SANRIN CO. ,LTD.
7486・Standard Market・Wholesale Trade
Business
Sanrin Co., Ltd. was founded in 1934 and is a regionally-focused, diversified lifestyle-related trading company headquartered in Matsumoto City, Nagano Prefecture. The Group comprises the Company, 7 subsidiaries, and 2 affiliated companies, and operates the Energy-related Business (approximately 85% of net sales), which handles LP gas, petroleum products, electricity, housing equipment, etc., as its core business, alongside the Ice Manufacturing Business, the Fresh Produce Business (production and distribution of mushrooms and fresh produce), the Real Estate Business (residential lot subdivision), and the Transportation and Construction businesses, among others. Its main customers are general households and commercial demand-side users centered on Nagano Prefecture, and it has a business foundation of over 90 years as a provider of regional lifelines. In 2022, the Company transitioned to the Standard Market, and under its Medium-Term Management Plan (2025-2027), it is promoting sustainable management with awareness of the cost of capital.
Business Model
In the core Energy-related Business, the company secures stable earnings through continuous supply contracts for LP gas, petroleum products, and electricity, while aiming to raise unit prices through Equipment & Renovation Sales. In the Fresh Produce Business, profitability is enhanced through vertical integration of production by Enoki Boya Co., Ltd. and distribution by Ichijitsuya Co., Ltd. The company strengthens customer retention through point-based initiatives via the Web Points Service "Sanrin My Page," and the group's Transportation Business and Construction Business support cost efficiency through internal transactions.
Company Strengths
The company holds the "Gold Security-Certified Operator" (ゴールド保安認定事業者) certification, which is granted to only about 2% of LP gas sales operators nationwide. As of the end of FY2026 (ending March 2025), the company had installed LP gas safety-assurance equipment at over 99% of certification-eligible sites. This high level of security management encourages continued customer usage and serves as a key differentiator from competitors.
The company holds Enoki Boya Co., Ltd. (production of enoki mushrooms) and Ichijitsuya Co., Ltd. (fresh produce distribution and sales) as wholly owned subsidiaries, establishing a vertically integrated structure that manages everything from production to sales. In FY2026 (ending March 2025), the Fresh Produce Business recorded net sales of ¥3,424 million (up 8.5% year on year) and segment profit of ¥245 million (up 4.0% year on year), securing stable earnings.
From FY2022 (ending March 2022) through FY2026 (ending March 2025), the equity ratio remained within a range of 70.1% to 71.9%, reflecting a high degree of financial soundness. At the end of FY2026 (ending March 2025), net assets stood at ¥21,893 million, and cash and cash equivalents were secured at ¥4,794 million. Against outstanding borrowings of ¥3,396 million, the company maintains sufficient liquidity, giving it the financial strength to respond flexibly to M&A opportunities and capital expenditures.
ENVALITH's Perspective
Performance Trend
Revenue peaked in FY2023 (ending March 2023) at ¥32,844 million and has declined for three consecutive periods, reaching ¥30,529 million in FY2026 (ending March 2026), down 1.0% year on year. The main causes were a decline in the unit selling price of LP gas and the impact of a warm winter on petroleum products. On the other hand, the gross profit margin improved (from ¥7,135 million to ¥7,273 million), and operating profit reached ¥721 million (up 10.6% year on year), the highest level in five periods. However, ordinary profit fell sharply to ¥1,062 million (down 16.9% year on year) due to a significant decrease in subsidy income (an external factor), and with the recognition of an impairment loss of ¥197 million, net income declined substantially to ¥503 million (down 38.8% year on year). While the trend is improving on an operating profit basis, ordinary profit and net income continue to be structurally affected by one-time factors.
Growth Strategy
Advancing the Medium-Term Management Plan (2025-2027), which pursues both deepening of the Energy Business and expansion into the Food and Housing domains as its twin pillars
Completed full consolidation, effective April 1, 2026, of an LP Gas and Petroleum Products Sales operator with high brand recognition in the Karuizawa area of Nagano Prefecture. Synergies are expected in the Energy-related Business field (expansion of customer base and sales scale). The contribution to the FY2027 (ending March 2027) earnings forecast has not been disclosed.
The number of contracts increased due to active proposals for insulation renovations utilizing government subsidy programs and high-efficiency gas water heaters. Replacement demand for commercial air-conditioning equipment also remained solid, resulting in an increase in Equipment & Renovation Sales revenue in FY2026 (ending March 2026) compared with the previous period. The company continues to pursue capturing energy-saving demand.
Membership numbers increased steadily through focused promotion of the web membership service and points service. Active promotion of the Cho-Toku discount plan in the Electricity Business also achieved an increase in the number of contracts compared with the previous period. This has simultaneously improved customer satisfaction and reduced environmental burden through paperless billing.
In FY2026 (ending March 2026), inventory assets increased by ¥865 million due to land acquisition for a large-scale industrial land development plan. The company aims to generate future revenue through the sale of residential lots and industrial land. Revenue was subdued in the current period at ¥158 million (down 24.0% year on year) due to a decline in residential lot sales, but the land acquisition is creating future revenue opportunities.
The Medium-Term Management Plan (2025-2027) sets a target dividend payout ratio of 35% or more. In FY2026 (ending March 2026), the company implemented a dividend of ¥24 per share (consolidated dividend payout ratio of 58.3%), including a ¥2 commemorative dividend for the 30th anniversary of listing. For FY2027 (ending March 2027), an ordinary annual dividend of ¥24 per share is planned, continuing the policy of stable dividends.
Last updated: July 19, 2026