MARUDAI FOOD CO.,LTD.
2288・Prime Market・Foods
Business
Marudai Food Group is a comprehensive food manufacturer founded in 1954, listed on the Tokyo Stock Exchange Prime Market. The group comprises 23 consolidated subsidiaries and 1 affiliated company, and operates two core businesses: the Processed Foods segment (net sales of ¥160,500 million), which handles ham, sausages, and prepared processed foods including the "Kunsei-ya" series, and the Meat segment (net sales of ¥77,763 million), which processes and sells beef, pork, chicken, and other meats. The company supplies a wide range of products to mass retailers, convenience stores, and the food service industry, and maintains a business foundation with major distributors, with sales to FamilyMart accounting for approximately 10% of net sales.
Business Model
A make-to-forecast production model in which self-operated factories (Processed Foods segment production volume: 184,158 tons) supply products to mass merchandisers, convenience stores, and the foodservice industry. In the face of rising raw material costs, the company implements price revisions while concurrently pursuing production rationalization and logistics efficiency improvements to secure profit. Product development capability, supported by R&D expenditure of ¥711 million, and sales channel expansion through collaboration with the group's meat business underpin the earnings structure.
Company Strengths
The "Kunseiya" series, which celebrated its 30th anniversary, continues to expand sales through the introduction of three new flavors and a package redesign. Health-oriented and dessert categories such as "Salad Chicken," "SWEET CAFE," and "Little Asia" have also grown, giving the company a diverse product lineup ranging from ham and sausages to processed cooked foods, desserts, and beverages.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 61.1% (up 6.4 points year on year), and interest-bearing debt decreased by ¥8,144 million. The cash flow to interest-bearing debt ratio was 1.1 years, and the interest coverage ratio was 39.0 times, reflecting high financial soundness. The company has secured liquidity of ¥42,066 million, including an unused overdraft facility balance of ¥32,270 million.
The company operates both a processed foods business (net sales of ¥160,500 million) and a meat business (net sales of ¥77,763 million), enabling an integrated business model from raw material procurement to product sales. Through group subsidiaries such as Marudai Meat, Marudai Food, and Meat Supply, it has built diverse sales channels for mass retailers and the foodservice industry.
ENVALITH's Perspective
Performance Trend
Net sales increased from ¥218,610 million in FY2022 (ended March 2022) to ¥238,396 million in FY2026 (ending March 2026), a rise of +9.1% over five fiscal years. Operating income moved from an operating loss of ¥865 million in FY2022 (ended March 2022) and ¥1,400 million in FY2023 (ended March 2023) to operating profit of ¥3,117 million in FY2024 (ended March 2024), ¥5,469 million in FY2025 (ended March 2025), and ¥7,504 million in FY2026 (ending March 2026), marking significant improvement for three consecutive fiscal years. In FY2026 (ending March 2026), the combination of embedded price revisions, cost reduction effects, and revenue growth in both segments achieved an operating margin of 3.1%. Amid continued external pressures from rising raw material prices, labor costs, and logistics costs, the pass-through of price increases was the primary driver of profitability improvement. Net income rose 78.3% year-on-year to ¥9,786 million, boosted by a gain on sale of investment securities (¥5,041 million), but net income is forecast to decline to ¥6,400 million (-34.6%) in FY2027 (ending March 2027) as this extraordinary gain drops out.
Growth Strategy
Under the three-year medium-term management plan starting from April 2026, the company is promoting an integrated approach combining profit structure reform, growth investment, and shareholder returns.
Formulated a three-year numerical plan starting from April 2026. Under the five basic policies of "creating new customer value," "reforming the profit structure," "expanding business domains," "developing human capital," and "contributing to a sustainable society," the primary target is net sales of ¥245,000 million and operating profit of ¥8,000 million for FY2027 (ending March 2027). The company will thoroughly pursue management conscious of cost of capital and share price, aiming to improve ROE and PBR.
Continuing to launch new flavors and renew packaging for the "Kunseiya" series, expand sales of health-oriented products such as "Salad Chicken," and introduce new desserts, beverages, and yogurt products for convenience stores and mass retailers. The company aims to maintain a segment profit margin in the 4% range for the processed foods business through the combined effect of firmly established price revisions and cost reductions.
Promoting the expansion of Australian beef sales to mass retailers, strengthening domestic branded pork sales to the foodservice industry, and building a system to secure alternative supplies against import risks such as ASF. The company aims to improve segment profit margin by thoroughly implementing appropriate pricing in response to rising market prices. In FY2026 (ended March 2026), profit increased 39.2% year on year to ¥689 million, but further improvement from the 0.9% profit margin remains a challenge.
Introducing an interim dividend system from FY2027 (ending March 2027) (a resolution to amend the articles of incorporation will be put to the Annual General Meeting of Shareholders in June 2026). Changing the dividend policy to target 35% of NOPAT to achieve shareholder returns with greater predictability. While maintaining a minimum of ¥30 per share, the company forecasts a dividend of ¥80 for FY2027 (ending March 2027) (payout ratio of 30.4%). Together with share buybacks (upper limit of ¥1.3 billion), the company aims to maintain a total return ratio of 30% or more.
Last updated: July 19, 2026