Forval RealStraight Inc.
9423・Standard Market・Information & Communication
Business
Forval RealStraight Co., Ltd. operates a Solutions Business (Forval RealStraight single segment) that comprehensively supports the diverse needs arising from corporate office relocations, offering total support ranging from real estate brokerage and interior construction to various infrastructure setup and arrangement of office equipment and fixtures. Its main customers are small and medium-sized enterprises centered in central Tokyo, and the company supports the resolution of management issues for companies considering relocation or renovation. In April 2025, the company made Daiichi Kogeisha Co., Ltd. a wholly owned subsidiary, expanding the scale of the group's business. Consolidated net sales for FY2026 (ending March 2026) stood at ¥4,564 million, with operating profit of ¥139 million.
Business Model
Starting from the single trigger of a client company's office relocation, the company provides a combination of Real Estate Brokerage Services (equivalent to ¥229 million in revenue) and Interior Construction & Related Services (equivalent to ¥4,334 million in revenue), with a structure designed to raise per-customer revenue through simultaneous orders for multiple services. On a debt-free financial foundation, the company covers operating cash flow of ¥194 million with its own funds, while also advancing the development of new revenue sources such as Value-Up Solutions for Building Owners and the sublease business.
Company Strengths
The company maintains in-house specialized teams for real estate brokerage, interior design and construction, and ICT environment setup, enabling it to complete the entire office relocation process within a single company. In FY2026 (ending March 2026), sales of Interior Construction & Related Services reached ¥4,334 million, demonstrating a track record of customer acceptance of its one-stop proposals.
As of the end of FY2026 (ending March 2026), the company had zero interest-bearing debt, held cash and deposits of ¥973 million, and maintained an equity ratio of 39.8%. Cash flow from operating activities was ¥194 million, and this financial base, which does not rely on external fundraising, supports business continuity and investment capacity.
In April 2025, the company acquired all shares of Daiichi Kogeisha Co., Ltd., making it a wholly owned subsidiary. As a result, consolidated net sales for FY2026 (ending March 2026) reached ¥4,564 million, a substantial increase from the previous period's non-consolidated sales of ¥3,140 million. The expansion of business scale through M&A is confirmed as an achieved result.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 2.1x over five periods, from ¥2,154 million in FY2022 to ¥4,564 million in FY2026. In particular, FY2026 (ending March 2026) accelerated to a 45.4% year-on-year increase due to the new consolidation effect of Daiichi Kogeisha. Operating profit was ¥139 million (operating margin of 3.1%), a slight improvement from ¥126 million in FY2025. Net income attributable to owners of parent recovered significantly to ¥169 million from ¥86 million in the prior period, but this included one-off factors such as gain on sale of investment securities and gain on negative goodwill. As an external factor, the decline in vacancy rates and rise in rents in the central Tokyo office market has been underpinning relocation demand. Return on equity was revised to 24.4% (corrected from the previously stated 45.4%).
Growth Strategy
Multi-pronged growth through subsidiary consolidation, new business for building owners, and enhanced marketing
Since FY2026 (ending March 2026), Daiichi Kogeisha has been consolidated as a subsidiary, enabling in-house execution of interior construction work. Through inter-group project collaboration, cost optimization, and expanded order-taking capacity, revenue increased 45.4% year on year to ¥4,564 million. The focus going forward is on improving profit margins through PMI (post-merger integration) initiatives.
The company is developing a new revenue source aimed at building owners, offering services designed to attract tenants and address vacancy issues. By extending its existing relocation-support expertise to owners as well, the company aims to diversify demand-side sources and stabilize its revenue base.
The company is promoting new customer acquisition through digital marketing and strengthened sales operations. This aims to diversify revenue away from concentration on specific customers while expanding the project pipeline.
Last updated: July 19, 2026