DyDo GROUP HOLDINGS,INC.
2590・Prime Market・Foods
Business
DyDo Group Holdings is a pure holding company comprised of five segments: the domestic beverage business (DyDo DRINCO) as its core, overseas beverage businesses based in Turkey, Poland, and China, the pharmaceutical-related business of contract-manufactured drink medicines (Daido Pharmaceutical), the food business of fruit jelly (Tarami), and the orphan drug business (DyDo Pharma). In the domestic beverage business, vending machine channels account for approximately 90% of sales, and the company employs a unique fabless management model, without owning its own factories, concentrating management resources on product planning/development and vending machine operations. Consolidated net sales for FY2026 (ending March 2026) were ¥241,236 million. The group as a whole comprises 21 consolidated subsidiaries and 6 equity-method affiliates, and is pursuing sustainable growth under its 2030 vision, "Group Mission 2030."
Business Model
In the domestic beverage business, the company adopts a fabless management model that outsources manufacturing and logistics, allowing it to concentrate on product planning and the operation of one of the industry's leading vending machine networks (direct sales plus Kyoeikai partners), thereby securing stable vending machine sales. The overseas beverage business manufactures and sells products in-house in Turkey and Poland, and also undertakes contract manufacturing. The pharmaceutical-related business generates stable earnings as a dedicated contract manufacturer for pharmaceutical and cosmetics makers. The food business operates retail and export sales under a brand holding the top share in the dry jelly market. The orphan drug business is currently in the market penetration phase following receipt of marketing approval for its new drug.
Company Strengths
Vending machines account for approximately 90% of net sales in the domestic beverage business, with an integrated operation system built through direct sales and Kyoeikai (partner companies). Through a fabless management approach without owning factories, the company concentrates management resources on product planning/development and vending machine operations, while also advancing digitalization of smart operations.
ROIC for the overseas beverage business in FY2025 (ending January 2025) reached 13.7%, already achieving the 13% growth stage target set in the Medium-Term Management Plan 2026. In the Turkish beverage business, strategic price revisions and supply chain management reforms significantly improved profit margins, with segment profit for FY2025 (ending January 2025) reaching ¥5,083 million (up 357.7% year on year).
Daido Pharmaceutical Co., Ltd. boasts the top share in contract manufacturing of drink formulations and pouch products, with net sales in FY2025 (ending January 2025) reaching a record high for a consolidated fiscal year. Tarami holds the top share in the dry jelly market, and segment profit for FY2025 (ending January 2025) also reached a record high for a consolidated fiscal year at ¥1,157 million.
ENVALITH's Perspective
Performance Trend
For the first quarter of FY2027 (ending January 2027) (January 21, 2026 to April 20, 2026), consolidated net sales were ¥55,239 million (up 4.3% year on year), and operating income was ¥1,556 million, marking a return to profitability (versus an operating loss of ¥1,445 million in the same period of the prior year). Ordinary income was ¥459 million and quarterly net income attributable to owners of the parent was ¥110 million, with improvement seen at every profit stage. Over the past five fiscal years, net sales have followed an expanding trend, growing from ¥162,602 million in FY2022 to ¥241,236 million in FY2026; however, in FY2026 the company recorded a net loss of ¥30,322 million due to a large-scale impairment. In the first quarter of FY2027 (ending January 2027), the combined effects of reduced depreciation expenses in the domestic beverage business and increased revenue in the overseas beverage business have made the earnings improvement clear. As external factors, consumers' thrift-oriented spending and declining sales volume following beverage price revisions have acted as headwinds domestically, while Turkey's high-inflation environment has boosted nominal sales in the overseas beverage business.
Growth Strategy
Aiming for growth by 2030 through three pillars: re-growth of the domestic beverage business, restructuring of the overseas beverage business, and cultivation of non-beverage areas.
Improving revenue per vending machine through the strategic removal of unprofitable vending machines and installation of new machines at prime locations to promote turnover of the vending machine network, smart operation improvements, and price revisions and product portfolio optimization. Targeting full-year segment profit of ¥5,200 million for FY2027 (ending January 2027) (versus a loss of ¥2,284 million in the prior fiscal year).
In addition to continuing strategic pricing and promotional measures in the Turkey beverage business to expand both volume and unit price simultaneously, expanding contract manufacturing orders through capacity enhancement at Poland's Wosana, including the new juice beverage line (already in operation since April 2025) and the new water line (in operation from May 2026). Targeting full-year sales of ¥70,000 million (up 7.1% year on year) and segment profit of ¥7,800 million for FY2027 (ending January 2027).
Driving sales growth through the expansion of the number of patients treated with Fadaptus®, a treatment for Lambert-Eaton myasthenic syndrome, launched in January 2025. First-quarter sales for FY2027 (ending January 2027) reached ¥228 million (up 62.8% year on year), expanding steadily. Targeting full-year sales of ¥900 million (up 48.3% year on year), while continuing efforts to acquire new pipeline assets.
In the pharmaceutical-related business, targeting full-year sales of ¥14,100 million (up 4.9% year on year) on the back of continued strong orders for pouch products, though segment profit is expected to be ¥650 million (down 21.6% year on year) due to costs such as test production associated with plant reorganization. In the food business, aiming to expand sales volume through agile sales measures, with full-year sales planned at ¥20,500 million (up 4.8% year on year).
Last updated: July 17, 2026