ENVALITH
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SANRITSU CORPORATION

9366・Standard Market・Warehousing & Harbor Transportation Services

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株式会社サンリツ logo
SANRITSU CORPORATION9366

Business

SANRITSU CORPORATION is a logistics-focused group founded in 1948, comprising a total of three companies: the parent company and two consolidated subsidiaries (Chiba Sanritsu Packing Transport Co., Ltd. and SANRITSU LOGISTICS AMERICA Inc.). With the Packing Business (approximately 70% of net sales) as its core, the group operates four segments: Transportation, Warehousing, Packing, and Building Leasing. Its main business domain is B-to-B logistics for machine tools, precision equipment, semiconductor manufacturing equipment, medical equipment, power conversion devices, and similar products, providing integrated logistics services ranging from packing work at customer factory premises to international air export and warehouse storage. Domestically, it maintains a network of business offices in the Kanto, Tohoku, Chubu, and Hokuriku regions, and it also has a base in the United States. The company is listed on the Tokyo Stock Exchange Standard Market.

Business Model

The company stations personnel on-site at customers' factory premises, undertaking everything from packing and Wooden Case Manufacturing to transportation arrangement and warehouse storage on an integrated basis, effectively substituting for the customer's logistics department. The Packing Business, accounting for approximately 70% of sales, serves as the core profit driver, while the Warehousing Business (profit margin of 16.3%) functions as a highly profitable complementary segment. Given the operational characteristic where same-day order receipt and same-day shipment account for the majority of business, the company maintains close ties with customers, forming ongoing transactional relationships.

Company Strengths

Since its founding in 1948, the company has accumulated packing techniques and technologies covering a wide range of products, including machine tools, precision equipment, semiconductor manufacturing equipment, medical equipment, and power conversion equipment. It continues to invest ¥70 million in R&D expenses, with an in-house dedicated department responsible for developing new packing technologies, including resource-saving and environmentally friendly solutions. The business model of stationing staff on-site at customer factories supports the deepening of technical know-how.

The company has a system in which the Packing Business, Transportation Business, and Warehousing Business can be completed within its own group, enabling it to provide customers with seamless, integrated logistics services. Total sales for FY2026 (ending March 2026) amounted to ¥20,533 million, with transactions with its major customer, Makino Logistics Co., Ltd., reaching ¥2,070 million (10.1% of sales), maintaining a long-term business relationship.

Domestically, the company operates multiple business sites across the Kanto, Tohoku, Chubu, and Hokuriku regions, and holds multiple warehouse locations around Narita Airport. In the United States, it established SANRITSU LOGISTICS AMERICA Inc. (in 2010), through which it operates the Packing Business, Transportation Business, and Warehousing Business locally. This domestic and overseas network of locations serves as the foundation for meeting international logistics demand, including air exports related to semiconductors.

ENVALITH's Perspective

Profit attributable to owners of parent for FY2026 (ending March 2026) increased significantly to ¥687 million (up 46.8% year-on-year), but this was mainly due to temporary factors such as the disappearance of the loss on sale of affiliate shares (¥113 million) recorded in the previous period and a decrease in provision for allowance for doubtful accounts. Operating profit was only ¥1,035 million, up just 0.1% year-on-year, with tariff impacts at the U.S. subsidiary causing Packing Business segment profit to decline 4.8% year-on-year, indicating limited improvement in core profitability. Gross profit margin declined slightly, with gross profit falling from ¥4,400 million in the previous period to ¥4,365 million, highlighting cost management as a challenge.

Cash outflow from investing activities for FY2026 (ending March 2026) surged to ¥4,482 million (versus ¥1,231 million in the previous period), while long-term borrowings expanded to ¥6,538 million (versus ¥4,102 million in the previous period). The equity ratio declined from 47.2% to 45.4%, and the ratio of cash flow to interest-bearing debt worsened from 4.8x to 7.6x. The interest coverage ratio also fell sharply from 22.4x to 8.2x. The risk of increased financial burden should investment returns not materialize as planned continues to warrant close monitoring.

The company's forecast for FY2027 (ending March 2027) calls for aggressive growth, with revenue of ¥22,000 million (up 7.1% year-on-year) and operating profit of ¥1,350 million (up 30.4% year-on-year). This growth is expected to be driven by the expansion of domestic logistics facilities and the development of U.S. warehouse-based services. On the other hand, there is a risk that the tariff-related impacts that depressed machine tool handling at the U.S. subsidiary in FY2026 (ending March 2026) could continue or expand, making trends in U.S. trade policy an important external factor affecting performance. As the first year of the new medium-term management plan (FY2027 through FY2029, ending March 2029), whether the targets can be achieved will attract attention.

Growth Strategy

Under the new medium-term management plan, the company aims to enhance corporate value through the expansion of domestic logistics facilities, higher value-added services in the U.S., and sustainability initiatives

A priority initiative under the new three-year medium-term management plan (FY2027 (ending March 2027) to FY2029 (ending March 2029)). Large-scale investment is underway in FY2026 (ending March 2026), with ¥4,445 million in acquisitions of property, plant and equipment and ¥3,291 million in construction in progress. The company aims to expand capacity and improve profitability following the completion of new warehouses.

The U.S. subsidiary is developing high value-added services centered on warehouses in order to maximize added value. In FY2026 (ending March 2026), machine tool handling volumes have been sluggish due to the impact of tariffs, making a shift in the service mix an urgent priority.

Positioned as a foundational strategy of the new medium-term management plan. Specific numerical targets and details of initiatives are not disclosed in the financial results report, but the company intends to pursue this as part of its efforts to enhance corporate value over the medium to long term.

Through solution proposals that draw out customers' true needs and contribute to improved production efficiency, the company aims to transition from simply undertaking logistics operations to becoming a strategic partner. This continues and builds upon initiatives from the previous three-year medium-term plan (FY2024 (ending March 2024) to FY2026 (ending March 2026)).

Last updated: July 19, 2026