Superbag Company, Limited
3945・Standard Market・Pulp & Paper
Business
Superbag Corporation was founded in 1947 and has a history of over 70 years as a pioneer in Japan's bag manufacturing industry. In its core Paper Products Business, the company manufactures and sells Paper Bags (Square-bottom Bags, Carrier Bags) and Paper Containers at its own factories (Tokorozawa, Tsurugashima, and Hokkaido), while in its Chemical Products Business, it procures and sells Poly Bags and other products from partner factories both in Japan and overseas. In addition, through the S・V・S (Superbag Vendor System), the company also provides consolidated order-taking and delivery services for supplies and consumable materials. Its main customers include retailers, distributors, e-commerce operators, and restaurants, among others. Consolidated net sales for FY2026 (ending March 2026) were ¥28,162 million. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The Paper Products Business is centered on manufacturing and sales at the company's own plants, and is a high-profitability segment accounting for approximately 54% of net sales (segment operating margin of 7.1%). The Chemical Products Business employs a procurement-and-sales model that leverages cost competitiveness through diversified overseas sourcing. The Other Business builds stable trading relationships through consolidated order-taking and delivery of supplies and consumable materials via the S・V・S (Superbag Vendor System). The combination of these three businesses enables broad coverage of customers' packaging material needs.
Company Strengths
An industry pioneer that introduced Japan's first automatic square-bottom bag-making machine in 1953. The company operates a multi-plant system across Tokorozawa, Tsurugashima, and Hokkaido, and has obtained ISO9001, ISO14001, and FSSC22000 certifications. In FY2026 (ending March 2026), the company made capital investments totaling ¥451 million at the Tokorozawa and Tsurugashima plants, continuing to expand production capacity.
S・V・S (Superbag Vendor System), launched in 1981, is a proprietary system that receives and delivers orders in bulk for a wide range of items including packaging supplies, cleaning supplies, and office supplies. In FY2026 (ending March 2026), Other Business net sales were ¥7,161 million (up 7.6% year on year), with vendor item handling volume expanding as the number of client stores increased, forming ongoing transactional relationships with customers.
The company has built an R&D structure centered on the Development Office of the Marketing Division, working in coordination with the manufacturing and procurement departments. It has accumulated a track record of environmentally conscious products, including FSC-certified paper, biomass-blended plastic shopping bags, water-based flexographic printing, and jointly developed base paper containing recycled materials. The company has also established the
ENVALITH's Perspective
Performance Trend
Revenue increased for four consecutive years, rising from ¥25,134 million in FY2022 (ended March 2022) to ¥28,162 million in FY2026 (ending March 2026). However, operating profit peaked at ¥1,034 million in FY2024 (ended March 2024) before declining for two consecutive periods to ¥901 million in FY2025 (ended March 2025) and ¥758 million in FY2026 (ending March 2026). The main causes in FY2026 (ending March 2026) were the recording of facility maintenance and upkeep costs in the Paper Products Business, lower factory profit margins, and delayed price pass-through amid rising inflationary costs such as raw materials and labor expenses. Amid continued external factors such as elevated raw material prices and logistics costs, gross profit slightly declined to ¥5,467 million (from ¥5,504 million in the previous period). SG&A expenses increased to ¥4,709 million (from ¥4,602 million in the previous period), and the operating profit margin fell to 2.7% (from 3.3% in the previous period). The company expects operating profit to recover to ¥920 million in FY2027 (ending March 2027), as price pass-through progresses and facility maintenance costs normalize.
Growth Strategy
Toward the final year of the second medium-term management plan, the company is advancing focus on the Paper Products Business, capital expenditure, and environmentally conscious management
Promoting the strengthening of sales expansion for growth-driving products centered on Home Delivery Bags and Paper Containers, and optimizing management resources across the group through the reallocation of production resources. In FY2026 (ending March 2026), sales in the Paper Products Business increased only slightly to ¥15,248 million (up ¥8 million year on year), but the company is working to enhance production capacity through capital expenditure (an increase of ¥474 million in tangible and intangible fixed assets).
Delayed pass-through of inflation-driven cost increases to selling prices was the main factor pushing down profit in FY2026 (ending March 2026). Going forward, the company aims to restore profitability by advancing appropriate price pass-through in selling prices. The FY2027 (ending March 2027) operating profit forecast of ¥920 million (up 21.3% year on year) is premised on progress in this price pass-through.
Against the backdrop of the expanding EC market and the entrenchment of environmental awareness, sales of paper-based home delivery materials have remained firm. New business development including environmentally conscious products is positioned as one of the basic policies of the second medium-term management plan, and efforts to improve environmental standing continue. The deconsolidation of Shanghai Shiba Packaging Materials Co., Ltd. (in FY2026, ending March 2026) streamlined overseas operations and enabled a focus on domestic business.
Promoting the strengthening of human capital through personnel system reform and improving capital efficiency through the reduction of cross-shareholdings (policy-holding shares). In FY2026 (ending March 2026), the company sold investment securities (proceeds of ¥302 million), improving the equity ratio to 40.3% (from 32.3% in the previous fiscal year). The restricted stock compensation plan also continues to be operated.
Expenditure on the acquisition of fixed assets in FY2026 (ending March 2026) increased significantly to ¥548 million (from ¥333 million in the previous fiscal year). The net amount of machinery, equipment and vehicles increased to ¥907 million (from ¥671 million in the previous fiscal year), reflecting the upgrading and renewal of production facilities. The company plans to continue active investment in equipment renewal and environment-related areas in FY2027 (ending March 2027) as well.
Last updated: July 19, 2026