NICHIMO CO., LTD.
8091・Prime Market・Wholesale Trade
Business
Nichimo Co., Ltd. is a comprehensive marine products-related company with a history of over 100 years since its founding in 1910. Centered on its Food Business (procurement, processing, and sale of marine products), the company operates a diversified range of businesses including the Marine Business (fishing nets, fishing gear, and aquaculture materials), Machinery Business (food processing machinery), Materials Business (synthetic resins, packaging materials, and agricultural & livestock materials), Biotics Business, and Logistics Business. Of the company's net sales of ¥139,779 million, the Food Business accounts for approximately 64%, or ¥89,848 million, serving a wide range of customers from commercial and food service-oriented marine products to processed foods. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
In the Food Business, the company has built an integrated system covering everything from raw material procurement to manufacturing and sales, aiming to expand the marine products value chain in volume while strengthening profitability management. In the Marine Business, it supports marine industry infrastructure through the manufacture and sale of fishing nets, aquaculture materials, and related products, while the Machinery Business secures a high profit margin (10.6%) through domestic and overseas sales of food processing machinery. Each business complements the others along the marine industry supply chain, forming a stable earnings base.
Company Strengths
In addition to an integrated system covering raw material procurement, manufacturing, and sales in the Food Business, the company has a structure in which the Marine Business (Fishing Nets & Fishing Gear Materials, aquaculture materials), the Machinery Business (food processing machinery), and the Materials Business (packaging materials) mutually cooperate. The Annual Securities Report explicitly states this is a "strength that cannot be imitated by other companies," forming a unique platform backed by over 100 years of business experience.
The Machinery Business segment posted a segment profit margin of 10.6% (net sales of ¥13,409 million, segment profit of ¥1,426 million), the highest level among all segments. The company owns an overseas base network including its U.S. subsidiary Northeastern Trawl Systems, Inc., and has built up a track record of expanding sales to the United States and Asia by leveraging the weak yen trend.
The company operates aquaculture-related businesses through Nichimo Mari Culture Co., Ltd. and Fish Farm Mirai LLC (equity-method affiliate), among others. In FY2026 (ending March 2026), Marine Business net sales reached ¥24,555 million (up 9.7% year on year), and segment profit reached ¥1,072 million (up ¥317 million year on year), recording the largest profit increase among all segments, driven by expanded sales of aquaculture net cages and related equipment and materials.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, rising from ¥115,469 million in FY2022 (ended March 2022) to ¥139,779 million in FY2026 (ending March 2026). However, operating profit declined by -8.1% from ¥3,002 million in FY2025 (ended March 2025) to ¥2,758 million in FY2026 (ending March 2026), and profit attributable to owners of parent also decreased by -18.2% from ¥2,666 million to ¥2,180 million. In the Food Business, profit was squeezed by weak domestic market conditions in the Surimi & Processed Fish Paste Products segment, poor production performance in South America, and rising manufacturing costs due to surging raw material prices. The Machinery Business was directly hit by a decline resulting from the absence of large-scale projects recorded in the prior period. In terms of the external environment, declining catch volumes due to rising seawater temperatures and persistently high manufacturing costs weighed on profitability across the entire company. Comprehensive income increased substantially to ¥4,824 million (+88.6% year on year), but this was due to an increase in valuation differences on investment securities (+¥2,196 million) and does not reflect an improvement in core business earnings.
Growth Strategy
The 140th Term Medium-Term Management Plan "Breaking Through Toward 2028" aims to accelerate growth around three pillars: aquaculture, food machinery, and overseas expansion.
Capturing rising demand for farmed fish amid weak wild fish catches, the company is expanding sales of aquaculture cages and related equipment and materials. Marine Business segment profit rose ¥317 million year on year to ¥1,072 million in FY2026 (ending March 2026), and it is beginning to function as a strategic pillar of the new medium-term plan.
Amid the weak yen, the company is promoting expanded exports of food processing machinery to the U.S. and Asia. Domestically, the policy is to build up capital investment projects for restaurants and commercial use as inbound demand becomes established. In FY2026 (ending March 2026), despite a decline in sales due to a rebound from large-scale projects in the prior year, the Machinery Business maintained profit of ¥1,426 million, and recovery is expected in FY2027 (ending March 2027).
The strategy focuses on sales of redfish and Arabesque greenling to China, capturing global growth in demand for marine products. In FY2026 (ending March 2026), both sales and operating profit increased significantly in the Northern Frozen Fish division, making it one of the few growth areas within the Food Business.
The company is working to stabilize earnings in non-marine segments through selection and concentration in the Logistics Business, profitability improvement in the Biotics Business, and expanded sales of Agricultural & Livestock Materials in the Materials Business. In FY2026 (ending March 2026), Logistics Business segment profit fell ¥93 million year on year to ¥14 million, making the acceleration of structural reform a key challenge.
Last updated: July 19, 2026