Miyoshi Oil & Fat Co., Ltd.
4404・Standard Market・Foods
Business
Miyoshi Oil & Fat is a long-established fats and oils processing manufacturer, founded in 1921 and listed on the Tokyo Stock Exchange in 1949. Using natural fats and oils as its raw material base, the company operates two core businesses: the Food Business (Margarine & Shortening, Powdered Fats and Oils, Whipped Cream, etc.) and the Oleochemical Business (fatty acids, glycerin, surfactants, Environment-Related Products, etc.). Its major customers span the food industry, including bakery, confectionery, and instant noodle manufacturers, as well as industrial fields such as automobiles, tires, paints, toiletries, and paper/pulp. The company counts Yamazaki Baking Co., Ltd. and The Nisshin OilliO Group, Ltd. among its major shareholders, and the group consists of 4 subsidiaries and 3 affiliated companies. In January 2025, the company relocated its head office to Sumida-ku, Tokyo, entering a new growth phase.
Business Model
The company processes and manufactures products from natural fats and oils as raw materials at its own plants (Chiba, Kobe, Nagoya, etc.), selling to end users through a distributor network that includes consolidated subsidiary Miyoshi Shoji. In the Food Business, it provides a stable supply of high-value-added products for bread and confectionery makers, while in the Oleochemical Business it develops industrial-use products such as fatty acids and glycerin for a wide range of industries. The company continues to invest ¥1,396 million in R&D expenses, maintaining profitability through new product development based on proprietary technology and appropriate pricing.
Company Strengths
In FY2025, sales were ¥42,093 million for the Food Business (approximately 70.8% of the composition) and ¥16,904 million for the Oleochemical Business (approximately 28.4%), forming a structure in which the two businesses complement each other. The Food Business is supported by demand from bread and confectionery manufacturers, while the Oleochemical Business captures industrial demand from automobiles, toiletries, and other sectors, dispersing the risk of dependence on a single market.
Since its founding in 1921, the company has accumulated fats and oils processing technology. In FY2025, it invested ¥1,396 million in R&D (¥858 million for Food, ¥538 million for Oleochemical), continuously launching new products such as the botanova Plant-Based Series, the flavor oil powder "Craft Powder Lard Flavor," and the juicy food material "Nova Melt."
In June 2025, the transfer of the former head office land was completed, recording a gain on sale of fixed assets of ¥12,365 million. Net assets increased by ¥11,605 million from the end of the previous fiscal year to ¥42,672 million, and the equity ratio improved from 42.7% to 50.6%. Interest-bearing debt was also reduced by ¥4,616 million, significantly improving financial soundness.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥47,476 million in FY2021 to ¥59,474 million in FY2025. Operating profit fell into a loss of ¥(1,604) million in FY2022 due to surging raw material costs, recovered in FY2023 and FY2024, but declined to ¥1,960 million in FY2025. In Q1 of FY2026 (ending December 2026), revenue was ¥15,154 million (up 5.9% year on year) and operating profit was ¥543 million (up 54.1% year on year), marking a shift to an improving trend. Amid continued high prices for fats and oils raw materials and rising procurement costs due to yen depreciation as external factors, sales price optimization in the Food Business drove the profit improvement. The Oleochemical Business continues to struggle due to raw material price increases exceeding expectations, the rise of low-priced overseas products, and sluggish domestic demand.
Growth Strategy
Aiming for ROE of 8% or higher by 2030 through the twin pillars of 'evolution' in the Food Business and 'deepening' in the Oleochemical Business
In addition to expanding sales of core products such as Margarine & Shortening and Powdered Fats and Oils, the company is strengthening its response to market needs by introducing proprietary Flavor Technology Application Products, products addressing cacao substitute demand, and new products differentiated by texture. In the first quarter of FY2026 (ending December 2026), operating profit in the Food Business improved significantly, up 264% year on year, confirming the effectiveness of the strategy.
The company is promoting the expansion of its production system based on its own unique environmental perspective, the development of new materials such as biodegradable resin dispersions and UV absorbers, and global expansion utilizing its Malaysian subsidiary. However, in the first quarter of FY2026 (ending December 2026), operating profit fell sharply, down 73.9% year on year, due to raw material price increases exceeding expectations and the rise of low-priced overseas products, indicating that profitability will take time to achieve.
To address various cost increases including labor costs, logistics costs, raw material costs, and packaging material costs, the company continues to promote optimization of selling prices while steadily implementing procurement review and improvements in production efficiency. In the first quarter of FY2026 (ending December 2026), selling, general and administrative expenses were reduced from ¥2,336 million in the same period of the previous year to ¥2,229 million, reflecting the results of cost management.
Construction in progress increased by ¥2,257 million, from ¥3,715 million at the end of FY2025 (December 2025) to ¥5,972 million at the end of March 2026, reflecting active investment underway to enhance future production capacity. The company has also completed the introduction of a new core system and is promoting operational efficiency, including a change in the inventory valuation method to the moving average method.
Last updated: July 17, 2026