MORISHITA JINTAN CO., LTD.
4524・Standard Market・Pharmaceuticals
Business
Morishita Jintan is a long-established health-related company founded in 1893. Building on its proprietary spherical/seamless capsule formulation technology, which evolved from its original Jintan® product, the company operates two business segments: consumer health foods (Consumer Business) and seamless capsule contract manufacturing plus functional ingredient sales (Solutions Business). In the Consumer Business, it sells the Bifina® and Choteku Series, among others, both domestically and overseas, while the Solutions Business focuses mainly on generic pharmaceutical contract manufacturing and Flavor Capsule contract manufacturing. Its consolidated subsidiary MJ Shiga serves as a production expansion base, and the group as a whole recorded net sales of ¥12,688 million.
Business Model
In the Consumer Business, the company sells directly to consumers through mail-order e-commerce and retail channels, monetizing brand value. In the Solutions Business, the company leverages its proprietary Seamless Capsule formulation technology to earn contract manufacturing and raw material sales revenue from pharmaceutical and food manufacturers, among others. The two businesses have a synergistic structure that mutually leverages technology and know-how, with the Solutions Business (net sales of ¥7,956 million, segment profit margin of 10.0%) providing stable revenue, while the Consumer Business plays the role of enhancing brand value and demonstrating technology.
Company Strengths
The spherical, seamless capsule technology developed from Jintan enables inclusion of diverse contents such as powders, liquids, and microorganisms, as well as controlled release of ingredients at specific sites in the body. The Bifina® series has been sold continuously for over 30 years. A cumulative 144 proprietary ingredient items compliant with the Foods with Function Claims system have been accepted (as of the end of March 2026), reflecting an accumulated commercial track record for the technology.
Of net sales of ¥12,688 million, the Solutions Business accounted for ¥7,956 million (segment profit margin of 10.0%) and the Consumer Business accounted for ¥4,724 million, diversifying earnings across two axes: B2B contract manufacturing and consumer-facing sales. The stable earnings of the Solutions Business support upfront investment in the Consumer Business, a structure that reduces the risk of dependence on a single business.
The equity ratio at the end of FY2026 (ending March 2026) was 69.7% (67.9% in the previous fiscal year), with total net assets of ¥12,977 million, indicating high financial soundness. Operating cash flow secured ¥1,150 million, giving the company the financial capacity to fund strategic investments—such as the addition of a new manufacturing line at the Osaka Techno Center (total capital expenditure of ¥458 million)—primarily with its own funds.
ENVALITH's Perspective
Performance Trend
Revenue grew for four consecutive fiscal years, from ¥9,563 million in FY2022 (ending March 2022) to ¥12,766 million in FY2025 (ending March 2025), but FY2026 (ending March 2026) saw the first decline, at ¥12,688 million (down 0.6% year on year). Operating profit fell from ¥804 million in FY2025 (ending March 2025) to ¥692 million in FY2026 (ending March 2026), down 14.0%, and the operating margin declined from 6.3% to 5.5%. The main causes were an increase in advertising expenses in the Consumer Business (from ¥263 million to ¥441 million) and upfront investment in logistics structural reform. On the other hand, extraordinary losses recorded in the prior period (valuation loss on investment securities of ¥47 million and impairment loss of ¥49 million) were zero in the current period, allowing pre-tax profit to be maintained at roughly the same level as the previous period, and with a positive contribution from income tax adjustments, profit attributable to owners of parent increased to ¥628 million (up 15.0% year on year). The company's forecast for FY2027 (ending March 2027) is revenue of ¥12,400 million, operating profit of ¥650 million, and net profit of ¥530 million, continuing to project a decline in both revenue and profit, conservatively factoring in external uncertainties such as geopolitical risk.
Growth Strategy
Transitioning to dual-engine growth through market penetration of the new "Choteku" brand and expanded production capacity in the Solutions Business
Focus on promoting sales of the three Choteku Series products, including "Tansa Fatty Acid" launched in April 2025, and drive brand recognition expansion centered on the key areas of "gut health" and "oral health." Accelerate expansion into Asian markets starting with the advance launch of new products in Hong Kong, while capturing inbound demand.
From fiscal 2026, a new seamless capsule production line began operating at the Osaka Techno Center. The line combines flexible support for small-lot contract manufacturing with functionality as a scale-up test line, supporting a smooth transition from formulation development to full-scale production, thereby accelerating the proposal capability and business expansion of the contract manufacturing business.
In January 2026, an R&D base was opened within "Nakanoshima Qross" in Nakanoshima, Osaka, consolidating functions. This will improve the precision and speed of evidence building, aiming to develop new customers for Functional Ingredients (Rose Hip, etc.) and shift toward product development with higher competitive advantage.
Promoting the expansion of oil-based liquid formulation manufacturing functions at group company MJ Shiga, this is positioned as a strategic investment that will not only improve contract manufacturing capacity in the Solutions Business but also enhance the product supply capacity and competitiveness of the entire group, including the Consumer Business.
Last updated: July 19, 2026