e-LogiT co.,ltd.
9327・Standard Market・Warehousing & Harbor Transportation Services
Business
e-Logit Co., Ltd. is a company specializing in outsourced EC mail-order logistics operations, founded in 2000 and listed on the Standard Market of the Tokyo Stock Exchange. Centered on Fulfillment Service (order processing, storage, shipping, and contact center), it consists of a single segment, the BPO Service Business, which encompasses EC Logistics Consulting Service, WMS and system integration, and its proprietary EC mail-order business "Northmall". Its main customers are EC operators such as LDH JAPAN (10.1% of sales) and TOBE COMMUNITY (8.6% of sales), and leveraging the e-commerce knowledge accumulated since its founding in 2000, the company aims to establish itself as a BPO partner that comprehensively supports the EC business operations of client companies.
Business Model
The main revenue source is fulfillment BPO, which comprehensively undertakes warehouse operations, shipping, order processing, contact centers, and other functions for client EC operators. Revenue is generated through a combination of usage-based charges, such as storage fees and shipping handling fees, and fixed management fees. In recent years, the company has been advancing a shift toward on-site BPO (undertaking warehouse operations within the client's own facilities) and consulting-integrated BPO utilizing cloud BI reports, aiming to improve profitability by acquiring higher value-added projects.
Company Strengths
Since its founding in 2000, the company has accumulated operational know-how specialized in EC mail order logistics outsourcing. It has introduced a WMS (Warehouse Management System) leveraging a cloud big data platform along with BI reports that analyze internal information assets, enabling visualization support for client companies' inventory and sales trends. The company is advancing a shift toward data-driven BPO Service that goes beyond traditional storage and shipping operations.
Since 2023, the company has closed and consolidated the Tokyo FC, Misato FC, Adachi FC, Narashino FC, and Osaka FC. Rent expenses were reduced from ¥2,039 million in the previous fiscal year to ¥1,786 million in the current fiscal year. The fixed cost reductions resulting from FC closures contributed to a 7.0% year-on-year decrease in cost of sales, achieving a gross profit margin of 5.6%, an improvement from the previous fiscal year.
Through the disposal of the 7th series stock acquisition rights in September 2025 and the 8th series stock acquisition rights and third-party allotment capital increase in January 2026, the company secured cash inflow from financing activities of ¥1,367,996 thousand. At the end of the current fiscal year, the equity ratio stood at 48.6%, and cash and cash equivalents balance reached ¥1,275,996 thousand, establishing a funding base for business restructuring and expansion.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥13,122 million in FY2024 (ended March 2024) before declining sharply for two consecutive periods, reaching ¥9,551 million in FY2026 (ending March 2026), down 6.9% year on year. Fixed-cost reductions from FC closures and consolidation (rent expense of ¥1,786 million, down 12.4% year on year) lifted the gross profit margin to 5.6%, above the previous period, but SG&A expenses rose 4.5% year on year to ¥671 million, widening the operating loss to ¥133 million. Non-operating expenses included newly incurred financing costs of ¥51 million, resulting in an ordinary loss of ¥185 million. On the external environment side, increases in labor costs, utility costs, and outsourcing costs have continued, and upfront costs for the Northmall Business (Catalog Mail Order) also weighed on earnings. The main customer shifted from TOBE COMMUNITY Co., Ltd. in the previous period to LDH JAPAN Co., Ltd. in the current period (revenue of ¥962 million), and customer concentration risk remains ongoing.
Growth Strategy
Aiming for a return to profitability in FY2027 (ending March 2027) through three pillars: FC reorganization, acquisition of high-value-added projects, and DX promotion
Continuing to close and consolidate fulfillment centers to reduce the fixed cost burden such as rent. In FY2026 (ending March 2026), rent was reduced by ¥253 million year on year to ¥1,786 million. Improvements in facility operating efficiency and a review of the project portfolio with an emphasis on profitability are being pursued in parallel.
Moving away from the traditional focus on storage and shipping operations by acquiring on-site warehouse operation contracts (on-site BPO) and other high-value-added projects at customer facilities, with the aim of improving gross profit margin. In FY2026 (ending March 2026), the launch of some projects was pushed back to the following period and beyond, resulting in limited effect.
Strengthening functionality as a data-driven, consulting-integrated BPO Service through the provision of BI reports using a cloud big data infrastructure, inventory optimization proposals, marketing support, and other initiatives. Building a system to provide broader support for customers' EC business operations.
Through the Northmall Business (Catalog Mail Order), launched in February 2025, accumulating knowledge on consumer trends, sales measures, inventory management, and logistics operations, and feeding this back into the existing BPO Service. In FY2026 (ending March 2026), upfront costs weighed on earnings. Going forward, the policy is to carefully assess business profitability while verifying the effectiveness of the investment.
Promoting a medium-term management plan centered on improving the profitability of the Fulfillment Service and establishing new business areas. Pursuing a shift toward higher-profitability projects, productivity improvements through greater work efficiency, and faster management decision-making through a strengthened executive officer structure. In FY2026 (ending March 2026), losses continued and achievement of the plan remains in progress.
Last updated: July 19, 2026