# SERENDIP HOLDINGS 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21期(2025/04/01－2026/03/31) (S100YI8U)
> Page: https://vizora.meequs.com/en/company/serendip-c
> Retrieved: 2026-09-30T20:59:24.099Z

## Company

Serendip Holdings, founded in 2006, is a company in Auto Parts listed on TSE Growth. It has 3,185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SERENDIP HOLDINGS Co.,Ltd. |
| Ticker | 7318 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7318.T) |
| Listing | TSE Growth |
| Head office | 愛知県名古屋市中区錦一丁目5番11号 |
| Representative (per filing) | 代表取締役社長兼CEO 竹内 在 |
| Founded | Aug 2006 |
| Share capital | ¥1.16B |
| Employees (consolidated) | 3,185 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.serendip-c.com (https://www.serendip-c.com/) |
| Corporate number | 8180001058335 |
| EDINET | E36657 |
| Industries (Vizora) | Auto Parts, Investment Funds, Consulting |

> Profile source: annual securities report (S100YI8U, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 110 |
| Profitability | 41.9 | 111 |
| Cash conversion | 69 | 108 |
| Efficiency | 75.2 | 111 |

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 96% of Serendip Holdings's sales come from Innovative Manufacturing Business, with Solution business and Investment business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +103.6% from the prior year, operating profit +198.1%.

## Company structure

- Segment revenue mix: Innovative Manufacturing Business 95.8%、Solution business 3.9%、Investment business 0.3%
- Revenue → net income: ¥51163634000 → ¥4292089000
- Net income → operating cash flow: ¥4292089000 → ¥4526055000（difference ¥233966000）
- Main uses of operating cash flow: CapEx ¥3710224000 / dividends — / buybacks ¥200335000
- Change in cash: ¥6659804000
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 | ¥51.2B |  |
| Operating income | ¥2.19B | Margin 4.3% |
| Net income | ¥4.15B | Margin 8.1% |
| Free cash flow | ¥815.8M |  |
| Largest business | Innovative Manufacturing Business | of segment revenue 95.8% |
| Employees (consolidated) | 3,185 |  |
| EPS | ¥-3.54 |  |
| Diluted EPS | ¥222.3 |  |
| Book value per share | ¥131.89 |  |
| Equity ratio | 23.4% |  |
| Shares outstanding | 19,062,316 |  |
| Treasury shares | 885,500 |  |
| Shareholders | 3,532 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 22.8% | Cash ÷ revenue 25.7% |
| Vs. industry median margin | -0.5 pp | Auto Parts |
| ROE | 46.3% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.7× its level five years ago
- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14460659000 | ¥51163634000 | +253.8% |
| Operating income | ¥327876000 | ¥2189860000 | +567.9% |
| Operating margin | 2.3% | 4.3% | +2 pp |
| Employees | 512 people | 3,185 people | +522.1% |
| Cash and equivalents | ¥2847479000 | ¥13162333000 | +362.2% |

### 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 |
| --- | ---: |
| モノづくり事業 → モノづくり事業 | 88.9% |
| プロフェッショナル・ソリューション事業 → プロフェッショナル・ソリューション事業 | 3.9% |
| プロフェッショナル・ソリューション事業 → 事業再編・廃止 | 1.0% |
| インベストメント事業 → インベストメント事業 | 0.3% |
| インベストメント事業 → 事業再編・廃止 | 5.9% |
| 新設・再編 → モノづくり事業 | 6.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Innovative Manufacturing Business | 5 years | +30.7% | ¥49033843000 | 4.3% | 2 |
| Solution business | 5 years | +23.0% | ¥1988465000 | 6.3% | 2 |
| Investment business | 5 years | -30.9% | ¥141325000 | -20.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,164 | 100.0% | S100YI8U |
| Cost of revenue | 43,273 | 84.6% | S100YI8U |
| Gross profit | 7,891 | 15.4% | S100YI8U |
| SG&A | 5,701 | 11.1% | S100YI8U |
| Operating income | 2,190 | 4.3% | S100YI8U |
| Ordinary income | 2,418 | 4.7% | S100YI8U |
| Pretax income | 5,209 | 10.2% | S100YI8U |
| Income tax | 917 | 1.8% | S100YI8U |
| Net income | 4,292 | 8.4% | S100YI8U |
| Net income attributable to owners | 4,148 | 8.1% | S100YI8U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 11 |
| Operating income | 4 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 15.4% → Operating margin 4.3% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +103.6%; Core profit growth: +198.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.91×
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 | 25,125 | 51,164 | 26,039 | +103.6% |
| Gross profit | 4,244 | 7,891 | 3,647 | +85.9% |
| Operating income | 735 | 2,190 | 1,455 | +198.1% |
| Net income attributable to owners | 2,088 | 4,148 | 2,059 | +98.6% |
| Operating cash flow | 293 | 4,526 | 4,233 | +1445.3% |
| Free cash flow | -2,118 | 816 | 2,934 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,196 | 291 | 1.9% | 91 | 1,547 | 632 | S100LT1K |
| FY ending Mar 2021 | 14,461 | 328 | 2.3% | 398 | 993 | -900 | S100OJJX |
| FY ending Mar 2022 | 13,806 | 195 | 1.4% | 200 | 777 | -506 | S100R64R |
| FY ending Mar 2023 | 15,195 | 325 | 2.1% | 313 | 1,048 | 187 | S100TXVR |
| FY ending Mar 2024 | 19,787 | 478 | 2.4% | 519 | 2,581 | 1,215 | S100W356 |
| FY ending Mar 2025 | 25,125 | 735 | 2.9% | 2,088 | 293 | -2,118 | S100YI8U |
| FY ending Mar 2026 | 51,164 | 2,190 | 4.3% | 4,148 | 4,526 | 816 | S100YI8U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.1M |
| Operating income per employee (consolidated) | ¥687.6K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 487 | 570 | 615 | 1,122 | 3,185 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥7.1M | ¥6.9M | ¥7.3M |
| Average age (parent company) | 39.9 years | 40.4 years | 40.2 years | 41.0 years | 42.2 years |
| Average tenure (parent company) | 1.6 years | 2.2 years | 2.4 years | 2.4 years | 3.0 years |

Year over year: Employees (consolidated) +183.9% · Revenue (consolidated) +103.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Innovative Manufacturing Business | 49,034 | 95.8% | 2,094 | 4.3% |
| Solution business | 1,988 | 3.9% | 125 | 6.3% |
| Investment business | 141 | 0.3% | -29 | -20.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Innovative Manufacturing Business | 95.8% | 94.4% | -1.5 | 4.3% |
| Solution business | 3.9% | 5.6% | 1.7 | 6.3% |
| Investment business | 0.3% | — | — | -20.4% |

Loss-making segment (excluded from profit shares): Investment business -29 JPY mn

Segment → industry: Innovative Manufacturing Business → Auto Parts / Investment business → Investment Funds / Solution business → Consulting

## 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 | 4,526 | 8.8% | S100YI8U |
| Capital expenditure | 3,710 | 7.3% | S100YI8U |
| Free cash flow | 816 | 1.6% | 算出 |
| Investing cash flow | -3,074 | -6.0% | S100YI8U |
| Financing cash flow | 4,419 | 8.6% | S100YI8U |
| Share buyback | 200 | 0.4% | S100YI8U |
| Change in cash | 6,660 | 13.0% | S100YI8U |
| Cash and equivalents | 13,162 | 25.7% | S100YI8U |

## 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 | 3,223 | 3,012 | 3,954 | 6,503 | 13,162 | S100TXVR, S100W356, S100YI8U |
| Total assets | 15,685 | 16,168 | 20,272 | 32,242 | 57,655 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Net assets | 4,569 | 4,479 | 6,160 | 8,132 | 17,063 | S100TXVR, S100W356, S100YI8U |
| Share capital | 1,114 | 1,114 | 1,132 | 1,143 | 1,165 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Property, plant and equipment | 5,853 | 5,977 | 5,966 | 11,270 | 22,803 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Intangible assets excluding goodwill | 169 | 184 | 1,126 | 1,093 | 985 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Goodwill | 58 | 65 | 1,025 | 1,019 | 890 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Investment securities | 2,138 | 1,726 | 3,393 | 2,422 | 2,975 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Current assets | 6,982 | 7,741 | 9,199 | 16,194 | 28,824 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Current liabilities | 4,747 | 5,807 | 7,590 | 13,100 | 24,762 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Trade payables | 1,591 | 1,853 | 2,175 | 3,552 | 7,738 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Short-term borrowings | 927 | 600 | 1,400 | 2,700 | 5,800 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Long-term borrowings | 5,154 | 4,639 | 4,819 | 9,313 | 13,011 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Total liabilities | 11,116 | 11,689 | 14,112 | 24,110 | 40,592 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Non-controlling interests | 95 | — | — | 121 | 3,536 | S100R64R, S100YI8U |
| Equity attributable to owners of parent | 3,969 | 4,192 | 4,758 | 6,862 | 11,053 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Retained earnings | 869 | 1,182 | 1,711 | 3,800 | 7,947 | S100R64R, S100TXVR, S100W356, S100YI8U |
| Treasury stock | -14 | -105 | -105 | -105 | -277 | S100R64R, S100TXVR, S100W356, S100YI8U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YI8U |
| Property, plant and equipment | 40% | S100YI8U |
| Intangibles and goodwill | 3% | S100YI8U |
| Investment securities | 5% | S100YI8U |
| Other assets | 29% | S100YI8U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YI8U |
| Other liabilities | 57% | S100YI8U |
| Equity | 30% | S100YI8U |
| Other liabilities | 0% | S100YI8U |

### 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 | 15,685 | 16,168 | 20,272 | 32,242 | 57,655 |
| Equity | 4,569 | 4,479 | 6,160 | 8,132 | 17,063 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,223 | 3,012 | 3,954 | 6,503 | 13,162 |

## 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) | 44.6% | S100YI8U |
| Fixed assets ÷ total assets | 39.6% | S100YI8U |
| Goodwill ÷ parent equity | 8.1% | S100YI8U |

Goodwill over 4 years: 58 → 890 JPY; total investing cash flow: -11,205 JPY. This does not imply causation.

### 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) | 22.8% |
| Cash ÷ revenue | 25.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 206.7% |
| Cash vs. profit gap | 379 JPY mn (of net income 9.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 67.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.4% | 0.88× | 1.3% | 3.95× | 5.0% | S100R64R |
| 2023 | 2.1% | 0.95× | 2.0% | 3.90× | 7.7% | S100TXVR |
| 2024 | 2.6% | 1.09× | 2.8% | 4.07× | 11.6% | S100W356 |
| 2025 | 8.3% | 0.96× | 8.0% | 4.52× | 35.9% | S100YI8U |
| 2026 | 8.1% | 1.14× | 9.2% | 5.02× | 46.3% | S100YI8U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 竹内 在 | Major shareholder | 15.8% | 2026-03-31 |
| 髙村 徳康 | Major shareholder | 15.8% | 2026-03-31 |
| 諸戸グループマネジメント株式会社 | Major shareholder | 9.9% | 2026-03-31 |
| 一徳合同会社 | Major shareholder | 6.6% | 2026-03-31 |
| ネクストシークエンス合同会社 | Major shareholder | 6.6% | 2026-03-31 |
| セレンディップグループ従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 竹内 弘一 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YI8U | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI8U,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W356 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W356,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TXVR | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXVR,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R64R | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R64R,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OJJX | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJJX,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LT1K | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT1K,, |

## 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).