Oisix ra daichi Inc.
3182・Prime Market・Retail Trade
Business
Oisix ra Daichi Inc. positions its corporate philosophy around "the dining table of tomorrow, the farmland of tomorrow" and its mission to solve food-related social issues through business. In Japan, its core businesses are a food delivery subscription service (B2C subscription business) operated under three brands—"Oisix," "Daichi wo Mamoru Kai" (Society for Protecting the Earth), and "Radish Boya"—and a contracted meal-service and food ingredient wholesale business (B2B subscription business) serving corporations, government offices, elder-care facilities, and nurseries. In the United States, the company also operates a plant-based food delivery service under the "Purple Carrot" brand. It additionally operates public-facility management contracts such as after-school childcare programs and libraries (social services business), as well as mobile supermarkets and e-commerce support for other companies, forming a group comprising 29 consolidated subsidiaries and 3 affiliated companies. Consolidated net sales for FY2026 (ending March 2026) were ¥251,419 million.
Business Model
In the B2C subscription business, members enter into recurring purchase agreements, generating continuous revenue through weekly home delivery of meal kits, produce, and processed foods. In the B2B subscription business, the company enters into food-service outsourcing contracts with corporations and facilities, providing an integrated package of food wholesaling, cooking, and operational management. Both businesses have a subscription-type contract structure, with churn rate management and ARPU (average revenue per user) improvement serving as the key drivers of revenue growth. The structure generates synergies through cost reductions from integrating manufacturing, logistics, and systems, as well as by applying B2C-derived product development know-how to B2B expansion.
Company Strengths
The cumulative number of meals sold under "Kit Oisix" has reached 250 million, and the product development know-how backed by this track record is a proprietary asset that competitors find difficult to replicate in a short period. By applying this know-how to the food service business, the company is promoting higher value-added and labor-saving initiatives in the B2B subscription business (a time-efficient meal service model) through the rollout of "Genki Gohan" (a ready-to-eat meal product for elderly care facilities) and commercial-use meal kits.
Specializing in the "specialty × subscription" domain, the company has established the No.1 position in gross merchandise value in the domestic food delivery subscription market, leveraging its direct network with contracted producers and its service development skills based on customer insights. The multi-layered customer coverage achieved through its three brands—"Oisix," "Daichi wo Mamoru Kai," and "Radish Boya"—also raises barriers to entry.
Following the completion of the reorganization of Shidax Group subsidiaries in September 2025, integration of the manufacturing, logistics, systems, and corporate departments is progressing. Segment profit for the B2B subscription business in FY2026 (ending March 2026) reached ¥2,908 million (up 117.0% year on year), more than doubling, confirming through actual results the standardization of operations, price optimization, and absorption of rising food material costs.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) was ¥251,419 million (down 1.8% year on year), the first decline in five fiscal years, mainly reflecting a change in business structure due to the divestiture of the vehicle dispatch service business (related to Shidax). The two core businesses (B2C and B2B) combined reached ¥177,509 million, indicating that underlying growth continued. On the profit side, operating profit was ¥7,339 million (up 6.9% year on year), EBITDA was ¥12,914 million (up 0.9% year on year), and profit attributable to owners of parent was ¥4,527 million (up 24.4% year on year), showing across-the-board improvement. Gain on sale of shares of affiliates of ¥2,292 million (extraordinary income) also contributed to boosting net profit. Amid continuing external headwinds such as rising raw material and personnel costs, reductions in SG&A expenses (from ¥68,345 million in the previous period to ¥66,574 million in the current period) and cost of sales (from ¥180,798 million in the previous period to ¥177,505 million in the current period) proved effective. For FY2027 (ending March 2027), the company forecasts revenue of ¥252,000 million and operating profit of ¥8,700 million (up 18.5% year on year), with continued improvement in the profitability of the B2B subscription business expected to be the main driver of profit growth.
Growth Strategy
Evolving into a food infrastructure company through roll-up growth in B2B subscriptions and profitability improvement in B2C
Capitalizing on the ongoing consolidation phase in the catering industry, the company continues to pursue roll-up M&A, starting with making Shidax Food Service a wholly owned subsidiary. B2B subscription revenue for FY2026 (ending March 2026) expanded to ¥83,223 million (up 8.8% year on year), and entry into the top tier of the catering industry is set as a medium- to long-term target.
Following the group reorganization in October 2025, the company integrated its manufacturing, logistics, systems, and corporate functions. Improved utilization of production lines and productivity gains driven by DX initiatives are steadily materializing, with B2B segment profit sharply improving 117% year on year to ¥2,908 million. Going forward, the company aims to establish a sustainable growth cycle through integrated operation of all processes, from product development to food delivery.
The company is applying know-how from its B2C subscription business to the catering business, promoting the introduction of the 'Taipa Kyushoku Model' (time-efficient catering model) and labor cost reductions through AI and DX utilization. Through price optimization, standardization of store operations, and optimization of procurement and logistics, the company aims to secure funds for growth investment and improve the profit margin of the B2B subscription business over the medium to long term.
The company continues to evolve its services and products, such as 'Cho-Raku Kit' and 'Deli Oisix,' making repeated refinements across every detail of the process from product development to sales. It is working to build a robust profit base that is resilient to fluctuations in the external environment, aiming to maintain and improve the FY2026 (ending March 2026) level of B2C segment profit of ¥8,265 million (profit margin of 8.8%).
In October 2025, the company transferred all shares of Shidax Holdings, Shidax, Daishinto, and five other subsidiaries, divesting non-core businesses. It recorded a gain on sale of shares of affiliated companies of ¥2,292 million, while achieving a concentration of management resources on the B2C and B2B subscription businesses. Due to the change in scope of consolidation, total assets were reduced from ¥134,564 million to ¥108,137 million.
Last updated: July 19, 2026