Fujicco Co., Ltd.
2908・Prime Market・Foods
Business
Fujicco Co., Ltd. is a processed food manufacturer founded in 1960 that manufactures and sells kelp products centered on "Fujikko-ni" (simmered kelp) and "Fujikko" (salted kelp), bean products centered on "Omame-san" (simmered beans), yogurt products centered on "Caspian Sea Yogurt," prepared side dishes, desserts, and other products. Its main sales channels are domestic retail channels centered on supermarkets, with Nippon Access accounting for approximately 14% of net sales as its largest customer. The company has overseas subsidiaries in Thailand and Indonesia and continues to advance its international expansion. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
A make-to-forecast production model utilizing multiple company-owned factories (Hokkaido, Kanto, Wadayama, Hamasaka, Sakaiminato, etc.) to manufacture konbu (kelp), beans, yogurt, and other products, delivering them to consumers through wholesale and retail channels. Raw material procurement is supplemented by global sourcing via a Hong Kong subsidiary. Against net sales of ¥55,534 million (FY2026, ending March 2026), the company secured operating profit of ¥1,466 million (operating margin of 2.6%) through more efficient advertising spend and cost control. Backed by a solid financial base with an equity ratio of 86.9%, capital expenditures are funded from internal resources.
Company Strengths
The company holds long-standing brands: "Fujikko Ni" marking its 55th anniversary, salted kelp "Fujikko" marking its 60th anniversary, and "Omamesan" marking its 50th anniversary. In FY2026 (ending March 2026), kelp product sales reached ¥16,348 million (102.7% year-on-year), with demand recovering even after price revisions, demonstrating the sustainability of brand strength.
As of the end of FY2026 (ending March 2026), the equity ratio improved to 86.9% (up from 86.4% in the prior period), with net assets of ¥69,686 million and total assets of ¥80,089 million. No long-term borrowings remain on the consolidated financial statements, maintaining effectively debt-free management. The financial strength to fund capital expenditures (¥2,936 million) with internal funds supports medium- to long-term growth investment.
Leveraging the uniqueness of its proprietary "Caspian Sea lactic acid bacteria (Cremoris strain FC)", the company has built a functional ingredients business based on scientific evidence, including the acceptance of a Foods with Function Claims notification for its black soybean polyphenol "Kuronocare" (covering multiple functions such as sleep and fatigue) and the expansion of ingredient sales for its soy isoflavone "Fujiflavone". R&D expenses totaled ¥949 million (FY2026, ending March 2026).
ENVALITH's Perspective
Performance Trend
Revenue was nearly flat over the five-year period, moving from ¥55,074 million in FY2022 (ended March 2022) to ¥55,534 million in FY2026 (ending March 2026). FY2026 revenue declined 2.7% year on year to ¥55,534 million, mainly due to a decrease in Prepared Foods Products revenue (down ¥1,408 million) following the transfer of FP Corporation. On the other hand, operating profit recovered to ¥1,466 million (up 29.7% year on year), driven by a reduction in selling, general and administrative expenses (from ¥15,355 million to ¥14,318 million). As for the external environment, headwinds continue from consumers' persistent cost-conscious spending amid rising prices, as well as ongoing increases in raw material costs, labor costs, and logistics costs. For FY2027 (ending March 2027), the company forecasts revenue of ¥57,000 million, operating profit of ¥1,500 million, and net income of ¥1,240 million (down 13.2% year on year). The decline in net income reflects the disappearance of a one-off tax-related factor associated with the transfer of FP Corporation.
Growth Strategy
Achieving medium-term plan targets through core business profitability improvement, nurturing yogurt as the third pillar, and overseas expansion
Promotional activities leveraging the 55th anniversary of "Fujikko-ni" and the 60th anniversary of salted kombu "Fujikko," together with the launch of new products for onigiri applications. In FY2026 (ending March 2026), kombu products achieved revenue growth of ¥16,348 million, up ¥431 million year on year, confirming the effectiveness of these measures.
Expanding market share by promoting the unique value of "Caspian Sea Lactic Acid Bacteria (Cremoris FC strain)" and strengthening the production system and improving quality of "Caspian Sea Yogurt Richmo Plain." In FY2026 (ending March 2026), yogurt products achieved revenue growth of ¥7,081 million, up ¥322 million year on year.
Shifting from the traditional brand definition centered on sweetened simmered beans to a brand offering beans comprehensively, aiming to expand the product lineup and enhance brand value. In FY2026 (ending March 2026), revenue declined by ¥337 million year on year to ¥10,146 million due to market contraction.
FUJICCO FOODS ASIA CO., LTD. (intermediate holding company) and FB Food Service (2017) Co., Ltd. (manufacturing and sale of seaweed products and prepared foods for commercial use) were consolidated in December 2025. Acquisition expenditure was ¥869 million. In the current period, only the balance sheet was consolidated with no profit and loss contribution; the challenge going forward is transitioning to a self-sustaining growth phase.
By narrowing advertising investment to cost-effective areas and strengthening expense control, selling, general and administrative expenses were reduced by ¥1,037 million year on year in FY2026 (ending March 2026), achieving an operating margin of 2.6% (up from 2.0% in the previous fiscal year). An operating margin of 2.6% is forecast for FY2027 (ending March 2027) as well.
Last updated: July 19, 2026