ENVALITH
株式会社ドウシシャ logo

DOSHISHA CO.,LTD.

7483・Prime Market・Wholesale Trade

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株式会社ドウシシャ logo
DOSHISHA CO.,LTD.7483

Business

DOSHISHA Corporation is a corporate group (the Company and 17 subsidiaries) founded in 1974, primarily engaged in the wholesale of lifestyle-related products. It handles a wide range of categories including home appliances, household goods, daily sundries, apparel, food, alcoholic beverages, watches, bags, and gifts. Its major customers include Daiso Industries (net sales of ¥13,088 million, accounting for 10.9% of the composition) as well as fixed-price shops, mass merchandisers, specialty stores, and gift distributors. The company combines a manufacturer function through in-house planning and development (Development-type Business Model) with a trading company function through procurement, processing, and wholesale of domestic and overseas manufacturers' products (Wholesale-type Business Model), building a system that responds to changing consumer needs. Listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

Under the "Development-type Business Model," the company plans and develops its own products and sells them to retailers and specialty stores, achieving high added value (net sales of ¥69,808 million, segment profit of ¥8,136 million). Under the "Wholesale-type Business Model," the company secures stable earnings through the procurement, processing, and wholesale of domestic and overseas branded products for gifts (net sales of ¥47,818 million, segment profit of ¥3,925 million). By combining both models, the company generates continuous earnings while diversifying its dependence on specific categories and economic fluctuations.

Company Strengths

Under the concept of "100 business divisions with ¥10 billion in revenue each," the company operates multiple highly specialized and autonomous business divisions, using approximately ¥10 billion in revenue per division as the optimal unit. In FY2026 (ending March 2026), the Development-type Business Model segment achieved revenue of ¥69,808 million (109.6% year-on-year) and the Wholesale-type Business Model segment achieved ¥47,818 million (101.7% year-on-year), realizing simultaneous growth across multiple categories, which structurally diversifies the risk of dependence on any single business.

At the end of FY2026 (ending March 2026), the equity ratio stood at 85.7%, interest-bearing debt was at an extremely low level, and the interest coverage ratio reached 21,426.7x. Against total assets of ¥110,644 million, net assets of ¥96,550 million were secured, with cash and cash equivalents of ¥35,418 million held. The company's financial soundness is exceptionally high even within the industry, providing a structure capable of maintaining business continuity and investment capacity even amid deteriorating external conditions.

In FY2026 (ending March 2026), gross profit reached ¥36,198 million (113.2% year-on-year), significantly exceeding the revenue growth rate (105.8%). The expansion of in-house planned products leveraging media exposure, such as the Gorilla High Power Series, along with profitability structure reforms emphasizing inventory turnover in the Wholesale-type Business Model segment, contributed to the improvement in gross margin, resulting in operating profit of ¥11,933 million, up 132.7% year-on-year.

ENVALITH's Perspective

Operating profit of ¥11,933 million in FY2026 (ending March 2026) increased significantly by 32.7% year-on-year, achieving the management policy target of "achieving ordinary profit of ¥11.6 billion" (ordinary profit of ¥12,367 million). While the gross profit margin remained roughly flat at 28.0% (28.1% in the previous period), the operating profit margin rose from 7.9% to 9.9% due to the synergistic effect of improved SG&A ratio and expanded sales scale, which can be evaluated as a structural improvement in earnings power.

Sales to Daiso Industries of ¥13,088 million account for approximately 10.9% of consolidated net sales, and the risk of dependence on a single customer persists. Additionally, while the consolidated earnings forecast for FY2027 (ending March 2027) projects net sales of ¥129,000 million (+7.0%), profit attributable to owners of parent is forecast to see a slight decline to ¥8,550 million (-1.1% year-on-year), as various cost increases from inflation and yen depreciation may constrain upside to profit margins. Continuous monitoring of external factors such as foreign exchange and logistics cost trends is necessary.

Cash flow from investing activities in FY2026 (ending March 2026) surged to -¥18,356 million (compared to -¥8,727 million in the previous period), but the majority of this was due to deposits into time deposits (-¥18,003 million), with actual capital expenditure and M&A spending being limited. While the company accumulates abundant cash into time deposits, it has set a policy targeting a dividend payout ratio of approximately 50%, and implemented a dividend increase to an annual dividend of ¥110 (up from ¥85 in the previous period) in FY2026 (ending March 2026). More specific disclosure regarding the capital allocation policy for future growth investments is expected.

Growth Strategy

Under the management policy of "building a company like no other in the world that never fails and keeps growing," the company aims to achieve both ESG management and profit expansion

The company continues to expand the lineup of the Gorilla High Power Series (Health Appliances), introduce new categories such as CORELLE Frying Pan Series, and pursue proprietary product development aimed at achieving niche No.1 positions. In FY2026 (ending March 2026), segment profit for the development-type business grew significantly, up 148.1% year on year, demonstrating the emerging effects of strengthened product competitiveness.

In the Famous Brand Products segment, the company is promoting optimization of inventory levels with an emphasis on inventory turnover and reviewing the brands it sells. Measures have been implemented since the second half of FY2026 (ending March 2026), and the effects of segment profit improvement were confirmed in the fourth quarter. The company will continue to focus on brands and products with high profitability.

In May 2025, the company revised the basic policy of its dividend policy, clarifying its aim to return profits to shareholders with a payout ratio target of approximately 50%. In FY2026 (ending March 2026), the company achieved an annual dividend of ¥110 (an increase of ¥25 from ¥85 in the previous fiscal year), with a payout ratio of 45.1%. The company plans to maintain an annual dividend of ¥110 (payout ratio forecast of 46.2%) in FY2027 (ending March 2026) as well.

From April 2026, the company has adopted "building a company like no other in the world that never fails and keeps growing" as its management policy, and, based on its founding spirit of "Shihoyoshi" (good for all four parties), aims to contribute to a sustainable society across the three dimensions of Environment, Social, and Governance (ESG). The company also plans to consider the adoption of International Financial Reporting Standards (IFRS), taking into account trends in the ratio of foreign shareholders and other factors.

Last updated: July 19, 2026