# Ensuiko Sugar Refining Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/04/01－2026/03/31) (S100YJQ7)
> Page: https://vizora.meequs.com/en/company/ensuiko-sugar-refining
> Retrieved: 2026-09-30T21:04:09.150Z

## Company

Ensuiko Sugar Refining, founded in 1904, is a company in Food Ingredients listed on TSE Standard. It has 83 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ensuiko Sugar Refining Co., Ltd. |
| Ticker | 2112 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2112.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋堀留町二丁目9番6号 |
| Representative (per filing) | 代表取締役社長 木村成克 |
| Founded | Feb 1904 |
| Share capital | ¥1.75B |
| Employees (consolidated) | 83 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.ensuiko.co.jp (https://www.ensuiko.co.jp/) |
| Corporate number | 7010001079324 |
| EDINET | E00361 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100YJQ7, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.9 | 22 |
| Profitability | 72.9 | 24 |
| Cash conversion | 22.9 | 24 |
| Efficiency | 60.4 | 24 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 95% of Ensuiko Sugar Refining's sales come from Sugar, with Biotechnology making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +5.8%.

## Company structure

- Segment revenue mix: Sugar 95.2%、Biotechnology 4.8%
- Revenue → net income: ¥32982000000 → ¥2765000000
- Net income → operating cash flow: ¥2765000000 → ¥2658000000（difference ¥-107000000）
- Main uses of operating cash flow: CapEx ¥846000000 / dividends ¥410000000 / buybacks ¥0
- Change in cash: ¥-420000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥33B |  |
| Operating income | ¥3.05B | Margin 9.2% |
| Net income | ¥2.77B | Margin 8.4% |
| Free cash flow | ¥1.81B |  |
| Largest business | Sugar | of segment revenue 95.2% |
| Employees (consolidated) | 83 |  |
| EPS | ¥86.04 |  |
| Book value per share | ¥654.91 |  |
| Equity ratio | 64.8% |  |
| Shares outstanding | 35,000,000 |  |
| Treasury shares | 7,480,300 |  |
| Shareholders | 13,089 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 9.1% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | +3.9 pp | Food Ingredients |
| ROE | 17.3% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23686000000 | ¥32982000000 | +39.2% |
| Operating income | ¥982000000 | ¥3047000000 | +210.3% |
| Operating margin | 4.1% | 9.2% | +5.1 pp |
| Employees | 80 people | 83 people | +3.8% |
| Cash and equivalents | ¥4897000000 | ¥2892000000 | -40.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 砂糖事業 → 砂糖事業 | 92.1% |
| バイオ事業 → バイオ事業 | 4.8% |
| バイオ事業 → 事業再編・廃止 | 3.2% |
| 新設・再編 → 砂糖事業 | 3.2% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,982 | 100.0% | S100YJQ7 |
| Cost of revenue | 26,471 | 80.3% | S100YJQ7 |
| Gross profit | 6,510 | 19.7% | S100YJQ7 |
| SG&A | 3,462 | 10.5% | S100YJQ7 |
| Operating income | 3,047 | 9.2% | S100YJQ7 |
| Ordinary income | 3,339 | 10.1% | S100YJQ7 |
| Pretax income | 3,940 | 11.9% | S100YJQ7 |
| Income tax | 1,174 | 3.6% | S100YJQ7 |
| Net income | 2,765 | 8.4% | S100YJQ7 |
| Net income attributable to owners | 2,765 | 8.4% | S100YJQ7 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 11 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 19.7% → Operating margin 9.2% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +5.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.07×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 32,519 | 32,982 | 463 | +1.4% |
| Gross profit | 6,188 | 6,510 | 322 | +5.2% |
| Operating income | 2,880 | 3,047 | 167 | +5.8% |
| Net income attributable to owners | 2,136 | 2,765 | 629 | +29.4% |
| Operating cash flow | 3,701 | 2,658 | -1,043 | -28.2% |
| Free cash flow | 3,142 | 1,812 | -1,330 | -42.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,659 | 1,071 | 4.2% | 776 | 1,184 | 639 | S100LTTC |
| FY ending Mar 2021 | 23,686 | 982 | 4.1% | 775 | 792 | 306 | S100OJNL |
| FY ending Mar 2022 | 25,134 | 807 | 3.2% | 609 | 1,082 | 587 | S100R8MR |
| FY ending Mar 2023 | 27,950 | 622 | 2.2% | 498 | 447 | 141 | S100TUB8 |
| FY ending Mar 2024 | 31,550 | 1,495 | 4.7% | 1,475 | 2,108 | 1,835 | S100W7GM |
| FY ending Mar 2025 | 32,519 | 2,880 | 8.9% | 2,136 | 3,701 | 3,142 | S100YJQ7 |
| FY ending Mar 2026 | 32,982 | 3,047 | 9.2% | 2,765 | 2,658 | 1,812 | S100YJQ7 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥397.4M |
| Operating income per employee (consolidated) | ¥36.7M |
| Net income per employee (consolidated) | ¥33.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 82 | 77 | 76 | 82 | 83 |
| Average salary (parent company) | ¥7.1M | ¥6.7M | ¥6.5M | ¥7.3M | ¥7.1M |
| Average age (parent company) | 43.1 years | 42.4 years | 43.2 years | 45.3 years | 45.1 years |
| Average tenure (parent company) | 16.4 years | 16.7 years | 17.3 years | 18.8 years | 17.0 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +1.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sugar | 31,296 | 95.2% | 4,193 | 13.4% |
| Biotechnology | 1,562 | 4.8% | 282 | 18.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Sugar | 95.2% | 93.7% | -1.5 | 13.4% |
| Biotechnology | 4.8% | 6.3% | 1.5 | 18.1% |

Segment → industry: Biotechnology → Food Ingredients / Sugar → Food Ingredients

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,658 | 8.1% | S100YJQ7 |
| Capital expenditure | 846 | 2.6% | S100YJQ7 |
| Free cash flow | 1,812 | 5.5% | 算出 |
| Investing cash flow | -1,132 | -3.4% | S100YJQ7 |
| Financing cash flow | -1,928 | -5.8% | S100YJQ7 |
| Dividends paid | 410 | 1.2% | S100YJQ7 |
| Share buyback | 0 | 0.0% | S100YJQ7 |
| Change in cash | -420 | -1.3% | S100YJQ7 |
| Cash and equivalents | 2,892 | 8.8% | S100YJQ7 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,533 | 2,212 | 2,305 | 3,313 | 2,892 | S100TUB8, S100W7GM, S100YJQ7 |
| Total assets | 26,114 | 25,877 | 27,507 | 29,405 | 31,813 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Net assets | 10,379 | 11,028 | 13,711 | 16,618 | 20,603 | S100TUB8, S100W7GM, S100YJQ7 |
| Share capital | 1,750 | 1,750 | 1,750 | 1,750 | 1,750 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Trade receivables | 1,726 | 2,012 | 2,531 | 2,061 | 2,102 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Property, plant and equipment | 9,998 | 9,690 | 9,435 | 9,408 | 9,575 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Intangible assets excluding goodwill | 38 | 25 | 16 | 18 | 15 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Investment securities | 4,781 | 5,221 | 6,758 | 8,375 | 11,191 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Current assets | 8,972 | 8,688 | 9,331 | 9,756 | 8,766 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Current liabilities | 9,602 | 9,159 | 9,313 | 7,947 | 7,065 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Trade payables | 883 | 1,176 | 1,139 | 1,352 | 960 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Short-term borrowings | 4,800 | 4,800 | 4,300 | 2,700 | 2,600 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Long-term borrowings | 5,528 | 5,156 | 3,873 | 3,860 | 2,546 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Total liabilities | 15,735 | 14,849 | 13,796 | 12,786 | 11,209 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Equity attributable to owners of parent | 11,115 | 11,493 | 12,848 | 14,756 | 17,137 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Retained earnings | 12,099 | 12,448 | 13,773 | 15,656 | 18,008 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |
| Treasury stock | -2,976 | -2,946 | -2,916 | -2,890 | -2,862 | S100R8MR, S100TUB8, S100W7GM, S100YJQ7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YJQ7 |
| Receivables | 7% | S100YJQ7 |
| Property, plant and equipment | 30% | S100YJQ7 |
| Intangibles and goodwill | 0% | S100YJQ7 |
| Investment securities | 35% | S100YJQ7 |
| Other assets | 19% | S100YJQ7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJQ7 |
| Other liabilities | 32% | S100YJQ7 |
| Equity | 65% | S100YJQ7 |
| Other liabilities | 0% | S100YJQ7 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,114 | 25,877 | 27,507 | 29,405 | 31,813 |
| Equity | 10,379 | 11,028 | 13,711 | 16,618 | 20,603 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,533 | 2,212 | 2,305 | 3,313 | 2,892 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 29.0% | S100YJQ7 |
| Fixed assets ÷ total assets | 30.1% | S100YJQ7 |
| Goodwill ÷ parent equity | — | —, S100YJQ7 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 9.1% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.2% |
| Cash vs. profit gap | -107 JPY mn (of net income -3.9%) |
| Shareholder returns / net income | 14.8% |
| Shareholder returns / FCF | 22.6% |
| Shareholder payments — dividends / net income | 14.8% |
| Shareholder payments — dividends / FCF | 22.6% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 42.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.4% | 0.96× | 2.3% | 2.35× | 5.5% | S100R8MR |
| 2023 | 1.8% | 1.08× | 1.9% | 2.30× | 4.4% | S100TUB8 |
| 2024 | 4.7% | 1.18× | 5.5% | 2.19× | 12.1% | S100W7GM |
| 2025 | 6.6% | 1.14× | 7.5% | 2.06× | 15.5% | S100YJQ7 |
| 2026 | 8.4% | 1.08× | 9.0% | 1.92× | 17.3% | S100YJQ7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大東製糖株式会社 | Major shareholder | 14.8% | 2026-03-31 |
| フジ日本株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社榎本武平商店 | Major shareholder | 2.0% | 2026-03-31 |
| 大東通商株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 新井 章生 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YJQ7 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJQ7,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W7GM | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7GM,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TUB8 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUB8,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R8MR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8MR,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OJNL | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJNL,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LTTC | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTTC,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).