ENVALITH
株式会社マルゼン logo

MARUZEN CO.,LTD.

5982・Standard Market・Metal Products

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株式会社マルゼン logo
MARUZEN CO.,LTD.5982

Business

Maruzen Co., Ltd., founded in 1961, is a comprehensive manufacturer of commercial kitchen equipment that integrates manufacturing, procurement, and sales. In addition to its core Commercial Kitchen Equipment Manufacturing & Sales business (net sales of ¥60,291 million), the company comprises three segments: Large-scale Bakery Machinery Manufacturing & Sales (¥3,415 million) and Building Leasing (¥547 million). Its customer base spans a wide range, including the foodservice industry such as restaurant and izakaya chains, institutional catering such as schools and hospitals, and the prepared-food industry such as supermarkets and convenience stores. The company maintains a nationwide maintenance network and is also expanding overseas, with bases in Taiwan and Thailand. Its manufacturing subsidiary Maruzen Kogyo Co., Ltd. handles production through a three-plant system in Kyushu, Tohoku, and the Greater Tokyo area, while Fujisawa Maruzen Co., Ltd. is responsible for Large-scale Bakery Machinery (In-house Products).

Business Model

Built on an industry-leading lineup of 4,000 in-house original products, the company conducts route sales and solution-based sales targeting the restaurant, take-out food, and institutional catering markets. Beyond product sales, it secures recurring revenue through after-sales service, maintenance contracts, and consumables sales. Its comprehensive proposal approach—combining in-house products (Heating Equipment, Work Equipment, etc.) with products sourced from other companies (Refrigeration Equipment, Cooking Service Equipment)—serves as a key differentiator. Following the April 2024 price revision, gross profit margin improved to 28.0% (up 1.2 percentage points year on year).

Company Strengths

The company holds a lineup of approximately 4,000 proprietary in-house products spanning Heating Equipment, Work Equipment, Refrigeration Equipment, Cooking Service Equipment, and more. Sales of in-house products in FY2025 (ended February 2025) reached ¥32,464 million (108.5% year on year), showing an upward trend. This product lineup, capable of meeting customers' diverse, small-lot needs, is a source of competitive advantage.

As of the end of FY2025 (ended February 2025), interest-bearing liabilities, including lease obligations, stood at ¥12 million, maintaining a virtually debt-free financial structure. In addition to cash and cash equivalents of ¥23,847 million, the company has deposited ¥120,000 million in large-denomination time deposits as an effective use of funds, reflecting extremely high financial soundness. Net assets reached ¥48,492 million.

Manufacturing subsidiary Maruzen Kogyo operates three plants in Kyushu, Tohoku, and the Greater Tokyo area, producing in-house products such as Heating Equipment and Work Equipment internally. Production output in FY2025 (ended February 2025) totaled ¥25,240 million (107.9% year on year). At the Tohoku plant, the company invested in improving the working environment, including ¥290 million for air conditioning equipment installation, aiming to continuously strengthen its production infrastructure.

ENVALITH's Perspective

In Q1 of FY2027 (ending March 2027), the Large-scale Bakery Machinery segment posted outstanding growth, with segment sales up 205.3% year-on-year to ¥1,628 million and segment profit up 320.5% year-on-year to ¥268 million. This was mainly driven by the recording of a large-scale project, and given the structural nature of the business in which performance is affected by the timing of order receipt and recognition, close attention is needed to the large quarter-to-quarter fluctuations. It is important to continue monitoring the extent of this segment's contribution to the full-year earnings forecast.

In Q1 of FY2027 (ending March 2027), sales of ¥18,583 million represented a progress rate of 27.7% against the full-year forecast of ¥67,000 million, while operating profit of ¥2,003 million represented a progress rate of 29.9% against the full-year forecast of ¥6,700 million—a solid start even taking seasonality into account. On the other hand, the company has not revised its full-year earnings forecast (sales +0.3%, operating profit +1.0%), maintaining a conservative stance. This is likely due to lingering uncertainty in the external environment, including cost-conscious behavior amid rising prices in the food service industry and labor shortages.

As an external factor, raw material prices remain elevated, logistics costs continue to rise, and labor costs continue to increase due to investment in human capital. Nevertheless, the mainstay Commercial Kitchen Equipment segment absorbed these cost increases and achieved higher profit (segment profit +7.4%). Although the gross profit margin declined slightly from 28.4% in the same period of the previous year to 28.1%, the operating profit margin improved from 10.2% to 10.8% due to the containment of selling, general and administrative expenses (as a percentage of sales, unchanged at 17.3%). While this high level of cost absorption capability is commendable, continued attention should be paid to any further deterioration in the external cost environment.

Growth Strategy

Aiming to achieve net sales of ¥70,000 million, the company is advancing product development, sales strengthening, overseas expansion, and expansion of bakery machinery sales

In addition to continuous sales expansion to restaurant chains and food supermarkets, competitiveness is maintained through the expansion of high-quality, high-function, low-price products and energy-saving/SDGs-compliant products. Customer retention is pursued through strengthening the Service Maintenance system. In Q1 of FY2027 (ending February 2027), net sales grew steadily to ¥16,832 million (+5.3% year on year).

The company is promoting order intake and sales expansion for large-scale projects targeting domestic and overseas bakery manufacturers as well as food factories in other industries. In Q1 of FY2027 (ending February 2027), the recording of large-scale projects drove rapid growth, with net sales of ¥1,628 million (+205.3% year on year) and segment profit of ¥268 million (+320.5% year on year). Development of new overseas bakery manufacturers and food factories is also ongoing.

The company is advancing the development of an overseas sales structure centered on Southeast Asia (Taiwan and Thailand). It aims to expand sales to overseas customers in both the Commercial Kitchen Equipment Manufacturing & Sales and Large-scale Bakery Machinery Manufacturing & Sales segments, seeking to diversify away from dependence on the domestic market.

While maintaining stable revenue from Building Leasing (4 properties, operating margin exceeding 60%), the company acquired land in Koshigaya City, Saitama Prefecture in Q1 of FY2027 (ending February 2027). It aims to strengthen its revenue base through future expansion of the number of properties.

On July 6, 2026, 11,500 shares of common stock (¥3,800 per share, total disposal amount ¥43,700 thousand) were allotted to 7 directors (excluding outside directors). This promotes the sharing of value between management and shareholders toward the sustained enhancement of corporate value.

Last updated: July 17, 2026