# i GRID SOLUTIONS Inc.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/07/01－2026/06/30) (S100Z3DI)
> Page: https://vizora.meequs.com/en/company/igrid
> Retrieved: 2026-09-30T18:18:14.090Z

## Company

i GRID SOLUTIONS, founded in 2004, is a company in Electric Power & Gas listed on TSE Growth. It has 153 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | i GRID SOLUTIONS Inc. |
| Ticker | 603A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/603A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門二丁目4番7号 |
| Representative (per filing) | 代表取締役社長 秋田 智一 |
| Founded | Feb 2004 |
| Share capital | ¥103.8M |
| Employees (consolidated) | 153 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | June |
| Website | igrid.co.jp (https://igrid.co.jp/) |
| Corporate number | 3010001103145 |
| EDINET | E40439 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100Z3DI, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.9 | 42 |
| Profitability | 92 | 44 |
| Cash conversion | 27.4 | 42 |
| Efficiency | 42 | 44 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 52% of i GRID SOLUTIONS's sales come from GX Solution, with Energy Trading making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit +14.1%.

## Company structure

- Segment revenue mix: GX Solution 52.4%、Energy Trading 47.6%
- Revenue → net income: ¥25699624000 → ¥1940242000
- Net income → operating cash flow: ¥1940242000 → ¥4451349000（difference ¥2511107000）
- Main uses of operating cash flow: CapEx ¥2983155000 / dividends — / buybacks —
- Change in cash: ¥1206178000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25.7B |  |
| Operating income | ¥3.58B | Margin 13.9% |
| Net income | ¥1.94B | Margin 7.5% |
| Free cash flow | ¥1.47B |  |
| Largest business | GX Solution | of segment revenue 52.4% |
| Employees (consolidated) | 153 |  |
| EPS | ¥60.42 |  |
| Book value per share | ¥265.71 |  |
| Equity ratio | 19.3% |  |
| Shares outstanding | 32,110,000 |  |
| Shareholders | 65 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 14.5% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | +7 pp | Electric Power & Gas |
| ROE | 25.7% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income

## What changed in 1 years

| Metric | FY ending Jun 2025 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22939003000 | ¥25699624000 | +12.0% |
| Operating income | ¥3139852000 | ¥3581651000 | +14.1% |
| Operating margin | 13.7% | 13.9% | +0.2 pp |
| Employees | 131 people | 153 people | +16.8% |
| Cash and equivalents | ¥5214432000 | ¥6420610000 | +23.1% |

### Change in segment revenue mix

Span: FY ending Jun 2025 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| GXソリューション → GXソリューション | 38.0% |
| エナジートレーディング → エナジートレーディング | 47.6% |
| エナジートレーディング → 事業再編・廃止 | 14.4% |
| 新設・再編 → GXソリューション | 14.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Jun 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,700 | 100.0% | S100Z3DI |
| Cost of revenue | 18,653 | 72.6% | S100Z3DI |
| Gross profit | 7,047 | 27.4% | S100Z3DI |
| SG&A | 3,465 | 13.5% | S100Z3DI |
| Operating income | 3,582 | 13.9% | S100Z3DI |
| Ordinary income | 2,868 | 11.2% | S100Z3DI |
| Pretax income | 2,845 | 11.1% | S100Z3DI |
| Income tax | 905 | 3.5% | S100Z3DI |
| Net income | 1,940 | 7.5% | S100Z3DI |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 13 |
| Operating income | 14 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 27.4% → Operating margin 13.9% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.0%; Core profit growth: +14.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.17×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,939 | 25,700 | 2,761 | +12.0% |
| Gross profit | 6,060 | 7,047 | 987 | +16.3% |
| Operating income | 3,140 | 3,582 | 442 | +14.1% |
| Operating cash flow | 4,634 | 4,451 | -183 | -3.9% |
| Free cash flow | -265 | 1,468 | 1,733 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2025 | 22,939 | 3,140 | 13.7% | 1,596 | 4,634 | -265 | S100Z3DI |
| FY ending Jun 2026 | 25,700 | 3,582 | 13.9% | 1,940 | 4,451 | 1,468 | S100Z3DI |

## People and productivity（FY ending Jun 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥168M |
| Operating income per employee (consolidated) | ¥23.4M |
| Net income per employee (consolidated) | ¥12.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 131 | 153 |
| Average salary (parent company) | — | ¥7.6M |
| Average age (parent company) | — | 40.3 years |
| Average tenure (parent company) | — | 4.2 years |

Year over year: Employees (consolidated) +16.8% · Revenue (consolidated) +12.0%

## Segments（FY ending Jun 2026, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| GX Solution | 13,469 | 52.4% | 2,843 | 21.1% |
| Energy Trading | 12,231 | 47.6% | 2,025 | 16.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| GX Solution | 52.4% | 58.4% | 6.0 | 21.1% |
| Energy Trading | 47.6% | 41.6% | -6.0 | 16.6% |

Segment → industry: Energy Trading → Electric Power & Gas / GX Solution → Electric Power & Gas

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,451 | 17.3% | S100Z3DI |
| Capital expenditure | 2,983 | 11.6% | S100Z3DI |
| Free cash flow | 1,468 | 5.7% | 算出 |
| Investing cash flow | -2,755 | -10.7% | S100Z3DI |
| Financing cash flow | -490 | -1.9% | S100Z3DI |
| Change in cash | 1,206 | 4.7% | S100Z3DI |
| Cash and equivalents | 6,421 | 25.0% | S100Z3DI |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 5,214 | 6,421 | S100Z3DI |
| Total assets | 41,674 | 44,294 | S100Z3DI |
| Net assets | 6,592 | 8,532 | S100Z3DI |
| Share capital | 104 | 104 | S100Z3DI |
| Inventories | 89 | 314 | S100Z3DI |
| Property, plant and equipment | 28,426 | 29,941 | S100Z3DI |
| Intangible assets excluding goodwill | 1,474 | 1,301 | S100Z3DI |
| Goodwill | 291 | 266 | S100Z3DI |
| Investment securities | 15 | 15 | S100Z3DI |
| Current assets | 11,292 | 12,681 | S100Z3DI |
| Current liabilities | 7,181 | 7,563 | S100Z3DI |
| Short-term borrowings | 700 | 400 | S100Z3DI |
| Long-term borrowings | 16,848 | 16,571 | S100Z3DI |
| Total liabilities | 35,082 | 35,762 | S100Z3DI |
| Equity attributable to owners of parent | 6,592 | 8,532 | S100Z3DI |
| Retained earnings | 1,596 | 3,536 | S100Z3DI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100Z3DI |
| Inventories | 1% | S100Z3DI |
| Property, plant and equipment | 68% | S100Z3DI |
| Intangibles and goodwill | 3% | S100Z3DI |
| Investment securities | 0% | S100Z3DI |
| Other assets | 14% | S100Z3DI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100Z3DI |
| Equity | 19% | S100Z3DI |

### Balance sheet history

| Metric | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: |
| Total assets | 41,674 | 44,294 |
| Equity | 6,592 | 8,532 |
| Interest-bearing debt | — | — |
| Cash | 5,214 | 6,421 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 116.5% | S100Z3DI |
| Fixed assets ÷ total assets | 67.6% | S100Z3DI |
| Goodwill ÷ parent equity | 3.1% | S100Z3DI |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 14.5% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.3% |
| Cash vs. profit gap | 2,511 JPY mn (of net income 129.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.6% |
| Investing CF relative to operating CF | 61.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 7.0% | 0.55× | 3.8% | 6.32× | 24.2% | S100Z3DI |
| 2026 | 7.5% | 0.60× | 4.5% | 5.68× | 25.7% | S100Z3DI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 24.7% | 2026-06-30 |
| THE FUND投資事業有限責任組合 | Major shareholder | 14.9% | 2026-06-30 |
| ＥＳ＆Ｇパートナーズ投資事業有限 責任組合 | Major shareholder | 9.0% | 2026-06-30 |
| 関西電力株式会社 | Major shareholder | 8.1% | 2026-06-30 |
| 株式会社シグマクシス・ホールディ ングス | Major shareholder | 5.5% | 2026-06-30 |
| 芙蓉総合リース株式会社 | Major shareholder | 4.7% | 2026-06-30 |
| ＪＡ三井リース株式会社 | Major shareholder | 4.2% | 2026-06-30 |
| 東急不動産株式会社 | Major shareholder | 3.4% | 2026-06-30 |
| 片山 晃 | Major shareholder | 2.3% | 2026-06-30 |
| 山口 貴弘 | Major shareholder | 2.3% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/07/01－2026/06/30) | S100Z3DI | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3DI,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).