MICREED Co.,Ltd.
7687・Growth Market・Wholesale Trade
Business
Mikuriad Co., Ltd. is a single-business company that operates under the management philosophy of "contributing to smile-filled dining scenes in everyday life," providing mail-order commercial food ingredients to small and medium-sized restaurants, primarily privately-run izakaya. The company offers approximately 4,000 products—including meat, fish, vegetables, skewers, fried foods, and desserts—at uniform prices with no quotation required, and achieves next-day delivery except in certain regions. It has established a 365-day order and shipping system along with an order center that operates until 2 a.m., accepting orders 24 hours a day through multiple channels including Web, fax, and telephone. As of FY2026 (ending March 2026), the company has a customer base of over 15,000 stores nationwide, and also acquires customers through agencies.
Business Model
The company procures products from over 1,000 manufacturers and operates with low fixed costs by utilizing outsourced shipping centers (Masuda Unyu) and order-receiving centers (VirtualEX Kyushu). It builds up sales by pursuing two pillars: expanding the number of customer stores and increasing the purchase amount per store. While pursuing operational efficiency by raising the Web order ratio (81.8% at the end of FY2026 (ending March 2026)), the company also pursues higher unit prices by expanding value-added products such as Products for Loss Reduction and Labor Shortage Countermeasures.
Company Strengths
In FY2026 (ending March 2026), the monthly average number of customer stores reached 14,196 (up 8.4% year on year), setting a new record high in March 2026. The monthly average number of new customer stores also increased 6.5% year on year to 2,235, providing numerical evidence of the continued expansion of the customer base. Customers acquired via agencies are not included in the above figures, meaning the actual customer base is even broader.
In line with the actual operating conditions of restaurants, the company has established a system for receiving and shipping orders 365 days a year, and accepts telephone orders until 2am. Orders via the web and fax can be placed 24 hours a day. The web order ratio reached 81.8% (up 3.9 points year on year) by the end of FY2026 (ending March 2026), showing steady progress in improving order efficiency through digitalization.
The company has built a system that enables same-day shipping of approximately 4,000 items procured from over 1,000 manufacturers, at unified prices requiring no quotation. It offers specifications tailored to the usage volumes of small and medium-sized restaurants, such as small packs, loose-frozen items, and sheet packs, also contributing to reduced food loss. A tasting and selection process conducted by product development staff functions as a mechanism for ensuring quality.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales were ¥7,671 million (up 13.2% year on year), operating income was ¥407 million (up 9.5%), and net income was ¥279 million (up 8.2%), marking five consecutive years of revenue growth and four consecutive years of profit growth. Sales exceeded the prior-year level in all 12 months, with March accelerating to +19.0% year on year. However, the sales growth rate has continued to decelerate, from +54.1% in FY2023 to +13.2% in FY2026. As an external factor, surging raw material and logistics costs pushed up the cost-of-sales ratio (from 65.7% to 66.0%), causing the operating margin to decline slightly from 5.5% to 5.3%. Operating cash flow improved substantially to ¥398 million (versus ¥262 million in the prior period), and the cash balance expanded to ¥1,168 million. For FY2027, the company forecasts net sales of ¥8,500 million (up 10.8%) and operating income of ¥450 million (up 10.5%).
Growth Strategy
Expanding the customer base and profitability along three axes: strengthening the EC Site, expanding the product lineup, and leveraging agency partnerships
Despite having an existing customer base of over 15,000 stores, the company recognizes that many restaurants remain unreached, and aims to expand awareness among potential customers through EC Site improvements and enhanced web marketing. In FY2026 (ending March 2026), ¥81 million was invested in intangible fixed assets to implement system upgrades. The number of customer stores reached a new record high in March 2026.
By leveraging referrals from partner agencies, the company reaches potential customers through channels other than its own EC Site. Through the establishment of multiple channels in addition to direct EC sales, the company aims to diversify customer acquisition costs and expand the number of new customers acquired. Although specific figures on the number of agencies or acquisitions have not been disclosed, this initiative continues to be promoted as an ongoing measure.
By expanding products with a sense of specialness and Products for Loss Reduction and Labor Shortage Countermeasures, the company aims to increase purchase value per existing customer and encourage continued usage. Taking advantage of the external environment of labor shortages and rising costs in the food service industry, the company is strengthening its response to demand for easy-to-prepare products. Merchandise and product inventory has expanded from ¥219 million to ¥253 million, reflecting progress in strengthening the product lineup.
Last updated: July 19, 2026