ENVALITH
株式会社ヤマタネ logo

Yamatane Corporation

9305・Prime Market・Wholesale Trade

Official website
株式会社ヤマタネ logo
Yamatane Corporation9305

Business

Yamatane Corporation is a Tokyo Stock Exchange Prime Market-listed company founded in 1937. Building on its Logistics-Related business, which covers warehousing, port transportation, international logistics, and confidential document management, the company operates four segments: Food-Related business centered on rice wholesale and processed food wholesale, Real Estate-Related business covering leasing and securitization, and Information-Related business supporting group-wide IT. Major customers include major mass retailers, foodservice companies, rice retailers, and shipper companies. Of the ¥88,674 million in net sales for FY2026 (ending March 2026), Food-Related accounted for approximately 63% at ¥56,282 million, followed by Logistics-Related at ¥26,079 million, Real Estate-Related at ¥4,604 million, and Information-Related at ¥1,706 million. In April 2025, the company transitioned to a company-based organizational structure, accelerating segment-based profit management and the creation of synergies across businesses.

Business Model

In the logistics business, the company accumulates service revenue from storage fees, cargo handling fees, and transportation fees, while in the food business it generates profit through a margin-based model of purchasing brown rice from producing regions nationwide and processing and wholesaling polished rice. The real estate business combines stable rental income from building leasing with gains on sale through the planned securitization of logistics-related real estate. The information business supplements revenue by providing IT services both within and outside the group. The company actively utilizes M&A to bring companies under its umbrella, forming a structure that pursues value chain expansion and scale expansion simultaneously.

Company Strengths

Based on long-term relationships of trust with major producing regions nationwide, the company procures brown rice directly and maintains an integrated system of processing and wholesaling at ISO9001- and SQF-certified polishing plants. It has a track record of undertaking polishing work for government stockpiled rice, and the total area of related farmland reaches approximately 1,650ha. The producing-region network and production base, which competitors find difficult to replicate in a short period, are the source of profitability.

Three businesses—Logistics-Related (operating profit of ¥2,369 million), Food-Related (¥4,027 million), and Real Estate-Related (¥2,043 million)—each generate profit independently, diversifying dependence on any single business. The combination of stable real estate leasing income and growth-driven food and logistics income resulted in consolidated operating profit of ¥5,864 million for FY2026 (ending March 2026), up 55.1% year on year.

Since 2022, the company has successively made subsidiaries of Shinyo Logi, Shokukai, Nosan Best Partner, Shinryoku, Yamatane Document Management, Kyokuto, and others. In 2026, it also made Agitech Fine Foods and Kome Pro subsidiaries, extending the value chain into food manufacturing and agricultural consulting. The full-year consolidated contribution of each company directly boosts business results.

ENVALITH's Perspective

Food-Related operating profit for FY2026 (ending March 2026) of ¥4,027 million rose sharply, up 71.3% year on year, but the main driver was an external factor: rising selling prices amid tight rice supply-demand conditions. The company's forecast for FY2027 (ending March 2027) calls for Food-Related operating profit to fall to less than half, at ¥1,920 million (down 52.3% year on year), as the supply-demand easing from the distribution of Reiwa 7 crop rice and government stockpiled rice compresses margins. Assessing the structural earning power of the rice business will be central to the investment decision.

In FY2026 (ending March 2026), the company achieved the financial targets of the "Yamatane 2028 Plan" across all metrics—revenue, operating profit, EBITDA, and ROE—in its very first year, and revised the plan upward (revenue of ¥100.0 billion, operating profit of ¥4.7 billion, ROE of 7.5% or higher). However, for FY2027 (ending March 2027), the company forecasts declines across all profit metrics: operating profit of ¥4,110 million (down 29.9% year on year), ordinary profit of ¥3,610 million (down 34.1% year on year), and net profit of ¥4,400 million (down 20.0% year on year). Upfront expenses for human capital and DX investment, along with increased interest expense from rising interest rates, are also downward pressure factors.

In FY2026 (ending March 2026), the company repurchased ¥2,640 million of treasury stock and raised the annual dividend to ¥75 (up ¥22.50 year on year, adjusted for the stock split). The FY2027 (ending March 2027) forecast dividend is ¥85 (payout ratio of 40.6%), continuing the policy of dividend increases. On the other hand, long-term borrowings increased substantially to ¥57,395 million (up ¥15,445 million year on year), and syndicated loan fees of ¥281 million were also recorded. There is a risk that rising interest expense amid an environment of rising interest rates could pressure ordinary profit, warranting close attention to trends in financial leverage.

Growth Strategy

Under the "Yamatane 2028 Plan," the company aims to achieve net sales of ¥100.0 billion and ROE of 7.5% or higher through food × logistics synergies, CRE strategy, and DX promotion

The transition to a company system in April 2025 has enhanced segment-based profit management. The company is advancing collaboration between logistics and food (building a logistics platform in the rice and agricultural products domain) and promoting group-wide DX support through the Information Company. In FY2026 (ending March 2026), all financial targets of the medium-term plan were achieved in the first year.

In 2025, the company made Nosan Best Partner / Shinryoku (rice wholesale and e-commerce) a subsidiary, which immediately contributed to Food-Related sales and profit. In 2026, the company plans to make Agitech Fine Foods (food manufacturing and sales) and Homi Kouken (agricultural management consulting) subsidiaries, accelerating the integration of the value chain from production areas to manufacturing and sales.

In July 2025, the company acquired Yamatane Document Management Kyokuto (acquisition cost: ¥1,688 million), establishing a confidential document storage and digitization business with bases in both the Kanto and Kansai regions. This contributes to the Logistics Company's domestic operations revenue, and full-year contribution is expected in FY2027 (ending March 2027) as well.

Planned securitization of logistics real estate began in earnest from FY2026 (ending March 2026), with gains on sale recorded. The Etchujima Development Project with Shimizu Corporation is proceeding steadily. For FY2027 (ending March 2027), Real Estate-Related sales are forecast at ¥6,070 million (up 31.8% year on year) and operating profit at ¥2,600 million (up 27.3% year on year), expected to be the largest contributor to profit growth among all segments.

To realize management that is conscious of capital costs and stock price, the company is accelerating the pace of reducing cross-shareholdings. In FY2026 (ending March 2026), gains on sale of investment securities of ¥1,649 million were recorded. A new executive compensation system (introducing KPIs such as ROE and ROIC, and performance-linked restricted stock compensation) is scheduled to be proposed at the Annual General Meeting of Shareholders in June 2026.

Last updated: July 19, 2026