ENVALITH
NISSOホールディングス株式会社 logo

NISSO HOLDINGS Co., Ltd.

9332・Prime Market・Services

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NISSOホールディングス株式会社 logo
NISSO HOLDINGS Co., Ltd.9332

Business

NISSO HOLDINGS Co., Ltd. was established in October 2023 as the wholly-owning parent company of Nissoko-San Co., Ltd. (Nitchoko Kosan Co., Ltd.). Guided by its founding philosophy of "Nurturing People, Empowering People," the company operates comprehensive staffing services centered on Manufacturing/Production Staffing Services (dispatch and contracting), Engineering Staffing Services, and Clerical Staffing Services. Its main clients are manufacturers in the automotive, semiconductor, and electronic device industries. As of FY2026 (ending March 2026), the company has 13 consolidated subsidiaries and 3 equity-method affiliates, and also engages in nursing care/welfare services and security services. Of the company's net sales of ¥111,430 million, comprehensive staffing services account for approximately 97%.

Business Model

A business model in which the company recruits and trains its own personnel and provides them to manufacturers on a dispatch or subcontract basis, recording revenue based on headcount multiplied by billing rates. In manufacturing subcontracting, the company itself handles direction/supervision and quality control, thereby providing added value. The company trains high-value-added personnel at training facilities nationwide to raise billing rates. Expansion of headcount through M&A and increases in billing rates are the main drivers of revenue growth.

Company Strengths

The company operates training facilities nationwide, including the Nissou Technical Center (East Japan, Central Japan, Kyushu, Kumamoto, Aichi) and the Nissou EV Technical Center Kansai. In FY2026 (ending March 2026), the cumulative number of trainees was 22,211. The company has also realized public-private partnerships, such as the Iwate I-SPARK training operation contract, accumulating human resource development know-how capable of addressing advanced manufacturing fields such as semiconductors and EVs.

The Manufacturing/Production Staffing Services segment had 15,902 registered staff at fiscal year-end (up 1,684 from the previous fiscal year), with a monthly turnover rate of 3.7% (an improvement of 0.1 percentage points from the previous fiscal year). The number of registered staff in Engineering Staffing Services also increased to 2,248 (up 194 from the previous fiscal year). The combination of large-scale headcount and low turnover rate underpins a stable supply capability of personnel to manufacturers.

The company completed M&A of Man to Man Holdings and All Japan Guard in 2025, establishing a structure of 13 consolidated subsidiaries. It has a track record of executing multiple M&A deals, including Ais Co., Ltd. (January 2024) and Vector Shinwa (2021). The company is also promoting strategic alliances, such as the establishment of a joint venture with SUBARU and World Intec (SUBARU nw Sight Co., Ltd.).

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue increased 9.7% while operating profit decreased 10.3% to ¥3,190 million, reflecting a pattern of revenue growth with profit decline. Increased goodwill amortization and personnel costs associated with M&A, system investment, and higher employee benefit expenses pushed up the SG&A expense ratio by 0.3 percentage points year on year. Against the operating margin target of 5% or higher in the final year of the mid-term management plan (FY2028, ending March 2028), the current period's 2.9% represents a substantial gap, and achieving the target within the remaining two fiscal years would require an annual improvement of more than 0.5 to 1 percentage point. Careful assessment is needed regarding the timing of returns on upfront investments and the probability of their monetization.

The Automotive field, which accounts for approximately 36% of consolidated revenue, posted FY2026 (ending March 2026) revenue of ¥40,361 million (down 2.3% year on year), making it the only segment with declining revenue. A drop in utilization due to the impact of the Middle East situation became apparent toward the end of the fiscal period, and the company itself expects domestic production volume in FY2027 (ending March 2027) to remain flat to slightly down. Structural changes in the automotive industry (the shift to EVs and hybrid demand) as an external factor also remain an ongoing risk, and attention should be paid to the significant volatility in performance until diversification into Semiconductor and Electronics progresses further.

Cash flow from financing activities in FY2026 (ending March 2026) showed a sharp increase in outflow to ¥3,256 million (versus ¥1,060 million in the previous period), mainly due to ¥2,309 million in repayment of long-term borrowings. The cash and cash equivalents balance at period end decreased by ¥2,277 million to ¥5,908 million (versus ¥8,186 million in the previous period). Operating cash flow showed a slight downward trend at ¥1,535 million (versus ¥1,681 million in the previous period), and going forward, the means of funding for M&A investments (borrowing, share exchange, or retained earnings) and the trend in financial leverage will be important points to monitor from a capital policy perspective.

Growth Strategy

Aiming for a revenue growth CAGR of 12.3% or more in FY2028 (ending March 2028) through a three-pronged approach combining M&A, expansion of Engineering Staffing Services, and investment in education and training

In FY2026 (ending March 2026), Man to Man Holdings and All Japan Guard were consolidated, increasing Manufacturing/Production Staffing Services headcount by 1,684. During the medium-term management plan period, the company will continue M&A and capital/business alliances in growth areas to diversify its business portfolio and expand its human resources business domains.

Revenue in the semiconductor field is expanding, reaching ¥15,379 million in FY2026 (ending March 2026), up 14.3% year on year. Engineering staff headcount increased to 2,248 (up 194 year on year). The company will promote the recruitment and development of IT engineers as a key strengthening strategy going forward, aiming to improve gross profit margin by expanding high value-added personnel.

In October 2025, the company opened the "Nisso Technical Center Aichi" and was entrusted with training operations and facility management for Iwate I-SPARK. Cumulative training participants totaled 22,211. The company is building a co-creation model for talent development to address the chronic labor shortage in manufacturing, aiming to deepen customer relationships and increase value added.

The company is restructuring its group organization to improve back-office efficiency and profitability, while enabling rapid allocation of personnel to growth businesses through optimal cross-group staffing. Through curbing the SG&A expense ratio, the company aims to achieve an operating margin of 5% or more in FY2028 (ending March 2028).

The diversity ratio, including women, older workers, global talent, and persons with disabilities, reached 34.2% at the end of FY2026 (ending March 2026), up 2.3 percentage points year on year. The company targets 40% by FY2031 (ending March 2031), aiming to strengthen its ability to secure talent amid a declining working population through the recruitment and retention of diverse personnel.

Last updated: July 19, 2026