beluuga.ai

Overview

Services

Nareru Group Inc.

Narel Group is a pure holding company operating through subsidiaries that provide technical staffing and engineering services primarily to the construction and IT industries in Japan. Its core subsidiary, World Corporation, dispatches construction site managers, CAD operators, and other technical engineers to general contractors and plant operators across building, civil engineering, mechanical, and electrical sectors nationwide. A smaller IT solutions segment, operated by ATJC, provides IT engineer dispatch and system engineering services (SES) to clients including telecommunications companies and financial institutions.

Market Cap

¥20.5B

US$131M

¥21.2B

US$135M

Stock¥2,342▼-1.10%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.8

LTM EV/EBIT

7.6

LTM PER

10.3

LTM PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-23.2%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

75%

25%

EquityD/E 0.33xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 60.7%

as of 2026-04-30 · Source: Annual Securities Report

Muramatsuya Shoten Co., Ltd.

33.73%

Advantage Partners V, L.P.

11.99%

INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)

4.24%

AP CAYMAN PARTNERS III, L.P. (Standing Proxy: Daiwa Securities Co. Ltd.)

4.10%

Nomura Trust and Banking Co., Ltd. (Investment Trust Account)

1.40%

Naoki SHIBATA

1.39%

Daiwa Securities Co. Ltd.

1.20%

JAPAN FUND V,L.P (Standing Proxy: Daiwa Securities Co. Ltd.)

1.06%

Taiji IWASAKI

0.87%

BNP PARIBAS FINANCIAL MARKETS (Standing Proxy: BNP Paribas Securities (Japan) Limited)

0.69%

Management

7 officers

Ryo KOBAYASHI

Director and Chairman of the Board

Mar 1990 Joined Takefuji Co., Ltd. Apr 2003 Joined Tokyo Associates Co., Ltd. Nov 2008 Established World Corporation Co., Ltd., Representative Director Nov 2019 Representative Director, AP64 Co., Ltd. (now the Company) Dec 2020 Director, ATJC Co., Ltd. (current) Jan 2026 Director and Chairman of the Board, the Company (current) Jan 2026 Director and Chairman of the Board, World Corporation Co., Ltd. (current)

1972-09-20

Naoki SHIBATA

Representative Director

Apr 2000 Joined Musin Holdings Co., Ltd. Oct 2010 Joined Hikari Tsushin, Inc. May 2011 Joined World Corporation Co., Ltd. Dec 2015 Managing Director, World Corporation Co., Ltd. Nov 2019 Director, AP64 Co., Ltd. (now the Company) Dec 2020 Director, ATJC Co., Ltd. (current) Apr 2021 Representative Director, National Association of Construction Contractors (now National Association of Construction Human Resources) Oct 2021 Representative Director, Contraft Co., Ltd. Jan 2022 Senior Managing Director, the Company Jan 2022 Senior Managing Director, World Corporation Co., Ltd. Jan 2026 Representative Director, the Company (current) Jan 2026 Representative Director, World Corporation Co., Ltd. (current) Jan 2026 Director, Contraft Co., Ltd. (current)

1978-10-01

Kosuke SEAI

Director

Apr 2003 Joined Tohmatsu Consulting Co., Ltd. (now Deloitte Tohmatsu Consulting LLC) Oct 2013 Joined Nissin Foods Holdings Co., Ltd. Mar 2019 Joined World Corporation Co., Ltd. May 2021 Director, National Association of Construction Contractors (now National Association of Construction Human Resources) (current) Aug 2021 Joined the Company Oct 2021 Director, Contraft Co., Ltd. Jan 2026 Director, the Company (current) Jan 2026 Director, World Corporation Co., Ltd. (current) Jan 2026 Representative Director, Contraft Co., Ltd. (current)

1979-09-28

Noriaki MITSUI

Director

Dec 2004 Joined QUO Card Co., Ltd. Dec 2007 Director, General Manager of Management Division and Head of Business Planning Office, Tasco System Co., Ltd. Mar 2010 Director, General Manager of Management Division, EMCOM Holdings Co., Ltd. Oct 2012 General Manager of Business Promotion Division, I-REP Co., Ltd. (now Hakuhodo DY ONE Co., Ltd.) Sep 2015 Director, Executive Officer and CFO, Megane Super Co., Ltd. Nov 2017 Director, Executive Officer and CFO, Visionary Holdings Co., Ltd. Dec 2023 Executive Manager and CFO, Finance and Accounting Division, Fast Fitness Japan Co., Ltd. Apr 2024 Executive Officer, CFO and Head of General Planning Division, Fast Fitness Japan Co., Ltd. Dec 2025 Joined the Company Jan 2026 Director, the Company (current) Jan 2026 Director, World Corporation Co., Ltd. (current)

1970-10-20

Yoshiaki HATORI

Director, Audit and Supervisory Committee Member

Mar 1986 Joined Tohmatsu & Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) Aug 1986 Registered as Certified Public Accountant Jul 2001 Partner, Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Apr 2002 Part-time Lecturer, Faculty of Commerce, Nihon University May 2011 Examination Question Setter, Examination Committee, Japanese Institute of Certified Public Accountants Aug 2016 Committee Member, Examination Committee, Japanese Institute of Certified Public Accountants Jul 2020 Opened Yoshiaki Hatori Certified Public Accountant Office, Head (current) Aug 2021 Committee Member, Examination Committee, Japanese Institute of Certified Public Accountants (current) Oct 2021 Audit & Supervisory Board Member, the Company Aug 2022 Director, Audit and Supervisory Committee Member, the Company (current) Sep 2022 Audit & Supervisory Board Member, World Corporation Co., Ltd. Sep 2022 Audit & Supervisory Board Member, ATJC Co., Ltd.

1961-04-24

Takashi NISHIMURA

Director, Audit and Supervisory Committee Member

Apr 2002 Joined ORIX Corporation Apr 2007 Joined Advantage Partners Co., Ltd. (current) Nov 2011 Director, Kredge Co., Ltd. Oct 2013 Director, Ray Kazun Co., Ltd. May 2018 Director, Net Protections Co., Ltd. Aug 2018 Director, Kuraya Co., Ltd. Nov 2019 Director, World Corporation Co., Ltd. Nov 2019 Director, AP64 Co., Ltd. (now the Company) Mar 2020 Director, Nihon Meika Sohonpo Co., Ltd. Oct 2020 Representative Director, AP71 Co., Ltd. (now Watchnian Group Co., Ltd.) Dec 2020 Director, Kit Co., Ltd. Dec 2020 Director, Hama Engineering Co., Ltd. Dec 2020 Director, Ippu Kishi Holdings Co., Ltd. (formerly Watchnian Group Co., Ltd.) Dec 2020 Director, Ippu Kishi Co., Ltd. (now Watchnian Co., Ltd.) (current) Dec 2020 Director, Ginzo Co., Ltd. Dec 2020 Director, ATJC Co., Ltd. Jun 2022 Representative Director, AP74 Co., Ltd. (now Net Japan Co., Ltd.) Aug 2022 Director, Audit and Supervisory Committee Member, the Company (current) Apr 2023 Director, Net Japan Co., Ltd. (current) Aug 2023 Director, Watchnian Group Co., Ltd. (current) Dec 2023 Director, Quark Co., Ltd. Dec 2023 Director, Ar Co., Ltd. (current)

1979-04-07

Yukie TAMECHIKA

Director, Audit and Supervisory Committee Member

Oct 2005 Registered as attorney, Daiichi Tokyo Bar Association (58th class); joined Ishizaki Nobunori Law Office (now Ishizaki & Yamanaka Law Office) Jun 2007 Joined Noshiro Himawari Fund Law Office Jun 2009 Joined Ishizaki & Yamanaka Law Office Jan 2017 Joined Takai & Partners Law Office (now TXL Law Office) as Partner Attorney (current) Jan 2025 Director, Audit and Supervisory Committee Member, the Company (current)

1980-07-12

Large Shareholding Reports

WILL FIELD CAPITAL PTE.LTD.

2026-06-22

3.30%→4.33%

Correction filing (name/detail fix only) — ratio carried over from the original filing

WILL FIELD CAPITAL PTE.LTD.

2026-06-19

3.30%→4.33%

AP V GP Co., Ltd.

2026-06-08

12.49%→12.00%

WILL FIELD CAPITAL PTE.LTD.

2026-06-05

3.30%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-09-11

Q3 Earnings Flash

FY ending Oct 2026

Nareru Group Inc.

Try the full product

Nareru Group Inc.

Try the full product

More Japanese companies in Services