DAIMARU ENAWIN Co.,Ltd.
9818・Standard Market・Wholesale Trade
Business
Daimaru Enawin Co., Ltd. was founded in 1951. Its core business is the Living segment (approximately 69% of net sales), centered on the sale of LP gas and residential equipment. The company also operates the Aqua segment, which delivers mineral water, and the Medical & Industrial Gas segment, which handles home medical equipment rental and industrial gas sales, across three business segments in total. The group comprises 13 companies, including 9 consolidated subsidiaries and 2 affiliated companies, with business locations centered on the Kinki region and extending to the Kanto, Tokai, and Kyushu areas. Its business structure supports a broad range of daily-life infrastructure, spanning LP gas retail and wholesale sales to household, commercial, and industrial users, as well as the rental of home oxygen therapy and CPAP therapy equipment. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the Living segment, the company purchases LPG from oil refiners and others, retails and wholesales it at selling prices linked to purchase prices, and builds continuous customer relationships by owning the supply equipment and piping installed at customer sites. In the Medical & Industrial Gas segment, home medical equipment rentals based on physician prescriptions generate stable recurring revenue. In the Aqua segment, mineral water manufactured at the company's own plants is sold via home delivery, strengthening customer touchpoints through cross-selling with other businesses. Expanding the customer base through M&A and increasing supply capacity through capital investment serve as the two pillars of growth.
Company Strengths
Since 2003, the company has continuously carried out M&A transactions including Marushin Gas, Koto Gas, Fumoto Shokai Co., Ltd., Kadomaru Energy, Taiyo Propane Co., Ltd., and Kusanen Co., Ltd., building up its LP gas customer base through these acquisitions. Most recently, it made Kusanen Co., Ltd. a wholly owned subsidiary (May 2023), continuing its expansion strategy through business right acquisitions and M&A.
In the home healthcare segment of the medical and industrial gas business, sales reached ¥4,754 million in FY2026 (ending March 2026), up ¥802 million (+20.3%) year on year. The number of rental units significantly exceeded the previous period due to new development of oxygen concentrators and CPAP devices, with continuous rental contracts based on physician prescriptions forming a stable, stock-type revenue base.
The equity ratio as of the end of FY2026 (ending March 2026) was 68.9% (67.4% in the previous period), with total net assets of ¥15,952 million. Total liabilities were kept at a low level of ¥7,215 million, ensuring flexible fundraising capacity for M&A and capital expenditures. Cash flow from operating activities increased 34.9% year on year to ¥2,725 million, demonstrating strong cash generation capability.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥26,508 million in FY2022 to ¥33,419 million in FY2025, but turned to a 2.2% year-on-year decline in FY2026, reaching ¥32,697 million. The primary external factor was a decline in selling prices linked to LP gas procurement costs, which reduced Living segment sales by ¥1,564 million. Meanwhile, operating profit rose to ¥1,300 million (+2.7% year on year), and profit attributable to owners of parent rose to ¥960 million (+8.0% year on year), improving for the fifth consecutive period. An increase in extraordinary income (gain on sale of fixed assets of ¥89 million) also boosted net profit. Operating cash flow rose 35% year on year to ¥2,725 million, reflecting improved cash-generating capacity. For the next fiscal year (FY2027, ending March 2027), the company forecasts revenue of ¥33,500 million (+2.5%), operating profit of ¥1,400 million (+7.7%), and net profit of ¥900 million (-6.3%), with net profit expected to decline due to the absence of extraordinary income recorded in the prior period, among other factors.
Growth Strategy
Diversified growth driven by two pillars: expansion of the customer base through M&A and business right acquisitions, and expansion of market share in the medical and industrial gas business in the Kinki region
The company has been actively acquiring business rights and developing new LP gas customers in order to increase the number of LP gas consumer accounts. In FY2026 (ending March 2026), segment profit in the Living segment reached ¥775 million, up 5.2% year on year, reflecting the contribution of customer base expansion to profit improvement.
The company aims to expand the scale of its home medical equipment rental and medical/industrial gas sales business through M&A, seeking to establish it as a second pillar of stable earnings alongside the Living business. In FY2026 (ending March 2026), sales reached ¥8,963 million (up 10.1% year on year), and capital expenditure was actively conducted at ¥1,832 million. The company has explicitly stated its policy to continue M&A in the next fiscal period.
The company has a policy of expanding the scale of its mineral water delivery business through M&A. In FY2026 (ending March 2026), sales reached ¥1,253 million (up 2.0% year on year) driven by increased sales volumes of Efiel Water and Super Vanadium Fuji, but segment profit declined to ¥51 million (down 17.3% year on year) due to higher SG&A expenses.
The company has continued active capital investment in home medical equipment (oxygen concentrators, CPAP devices) and investment to enhance safety facilities. Expenditure on acquisition of tangible fixed assets in FY2026 (ending March 2026) increased substantially to ¥2,391 million from ¥1,354 million in the previous period. Net buildings and structures increased by ¥738 million year on year, and net tools, furniture and fixtures increased by ¥509 million.
Last updated: July 19, 2026