INGS inc.
245A・Growth Market・Retail Trade
Business
INGS Inc. is a restaurant company operating two businesses: the Ramen Business, centered on its flagship brand Ramen Hayashida among 9 brands, and the Restaurant Business, centered on the casual Italian bar concept "CONA" and the izakaya "Shumai no Joe." The company listed on the Tokyo Stock Exchange Growth Market in September 2024. In addition to directly managed stores (38 Ramen stores and 36 Restaurant stores), it has built a total store network of 174 locations (as of August 31, 2025), including 69 Produce stores and 31 License stores. While centering on urban-format stores mainly in Tokyo and the three surrounding prefectures, the company deploys a variety of store formats, including suburban, roadside, and commercial facility locations. Its main customer base consists of men and women in their 20s to 50s, and it caters to a wide range of occasions through different formats spanning ramen, izakaya, and Italian bar concepts.
Business Model
Revenue is centered on food and beverage sales from directly managed stores (Ramen Business: ¥3,448 million; Restaurant Business: ¥3,333 million). In addition, the Produce Segment (PB Ingredients & Know-how Provision) generates a monthly fee of ¥50,000 plus proprietary PB ingredient sales (¥634 million), while the License Segment adds a monthly fee of ¥150,000 for CONA and a 4% royalty on sales plus ingredient supply for Shumai no Joe (¥316 million). The structure is designed to expand the revenue base while containing store opening costs, by growing the partner store network through a low-barrier-to-entry model with zero franchise fees and training fees, while horizontally deploying the know-how and PB ingredients cultivated at directly managed stores.
Company Strengths
By combining the Ramen Business and the Restaurant Business, which together operate nine in-house developed brands, the company can open up to 10 stores in a single area (as achieved in Shinjuku Ward). Even when a single business alone would face excessive property size, simultaneous openings by both businesses can accommodate it, realizing a unique store-opening strategy that minimizes the loss of prime tenant opportunities.
Existing-store sales in the Ramen Business reached 105.7% year-on-year in FY2025 (ending August 2025) and 102.1% in the first half of FY2026 (ending August 2026). The Restaurant Business also maintained continuous positive growth at 105.4% and 101.8%, respectively. This shows steady growth on an existing-store basis without relying on the effect of new store openings.
The Produce Segment (PB Ingredients & Know-how Provision) adopts a low-barrier-to-entry design with zero franchise fee and zero training fee, and a monthly fee of ¥50,000, while the License Segment charges a pre-opening support fee of ¥1.5 million for CONA plus a monthly fee of ¥150,000. As of the end of FY2025 (ending August 2025), the company had rolled out 69 Produce Segment stores nationwide (including 28 stores outside the greater Tokyo area) and 31 License Segment stores, achieving a stable accumulation of PB ingredient sales and royalty income.
ENVALITH's Perspective
Performance Trend
For the cumulative nine months of Q3 FY2026 (ending August 2026), net sales were ¥6,926 million (+21.6% YoY), operating profit was ¥480 million (+27.9%), ordinary profit was ¥463 million (+36.4%), and quarterly net profit was ¥307 million (+37.5%). Compared with past results, FY2024 (ending August 2024) recorded net sales of ¥6,419 million and operating profit of ¥451 million, while FY2025 (ending August 2025) recorded net sales of ¥7,733 million and operating profit of ¥491 million, showing that net sales have maintained growth exceeding 20% for three consecutive periods. On the profit side, one-time costs such as listing-related expenses and share issuance costs were incurred in the prior period (FY2025, ending August 2025), causing net profit to decline year on year at that time; in the current period, as these costs have fallen away, the profit growth rate has improved significantly. In terms of external factors, the continued contribution of inbound demand and the recovery in the flow of people accompanying economic normalization are underpinning growth in customer numbers, while headwinds from rising raw material prices and higher labor costs persist, and the company is responding through price revisions and operational improvements.
Growth Strategy
The company is pursuing multi-axis store expansion with a long-term target of a total of 500 stores, comprising 200 directly managed stores and 300 Produce and License stores.
The company has been building up directly managed stores centered on "Ramen Hayashida," reaching 45 stores as of the end of the third quarter of FY2026 (ending August 2026). During the current period, it opened 2 new stores in Sendai, marking its first entry into the Tohoku region, accelerating expansion into regional cities.
The company converted the Shumai no Joe Yokohama Nishiguchi store to the CONA brand, among other conversions to higher-profitability formats. While maintaining a network of 23 CONA (Directly Managed Stores) and 27 franchised stores, existing store sales reached 103.4% year-on-year.
The company maintains a network of 72 stores under the Ramen Business Produce Segment and 31 stores under the Restaurant Business License Segment. While flexibly implementing conversions to directly managed stores (1 store in the current period), it aims to stabilize earnings by building up ingredient sales revenue and royalty income.
In response to rising raw material costs and labor costs, the company has continued to implement menu changes, price revisions, and store operation improvements. For the cumulative nine months of the third quarter of FY2026 (ending August 2026), the operating margin improved to 6.9% (versus 6.6% in the same period of the previous year), confirming an improving trend.
Last updated: July 17, 2026