HOUSE FOODS GROUP INC.
2810・Prime Market・Foods
Business
House Foods Group Corporation operates under a holding company structure, encompassing 50 consolidated subsidiaries and 4 affiliated companies as a comprehensive food group. Its core Spices & Seasonings Processed Foods business (approximately 41.7% of net sales) develops curry roux and spice products both domestically and internationally, complemented by four other segments: the Restaurant business centered on Ichibanya Co., Ltd., the Health Foods business through House Wellness Foods, and the Overseas Foods business focused on the US, China, and Southeast Asia. Consolidated net sales for FY2026 (ending March 2026) were ¥316,977 million. The group maintains a diversified business portfolio spanning household use, commercial use, restaurants, and health foods, built around the distinctive food culture of curry and spices.
Business Model
A vertically integrated model in which group companies share responsibility for manufacturing, sales, food service, and logistics. The company earns stable brand revenue from the manufacture and sale of household curry roux and other products, while building up food service earnings through the franchise expansion of Ichibanya Co., Ltd. In the health food business, it offers vitamin-based beverages and lactic acid bacteria products, and overseas, it conducts local production and sales through direct investment in China and Southeast Asia. The company positions the construction of three value chains—spice-based, functional materials-based, and soy-based—as the core of its medium-term strategy, aiming to diversify revenue globally.
Company Strengths
Backed by long-standing brand equity such as "Vermont Curry," the Spice & Seasoned Foods segment maintained an operating margin of 9.7% (FY2026, ending March 2026). While the domestic spice market expanded to ¥102.8 billion in fiscal 2025 (+4.7% year on year), House Gaban Co., Ltd.'s spice business grew steadily at 102.8% year on year for the full year.
With Ichibanya Co., Ltd. as a consolidated subsidiary, the restaurant business posted net sales of ¥65,507 million in FY2026 (ending March 2026), up 7.4% year on year. Even after the August 2025 price revision, average spending per customer rose to 104.2% year on year, and the domestic and overseas curry restaurant franchise network continues to form a stable earnings base. Diversification of the restaurant portfolio is also progressing through the acquisition of GAKU Co., Ltd. as a subsidiary.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 67.0% and cash and cash equivalents totaled ¥94,803 million, reflecting strong financial health. Over the two years of the Eighth Medium-Term Plan, the company implemented ¥16.0 billion in share buybacks and reduced cross-shareholdings by ¥9.2 billion, and from FY2027 (ending March 2027) it is strengthening capital efficiency initiatives, including a shift to a progressive dividend policy targeting a DOE of 3% or higher.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥253,386 million in FY2022 (ended March 2022) to ¥316,977 million in FY2026 (ending March 2026) (up 0.5% year on year in FY2026). Meanwhile, operating profit declined to ¥18,246 million (down 8.8% year on year) due to higher raw material costs and rising personnel expenses, with the operating margin falling to 5.8%. Profit attributable to owners of parent came to ¥7,360 million (down 41.1% year on year), marking a second consecutive year of substantial profit decline, primarily due to an impairment loss of ¥8,322 million related to the U.S. business. Externally, persistent domestic inflation, consumers' frugal spending behavior, and rising raw material costs continue to weigh on earnings. For FY2027 (ending March 2027), net profit is forecast at ¥17,000 million (up 131.0% year on year), incorporating an expected gain of approximately ¥7,200 million from the sale of cross-shareholdings, though the recovery in operating profit is expected to be limited (¥18,500 million, up 1.4% year on year).
Growth Strategy
Enhancing corporate value through global construction of the three VCs—spice-related, soybean-related, and functional materials-related—and improved capital efficiency
Concentrating management resources on the three VCs—spice-related, soybean-related, and functional materials-related—to build a global VC structure. The China curry business achieved higher revenue and profit (net sales of ¥12,852 million, up 11.6% year on year), and the Southeast Asia business also remained solid. House Foods Indonesia was newly added to the scope of consolidation, expanding the business foundation. For FY2027 (ending March 2027), the company aims for overseas food business net sales of ¥66,000 million (up 4.1% year on year).
Due to growing thrift-consciousness, intensifying competition, and production trouble, the operating loss widened to ¥1,056 million in FY2026 (ending March 2026). The target for FY2027 (ending March 2027) is to narrow the loss to ¥400 million, but implementing fundamental profitability improvement measures is an urgent priority. The company aims to reduce the loss through optimizing sales channels and strengthening cost management.
Cumulative share buybacks totaling ¥16.0 billion were completed over the two years of the Eighth Medium-Term Plan. In May 2026, the company resolved an additional buyback frame of up to ¥26.0 billion / 12 million shares, with all repurchased shares scheduled to be retired. For FY2027 (ending March 2027), the company expects a gain of approximately ¥7,200 million on the sale of cross-shareholdings and aims to improve ROIC from 4.1% to 4.3%.
From FY2027 (ending March 2027), the company will implement a progressive dividend policy targeting a DOE (dividend on equity) of 3% or more. The annual dividend for FY2027 (ending March 2027) is planned at ¥100 per share (a 43% increase from ¥70 in the previous fiscal year). The company aims to gain support from long-term investors by achieving stable and continuous shareholder returns.
In January 2026, the company transferred Delica Chef Co., Ltd. shares and related assets to Musashino Co., Ltd. for ¥9,000 million, recording a gain on sale of fixed assets of ¥1,982 million and a gain on sale of shares of affiliated companies of ¥633 million. By separating out the prepared-foods manufacturing business for convenience stores, the company established a structure for concentrated investment in the three VCs—spice-related, soybean-related, and functional materials-related.
Last updated: July 19, 2026