# NISSIN SHOJI 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82期(2025/04/01－2026/03/31) (S100YKC9)
> Page: https://vizora.meequs.com/en/company/nissin-shoji
> Retrieved: 2026-09-30T18:37:17.835Z

## Company

Nissin Shoji, founded in 1947, is a company in Electric Power & Gas listed on TSE Standard. It has 366 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSIN SHOJI CO.,LTD. |
| Ticker | 7490 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7490.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦一丁目12番3号 |
| Representative (per filing) | 代表取締役社長 筒井 博昭 |
| Founded | Aug 1947 |
| Share capital | ¥3.62B |
| Employees (consolidated) | 366 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.nissin-shoji.co.jp (https://www.nissin-shoji.co.jp/) |
| Corporate number | 4010401033255 |
| EDINET | E02845 |
| Industries (Vizora) | Electric Power & Gas, Oil Refining & Fuels, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YKC9, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 11.5 | 13 |
| Efficiency | 19.2 | 13 |
| Financial strength | 62.5 | 4 |

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 90% of Nissin Shoji's sales come from Oil-related business, with Renewable energy-related business and Real estate leasing business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +1.0% from the prior year, operating profit -148.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥39.4B |  |
| Operating income | -¥185.3M | Margin -0.5% |
| Net income | ¥3.66B | Margin 9.3% |
| Free cash flow | -¥283.7M |  |
| Largest business | Oil-related business | of segment revenue 90.3% |
| Employees (consolidated) | 366 |  |
| EPS | ¥563.73 |  |
| Book value per share | ¥3928.13 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 7,600,000 |  |
| Treasury shares | 923,500 |  |
| Shareholders | 2,788 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 17.4% | Net cash -¥814.4M · Cash ÷ revenue 18.9% |
| Vs. industry median margin | -2.8 pp | Oil Refining & Fuels |
| ROE | 18.2% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥53692034000 | ¥39425833000 | -26.6% |
| Operating income | ¥701716000 | ¥-185338000 | -126.4% |
| Operating margin | 1.3% | -0.5% | -1.8 pp |
| Employees | 439 people | 366 people | -16.6% |
| Cash and equivalents | ¥4484281000 | ¥7447679000 | +66.1% |

### 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 |
| --- | ---: |
| 石油関連事業 → 石油関連事業 | 90.3% |
| 石油関連事業 → 事業再編・廃止 | 2.6% |
| 再生可能エネルギー関連事業 → 再生可能エネルギー関連事業 | 3.3% |
| 不動産事業 → 不動産事業 | 1.2% |
| 外食事業 → 事業再編・廃止 | 2.6% |
| 新設・再編 → 再生可能エネルギー関連事業 | 4.7% |
| 新設・再編 → 不動産事業 | 0.5% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Oil-related business | 5 years | -6.5% | ¥35619381000 | 2.6% | 2 |
| Renewable energy-related business | 5 years | +12.1% | ¥3163713000 | -29.0% | 2 |
| Real estate leasing business | 5 years | +0.7% | ¥642739000 | 51.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,426 | 100.0% | S100YKC9 |
| Cost of revenue | 32,569 | 82.6% | S100YKC9 |
| Gross profit | 6,857 | 17.4% | S100YKC9 |
| SG&A | 7,042 | 17.9% | S100YKC9 |
| Operating income | -185 | -0.5% | S100YKC9 |
| Ordinary income | 318 | 0.8% | S100YKC9 |
| Pretax income | 4,415 | 11.2% | S100YKC9 |
| Income tax | 566 | 1.4% | S100YKC9 |
| Net income | 3,849 | 9.8% | S100YKC9 |
| Net income attributable to owners | 3,661 | 9.3% | S100YKC9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 18 |
| Operating income | -1 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 17.4% → Operating margin -0.5% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 39,035 | 39,426 | 391 | +1.0% |
| Gross profit | 7,326 | 6,857 | -469 | -6.4% |
| Operating income | 385 | -185 | -570 | -148.2% |
| Net income attributable to owners | 615 | 3,661 | 3,046 | +494.9% |
| Operating cash flow | 812 | 25 | -787 | -96.9% |
| Free cash flow | -285 | -284 | 1 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 61,996 | 306 | 0.5% | 223 | 1,193 | 793 | S100LV2N |
| FY ending Mar 2021 | 53,692 | 702 | 1.3% | 1,333 | 1,343 | 724 | S100OJMZ |
| FY ending Mar 2022 | 36,466 | 428 | 1.2% | 490 | -1,630 | -3,133 | S100R838 |
| FY ending Mar 2023 | 38,897 | 640 | 1.6% | 287 | 1,626 | 422 | S100TWNR |
| FY ending Mar 2024 | 38,732 | 507 | 1.3% | 297 | 206 | -509 | S100VYLX |
| FY ending Mar 2025 | 39,035 | 385 | 1.0% | 615 | 812 | -285 | S100YKC9 |
| FY ending Mar 2026 | 39,426 | -185 | -0.5% | 3,661 | 25 | -284 | S100YKC9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.7M |
| Operating income per employee (consolidated) | -¥506.4K |
| Net income per employee (consolidated) | ¥10M |

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) | 436 | 404 | 374 | 379 | 366 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.7M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 39.0 years | 40.0 years | 41.9 years | 42.2 years | 42.9 years |
| Average tenure (parent company) | 14.1 years | 14.8 years | 15.9 years | 16.0 years | 16.8 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Oil-related business | 35,619 | 90.3% | 940 | 2.6% |
| Renewable energy-related business | 3,164 | 8.0% | -916 | -29.0% |
| Real estate leasing business | 643 | 1.6% | 332 | 51.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Oil-related business | 90.3% | 73.9% | -16.4 | 2.6% |
| Renewable energy-related business | 8.0% | — | — | -29.0% |
| Real estate leasing business | 1.6% | 26.1% | 24.5 | 51.6% |

Loss-making segment (excluded from profit shares): Renewable energy-related business -916 JPY mn

Segment → industry: Renewable energy-related business → Electric Power & Gas / Oil-related business → Oil Refining & Fuels / Real estate leasing 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 | 25 | 0.1% | S100YKC9 |
| Capital expenditure | 309 | 0.8% | S100YKC9 |
| Free cash flow | -284 | -0.7% | 算出 |
| Investing cash flow | 5,044 | 12.8% | S100YKC9 |
| Financing cash flow | -1,764 | -4.5% | S100YKC9 |
| Dividends paid | 174 | 0.4% | S100YKC9 |
| Change in cash | 3,218 | 8.2% | S100YKC9 |
| Cash and equivalents | 7,448 | 18.9% | S100YKC9 |

## 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 | 3,377 | 3,841 | 4,086 | 4,230 | 7,448 | S100TWNR, S100VYLX, S100YKC9 |
| Total assets | 33,925 | 35,062 | 38,283 | 40,374 | 42,881 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Net assets | 19,589 | 20,058 | 21,916 | 23,595 | 26,708 | S100TWNR, S100VYLX, S100YKC9 |
| Share capital | 3,624 | 3,624 | 3,624 | 3,624 | 3,624 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Property, plant and equipment | 12,900 | 13,565 | 13,431 | 13,692 | 13,632 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Intangible assets excluding goodwill | 110 | 50 | 35 | 31 | 41 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Investment securities | 4,394 | 4,875 | 6,626 | 8,149 | 5,293 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Current assets | 14,160 | 14,117 | 15,240 | 15,638 | 19,891 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Current liabilities | 6,381 | 7,322 | 7,453 | 5,499 | 8,708 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Trade payables | 1,711 | 1,719 | 1,826 | 2,012 | 1,865 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Short-term borrowings | 3,398 | 4,052 | 3,996 | 2,123 | 3,867 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Long-term borrowings | 5,149 | 4,881 | 5,734 | 7,512 | 4,345 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Bonds | 520 | 408 | 296 | 184 | 50 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Interest-bearing debt | 9,067 | 9,341 | 10,027 | 9,818 | 8,262 | 算出 |
| Total liabilities | 14,336 | 15,004 | 16,367 | 16,779 | 16,173 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Non-controlling interests | 269 | 284 | 257 | 273 | 461 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Equity attributable to owners of parent | 17,609 | 17,762 | 17,925 | 18,400 | 21,887 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Retained earnings | 11,392 | 11,545 | 11,702 | 12,178 | 15,665 | S100R838, S100TWNR, S100VYLX, S100YKC9 |
| Treasury stock | -689 | -689 | -689 | -689 | -689 | S100R838, S100TWNR, S100VYLX, S100YKC9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKC9 |
| Property, plant and equipment | 32% | S100YKC9 |
| Intangibles and goodwill | 0% | S100YKC9 |
| Investment securities | 12% | S100YKC9 |
| Other assets | 39% | S100YKC9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YKC9 |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 14% | S100YKC9 |
| Equity | 62% | S100YKC9 |

### 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 | 33,925 | 35,062 | 38,283 | 40,374 | 42,881 |
| Equity | 19,589 | 20,058 | 21,916 | 23,595 | 26,708 |
| Interest-bearing debt | 9,067 | 9,341 | 10,027 | 9,818 | 8,262 |
| Cash | 3,377 | 3,841 | 4,086 | 4,230 | 7,448 |

## 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) | 34.6% | S100YKC9 |
| Fixed assets ÷ total assets | 31.8% | S100YKC9 |
| Goodwill ÷ parent equity | — | —, S100YKC9 |

### 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) | 17.4% |
| Cash ÷ revenue | 18.9% |
| Net cash (cash − interest-bearing debt) | -¥814.4M |
| Net debt ÷ operating cash flow | 32.31× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -3,636 JPY mn (of net income -99.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 20010.8% |

## 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 | 1.3% | 1.07× | 1.4% | 1.93× | 2.8% | S100R838 |
| 2023 | 0.7% | 1.13× | 0.8% | 1.95× | 1.6% | S100TWNR |
| 2024 | 0.8% | 1.06× | 0.8% | 2.06× | 1.7% | S100VYLX |
| 2025 | 1.6% | 0.99× | 1.6% | 2.17× | 3.4% | S100YKC9 |
| 2026 | 9.3% | 0.95× | 8.8% | 2.07× | 18.2% | S100YKC9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＮＥＯＳホールディングス株式会社 | Major shareholder | 17.1% | 2026-03-31 |
| 株式会社日新 | Major shareholder | 14.8% | 2026-03-31 |
| 日本マスタートラスト 信託銀行株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 筒井 博昭 | Major shareholder | 3.3% | 2026-03-31 |
| 筒井 健司 | Major shareholder | 2.9% | 2026-03-31 |
| 筒井 敦子 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ユシロ | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 日本精化株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YKC9 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKC9,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100VYLX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYLX,, |
| 有価証券報告書－第80期(2023/04/01－2024/03/31) | S100TWNR | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWNR,, |
| 有価証券報告書－第79期(2022/04/01－2023/03/31) | S100R838 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R838,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OJMZ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJMZ,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LV2N | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV2N,, |

## 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).