ENVALITH
株式会社エフピコ logo

FP CORPORATION

7947・Prime Market・Chemicals

Official website
株式会社エフピコ logo
FP CORPORATION7947

Business

FP Corporation operates the Simplified Food Container Business (Single Segment), centered on the manufacture and sale of food trays, bento containers, packaging materials, and related products. Under a group structure comprising 29 consolidated subsidiaries and 1 equity-method affiliate, the company handles everything from product manufacturing to logistics and recycling in a vertically integrated manner. Its main customers are in the food retail and prepared-food (nakashoku) industries, including supermarkets, convenience stores, and food processors, and it is also strengthening its sales network in the medical/nursing-care meal service and frozen food markets. The collection and recycling of used trays (the FP Corporation method), which began in 1990, has expanded to 11,600 collection points, establishing a circular supply chain.

Business Model

Recorded total sales of ¥240,490 million (FY2026, ending March 2026), combining product sales of ¥184,503 million and merchandise sales of ¥55,986 million. In addition to manufacturing products at its own factories, the company also purchases and sells packaging materials and similar items. By combining a nationwide logistics network (covering 85% of the total population within a 100km radius) with a proprietary recycling network, the company achieves stable raw material procurement, cost control, and stable supply. It has a structure that passes on cost increases through product price revisions, thereby maintaining and improving profitability.

Company Strengths

The "Tray to Tray" recycling initiative, launched in 1990, has reached 11,600 collection points, with in-store collection volume in FY2026 (ending March 2026) increasing 107.5% year on year. The Store-to-Store Recycle Service has expanded to over 5,000 stores across 140 companies. By utilizing self-collected raw materials, the company has built a procurement system that is less susceptible to fluctuations in external raw material markets, constituting a unique advantage that competitors cannot easily replicate in a short period of time.

The company has built a logistics network covering 85% of the total population within a 100km radius of its base distribution centers. Through automated shipping using sorter systems and dedicated pallet transport, it achieves high-quality logistics with 85% of deliveries falling within ±15 minutes of the planned delivery time. Emergency power generation equipment (capable of 72 hours of operation) has been installed at all 22 major logistics facilities, establishing a stable supply system as food infrastructure.

The New OPP Sheet "OPTENA" and Laminated OPP Plate "FORTENA," successfully developed in April 2024, combine heat resistance, cold resistance, high rigidity, and high transparency, earning high praise from motorcycle and automobile manufacturers. The company aims to begin commercial production at the Kanbe Plant in 2027 and mass production at the new Bando plant in 2029, advancing expansion into industrial applications such as mobility and construction materials.

ENVALITH's Perspective

Ordinary income for FY2026 (ending March 2026) reached ¥21,768 million (up 18.0% year on year), marking a new record high. Regarding the main factors behind the change in ordinary income, sales activities—primarily driven by product price revision effects—contributed a positive ¥4,570 million, and raw material price impact contributed a positive ¥830 million, while increased logistics costs had a negative impact of ¥950 million and production division cost impact had a negative impact of ¥750 million. The operating margin improved from 7.8% (FY2025, ended March 2025) to 9.0% (FY2026, ending March 2026), indicating that the entrenchment of price pass-through is lifting the underlying profit structure.

Due to a sharp surge in crude oil prices driven by tensions in the Middle East, prices of key raw materials including polystyrene have spiked, and the consolidated earnings forecast for FY2027 (ending March 2027) has been left undetermined, as a reasonable estimate is currently difficult to make. As an external factor, domestic naphtha and benzene prices continue to rise, and a broad-based increase in production costs, including logistics costs and electricity charges, is also expected. The company has announced a product price revision of 20% or more effective for shipments from June 1, 2026, and its ability to pass on cost increases will be a key point to watch in determining future profitability.

Sales for FY2026 (ending March 2026) reached ¥240,490 million (16 consecutive years of sales growth, a new record high), and ordinary income reached ¥21,768 million, showing steady progress; however, there remains a considerable distance to the long-term targets of ¥300 billion in sales and an ordinary income margin of 10% or higher. The expansion of industrial applications for the New OPP Sheet "OPTENA" and Laminated OPP Plate "FORTENA" (commercial production scheduled to begin in 2027) and achievement of the Store-to-Store Recycle Service target of "300 companies and 10,000 stores" will serve as medium- to long-term growth engines. On the other hand, close attention should be paid to the continued cost pressure from rising personnel expenses due to 12 consecutive years of base pay increases (an average increase of approximately 5% in FY2026, ending March 2026) and expanding capital expenditure (acquisition of tangible fixed assets of ¥16,012 million).

Growth Strategy

Aiming for net sales of ¥300,000 million and an ordinary profit margin of 10% or more through expanded sales of Eco Products, commercialization of new materials, and strengthening of the logistics network

In response to soaring raw material prices driven by the situation in the Middle East, the company announced a product price revision of 20% or more, effective for shipments from June 1, 2026. The company aims to pass on increases in raw material, logistics, and electricity costs to product prices in order to restore and improve profitability.

The collaborative recycling initiative with supermarkets, "Store-to-Store" (Store-to-Store Recycle Service), has been expanded to more than 5,000 stores across 140 companies as of the end of March 2026. The company will continue to pursue its target of "300 companies and 10,000 stores," aiming to both expand sales volumes of Eco Products and secure a stable supply of recovered raw materials.

Regarding the new materials for which successful development was announced in April 2024, the company plans to begin commercial production of the Laminated OPP Plate at the Kambe Plant in early 2027, and to commence mass production of the New OPP Sheet at a new plant in Bando City, Ibaraki Prefecture, in 2029. The company aims to create new revenue sources through expansion into industrial applications such as mobility and construction materials.

At the Board of Directors meeting held on April 30, 2026, the acquisition of fixed assets was resolved. The purpose is to install manufacturing equipment for the New OPP Sheet and to strengthen logistics capabilities in the greater Tokyo metropolitan area, and the company will proceed with establishing a stable supply system in coordination with surrounding facilities.

The company is promoting proposals for high value-added containers such as the DP Series and Cold-Resistant PPiP-Talc, while also expanding the introduction of automated guided vehicles and industrial robots at major plants and shortening production cycle times toward a target "theoretical cycle time," thereby achieving productivity improvements that exceed the decline resulting from fewer operating days.

Last updated: July 19, 2026