ENVALITH
株式会社ダイショー logo

DAISHO CO.,LTD.

2816・Standard Market・Foods

Official website
株式会社ダイショー logo
DAISHO CO.,LTD.2816

Business

Daisho Co., Ltd. is a manufacturer specializing in compounded seasonings, founded in 1966. The company manufactures and sells liquid and powder seasonings, with "Yakiniku no Tare" (grilled meat sauce), "Nabe Soup" (hot pot soup), and "Aji Shio Kosho" (seasoned salt and pepper) as its core products. It operates its own factories in Fukuoka, Kyushu, and the Kanto region, running its business on two pillars: NB (national brand) products for retail channels nationwide, and commercial-use/PB (private brand) products. Its main customers are supermarkets and other mass retailers nationwide, as well as commercial users in the meat and prepared-foods sectors. As a single-segment food business, the company recorded net sales of ¥27,489 million in FY2026 (ending March 2026). It is listed on the Standard Market of the Tokyo Stock Exchange.

Business Model

The company manufactures blended seasonings at its own factories (Fukuoka, Kyushu, Kanto) and sells NB (national brand) products to supermarkets and other retailers, as well as commercial-use and PB (private brand) products, through its nationwide network of branches and sales offices. It employs a made-to-order/forecast-based production system, maintaining NB unit prices through value-added products such as supervised and collaboration items, while expanding sales channels through the commercial-use route, achieving both sales growth and profit generation. R&D expenses of ¥301 million (FY2026 (ending March 2026)) are invested to create demand through continuous introduction of new products.

Company Strengths

The "Hiden Yakiniku no Tare" (secret yakiniku sauce) and "Yakiniku Dori" series have maintained stable sales through TV commercials and campaign rollouts. Sales of the liquid seasoning group in FY2026 (ending March 2026) reached ¥20,878 million (105.9% year-on-year), accounting for 76% of company-wide sales. Brand recognition built up over nearly 60 years since the company's founding in 1966 serves as a barrier to competitor entry.

FSSC22000 certification was obtained at all major plants—Fukuoka, Fukuoka No. 2, Kyushu, and Kanto—between 2013 and 2016, establishing a food safety management system. The retort food division of the Fukuoka plant has also obtained HACCP approval. A production system based on food safety standards underpins quality reliability and supports continued transactions with major mass retailers and commercial-use customers.

The company operates branches and sales offices nationwide from Hokkaido to Kyushu, catering to a diverse range of channels including retail NB, commercial-use NB, PB, custom-order products, and mail order. Product development functions are also distributed across Fukuoka and Tokyo (77 staff in total), building a system that meets a wide range of customer needs, from customer PB and custom-order product development to brands dedicated to overseas exports.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved revenue growth to ¥27,489 million (up 4.8% year on year), with operating profit also increasing to ¥680 million (up 3.7% year on year). However, as interest expenses roughly doubled from ¥31 million in the previous period to ¥59 million, recurring profit declined slightly to ¥666 million (down 1.0% year on year) and net income attributable to owners of the parent edged down to ¥455 million (down 0.7% year on year). The new procurement of ¥1,900 million in short-term borrowings related to the expansion of the Kanto plant has pushed up financial costs, and attention should be paid to the decline in the quality of earnings during this capital investment phase.

Expenditure on acquisition of property, plant and equipment remained at a high level of ¥2,397 million in FY2026 (ending March 2026) (versus ¥3,312 million in the previous period). Operating cash flow declined to ¥571 million (versus ¥988 million in the previous period), and the structure of covering the gap with investing cash flow through financing cash flow (¥1,170 million) continued. The equity ratio fell to 49.4% (versus 52.4% in the previous period), while the ratio of interest-bearing debt to cash flow rose to 8.6 years (versus 3.5 years in the previous period), and the interest coverage ratio dropped sharply to 9.5x (versus 38.7x in the previous period), indicating a rapid deterioration in financial indicators. Amid an external environment where increases in raw material costs, logistics costs, and labor costs have become the norm, a recovery in operating cash flow is key to maintaining financial soundness.

The full-year forecast for FY2027 (ending March 2027) calls for revenue of ¥28,500 million (up 3.7% year on year) and operating profit of ¥700 million (up 2.9% year on year), representing growth in both revenue and profit. Meanwhile, the operating profit forecast for the cumulative second quarter is ¥120 million (down 48.3% year on year), a plan for a significant decline in profit, suggesting that costs related to capital investment and seasonal factors may be concentrated in the first half. Amid a market environment where the continuation of thrift-oriented and polarized consumption is making it difficult to secure sales volume, a recovery during the hot pot soup season in the second half is essential for achieving the full-year plan. It is also worth noting that the dividend payout ratio stood at a high 50.2% in FY2026 (ending March 2026), while the dividend for the next period is set to be reduced to ¥20 (down from ¥21 in the previous period).

Growth Strategy

Under "Challenge 2028," the Company aims for net sales of ¥29,500 million through domestic market concentration, overseas expansion, and plant expansion

As the second year of the three-year plan spanning FY2025 to FY2027, the basic policy has been set as "Deepening the Vision and Implementing Value." The Company is advancing along two axes: enhancing "operational value (process value)" through digital and process sophistication, and enhancing "emotional value (customer experience)" by creating appeal that is difficult for competitors to imitate.

The Company is pursuing a strategic and concentrated expansion strategy across three areas: by region, seasonal response, and core products. In FY2026 (ending March 2026), enhanced TV commercial deployment for yakiniku sauce and a campaign covering all hot pot soup items proved successful, with net sales of liquid seasoning products reaching 105.9% of the prior-year level. For FY2027 (ending March 2027), net sales of ¥28,500 million (up 3.7% year on year) are planned.

The Company is carrying out an expansion investment at the Kanto Plant aimed at increasing production capacity, primarily for hot pot soup products. In FY2026 (ending March 2026), construction in progress of ¥3,024 million was cleared, with net book value of buildings rising sharply from ¥1,754 million to ¥4,551 million and net book value of machinery and equipment rising from ¥986 million to ¥2,466 million, indicating a transition to the full-scale operation phase of the facility.

The Company is advancing its overseas growth strategy through continuous investment, including product development tailored to local needs and strengthening of sales systems. Specific sales scale and progress are not disclosed in the earnings report, but this is positioned as a key initiative of the medium-term management plan, and efforts toward realizing the vision of becoming "a company the world can be proud of" continue.

The Company continues to launch new category products, such as the "supervised hot pot soup" series supervised by popular YouTubers and renowned restaurants, as well as salad seasoning sets. In FY2026 (ending March 2026), supervised hot pot soup products performed well, supporting overall hot pot soup sales. The Company aims to maintain and improve unit prices by expanding high-value-added products that respond to consumers' "selective purchasing" tendencies.

Last updated: July 19, 2026