Ahjikan Co.,Ltd.
2907・Standard Market・Foods
Business
Ajikan Co., Ltd. is a food manufacturer headquartered in Hiroshima City, founded in 1965. The company operates two core business segments: the Commercial-Use Food, etc. segment (approximately 91% of consolidated net sales), centered on processed egg products, processed vegetable products, and fish paste products, and the Health Food segment, centered on burdock (gobo)-related products. Its main customers are supermarkets, convenience stores, restaurant chains, and other players in the ready-to-eat and dining-out sectors. In addition to five domestic plants (Hiroshima, Tosu, Moriya, Shizuoka, and Tsukuba), the company has overseas subsidiaries in China and the United States. Consolidated net sales for FY2026 (ending March 2026) were ¥51,430 million.
Business Model
The company positions "direct manufacturer-to-consumer sales" (製造直販) as the foundation of its sales style, delivering products manufactured at its own factories directly to customers to achieve both quality control and rapid response to customer needs. Its proprietary "cold chain system" (low-temperature distribution network) secures profitability while ensuring food safety. In the Health Food business, the company generates consumer-facing revenue through two channels: mail-order sales leveraging TV commercials, and retail channels such as drugstores.
Company Strengths
The company holds egg processing and sushi roll ingredients as its core technologies, and in FY2026 (ending March 2026) developed and launched 41 proprietary products and 85 customer-specific products in commercial-use food and other categories. Through proposal-based development leveraging proprietary technologies such as microbial control and shelf-life extension, it addresses the individual needs of major mass retailers and restaurant chains, also contributing to customers' reduction of food loss and improvement of logistics efficiency.
The company independently developed a new food ingredient, "MelBurd®," derived from roasted burdock root, and has built brands such as the Foods with Function Claims product "Roasted Burdock Tea Gobo no Okage W" and the cacao-free chocolate-style confectionery "GOVOCE®." It is also advancing technical verification for international expansion and mass-production system development, utilizing the Ministry of Agriculture, Forestry and Fisheries' food tech business demonstration project, thereby forming ingredient and brand assets that are difficult for competitors to imitate in the short term.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 67.4% (up 2.8 points year on year), with total net assets of ¥18,302 million, reflecting high financial soundness. Outstanding borrowings remained limited at ¥3,158 million, and free cash flow stayed positive. This financial foundation, capable of funding capital and human capital investments from internal resources, supports continued investment toward realizing the long-term vision "Ajikan V30 ver.2.0."
ENVALITH's Perspective
Performance Trend
Net sales increased only slightly to ¥51,430 million (up 0.8% year on year). Domestic sales in the Commercial-use Food Products segment fell short of the previous period, but this was offset by growth in health foods (¥4,007 million, up 11.8% year on year) and expansion in overseas exports. Operating profit, on the other hand, deteriorated sharply to ¥1,279 million (down 34.9% year on year). In addition to the external factor of egg prices remaining at record-high levels, rising labor and logistics costs compounded the impact, causing gross profit to decline by ¥623 million, from ¥13,554 million in the previous period to ¥12,931 million. Net income also fell to ¥1,111 million (down 28.3% year on year). The recovery trend that had continued from ¥560 million in FY2022 → ¥89 million in FY2023 → ¥1,710 million in FY2024 → ¥1,964 million in FY2025 was thus interrupted in FY2026 (ending March 2026).
Growth Strategy
Under the 13th Medium-Term Management Plan (FY2025 through FY2027, ending March 2025 to March 2027), the company is advancing profit structure reform alongside growth in health foods and overseas markets
Price revisions were implemented in April 2025 and February 2026, continuing efforts to pass on rising costs of raw materials, energy, and labor to prices. The FY2027 (ending March 2027) forecast targets operating profit of ¥1,500 million (up 17.2% year on year), though achieving this remains challenging amid continued elevated egg prices.
The company is strengthening sales channel expansion activities into new business formats such as business hotels, while establishing a demand-creation-oriented sales and development structure through the newly established Marketing Department. It is pursuing both a recovery in domestic sales and expansion of egg product exports overseas (Oceania, Singapore, Hong Kong, etc.) in parallel.
Through aggressive advertising centered on TV commercials and strengthened mail-order sales of foods with function claims, the company achieved segment profit of ¥339 million (up 58.2% year on year) in FY2026 (ending March 2026). It will continue to launch new products such as GOVOCE and GOVOCE Milk and expand retail channels including drugstores.
The company has formulated a long-term vision with FY2030 (ending March 2030) as its landing point, advocating "the challenge to become a demand-creation-oriented food manufacturer" and "profit structure reform and improvement of management quality." The 13th Medium-Term Management Plan (FY2025 through FY2027, ending March 2025 to March 2027) is positioned as its starting point, with its final year serving as the launch.
Last updated: July 19, 2026