i Grid Solutions

Research evidence excerpt

i Grid Solutions

Global Markets Research

29 July 2026i Grid Solutions

603A.T 603A JP / EQUITY: JAPAN UTILITIES

New listing NEW LISTING

Renewable energy solutions company that combines development and

sale of solar power equipment and supply of retail electricity First trade 29 July 2026

Offer price JPY 770

Company overview

Shares outstanding 34,799,000iGrid Solutions is a full-service energy solutions provider that develops and sells solar (at time of IPO) shares

power equipment to companies and local governments and sells electricity to businesses

and households.

Characteristics Research Analysts

The company's business model involves purchasing surplus electricity generated by its Japan small cap

proprietary on-site solar power facilities (GX solutions segment), and selling it to retail Sho Kamiguchi - NSC

customers via its energy trading segment. A key characteristic of the model is the ability to sho.kamiguchi@nomura.com

fully utilize the rooftops of electricity consumers. Few companies are involved in both the +81 3 6703 1244

development of on-site solar power generation equipment and electricity retailing. Kotone Ishii - NSC

kotone.ishii@nomura.comDetailed earnings forecasts

+81 3 6703 1147

Sales totaled ¥22,939mn (up 1.6% y-y) in 25/6, driven by the GX solutions segment. Sales

rose as the company attracted power generation development projects from alliance

partners such as Tokyu Fudosan Holdings and also benefited from solid customer

acquisitions for PPA projects. Recurring profits totaled ¥2,389mn (up 80.0%) on growth in

the weighting of the GX solutions segment. We forecast 26/6 sales of ¥25,464mn (up

11.0% y-y), in line with guidance. We expect sales to rise on growth in the number of

alliance partners in the GX solutions segment as the PPA market expands.