# IMURAYA GROUP CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第89期(2025/04/01－2026/03/31) (S100YD52)
> Page: https://vizora.meequs.com/en/company/imuraya-group
> Retrieved: 2026-09-30T22:15:52.316Z

## Company

Imuraya Group, founded in 1947, is a company in Food Ingredients listed on TSE Prime. It has 964 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IMURAYA GROUP CO., LTD. |
| Ticker | 2209 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2209.T) |
| Listing | TSE Prime |
| Head office | 三重県津市高茶屋七丁目1番1号 |
| Representative (per filing) | 代表取締役社長 大西安樹 |
| Founded | Apr 1947 |
| Share capital | ¥2.58B |
| Employees (consolidated) | 964 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.imuraya-group.com (https://www.imuraya-group.com/) |
| Corporate number | 5190001000125 |
| EDINET | E00371 |
| Industries (Vizora) | Food Ingredients, Processed Foods |

> Profile source: annual securities report (S100YD52, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58 | 56 |
| Profitability | 69.2 | 60 |
| Cash conversion | 48.2 | 57 |
| Efficiency | 64.2 | 60 |

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 91% of Imuraya Group's sales come from Retail Business, with Seasoning and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +6.5%.

## Company structure

- Segment revenue mix: Retail Business 91.0%、Seasoning 8.6%、Other 0.4%
- Revenue → net income: ¥53723528000 → ¥2388144000
- Net income → operating cash flow: ¥2388144000 → ¥3841434000（difference ¥1453290000）
- Main uses of operating cash flow: CapEx ¥5357459000 / dividends ¥459389000 / buybacks ¥515000
- Change in cash: ¥-205150000
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 | ¥53.7B |  |
| Operating income | ¥3.2B | Margin 6.0% |
| Net income | ¥2.39B | Margin 4.4% |
| Free cash flow | -¥1.52B |  |
| Largest business | Retail Business | of segment revenue 91.0% |
| Employees (consolidated) | 964 |  |
| EPS | ¥175.68 |  |
| Book value per share | ¥1720.32 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 13,086,200 |  |
| Treasury shares | 289,100 |  |
| Shareholders | 13,741 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 3.0% | Cash ÷ revenue 2.4% |
| Vs. industry median margin | +1.9 pp | Processed Foods |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, parent-company salary changed +20% over five years
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥42152710000 | ¥53723528000 | +27.4% |
| Operating income | ¥753306000 | ¥3200786000 | +324.9% |
| Operating margin | 1.8% | 6.0% | +4.2 pp |
| Employees | 984 people | 964 people | -2.0% |
| Cash and equivalents | ¥1099980000 | ¥1311088000 | +19.2% |

### 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 |
| --- | ---: |
| 流通事業 → 流通事業 | 86.2% |
| 調味料事業 → 調味料事業 | 8.6% |
| 調味料事業 → 事業再編・廃止 | 4.7% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 流通事業 | 4.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail Business | 5 years | +6.1% | ¥48881433000 | 9.0% | 2 |
| Seasoning | 5 years | -3.9% | ¥4605293000 | 14.4% | 2 |
| Other | 5 years | +1.8% | ¥236801000 | 30.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,724 | 100.0% | S100YD52 |
| Cost of revenue | 35,119 | 65.4% | S100YD52 |
| Gross profit | 18,605 | 34.6% | S100YD52 |
| SG&A | 15,404 | 28.7% | S100YD52 |
| Operating income | 3,201 | 6.0% | S100YD52 |
| Ordinary income | 3,534 | 6.6% | S100YD52 |
| Pretax income | 3,531 | 6.6% | S100YD52 |
| Income tax | 1,143 | 2.1% | S100YD52 |
| Net income | 2,388 | 4.4% | S100YD52 |
| Net income attributable to owners | 2,389 | 4.4% | S100YD52 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 29 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 34.6% → Operating margin 6.0% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +6.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.28×
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 | 51,122 | 53,724 | 2,602 | +5.1% |
| Gross profit | 17,796 | 18,605 | 809 | +4.5% |
| Operating income | 3,006 | 3,201 | 195 | +6.5% |
| Net income attributable to owners | 2,198 | 2,389 | 191 | +8.7% |
| Operating cash flow | 6,069 | 3,841 | -2,227 | -36.7% |
| Free cash flow | 4,238 | -1,516 | -5,754 | -135.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,310 | 360 | 0.8% | 138 | 3,352 | 750 | S100LPCB |
| FY ending Mar 2021 | 42,153 | 753 | 1.8% | 657 | 3,572 | 2,202 | S100OA84 |
| FY ending Mar 2022 | 42,151 | 1,705 | 4.0% | 1,473 | 2,912 | 1,907 | S100QZOX |
| FY ending Mar 2023 | 44,685 | 1,993 | 4.5% | 1,611 | 2,452 | -404 | S100TO12 |
| FY ending Mar 2024 | 48,223 | 2,537 | 5.3% | 1,931 | 2,671 | -945 | S100VZZE |
| FY ending Mar 2025 | 51,122 | 3,006 | 5.9% | 2,198 | 6,069 | 4,238 | S100YD52 |
| FY ending Mar 2026 | 53,724 | 3,201 | 6.0% | 2,389 | 3,841 | -1,516 | S100YD52 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.7M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 964 | 931 | 944 | 952 | 964 |
| Average salary (parent company) | ¥5.3M | ¥5.3M | ¥5.8M | ¥6M | ¥6.4M |
| Average age (parent company) | 38.5 years | 35.4 years | 37.4 years | 38.4 years | 38.5 years |
| Average tenure (parent company) | 13.9 years | 11.9 years | 12.5 years | 13.2 years | 13.8 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail Business | 48,881 | 91.0% | 4,417 | 9.0% |
| Seasoning | 4,605 | 8.6% | 663 | 14.4% |
| Other | 237 | 0.4% | 71 | 30.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail Business | 91.0% | 85.8% | -5.2 | 9.0% |
| Seasoning | 8.6% | 12.9% | 4.3 | 14.4% |
| Other | 0.4% | 1.4% | 0.9 | 30.0% |

Segment → industry: Seasoning → Food Ingredients / Seasoning → Processed Foods / Retail Business → Processed Foods

## 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 | 3,841 | 7.2% | S100YD52 |
| Capital expenditure | 5,357 | 10.0% | S100YD52 |
| Free cash flow | -1,516 | -2.8% | 算出 |
| Investing cash flow | -5,210 | -9.7% | S100YD52 |
| Financing cash flow | 1,136 | 2.1% | S100YD52 |
| Dividends paid | 459 | 0.9% | S100YD52 |
| Share buyback | 1 | 0.0% | S100YD52 |
| Change in cash | -205 | -0.4% | S100YD52 |
| Cash and equivalents | 1,311 | 2.4% | S100YD52 |

## 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 | 1,070 | 1,689 | 1,327 | 1,516 | 1,311 | S100TO12, S100VZZE, S100YD52 |
| Total assets | 29,422 | 34,107 | 38,090 | 36,678 | 43,326 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Net assets | 17,392 | 18,684 | 21,006 | 22,123 | 25,032 | S100TO12, S100VZZE, S100YD52 |
| Share capital | 2,577 | 2,577 | 2,577 | 2,577 | 2,577 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Property, plant and equipment | 15,811 | 18,347 | 19,446 | 19,313 | 23,642 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Intangible assets excluding goodwill | 120 | 170 | 135 | 105 | 123 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Investment securities | 1,367 | 1,483 | 2,233 | 2,436 | 3,593 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Current assets | 10,739 | 12,736 | 14,427 | 12,973 | 13,658 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Current liabilities | 10,378 | 12,921 | 14,402 | 12,000 | 14,851 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Trade payables | 2,615 | 2,739 | 3,076 | 3,565 | 3,953 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Short-term borrowings | 1,400 | 2,600 | 3,700 | 900 | 2,700 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Long-term borrowings | 101 | — | — | — | — | S100QZOX |
| Total liabilities | 12,030 | 15,423 | 17,085 | 14,554 | 18,294 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Non-controlling interests | 45 | 31 | 21 | 2 | — | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Equity attributable to owners of parent | 14,963 | 16,224 | 17,788 | 18,869 | 20,797 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Retained earnings | 8,580 | 9,841 | 11,406 | 13,199 | 15,127 | S100QZOX, S100TO12, S100VZZE, S100YD52 |
| Treasury stock | -4 | -4 | -5 | -717 | -717 | S100QZOX, S100TO12, S100VZZE, S100YD52 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YD52 |
| Property, plant and equipment | 55% | S100YD52 |
| Intangibles and goodwill | 0% | S100YD52 |
| Investment securities | 8% | S100YD52 |
| Other assets | 34% | S100YD52 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YD52 |
| Other liabilities | 33% | S100YD52 |
| Equity | 58% | S100YD52 |
| Other liabilities | 0% | S100YD52 |

### 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 | 29,422 | 34,107 | 38,090 | 36,678 | 43,326 |
| Equity | 17,392 | 18,684 | 21,006 | 22,123 | 25,032 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,070 | 1,689 | 1,327 | 1,516 | 1,311 |

## 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) | 44.0% | S100YD52 |
| Fixed assets ÷ total assets | 54.6% | S100YD52 |
| Goodwill ÷ parent equity | — | —, S100YD52 |

### 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) | 3.0% |
| Cash ÷ revenue | 2.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.0% |
| Cash vs. profit gap | 1,452 JPY mn (of net income 60.8%) |
| Shareholder returns / net income | 19.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.0% |
| Investing CF relative to operating CF | 135.6% |

## 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 | 3.5% | 1.43× | 5.0% | 1.97× | 9.8% | S100QZOX |
| 2023 | 3.6% | 1.41× | 5.1% | 2.04× | 10.3% | S100TO12 |
| 2024 | 4.0% | 1.34× | 5.3% | 2.12× | 11.4% | S100VZZE |
| 2025 | 4.3% | 1.37× | 5.9% | 2.04× | 12.0% | S100YD52 |
| 2026 | 4.4% | 1.34× | 6.0% | 2.02× | 12.0% | S100YD52 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.0% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 井村屋取引先持株会 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社サンライフ | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社西村商店 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社榎本武平商店 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YD52 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD52,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100VZZE | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZZE,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TO12 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO12,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100QZOX | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZOX,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OA84 | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA84,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LPCB | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPCB,, |

## 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).