RIDE ON EXPRESS HOLDINGS Co.,Ltd.
6082・Standard Market・Services
Business
Ride On Express Holdings Co., Ltd. is a holding company group specializing in home-delivered meals, operating three brands—Ginnosara (Delivery Sushi), Kamatora (Delivery Gozen), and Sushi Joto (Delivery Sushi)—nationwide through directly-managed and franchise stores. As of the end of March 2026, the chain has 695 stores and 352 bases nationwide, and operates with a delivery-focused model that does not require customers to visit stores, keeping property acquisition costs low. The main customers are general consumers with in-home dining needs, and orders are accepted via phone, website, and app. The number of official website and app members has surpassed 4.5 million, and the company practices One-to-One marketing utilizing its accumulated customer database.
Business Model
Revenue is built on two pillars: sales from directly-operated stores (¥11,399 million in FY2026 (ending March 2026)) and FC-related income (¥12,434 million in the same period). FC income consists of royalties (5% of monthly sales), franchise fees, and ingredient sales revenue, which helps diversify the risk associated with directly-operated stores while securing stable recurring income. The "multi-brand consolidation strategy," which combines multiple brands at a single location, improves efficiency in equipment, labor, and promotional costs, forming a structure that enhances profitability.
Company Strengths
Membership on the official website and app has surpassed 4.5 million. The company centrally manages customer information and order history acquired at the time of ordering, and conducts One-to-One marketing utilizing direct mail, e-mail newsletters, LINE accounts, and app push notifications. Repeat usage is also promoted through Deli Point (Proprietary Electronic Points), building a customer touchpoint infrastructure that competitors would find difficult to replicate in the short term.
By co-locating Ginnosara (Delivery Sushi), Kamatora (Delivery Gozen), and Sushi Joto (Delivery Sushi) at a single site, the company shares property, equipment, staff, and customer data, pursuing a proprietary store opening strategy that reduces equipment costs, labor costs, and promotional expenses. As of the end of March 2026, the company operated 695 stores across 352 sites, a structure in which the number of stores substantially exceeds the number of sites, indicating a high degree of efficiency.
The Ginnosara (Delivery Sushi) chain has installed high-electric-field defrosting machines, for which it holds exclusive usage rights within the delivery sushi industry, at all of its stores. By thawing frozen fish to a state close to fresh fish, the company maintains quality while achieving both cost reduction and stable procurement through bulk purchasing. This constitutes a barrier to entry, as competitors are unable to use the same technology in the delivery sushi industry.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥25,703 million in FY2022 (ended March 2022) and then declined for four consecutive periods, but in FY2026 (ending March 2026) it turned upward to ¥23,833 million, up ¥440 million (+1.9%) year on year. Operating profit also recovered to ¥879 million (up ¥98 million, +12.6% year on year). The main drivers were improved productivity from the April 2025 menu revision and the elimination of costs related to services discontinued in the prior period, which reduced SG&A expenses by approximately ¥133 million year on year. Ordinary profit rose sharply to ¥1,277 million (+76.9% year on year) due to a surge in gains from investment partnerships of ¥592 million. On the other hand, cost of sales increased by ¥475 million year on year due to rising ingredient procurement prices, and cost pressure from external factors continues. Net profit of ¥699 million roughly doubled, up 109.8% year on year, but the operating margin of 3.7% remains at a level still significantly lower than the 7.6% recorded in FY2022 (ended March 2022).
Growth Strategy
Under the next-generation Home Net strategy, the company aims to restore profitability through menu revisions, enhanced CRM, and takeout expansion
In April 2025, product content and selling prices were substantially revised across all brands: Ginnosara, Kamatora, and Sushi Joto. Improved productivity and higher sales unit prices contributed to reduced SG&A expenses and increased sales in FY2026 (ending March 2026). Continued optimization of pricing and product strategy remains a challenge.
Customer touchpoints were strengthened through 25 initiatives conducted throughout 2025. A Deli Point (Proprietary Electronic Points) campaign was held to commemorate surpassing 4.5 million official website and app members, contributing to new customer acquisition and repeat usage promotion among existing customers.
The company is promoting the opening of stores combining delivery with takeout counters for Ginnosara. By capturing takeout demand in addition to conventional delivery demand, the company aims to improve convenience and develop new customer segments. Rollout was ongoing as of the end of FY2026 (ending March 2026).
The self-service soba format "Saijo Seimen" was renewed in May 2025 with a concept based on "Hiyashi Tanuki," a local Gifu-style soba dish. In December 2025, a second store opened in Ichinomiya City, Aichi Prefecture, marking the start of multi-store expansion.
Investment returns generated through the A-Start series (Nos. 1–3) investment partnerships amounted to ¥592 million in FY2026 (ending March 2026), significantly boosting ordinary profit. This continues to be utilized as a financial strategy complementing core business earnings. The balance of investment securities expanded to ¥3,420 million (up ¥923 million year on year).
Last updated: July 19, 2026