The remaining (railway) division became independent as Keifuku Electric Railroad Co., Ltd., and it directly managed three electric railway companies (Echizen, Arashiyama and Eizan) and indirectly managed Mikuni Awara Dentetsu, the Eiheiji Line of Keifuku Electric Railroad Co., Ltd., the Maruoka Line of Keifuku Electric Railroad Co., Ltd., Atagoyama Electric Railway, Kurama Electric Railway as well as their affiliated bus businesses.
残る電鉄部門は同年京福電気鉄道（株）として新発足し、越前、嵐山、叡山の3電鉄を直営し、傍系には三国芦原電鉄、京福電気鉄道永平寺線、京福電気鉄道丸岡線、愛宕山鉄道、鞍馬電鉄および系列のバス事業などを擁していた。