IMURAYA GROUP CO., LTD.
2209・Prime Market・Foods
Business
Imuraya Group Co., Ltd. is a food holding company founded in 1896. With 11 consolidated subsidiaries, the company centers its operations on the Distribution business (approximately 91% of net sales), which manufactures and sells confectionery, frozen desserts, and food products such as "Azuki Bar" and steamed buns (nikuman/anman). It also operates a BtoB-focused Seasoning business specializing in natural and fermented seasoning materials, as well as other businesses including real estate leasing and outlet sales. In addition to domestic BtoC and BtoB operations, the group has local subsidiaries in the United States, China, and Malaysia, and is promoting export expansion into the ASEAN market. Consolidated net sales for FY2026 (ending March 2026) reached ¥53,724 million, a record high.
Business Model
In the core distribution business, Imuraya Co., Ltd. manufactures its own branded products and sells them to retailers and convenience stores through major wholesalers such as Nippon Access (29.8% of sales) and Mitsubishi Corporation (11.3% of sales). In parallel, Imuraya Foods handles spout pouch products and OEM contract processing, while the seasoning business secures stable earnings through B2B functional material OEM leveraging proprietary powder processing technology. The company is improving its profit margin by absorbing cost increases through both price revisions and productivity improvements.
Company Strengths
The "Azuki Bar" series recorded its highest-ever unit sales of 335 million bars in FY2026 (ending March 2026). Frozen dessert category sales reached ¥17,897 million (up 6.7% year on year), accounting for approximately 36.6% of distribution business sales. The brand strength, underpinned by years of manufacturing know-how and azuki bean processing technology, represents a proprietary competitive advantage that is difficult for competitors to replicate in the short term.
The company operates across seven categories including confectionery, food, daily chilled products, frozen desserts, dim sum, and sweets, maintaining a multi-channel sales network spanning BtoC, BtoB, and food service. In FY2026 (ending March 2026), the company constructed a new frozen dessert plant (capital expenditure of ¥6,464 million), consolidating expanded production capacity and value-added product development functions on the same site. Continuous product innovation is supported by R&D expenditure of ¥579 million and an R&D headcount of 75.
The powder processing technology held by Imuraya Foods, including spray dryers, is a differentiating factor that captures growing demand for OEM contract processing of functional materials. The seasoning business achieved segment profit of ¥663 million in FY2026 (ending March 2026), with a segment profit margin of approximately 13.6%, exceeding that of the distribution business (approximately 9.0%), maintaining a high-profitability structure that contributes to the stability of overall group earnings.
ENVALITH's Perspective
Performance Trend
For FY2026 (ending March 2026), net sales reached ¥53,723 million (up 5.1% year on year), operating profit was ¥3,200 million (up 6.5%), ordinary profit was ¥3,533 million (up 11.5%), and profit attributable to owners of parent was ¥2,389 million (up 8.7%), with all metrics setting new record highs. The operating margin improved slightly from 5.9% to 6.0%. Amid continued raw material price increases and rising logistics costs as external factors, the company absorbed these through price revisions and productivity improvements. The frozen desserts category (up 6.7% year on year), confectionery category (up 7.6%), and food category (up 6.3%) drove growth, while the dim sum and delicatessen category declined 1.5% due to the impact of a warm winter. Over the five-year period, net sales grew at an average annual rate of approximately 6.2%, while operating profit grew at approximately 17.0% per year, reflecting a continuing structural improvement in which profit growth substantially outpaces sales growth.
Growth Strategy
Aiming for the final year of the medium-term plan through a tripartite strategy of strengthening domestic brands, expanding production capacity, and overseas expansion
A new plant equipped with high-value-added product development capabilities is under construction on the head office site, aimed at further strengthening sales of the "Azuki Bar" series. Completion is scheduled for June 2026. Capital expenditure on property, plant and equipment surged approximately 2.9-fold year-on-year to ¥5,347 million in the current period, and the expanded production capacity and accelerated new product development following completion will become the next growth driver.
On October 1, 2025, Imuraya Food Service Co., Ltd. was established through a company split (incorporation-type split) of a consolidated subsidiary. By making the food service business independent, the company aims to speed up decision-making and strengthen specialization, accelerating the development of new business formats such as in the sweets category (opening of Anna Miller's Minami-Aoyama store and imuraya sweets marché Russelia).
In the US, IMURAYA USA, INC. is strengthening sales of locally produced ice cream utilizing Japanese ingredients; in Malaysia, IMURAYA MALAYSIA SDN. BHD. is expanding exports to the ASEAN market; in China, the company is focusing on expanding commercial-use routes and exports to Taiwan and the EU. Overseas sales in the frozen dessert category are growing, and global expansion is contributing to revenue diversification.
Imuraya Foods Co., Ltd. plans to introduce a biomass boiler. This is positioned as an SDGs initiative to reduce environmental impact while also aiming to improve the energy cost structure, and is part of the management foundation strengthening measures under the medium-term management plan "Value Innovation 2026".
Consolidated earnings forecasts for FY2027 (ending March 2027, the final year of the medium-term plan) are net sales of ¥56,000 million, operating profit of ¥3,300 million, ordinary profit of ¥3,400 million, and net profit of ¥2,400 million. Ordinary profit is forecast to decline 3.8% year-on-year, and overcoming the anticipated substantial profit decline in the first half (operating profit down 18.9% year-on-year) alongside realizing the benefits of the new plant coming online will be key to achieving the final-year targets.
Last updated: July 19, 2026