ENVALITH
株式会社イチネンホールディングス logo

ICHINEN HOLDINGS CO.,LTD.

9619・Prime Market・Services

Official website
株式会社イチネンホールディングス logo
ICHINEN HOLDINGS CO.,LTD.9619

Business

Ichinen Holdings Co., Ltd. is a pure holding company listed on the Tokyo Stock Exchange Prime Market, founded in 1963. Built on the foundation of the "Auto Leasing-Related Business," which centers on auto leasing and contracted auto maintenance services, the company operates a total of six businesses, including Chemical Business, Parking Business, Machine Tool Sales Business, Synthetic Resin Business, and Agriculture-Related Business. Of the consolidated net sales of ¥162,254 million (FY2026, ending March 2026), the Auto Leasing-Related Business accounts for approximately 39%. The company's main customers are corporate clients, primarily small and medium-sized businesses in regional areas, and the group—comprising 38 subsidiaries and 3 affiliated companies—provides a diverse range of services. The company actively utilizes M&A, and with the addition of the Nitto FC Co., Ltd. group in November 2023, it added the Agriculture-Related Business as a new growth pillar.

Business Model

In the Auto Leasing business, long-term, recurring revenue is underpinned by lease contracts (outstanding balance of ¥104,978 million) and contracted maintenance agreements (outstanding balance of ¥10,395 million), supplemented by disposal gains on vehicles at lease expiration. The Parking Business operates 2,001 parking lots under the "OnePark" brand, generating stable site-leasing revenue. The Chemical, Machine Tool, Synthetic Resin, and Agriculture-Related businesses have multi-layered revenue structures combining manufacturing, sales, and distribution. The company is pursuing business expansion through M&A in parallel with efficiency improvements in existing operations.

Company Strengths

As of the end of March 2026, the company achieved 97,460 lease contracts (up 1,343 from the previous fiscal year-end), an outstanding unexpired lease contract balance of ¥104,978 million (up 6.7% year on year), and 77,981 contracted maintenance vehicles (up 1,994 from the previous fiscal year-end). A strategy focused on regional markets and small-lot corporate clients with less competition, combined with a proprietary network of auto repair shops, underpins high contract continuity.

Since entering the Chemical Business in 2004, the company has continuously pursued M&A, including Synthetic Resin Business and Machine Tool Sales Business in 2012, TASCO in 2013, glass processing in 2021, and Marui Kogyo and Nitto FC (including 8 subsidiaries and 1 grandchild subsidiary) in 2023. The Agriculture-Related Business grew to net sales of ¥19,635 million and segment profit of ¥1,453 million in FY2026 (ending March 2026), demonstrating the company's ability to nurture new businesses originating from M&A.

The Parking Business, operated under the "OnePark" brand, recorded net sales of ¥8,169 million against segment profit of ¥1,436 million in FY2026 (ending March 2026), a high-margin segment with a profit margin of 17.6%. As of the end of March 2026, the number of managed locations reached 2,001 (up 69 from the previous fiscal year-end) and managed parking spaces reached 37,713 (up 788 from the previous fiscal year-end), reflecting continuous expansion, while differentiation is also progressing through the introduction of technologies such as cashless payment and flap-less systems.

ENVALITH's Perspective

Net profit attributable to owners of the parent for FY2026 (ending March 2026) of ¥7,652 million (up 14.9% year-on-year) includes an extraordinary gain of ¥819 million from gains on sales of investment securities. The company's forecast for FY2027 (ending March 2027) net profit stands at ¥6,910 million (down 9.7% year-on-year), indicating a profit decline outlook, and it will be necessary to confirm the level of recurring earning power excluding one-time gains. The forecast for ordinary profit is also slightly lower at ¥10,780 million (down 2.0% year-on-year), and the structural challenge of revenue growth not directly translating into profit growth remains.

The Machine Tool Sales Business achieved a turnaround to segment profit of ¥251 million in FY2026 (ending March 2026), from a loss of ¥141 million in the prior period, but the profit margin remains at only 0.7% against sales of ¥38,019 million. The company continues to pursue profitability improvement measures such as reducing procurement and logistics costs, consolidating overlapping functions within the segment, and optimizing the production system of the manufacturing division. However, as an external factor, the upward trend in raw material prices and logistics costs continues, and a full recovery in profit margin may take time.

The planned acquisition in June 2026 of Mitsubishi Corporation Agri-Service Co., Ltd. (with 100% of voting rights to be acquired) and MC Fertilizer Corporation (with 93.2% to be acquired) aims for a dramatic expansion of the Agriculture-Related Business, but the acquisition price, goodwill amount, and integration costs are all yet to be finalized at this stage. As with the existing Synthetic Resin Business (which posted a segment loss of ¥170 million in FY2026, ending March 2026), there is a risk of temporary cost increases during the post-M&A integration process for the Agriculture-Related Business. Fertilizer price trends in the market environment also affect profitability, so it will be necessary to carefully assess the timeline for profit contribution following integration.

Growth Strategy

Continued diversification through expansion and profitability improvement of existing businesses combined with M&A and new business entry

Following the December 2025 integration of ICHINEN Co., Ltd. and Nomura Auto Lease Co., Ltd., the Company is promoting management efficiency through the sharing of sales know-how and personnel. It aims to actively pursue new sales in regional markets and among small and medium-sized enterprises, and to increase the number of contracted maintenance vehicles and outstanding balances. The Company is also working to build a maintenance network supporting next-generation vehicles such as EVs.

Through the acquisition of Mitsubishi Corporation Agri Service Ltd. (import/export and wholesale of fertilizer raw materials) and MC Ferticom Corporation (manufacture and sale of fertilizer) as subsidiaries, the Company will diversify raw material procurement routes, expand its sales network, and integrate product development capabilities, thereby substantially enhancing the competitiveness and revenue scale of the Agriculture-Related Business.

Through the consolidation of overlapping functions within the segment, strengthening of centralized product procurement to reduce procurement costs, optimization of the domestic and overseas production system in the manufacturing division to lower costs, and promotion of in-house logistics, the Company aims to fundamentally improve profitability, which currently stands at a margin of only 0.7% against sales of ¥38,019 million.

The Company aims to further expand the number of managed parking lots, which stood at 2,001 as of the end of March 2026 (up 69 from the previous fiscal year-end), and the number of managed parking spaces, which reached 37,713 (up 788). By promoting the adoption of cashless payment, flapless systems, and camera-recognition ticketless systems, the Company seeks to improve convenience and differentiate itself from competitors, thereby building a stable revenue base over the medium to long term.

Following the April 2026 integration of Shinsei Glass Co., Ltd. and Nisseki Glass Industry Co., Ltd., the Company is promoting efficiency gains through strengthened sales capabilities and product development capabilities, as well as consolidation of manufacturing facilities. It aims to further improve profitability by strengthening the production and sales system for safety glass and functional glass.

Last updated: July 19, 2026