Synchro Food Co.,Ltd.
3963・Prime Market・Information & Communication
Business
Synchro Food Co., Ltd. is a platform company specialized in the food service industry, established in 2003. Centered on "Inshokuten.com," the company's core Media Platform Business (61.8% of sales composition) provides an integrated suite of services covering everything from restaurant opening to operation and closure, including property search, recruitment, ingredient procurement, kitchen equipment, and interior contractor referrals. In addition, the company comprises three segments: the M&A Advisory Business (5.0% of sales composition), which provides M&A brokerage and ikinuki (fixture and fittings) transfer support specialized for restaurants; and the Property Management Business (33.2% of sales composition), which handles commercial real estate sublease and rental management through Horizon14 Co., Ltd. and Ideal Co., Ltd., both of which became subsidiaries in September 2025. Main customers include prospective restaurant openers, operators, and those planning to close restaurants, as well as real estate, interior, and ingredient procurement businesses. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
In the Media Platform Business, the company matches restaurant users (340,953 as of end-March 2026) with real estate, interior design, and food procurement operators (5,304 companies), earning revenue from listing-type advertising, success-fee-based, and volume-based services. In the M&A Advisory Business, brokerage fees are collected on a deal-closing basis. In the Property Management Business, revenue is derived from sublease margin income and brokerage fees based on master lease agreements with building owners. Property Management Business sales for FY2026 (ending March 2026) were ¥1,841 million (Note: converting the original data, denominated in thousands of yen, to millions of yen yields ¥1,841 million), and this segment is growing into a new revenue pillar.
Company Strengths
The number of registered users of "Inshokuten.com" reached 340,953 as of the end of March 2026 (up 7.5% year on year), and the number of affiliated business operators reached 5,304 (up 3.8% year on year), continuing to expand. The customer base accumulated over more than 20 years since the business launch in 2003, with a specialized focus on the food and beverage industry, forms an entry barrier that is difficult for competitors to replicate in a short period of time.
The company completes within its own group a service portfolio covering the entire restaurant lifecycle, from property search, recruitment, food ingredient procurement, and interior contractor referrals, to M&A advisory, ikinuki (fixture and fittings) transfer, and real estate sublease. In September 2025, the company added property management functions through the consolidation of Horizon 14 Co., Ltd. as a subsidiary, further expanding its service domain.
The M&A Advisory Business (net sales of ¥278 million in FY2026 (ending March 2026)) captured business succession needs in the food and beverage industry, improving both the number of deals brought to fruition and the deal conversion rate. The Property Management Business recorded net sales of ¥1,841 million in its first fiscal year as a subsidiary, accounting for 33.2% of the group's net sales, and is beginning to function as a new pillar of earnings.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 2.8-fold over five periods, from ¥1,958 million in FY2022 to ¥5,541 million in FY2026, but the FY2026 figure was mainly driven by the consolidation of the Property Management Business (¥1,841 million from just the six months of the second half). Meanwhile, operating profit fell sharply from ¥1,097 million in FY2025 to ¥668 million in FY2026 (down 39.1% year on year), and net income attributable to owners of parent dropped from ¥659 million to ¥270 million (down 59.1% year on year). The main causes were a sharp increase in goodwill amortization (from ¥42 million to ¥277 million), a rise in the cost of sales ratio due to sublease costs and other factors, and one-time expenses including ¥45 million in loan arrangement fees. In terms of the external environment, deterioration in the recruitment advertising market accelerated the decline in revenue and profit in existing businesses. The forecast for FY2027 (ending March 2027) anticipates further revenue growth alongside continued profit decline, with revenue of ¥7,500 million (up 35.3% year on year) and operating profit of ¥332 million (down 50.3% year on year).
Growth Strategy
Aiming for FY2030 (ending March 2030) sales of ¥10 billion through expansion of the Property Management Business and synergies with existing platforms
Through Horizon 14 and Ideal, the company is progressively accumulating master lease agreements with building owners centered on well-located commercial real estate within five minutes' walk of stations in Tokyo and the three surrounding prefectures, aiming for continued expansion of sublease revenue. Sales of ¥1,841 million were recorded in just the second half of FY2026 (ending March 2026) alone, and expanded revenue contribution is expected from FY2027 (ending March 2026) onward, when the effect will be fully reflected for a full year.
Leveraging the proximity between Inshokuten.com's customer base of registered users (340,953) and affiliated operators (5,304 companies) and Ideal's commercial real estate customer base, the company aims to provide seamless services spanning from store property search to leasing management and M&A, targeting increased customer spend per account and cross-selling. Synergies with M&A advisory subsidiary Whit are also anticipated.
In response to a structural shift in product needs from listing-based models toward success-fee-based and usage-based models, the company is promoting the development of recruitment placement services and the introduction of new application-charge-based products. Amid a continued decline in the number of paying users (10,048, down 7.3% year on year), the company aims to strengthen its response to customer needs and restore earnings power through this revenue model transformation.
In FY2026 (ending March 2026), the company acquired ¥431 million of treasury shares (treasury shares outstanding at fiscal year-end: 1,080,412 shares), and combined with dividends of ¥420 million (¥15 per share), total shareholder returns amounted to approximately ¥851 million. The dividend payout ratio of 155.9% substantially exceeds net income for the period. A dividend of ¥15 per share is also planned for FY2027 (ending March 2026).
Last updated: July 19, 2026