TORIDOLL Holdings Corporation
3397・Prime Market・Retail Trade
Business
Toridoll Holdings is a global restaurant group centered on MARUGAME UDON, Japan's largest chain specializing in authentic Sanuki Udon (self-service style), operating nine business formats domestically including Ramen Zundouya and Kona's Coffee, while also developing diverse brands overseas such as Tam Jai in Hong Kong, Fulham Shore (FRANCO MANCA / THE REAL GREEK) in the UK, and WOK TO WALK in Europe and the US. As of the end of March 2026, the company operates a total of 2,102 stores domestically and internationally, with the Overseas Business accounting for approximately 37% of revenue of ¥278,715 million. The company combines diverse business formats including directly-operated stores, franchises, and joint ventures, expanding across a wide range of regions including Japan, Asia, Europe, the US, and the Middle East.
Business Model
MARUGAME UDON does not operate a central kitchen; instead, it installs noodle-making machines in every store and adopts a "handmade, freshly made" model that serves udon freshly kneaded from flour and freshly boiled. This seemingly inefficient production method creates a memorable customer experience that underpins brand differentiation and pricing power. Domestically, stores are mainly directly operated, while overseas the company combines franchising, joint ventures, and direct operation, collaborating with local partners to diversify store-opening costs and business risk while expanding earnings.
Company Strengths
The Marugame Seimen segment achieved revenue of ¥137,193 million, business profit of ¥21,955 million, and a business profit margin of 16.0% in FY2026 (ending March 2026), all record highs. The men-shokunin (noodle craftsman) system deployed across all stores and the "handmade, freshly prepared" production method maintain differentiation from competitors, demonstrating a profit structure that can absorb increases in raw material costs and other expenses through revenue growth.
Domestically, the company operates 9 formats in addition to Marugame Seimen, and the Domestic Other segment's revenue reached a record high of ¥39,626 million (up 11.9% year on year). With Ramen Zundouya operating a total of 110 stores and Kona's Coffee rolling out the new brand "KNOWS COFFEE," multiple formats are growing in parallel, structurally reducing the risk of dependence on a single format.
The Overseas Business segment recorded revenue of ¥101,895 million in FY2026 (ending March 2026), down 2.7% year on year, while business profit reached a record high of ¥5,285 million, up 109.4% year on year. The company has a track record of restructuring its portfolio with an emphasis on profitability by winding down unprofitable businesses, including turning MARUGAME UDON in the UK profitable through franchising, converting Tam Jai and WOK TO WALK into wholly owned subsidiaries, and divesting MC GROUP PTE. LTD.
ENVALITH's Perspective
Performance Trend
Revenue was ¥278,715 million (up 3.9% year on year), marking a record high for the fifth consecutive period of growth, but the growth rate slowed sharply from 15.6% in the previous period. Business profit reached a record high of ¥21,460 million (up 17.9% year on year). On the other hand, impairment losses expanded to ¥11,408 million (¥8,066 million in the previous period), leaving operating profit at ¥10,578 million and profit attributable to owners of the parent at ¥2,311 million. As external factors, slowing consumer sentiment due to price increases and rising raw material and labor costs put cost pressure on the domestic business. Overseas, the challenging economic environment in the UK dining-out market has delayed the recovery in earnings at Fulham Shore (FRANCO MANCA / THE REAL GREEK). Adjusted EBITDA was ¥52,461 million (up 5.7% year on year), indicating an improving trend in underlying earnings power.
Growth Strategy
Deepening domestic MARUGAME UDON operations while pursuing selective focus in the Overseas Business to balance profitability and growth
Development of Hapikan Captains and promotion of authority delegation to stores, hybrid tactics (branding × product promotion), and creation of visit motivation through seasonal limited-edition products and collaboration campaigns. FY2027 (ending March 2027) plan targets revenue of ¥146,000 million and business profit of ¥23,000 million.
In FY2026 (ending March 2026), 36 new stores are planned to open (887 stores at fiscal year-end). In FY2027 (ending March 2027), 45 new store openings and 10 closures are planned, resulting in 922 stores at fiscal year-end. Promoting scale expansion and development of new trading areas in the domestic dining-out market.
Continued store openings for Ramen Zundouya (110 stores in total), Kona's Coffee, and the new brand KNOWS COFFEE, among others. FY2027 (ending March 2027) plan targets revenue of ¥43,000 million (up 8.5% year on year) and business profit of ¥4,400 million (up 6.0% year on year).
Completed the full subsidiarization of Tam Jai, full subsidiarization of WOK TO WALK, and the sale of MC GROUP, among other actions. Began business restructuring of Fulham Shore (FRANCO MANCA / THE REAL GREEK) (UK) (disclosed in April and May 2026). Aiming to balance profitability and growth with a focus on capital efficiency, FY2027 (ending March 2027) plan targets business profit of ¥5,600 million (up 6.0% year on year).
Implementing a progressive dividend policy based on a payout ratio of 20% or more, an adjusted payout ratio floor of 2%, and dividends at or above the prior period's level as basic policy. Planned dividends are ¥11 per share for FY2026 (ending March 2026) (up ¥1 year on year) and ¥12 per share for FY2027 (ending March 2027).
Last updated: July 19, 2026