ENVALITH
イフジ産業株式会社 logo

Ifuji Sangyo Co.,Ltd.

2924・Standard Market・Foods

Official website
イフジ産業株式会社 logo
Ifuji Sangyo Co.,Ltd.2924

Business

Ifuji Sangyo began manufacturing and selling liquid egg products in 1973 and is now the largest manufacturer and distributor in Japan's domestic liquid egg market. The company positions liquid eggs and frozen eggs—produced by cracking and processing shell eggs—as a "semiconductor of food," supplying them stably to over 1,000 companies including major food manufacturers, restaurant chains, and prepared-food makers. The company operates a three-segment structure, with consolidated subsidiary Nippon Kako Shokuhin handling commercial-use powdered and granular seasonings, and HORIZON FARMS operating an organic food e-commerce business. It covers the entire country through a four-division structure spanning Kanto, Kansai, Nagoya, and Fukuoka, and consolidated net sales for FY2026 (ending March 2026) reached ¥32,572 million, marking a record high for the fifth consecutive fiscal year.

Business Model

In the Liquid Egg Business, approximately 80% of products and raw materials adopt a pricing structure linked to hen egg market prices, and profits are accumulated by maximizing sales volume while securing a certain minimum margin between selling and purchase prices. Through active capital investment across all plants, supply capacity is being strengthened, and the customer base is being expanded by maintaining stable supply even in situations where other companies restrict supply due to hen egg shortages. The Seasoning Business supplements earnings through contract production and high value-added products, while the Organic EC Business is opening up a new market targeting individual consumers through EC sales.

Company Strengths

The company has manufacturing bases in four business divisions—Kanto, Kansai, Nagoya, and Fukuoka—and liquid egg sales volume reached a record high of 66,660 tons in FY2026 (ending March 2026). Backed by domestic procurement capabilities and imported egg procurement capacity that enable stable supply even in situations where other liquid egg manufacturers restrict supply, the company has achieved concentrated order-taking, including OEM orders.

The customer base extends to over 1,000 companies, including major food manufacturers, restaurant chains, and prepared food manufacturers, with a diversified customer structure in which no single customer accounts for more than 10% of sales. Under a made-to-order production system, the company develops and proposes products tailored to customer needs, building continuous business relationships.

The Kanto Business Division (2018), Kansai Business Division (2021), and Nagoya Business Division (2025) have sequentially obtained the international standard FSSC22000 certification. Nihon Kako Shokuhin has also obtained FSSC22000 and ISO22000 certification, and the group as a whole has established and operates a food safety management system.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales increased 27.4% to ¥32,572 million, marking a new record high, while operating profit declined 6.9% to ¥2,790 million, turning to a decrease. The main cause was an increase in depreciation expense of ¥220 million year-on-year (from ¥496 million to ¥716 million), and EBITDA excluding investment burden reached a record high of ¥3,569 million. As a company in a growth investment phase, it is important to evaluate performance from the perspective of EBITDA and sales volume growth rather than P/L profit alone.

The company adopts a pricing structure in which approximately 80% of net sales are linked to egg market prices, and the frequent outbreaks of avian influenza (an external factor) from October 2025 onward pushed up market prices and boosted net sales. On the other hand, there is a structural risk of a decline in average selling prices should the market normalize. Securing the absolute amount of margin (spread) and continuing to expand sales volume are key to earnings stability, and whether the FY2027 (ending March 2027) forecast (net sales of ¥33,376 million, operating profit of ¥2,913 million) is achieved will be significantly affected by trends in egg supply and demand.

Cash flow from operating activities in FY2026 (ending March 2026) decreased significantly to ¥1,174 million from ¥4,031 million in the previous fiscal year. The main causes were an increase in inventories (¥1,267 million) and an increase in payments of corporate taxes, etc. (¥1,033 million). Cash flow from investing activities was an outflow of ¥2,251 million, resulting in effectively negative free cash flow. This was offset by financing activities through increased borrowings (long-term ¥1,100 million, short-term net increase of ¥567 million), and the interest coverage ratio declined from 220.1 times in the previous fiscal year to 38.8 times. The balance between continued capital investment and financial soundness will be a focal point going forward.

Growth Strategy

Pursuing sustainable growth centered on Liquid Egg volume of 80,000 tons and 20% market share, through capital investment, human capital, and new businesses

Aiming for Liquid Egg sales volume of 80,000 tons and industry share of 20% in FY2030, the company continues aggressive capital investment across all plants. Acquisition of tangible fixed assets in FY2026 (ending March 2026) amounted to ¥2,220 million. Supply capacity will be expanded through enhancement of machinery and buildings, strengthening the capture of demand during phases of hen egg supply shortages.

Liquid Egg sales volume in FY2026 (ending March 2026) reached a record high of 66,660 tons (up 2.1% year on year). This was driven by increased sales to the food service and prepared foods sectors, as well as increased OEM orders from other Liquid Egg manufacturers. The company aims to maintain this strong sales volume in FY2027 (ending March 2027) as well.

The company is promoting the recruitment of next-generation talent through substantial increases in starting salaries, continuous base pay increases, and enhancement of employee engagement through certification as an excellent health management corporation. Although this entails increased personnel expenses, it is positioned as an upfront investment for the sustainable growth of the organization.

The company aims to increase new business partners by winning contract manufacturing that leverages its proprietary processing technology and by expanding sales of high-value-added products for health foods. In FY2026 (ending March 2026), sales for health foods performed well from the second quarter onward, narrowing the decline in revenue (down 5.6% year on year to ¥1,212 million). Expansion of production capacity through the addition of a Granulated Seasoning line was also completed.

In the organic food EC business operated by HORIZON FARMS, the company is promoting sales expansion through the addition of new product category lineups and strengthening the supply system through diversification of suppliers. In FY2026 (ending March 2026), strong sales of Organic Products (e.g. Frozen Fruits) resulted in net sales of ¥877 million. Segment profit, including goodwill amortization (¥62 million), remained at only ¥5 million.

Last updated: July 19, 2026