KENKO Mayonnaise Co.,Ltd.
2915・Prime Market・Foods
Business
Kenko Mayonnaise was founded in 1958 and manufactures and sells food products centered on three core categories: commercial-use mayonnaise and dressings, salads and prepared foods such as potato salad, and processed egg products. Its main customers are commercial-use channels including restaurants, bakeries, mass retailers, and convenience stores, with the Seasoning and Processed Foods business accounting for approximately 80% of consolidated net sales of ¥92,354 million. With a group structure of 10 companies, the company maintains an integrated in-house system covering everything from raw material procurement to product development, production, quality control, and sales, and has held the top market share in the chilled daily delivery food sector since developing the industry's first long-life salad. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The company employs a vertically integrated model, completing everything from raw material procurement to manufacturing and sales within its own group. The Seasonings & Processed Foods Business (net sales of ¥73,434 million) is the core segment, selling mainly commercial-use, large-volume products to the food service, bakery, mass retail, and convenience store channels. The Prepared Foods-Related Business, etc. (net sales of ¥18,180 million) handles contract production within the group (inter-segment sales of ¥7,169 million) and sales of daily-delivery products to mass retailers, forming a structure in which internal demand keeps utilization rates stable. In phases of rising raw material costs, the company maintains its policy of preserving profit levels through price revisions.
Company Strengths
In 1977, the company launched the industry's first long-life salad, "Fashion Delica Foods®," and continues to maintain the top market share today. Approximately 40 development personnel are engaged in manufacturing method development, application development, health-oriented products, and menu development, with ¥324 million invested in R&D expenses during the current fiscal year. An in-house integrated system covering everything from raw material procurement to product development, production, quality control, and sales supports differentiation from competitors.
The company operates multiple factories nationwide (Kobe, Atsugi, Yamanashi, Gotemba, Nishi-Nihon, Shizuoka Fuji-san, etc.) and eight group manufacturing subsidiaries, covering ¥74,003 million in production for the Seasonings & Processed Foods Business and ¥17,987 million for the Prepared Foods-Related Business, etc. within its own group. Intra-group contract production (inter-segment sales of ¥7,169 million) stabilizes capacity utilization rates, maintaining a stable supply system to external customers.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 65.0% (up 2.6 percentage points year on year), with total net assets of ¥41,563 million. Total liabilities decreased by ¥1,758 million year on year to ¥22,358 million, with long-term borrowings also on a downward trend. The outstanding balance drawn on the special overdraft facility was zero, with working capital funded internally. This high level of financial soundness enables the company to simultaneously pursue capital expenditure, overseas expansion, and shareholder returns.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥75,647 million in FY2022 (ended March 2022) to ¥92,354 million in FY2026 (ending March 2026). However, the growth rate slowed to 0.7%. Operating profit bottomed out at ¥105 million in FY2023 (ended March 2023) before recovering sharply to ¥4,845 million in FY2025 (ended March 2025), but then declined again to ¥4,155 million in FY2026 (ending March 2026). As an external factor, elevated egg market prices pushed up raw material costs, and timing mismatches in price revisions were unable to fully absorb the impact. SG&A expenses also increased to ¥16,702 million (up ¥1,011 million year on year), and upfront investments such as head office relocation costs also weighed on profit. ROIC declined from 7.1% (FY2025, ended March 2025) to 6.3% (FY2026, ending March 2026). Operating profit is also expected to decline in FY2027 (ending March 2027), and a full-fledged recovery in profitability is expected to take time.
Growth Strategy
Toward transformation into a "Global Food Solution Company," with overseas expansion, BX promotion, and capital-efficient management as the three pillars
Through the "Customer IN" initiative, which approaches the underlying needs and challenges of each customer, the company is expanding its points of contact with the foodservice, mass retail, and convenience store channels. Increases in volume for potato salad and Mayonnaise & Dressings have been confirmed as actual results in FY2026 (ending March 2026), and the overall direction remains unchanged.
Following the revision of the medium- to long-term management plan, the FY2035 overseas sales ratio target has been substantially raised from 10% to 30%. Improved profitability at Overseas Business (Equity-Method Affiliates) has been confirmed (equity in earnings of affiliates: ¥47 million in the previous fiscal year → ¥84 million in the current fiscal year), and strengthening of the overseas foundation is progressing.
The company aims to transform the entire business process, from research and development through to cash collection, in order to achieve overall optimization. IT strategy has been newly added to the management foundation to create sources of competitive advantage and improve productivity. EBITDA margin and ROIC have been adopted as new profitability indicators, marking a shift toward cash-based management.
The FY2027 DOE target has been raised ahead of schedule from "2.5% or above" (originally "1.5% or above"). The policy is to raise it in stages to 3.5% or above in FY2031 and 4.0% or above in FY2035. This is being put into practice, with an annual dividend of ¥67 for FY2026 (ending March 2026) (payout ratio of 33.7%) and a forecast of ¥70 for FY2027 (ending March 2027) (DOE of 36.3%).
Last updated: July 19, 2026