating the recruitment support field "Growth Shukatsu DXPO" as a new third pillar. Its main customers are nursing care operators, IT solution providers, and small and medium-sized businesses considering business succession through M&A.

Business Model

In the Exhibition Business, revenue is determined by the number of exhibition booths multiplied by the unit price per booth. In FY2026 (ending March 2026), the number of exhibition booths reached 6,773 (up 28.9% year on year), with a segment profit margin of 38.5%. The M&A Brokerage Business operates on a success-fee basis, with revenue determined by the number of deals closed multiplied by the fee per deal. In FY2026 (ending March 2026), the number of deals closed was 219, with a segment profit margin of 44.3%. The source of competitive advantage lies in the synergy of leveraging the list of decision-makers acquired through exhibitions (over 19,000 buyer companies) to source M&A brokerage deals. By operating a hybrid of in-person and online exhibitions, the company achieves continuous matching throughout the year.

Company Strengths

Built a proprietary circular business model that directly utilizes information on decision-making authorities of nursing care operators visiting exhibitions for acquiring M&A brokerage deals. The company holds a list of over 19,000 prospective buyer companies, reducing deal-sourcing costs and achieving one of the industry's lowest fee structures. Combined revenue from the Exhibition Business and M&A Brokerage Business reached ¥5,241 million (FY2026 (ending March 2026)).

Since launching in Tokyo in 2015, CareTEX has expanded its host cities to Osaka, Fukuoka, Nagoya, Sendai, Sapporo, Kanazawa, and Hiroshima, and in FY2026 (ending March 2026) began holding the Tokyo exhibition twice a year. Its differentiating factor is a business-matching-focused design in which active buyers account for 70% of visitors. The number of exhibition booths in FY2026 (ending March 2026) reached a record high of 6,773 booths (up 28.9% year on year).

Specializing in seven industries including nursing care and medical care, the company has systematically enhanced the practical capabilities of its consultants through its proprietary "M&A Process Management System," which standardizes and visualizes deals, as well as through the introduction of new training programs and new KPI management methods. In FY2026 (ending March 2026), the M&A Brokerage Business segment achieved a profit margin of 44.3% and 219 completed deals (up 28.1% year on year).

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue reached ¥5,469 million (up 26.0% year-on-year), operating profit reached ¥1,559 million (up 13.8%), and ordinary profit reached ¥1,565 million (up 14.3%), with revenue, operating profit, and ordinary profit all marking record highs. Net income recovered sharply to ¥619 million (up 387.6% year-on-year), but this was due to the reversal of the ¥798 million valuation loss on shares of affiliated companies (extraordinary loss) recorded in the prior period. It should be noted that the current period also recorded a total of ¥614 million in extraordinary losses, comprising a ¥237 million loss on retirement of shares upon merger of subsidiaries and a ¥377 million impairment loss, meaning the absolute level of net income remains low relative to operating profit.

In FY2026 (ending March 2026), the M&A Brokerage Business achieved revenue of ¥2,259 million and 219 completed deals, but the delegation of authority accompanying the rapid increase in consultants led to a divergence in deal progress between departments, resulting in a decline in the completion rate. For FY2027 (ending March 2027), the company has set ambitious targets of 323 completed deals (up 47.4% year-on-year) and revenue of ¥3,267 million (up 44.6%), with the resumption of cross-departmental management structures and the effectiveness of the double-check system serving as key factors for achieving the plan. As an external factor, the acceleration of consolidation among nursing care facilities, which is boosting M&A demand, is a tailwind, but this is accompanied by increased upfront costs from large-scale consultant hiring.

In FY2026 (ending March 2026), the company formulated its Second Medium-Term Management Plan "Vision2029," targeting revenue of ¥10,175 million and operating profit of ¥4,001 million (2.56 times the FY2026 level) for FY2029 (ending March 2029). The plan also calls for a listing on the Prime Market, with FY2028 (ending March 2028) as the reference period. Meanwhile, the Recruitment Support Business recorded an impairment loss in FY2026 (ending March 2026) and will be integrated into and restructured within the Exhibition Business from FY2027 (ending March 2027) onward. The success or failure of launching the new large-scale job-hunting event "Growth Shukatsu DXPO" could pose a downside risk to achieving the medium-term plan. Cash and cash equivalents stand at a healthy ¥4,690 million, indicating a stable financial foundation.

Growth Strategy

Aiming to achieve Vision2029 and Prime Market listing through nationwide exhibition expansion, M&A brokerage talent development, and restructuring of recruitment support

In FY2027 (ending March 2027), the company plans to newly hold CareTEX Shikoku (Ehime), CareTEX Niigata, and DXPO Sapporo, targeting 8,150 exhibition booths (up 20.3% year on year) and Exhibition Business revenue of ¥3,754 million (up 17.0% year on year). The recruitment support field (Growth Shukatsu DXPO) will be integrated into the Exhibition Business to diversify the revenue base.

The company has resumed a cross-departmental progress management system for all deals and introduced a double-check system by department heads and deputy department heads to improve the deal-closing rate. While continuing to actively recruit consultants, it plans for FY2027 (ending March 2027) to achieve 323 completed deals (up 47.4% year on year), revenue of ¥3,267 million (up 44.6% year on year), and segment profit of ¥1,655 million (up 65.6% year on year).

The company will discontinue its conventional small-scale recruitment events and new graduate referral services, and will newly hold the large-scale new graduate job-hunting event "Growth Shukatsu DXPO" in Tokyo in August and November 2026. From the first quarter of FY2027 (ending March 2027), the Recruitment Support Business will be integrated into the Exhibition Business to improve profitability.

The company has formulated its Second Medium-Term Management Plan targeting revenue of ¥10,175 million and operating profit of ¥4,001 million (2.56 times the FY2026 (ending March 2026) level) for FY2029 (ending March 2029). It aims to list on the Prime Market, using FY2028 (ending March 2028) as the reference period. FY2026 (ending March 2026) results for both revenue and operating profit progressed generally in line with plan as the first-year results of the plan.

Last updated: July 19, 2026