KANMONKAI Co., Ltd.
3372・Standard Market・Retail Trade
Business
Kanmonkai Co., Ltd. is a restaurant company founded in 1980, centered on "Genpin," a restaurant chain specializing in tiger pufferfish (torafugu) cuisine. The company operates 41 directly managed stores and 21 franchise stores domestically, plus 1 overseas store (Singapore), boasting the largest number of stores in the domestic tiger pufferfish cuisine industry. Its main customers are domestic restaurant consumers as well as inbound foreign tourists visiting Japan, who represent an important customer segment. The company consists of a single Store Operations Business (Single Segment), which includes directly managed store sales, ingredient sales and royalty income from franchises, and external ingredient sales to the retail and distribution industries, among others. The head office plant (Matsubara City, Osaka Prefecture) is equipped with a central kitchen and logistics center, and the company has built a stable supply system for high-quality ingredients utilizing its proprietary freezing and thawing patented technology.
Business Model
The main revenue source is food and beverage sales at directly managed stores (¥4,105 million in FY2026 (ending March 2026)). This is supplemented by ingredient sales and royalties to franchise stores (¥328 million), and external sales of ingredients and processed products to the retail and distribution industries, among others (part of the ¥837 million in headquarters sales). Ingredient costs are managed through batch processing and centralized procurement at the head office factory, while collaboration with aquaculture operators and patented technology reduce the risk of fluctuations in tiger pufferfish (torafugu) market prices. The company has a structure that expands its store network while improving capital efficiency through franchise expansion.
Company Strengths
With the largest number of stores in the tiger pufferfish (torafugu) cuisine industry—60 stores domestically and 2 overseas—the company achieves stable torafugu procurement through partnerships with aquaculture operators and proprietary patented technology for long-term frozen storage and thawing. While other companies are significantly affected in their profit and loss by market price fluctuations, the company has a procurement structure that minimizes such impact.
The store operations of "Genpin" are designed to be simple, making it relatively easy to acquire operational know-how and thereby building a business model conducive to franchise expansion. As of the end of FY2026 (ending March 2026), the company had 31 franchise agreements and 21 stores in operation, with a foundation for expansion both domestically nationwide and overseas. A standardized scheme is already in place, comprising a franchise fee of ¥3,000 thousand and a contract term of five years.
The company has consolidated a central kitchen, quality control room, and distribution center at its headquarters plant in Matsubara City, Osaka Prefecture, conducting microbiological testing and veterinary drug testing for each production lot. It holds two patents—for freezing/thawing technology and for grilled fin (yaki-hire) manufacturing methods—achieving stable supply of high-quality ingredients and product differentiation. Total capital expenditure for FY2026 (ending March 2026) was ¥151 million, continuing to strengthen the production system.
ENVALITH's Perspective
Performance Trend
Revenue maintained a recovery and expansion trend, rising from ¥2,604 million in FY2022 (ending March 2022) to ¥5,272 million in FY2026 (ending March 2026) (up 0.2% year on year in FY2026). Operating profit, however, deteriorated sharply, falling 42.2% from ¥328 million in FY2025 (ending March 2025) to ¥189 million in FY2026 (ending March 2026). In addition to soaring raw material costs (an external factor), increased promotional costs such as the 45th anniversary fair, rising personnel expenses, and higher recruitment costs combined to push up both the cost ratio and the SG&A ratio simultaneously. Net income also fell 67.3%, from ¥378 million to ¥123 million. In the previous fiscal year, the reversal of deferred tax assets (a loss of ¥11 million in income taxes-deferred) had also been a downward factor. The company's forecast for FY2027 (ending March 2027) remains at a conservative level, projecting revenue of ¥5,250 million and operating profit of ¥180 million.
Growth Strategy
Aiming for earnings recovery through full-year contribution from new Kyoto stores, enhanced eel offerings, and expansion of external ingredient sales
Kyoto Shijo, opened in June 2025, and Kyoto Karasuma, opened in November 2025, will contribute on a full-year basis for the first time in FY2027 (ending March 2027). The company aims to boost directly managed store sales through penetration of the Genpin brand in new areas and capturing tourism demand.
The company will continue to expand sales of domestic eel to nearly all stores, and strengthen course menus including eel as a countermeasure against the slow summer season. Together with high-priced items such as the wild tiger blowfish course, this aims to improve profitability through higher average spend per customer.
Amid the continued decline in visitors from mainland China, the company is strengthening its approach toward other foreign tourists visiting Japan. Using the ORA restaurant pavilion at the 2025 Osaka-Kansai Expo as a foothold to promote blowfish cuisine, the company aims to diversify inbound demand.
Backed by enhanced production capacity at the head office factory (through staff expansion), the company continues to expand sales of ingredients and processed products to the retail/distribution industry and ingredient wholesalers. Headquarters-related sales in FY2026 (ending March 2026) grew to ¥837 million (up 3.2% year on year), promoting reduced dependence on restaurant stores and diversification of earnings.
Amid persistently high personnel and recruitment costs due to ongoing labor shortages, the company continues to invest in improving employee treatment, based on its corporate philosophy centered on "developing people," while absorbing cost increases through productivity improvements such as centralized processing at the head office factory.
Last updated: July 19, 2026