INGS inc.
245A・Growth Market・Retail Trade
Ramen Business
INGS's core segment, expanding along two axes: directly managed stores and produce stores.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (9M FY2026, ending August 2026) | ¥3,763 million | ¥2,997 million (same period prior year) | ↑ |
| Segment profit (9M FY2026, ending August 2026) | ¥359 million | ¥295 million (same period prior year) | ↑ |
| Net sales YoY change | +25.6% | — | ↑ |
| Segment profit YoY change | +21.7% | — | ↑ |
| Number of directly managed stores (end of Q3 FY2026, ending August 2026) | 45 stores | 38 stores (end of FY2025, ending August 2025) | ↑ |
| Number of franchise stores (end of Q3 FY2026, ending August 2026) | 72 stores | 69 stores (end of FY2025, ending August 2025) | ↑ |
| Existing directly managed store sales (9M FY2026, ending August 2026) | 101.6% YoY | — | — |
Business Details
This segment comprises the directly managed store division, centered on "Ramen Hayashida" and eight other in-house developed brands, and the Produce Segment, which provides PB (private brand) ingredient sales and operational know-how. Stores are opened in multiple formats—urban, suburban, and within commercial facilities—primarily in Tokyo and the three surrounding prefectures. Produce stores drive nationwide expansion through a low-cost entry model with zero franchise fees and zero training fees. Net sales for the cumulative nine months of Q3 FY2026 (ending August 2026) were ¥3,763 million (up 25.6% YoY), and segment profit was ¥359 million (up 21.7% YoY).
Recent Overview
Expanded to 45 directly managed stores with 3 new openings including the first entry into Tohoku; sustained high growth with net sales up 25.6%.
During the cumulative nine months of Q3 FY2026 (September 2025 to May 2026, ending August 2026), new stores opened at "Ramen Hayashida" in front of Sendai Station and "Yokohama Iekei Ramen Midori" in Sasazuka and on Sendai Hirose-dori, bringing the total number of directly managed stores to 45. The two Sendai openings marked the segment's first entry into the Tohoku region. Among franchise stores, one was converted to a directly managed store, bringing the franchise store count to 72. Net sales reached ¥3,763 million (up 25.6% YoY) and segment profit reached ¥359 million (up 21.7% YoY), maintaining high growth. Existing store sales remained steady at 101.6% YoY.
Key Products
Growth Drivers
- Continued new store openings for directly managed stores centered on "Ramen Hayashida" (3 stores opened in Q3 FY2026 (ending August 2026), bringing the cumulative total to 45 stores)
- Accelerated expansion into regional cities, marked by the first store opening in the Tohoku region (Sendai)
- Steady trend in existing store sales (9M FY2026, ending August 2026: 101.6% YoY)
- Expansion of ingredient sales revenue through nationwide rollout of produce stores (72 stores)
- Minimizing lost property opportunities through a multi-brand, multi-store-per-area strategy using nine in-house developed brands
- Additional sales from active use of delivery channels such as Uber Eats
- Increased average customer spend through menu price revisions
Risks
- Rising procurement costs due to surging raw material prices
- Rising labor costs due to labor shortages
- Risk of stagnating net growth in produce stores (fluctuations in franchise store count due to conversions to directly managed stores)
- Financial burden from increased tangible fixed assets and reliance on borrowings associated with new store openings
- Risk of store accidents such as water leaks or fires (covered by liability insurance)
- Risk of performance volatility due to differing trade area characteristics as store openings expand into regional cities
Last updated: November 27, 2025