HitoMile Co., Ltd.
7686・Standard Market・Retail Trade
Business
Hitomiiru Co., Ltd. (formerly Kakuyasu Group) is a pure holding company overseeing a liquor sales group consisting of 5 consolidated subsidiaries and 1 equity-method affiliate. The core company, Kakuyasu Co., Ltd., operates under the "Nandemo Sakaya Kakuyasu" brand mainly in Tokyo's 23 wards, and its "Kakuyasu Model" is a proprietary logistics service that delivers to individual restaurants, general consumers, and corporate customers from small shipping warehouses and store locations, offering 1-hour slot designation, 365-day service, and free delivery. The business consists of four segments: Time-Slot Delivery (59.3% of sales), Route Delivery (29.3%), Store Sales (10.1%), and Other (1.3%), covering both B2B for restaurants and B2C. In July 2025, the company changed its trade name to Hitomiiru and is pursuing structural reforms to expand its business domain into products other than alcoholic beverages and into third-party delivery.
Business Model
The bulk of net sales of ¥139,837 million arises from the purchase and sale of alcoholic beverages (purchases totaling ¥105,260 million). By leveraging its self-built, community-focused delivery network, the company secures stable earnings by diversifying its customer base across three channels: Time-Slot Delivery, Route Delivery, and Store Sales. In addition, it is developing Third-Party Delivery (Paid Delivery Contracting), which utilizes the same delivery network to transport goods for external companies, as a new revenue source, pursuing both improved delivery utilization rates and revenue diversification simultaneously.
Company Strengths
Through a capillary-like network of small-scale depots spread across Tokyo's 23 wards, combined with a delivery system utilizing light vans and hand carts, the company achieves daily delivery without requiring large truck licenses. This "Kakuyasu model" is the result of years of accumulated depot investment and operational know-how, making it difficult for competitors to replicate in a short period. Time-Slot Delivery Business revenue for FY2026 (ending March 2026) reached ¥82,939 million.
The company operates three channels—Time-Slot Delivery (individual restaurants/bars and general consumers), Route Delivery (restaurant chains, hotels, etc.), and Store Sales—serving both B2B and B2C customer segments through the same logistics infrastructure. Consolidated revenue for FY2026 (ending March 2026) was ¥139,837 million, and the company has a diversified customer base with no single customer accounting for more than 10% of sales.
As a result of withdrawing from underperforming stores and reassigning personnel to the Time-Slot Delivery Business, Store Sales Business revenue contracted to ¥14,104 million (down 9.2% year on year), while operating profit improved to ¥905 million (up 40.5% year on year), with an operating profit margin of 6.4%. This demonstrates a track record of optimizing the cost structure.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥85,514 million in FY2022 (ended March 2022) to ¥139,837 million in FY2026 (ending March 2026) (up 4.0% year on year in FY2026). Operating profit peaked at ¥2,867 million in FY2024 (ended March 2024), then fell sharply to ¥1,781 million in FY2025 (ended March 2025), before recovering to ¥1,971 million in FY2026 (up 10.7% year on year). Net income surged to ¥1,175 million (up 119.0% year on year), but this was mainly driven by a ¥759 million reversal in income tax adjustments (recognition of deferred tax assets), with pre-tax income remaining at just ¥1,318 million. The gross profit margin improved to 24.3%, reflecting the emerging effect of price pass-through following manufacturer price hikes. For FY2027 (ending March 2027), the company forecasts revenue of ¥145,000 million (up 3.7% year on year), operating profit of ¥2,100 million (up 6.5% year on year), and net income of ¥650 million (down 44.7% year on year), leaving the low level of underlying profit once the tax effect fades as a remaining challenge.
Growth Strategy
Aiming to transform the earnings structure through four pillars: regional expansion of the Kakuyasu Model, Third-Party Delivery, platform development, and digital investment
Amid an increase in restaurant bankruptcies and a shortage of logistics drivers straining competing liquor wholesalers, the company aims to capture survivor profits by acquiring new business partners through meticulous delivery services as competitors withdraw or scale back operations. In FY2026 (ending March 2026), progress in acquiring individual restaurant customers drove Time-Slot Delivery sales up 5.0% year on year, performing favorably.
A structural reform that utilizes idle capacity in the company's own delivery network to accept paid delivery contracts for external companies' products. By improving delivery utilization rates, the company aims to enhance the efficiency of fixed cost recovery and establish a revenue source outside of liquor wholesaling. Initiatives toward full-scale operation from FY2026 (ending March 2026) are being promoted.
The company is building a sales platform that can provide order-taking, payment settlement, and marketing functions to external companies on an integrated basis, enabling unified handling of order-taking, delivery, and billing for a wide range of products beyond alcoholic beverages. FY2027 (ending March 2027) is positioned as the "budding period," during which business restructuring is being advanced. The software balance increased to ¥1,359 million (from ¥785 million in the previous fiscal year), accelerating system investment.
From October 2025, the company acquired Micuride Co., Ltd. as an equity-method affiliate (acquisition expenditure of ¥882 million). The company aims to strengthen the "Other" segment, which includes the E-Commerce Home Delivery Business and logistics business, and to capture E-Commerce Home Delivery demand accompanying the areal expansion of the group's delivery network.
Last updated: July 19, 2026