# KANDA TSUSHINKI CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第89期(2025/04/01－2026/03/31) (S100Y9QZ)
> Page: https://vizora.meequs.com/en/company/kanda-tsushinki
> Retrieved: 2026-09-30T20:25:40.420Z

## Company

Kanda Tsushinki, founded in 1947, is a company in IT Services & System Integration listed on TSE Standard. It has 244 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANDA TSUSHINKI CO.,LTD. |
| Ticker | 1992 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1992.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田錦町一丁目19番地1 |
| Representative (per filing) | 代表取締役社長 神部雅人 |
| Founded | Sep 1947 |
| Share capital | ¥1.31B |
| Employees (consolidated) | 244 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Corporate number | 6010001013597 |
| EDINET | E00182 |
| Industries (Vizora) | IT Services & System Integration, Plant Engineering & Building Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100Y9QZ, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9 | 72 |
| Profitability | 25.7 | 76 |
| Cash conversion | 89.9 | 74 |
| Efficiency | 9.9 | 76 |

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 92% of Kanda Tsushinki's sales come from Information Technology Communications, with Lighting control business and Real estate rent business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -5.6% from the prior year, operating profit -29.9%.

## Company structure

- Segment revenue mix: Information Technology Communications 91.9%、Lighting control business 7.2%、Real estate rent business 0.9%
- Revenue → net income: ¥6777857000 → ¥372763000
- Net income → operating cash flow: ¥372763000 → ¥657008000（difference ¥284245000）
- Main uses of operating cash flow: CapEx ¥70967000 / dividends ¥157756000 / buybacks ¥585000
- Change in cash: ¥665999000
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 | ¥6.78B |  |
| Operating income | ¥438.5M | Margin 6.5% |
| Net income | ¥372.8M | Margin 5.5% |
| Free cash flow | ¥586M |  |
| Largest business | Information Technology Communications | of segment revenue 91.9% |
| Employees (consolidated) | 244 |  |
| EPS | ¥139.58 |  |
| Book value per share | ¥2294.7 |  |
| Equity ratio | 64.9% |  |
| Shares outstanding | 2,623,227 |  |
| Treasury shares | 333,400 |  |
| Shareholders | 1,189 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 32.3% | Cash ÷ revenue 46.7% |
| Vs. industry median margin | -2.4 pp | IT Services & System Integration |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +28% over five years
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6545023000 | ¥6777857000 | +3.6% |
| Operating income | ¥497303000 | ¥438483000 | -11.8% |
| Operating margin | 7.6% | 6.5% | -1.1 pp |
| Employees | 259 people | 244 people | -5.8% |
| Cash and equivalents | ¥2329102000 | ¥3166047000 | +35.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報通信事業 → 情報通信事業 | 91.1% |
| 照明制御事業 → 照明制御事業 | 7.2% |
| 照明制御事業 → 事業再編・廃止 | 0.7% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.9% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 情報通信事業 | 0.7% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information Technology Communications | 5 years | +0.9% | ¥6226439000 | 8.7% | 2 |
| Lighting control business | 5 years | -1.0% | ¥490636000 | -20.3% | 2 |
| Real estate rent business | 5 years | -0.6% | ¥60781000 | -3.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,778 | 100.0% | S100Y9QZ |
| Cost of revenue | 4,823 | 71.2% | S100Y9QZ |
| Gross profit | 1,955 | 28.8% | S100Y9QZ |
| SG&A | 1,516 | 22.4% | S100Y9QZ |
| Operating income | 438 | 6.5% | S100Y9QZ |
| Ordinary income | 521 | 7.7% | S100Y9QZ |
| Pretax income | 596 | 8.8% | S100Y9QZ |
| Income tax | 223 | 3.3% | S100Y9QZ |
| Net income | 373 | 5.5% | S100Y9QZ |
| Net income attributable to owners | 373 | 5.5% | S100Y9QZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 22 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.8% → Operating margin 6.5% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.6%; Core profit growth: -29.9%
Operating leverage (core profit growth ÷ revenue growth): 5.34×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,180 | 6,778 | -402 | -5.6% |
| Gross profit | 2,220 | 1,955 | -266 | -12.0% |
| Operating income | 626 | 438 | -187 | -29.9% |
| Net income attributable to owners | 432 | 373 | -59 | -13.6% |
| Operating cash flow | 472 | 657 | 185 | +39.3% |
| Free cash flow | 415 | 586 | 171 | +41.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,945 | 235 | 3.9% | 195 | -214 | -296 | S100LUGA |
| FY ending Mar 2021 | 6,545 | 497 | 7.6% | 332 | 1,385 | 1,384 | S100OKB4 |
| FY ending Mar 2022 | 5,945 | 370 | 6.2% | 563 | 134 | 118 | S100R8VD |
| FY ending Mar 2023 | 5,979 | 484 | 8.1% | 384 | 44 | 39 | S100TWGR |
| FY ending Mar 2024 | 7,152 | 721 | 10.1% | 545 | 497 | 463 | S100W4ST |
| FY ending Mar 2025 | 7,180 | 626 | 8.7% | 432 | 472 | 415 | S100Y9QZ |
| FY ending Mar 2026 | 6,778 | 438 | 6.5% | 373 | 657 | 586 | S100Y9QZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.8M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 254 | 243 | 249 | 240 | 244 |
| Average salary (parent company) | ¥5.7M | ¥6.1M | ¥6.8M | ¥7.5M | ¥7.3M |
| Average age (parent company) | 42.8 years | 44.3 years | 44.0 years | 44.2 years | 44.6 years |
| Average tenure (parent company) | 19.9 years | 21.3 years | 20.7 years | 21.0 years | 20.6 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) -5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information Technology Communications | 6,226 | 91.9% | 540 | 8.7% |
| Lighting control business | 491 | 7.2% | -99 | -20.3% |
| Real estate rent business | 61 | 0.9% | -2 | -3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information Technology Communications | 91.9% | 100.0% | 8.1 | 8.7% |
| Lighting control business | 7.2% | — | — | -20.3% |
| Real estate rent business | 0.9% | — | — | -3.1% |

Loss-making segment (excluded from profit shares): Lighting control business -99 JPY mn

Loss-making segment (excluded from profit shares): Real estate rent business -2 JPY mn

Segment → industry: Information Technology Communications → IT Services & System Integration / Lighting control business → Plant Engineering & Building Services / Information Technology Communications → Plant Engineering & Building Services / Real estate rent business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 657 | 9.7% | S100Y9QZ |
| Capital expenditure | 71 | 1.0% | S100Y9QZ |
| Free cash flow | 586 | 8.6% | 算出 |
| Investing cash flow | 235 | 3.5% | S100Y9QZ |
| Financing cash flow | -226 | -3.3% | S100Y9QZ |
| Dividends paid | 158 | 2.3% | S100Y9QZ |
| Share buyback | 1 | 0.0% | S100Y9QZ |
| Change in cash | 666 | 9.8% | S100Y9QZ |
| Cash and equivalents | 3,166 | 46.7% | S100Y9QZ |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,437 | 2,355 | 2,534 | 2,500 | 3,166 | S100TWGR, S100W4ST, S100Y9QZ |
| Total assets | 8,352 | 8,602 | 9,463 | 9,486 | 9,792 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Net assets | 5,017 | 5,282 | 5,769 | 6,116 | 6,353 | S100TWGR, S100W4ST, S100Y9QZ |
| Share capital | 1,311 | 1,311 | 1,311 | 1,311 | 1,311 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Property, plant and equipment | 1,549 | 1,540 | 1,528 | 1,590 | 1,568 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Intangible assets excluding goodwill | 47 | 36 | 36 | 33 | 49 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Investment securities | 1,358 | 1,381 | 1,631 | 2,019 | 1,798 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Current assets | 4,865 | 5,124 | 5,792 | 5,314 | 5,808 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Current liabilities | 2,245 | 2,219 | 2,603 | 2,175 | 2,371 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Short-term borrowings | 200 | 200 | 200 | 200 | 200 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Total liabilities | 3,335 | 3,321 | 3,694 | 3,370 | 3,439 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Equity attributable to owners of parent | 4,491 | 4,746 | 5,090 | 5,190 | 5,433 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Retained earnings | 2,269 | 2,510 | 2,913 | 3,190 | 3,403 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |
| Treasury stock | -187 | -178 | -245 | -436 | -422 | S100R8VD, S100TWGR, S100W4ST, S100Y9QZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100Y9QZ |
| Property, plant and equipment | 16% | S100Y9QZ |
| Intangibles and goodwill | 1% | S100Y9QZ |
| Investment securities | 18% | S100Y9QZ |
| Other assets | 33% | S100Y9QZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100Y9QZ |
| Equity | 65% | S100Y9QZ |
| Other liabilities | 0% | S100Y9QZ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,352 | 8,602 | 9,463 | 9,486 | 9,792 |
| Equity | 5,017 | 5,282 | 5,769 | 6,116 | 6,353 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,437 | 2,355 | 2,534 | 2,500 | 3,166 |

## 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) | 23.1% | S100Y9QZ |
| Fixed assets ÷ total assets | 16.0% | S100Y9QZ |
| Goodwill ÷ parent equity | — | —, S100Y9QZ |

### 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) | 32.3% |
| Cash ÷ revenue | 46.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.8% |
| Cash vs. profit gap | 284 JPY mn (of net income 76.3%) |
| Shareholder returns / net income | 42.5% |
| Shareholder returns / FCF | 27.0% |
| Shareholder payments — dividends / net income | 42.3% |
| Shareholder payments — dividends / FCF | 26.9% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 35.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.5% | 0.71× | 6.7% | 1.86× | 12.5% | S100R8VD |
| 2023 | 6.4% | 0.71× | 4.5% | 1.84× | 8.3% | S100TWGR |
| 2024 | 7.6% | 0.79× | 6.0% | 1.84× | 11.1% | S100W4ST |
| 2025 | 6.0% | 0.76× | 4.6% | 1.84× | 8.4% | S100Y9QZ |
| 2026 | 5.5% | 0.70× | 3.9% | 1.81× | 7.0% | S100Y9QZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐 藤 正 | Major shareholder | 12.6% | 2026-03-31 |
| 佐 山 浄 徳 | Major shareholder | 10.0% | 2026-03-31 |
| UHPartners2投資事業有限責任組合無限責任組合員 株式会社UHPartners2 | Major shareholder | 7.1% | 2026-03-31 |
| 光通信KK投資事業有限責任組合無限責任組合員 光通信株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 平 野 博 美 | Major shareholder | 5.6% | 2026-03-31 |
| 神田通信機従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 神 部 雅 人 | Major shareholder | 4.5% | 2026-03-31 |
| 佐 藤 久 世 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社ナカヨ | Major shareholder | 2.6% | 2026-03-31 |
| エスアイエル投資事業有限責任組合無限責任組合員 株式会社エスアイエル | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100Y9QZ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9QZ,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W4ST | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ST,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TWGR | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWGR,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R8VD | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8VD,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OKB4 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKB4,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LUGA | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUGA,, |

## 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).