ENVALITH
澁澤倉庫株式会社 logo

The Shibusawa Warehouse Co., Ltd.

9304・Prime Market・Warehousing & Harbor Transportation Services

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澁澤倉庫株式会社 logo
The Shibusawa Warehouse Co., Ltd.9304

Business

Shibusawa Warehouse Co., Ltd. is a Tokyo Stock Exchange-listed integrated logistics company founded in 1897. Comprising the Company together with 15 subsidiaries and 8 affiliated companies, it operates two segments: the Logistics Business (approximately 93% of consolidated operating revenue), which provides Warehousing Business, Port Transportation Business, Land Transportation Business, and International Transportation Business in an integrated manner, and the Real Estate Business, which develops, leases, and manages office buildings and logistics facilities. Major customers include Suntory Logistics Ltd. (11.4% of operating revenue for FY2026 (ending March 2026)), as well as companies in the beverage, food, cosmetics, pharmaceutical, and e-commerce sectors. In addition to major domestic port cities, the company has overseas operations in Hong Kong, Vietnam, Shanghai, the Philippines, and Thailand, and also handles integrated international transportation.

Business Model

In the Logistics Business, the company undertakes warehousing, inbound/outbound cargo handling, land transportation, port cargo handling, and international transportation on behalf of shipper companies, earning revenue as service fees. In the Real Estate Business, the company leases out its own office buildings and logistics facilities, securing stable rental income. The Real Estate Business boasts a high operating margin of approximately 51%, forming a structure that complements fluctuations in Logistics Business earnings. In addition, the company creates synergies between the two businesses through cross-selling that offers facility leasing and logistics services as an integrated proposal.

Company Strengths

As of the end of FY2026 (ending March 2026), the company held a total warehouse floor area of 554,188㎡, comprising 286,258㎡ of owned warehouses and 267,929㎡ of leased warehouses. It has built an integrated logistics system capable of providing warehousing, port transportation, land transportation, and international transportation in combination, and its ability to accept consignments across diverse shipper needs—including beverages, food, cosmetics, pharmaceuticals, e-commerce, and medical devices—is a source of competitive advantage.

Operating profit in the Real Estate Business was ¥3,134 million (FY2026, ending March 2026), with an operating profit margin at a high level of approximately 51%. The fair value of real estate for lease and other purposes was ¥87,897 million, while the book value stood at only ¥23,033 million, indicating substantial unrealized gains. Backed by a sound financial base with an equity ratio of 57.3%, the company is also advancing its participation in the real estate securitization business through private fund investments.

As a long-established logistics company founded in 1897 and listed on the Tokyo Stock Exchange in 1950, the company has built long-term business relationships with major shippers, including Suntory Logistics Co., Ltd. (11.4% of sales in FY2026, ending March 2026). It has obtained AEO (Authorized Economic Operator)-certified customs broker and AEO-certified bonded warehouse operator status, and has a track record of handling items requiring regulatory compliance, such as medical devices.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating revenue increased 1.4% year on year to ¥79,740 million, securing revenue growth, while operating profit fell sharply by 12.2% year on year to ¥4,097 million. The main causes were a temporary decline in the utilization rate at newly established facilities such as the one in Narashino City during the first half, and the fact that initial fixed costs such as depreciation and rent were incurred ahead of schedule. In addition, an overall rise in labor costs stemming from improved treatment of truck drivers and the revision of minimum wages weighed on profit. The utilization rate has recovered to normal levels toward the end of the fiscal year, and in FY2027 (ending March 2027), the key to profit recovery will be the revenue-boosting effect of full-year operation at the newly established facilities and improvement in utilization rates.

In FY2026 (ending March 2026), profit attributable to owners of parent increased sharply by 29.0% year on year to ¥6,333 million, but the main driver was the recording of a gain on sale of investment securities of ¥4,799 million (versus ¥1,500 million in the previous period). The gain on sale, based on the policy of reducing cross-shareholdings, is a one-time extraordinary gain, and underlying earnings on an operating profit basis actually deteriorated, down 12.2% year on year. The FY2027 (ending March 2027) forecast for net profit of ¥6,500 million is also expected to include extraordinary gains related to the relocation of logistics facilities and gains on sale of cross-shareholdings, so we believe it is more appropriate to evaluate performance on an ordinary profit basis (forecast of ¥5,700 million).

On May 11, 2026, the company resolved to acquire all shares of Meitetsu World Transport Co., Ltd. (a material subsequent event). Detailed terms are to be disclosed separately, but the move is expected to expand the international transportation network and diversify the types of cargo handled. Amid external factors such as changes in U.S. trade policy and geopolitical risks slowing the movement of export cargo, strengthening the international transportation infrastructure will contribute to medium- to long-term revenue diversification. On the other hand, the goodwill to be recorded upon making the company a subsidiary, integration costs, and financial burden need to be closely examined based on future disclosures.

Growth Strategy

Full-scale operation of newly established facilities, network expansion through M&A, and strengthening of the real estate portfolio

The Narashino City facility (commenced operations in FY2026 (ending March 2026)) is expected to operate for a full year, and the full-scale operation of the Yokohama Honmoku Warehouse, the expanded Matsudo City facility, and the hazardous materials warehouse in Tochigi Prefecture is expected to contribute to revenue growth in FY2027 (ending March 2026). As utilization rates improve, recovery of previously incurred fixed costs is expected to progress, leading to an anticipated recovery in operating profit.

By resolution of the Board of Directors on May 11, 2026, the acquisition of all shares was decided. This will expand the international transportation network and diversify the cargo handled, advancing the business area expansion beyond the scope of logistics set forth in the medium-term management plan "Shibusawa Warehouse Group Medium-Term Management Plan 2026."

General medical devices, whose handling began in FY2026 (ending March 2026), are expected to contribute for a full year in FY2027 (ending March 2026). In addition to beverages, food, and cosmetics, expansion into the medical and healthcare fields aims to diversify the client base by industry and strengthen a stable revenue foundation.

The company is advancing rental income enhancement through facility maintenance, renewal, and renovation of held assets, as well as participation in the real estate securitization business through private fund investment. It continues to improve capital efficiency and optimize its portfolio by leveraging latent asset value, with a book value of ¥23,033 million and a market value of ¥87,897 million.

In response to the worsening labor shortage, the company continues to invest in DX-driven sophistication and labor-saving of warehouse and transportation operations. As the second year of the Medium-Term Management Plan 2026, it aims to optimize business processes and improve profitability, targeting an improved revenue structure to counter upward pressure on personnel expenses.

Last updated: July 19, 2026