K.R.S.Corporation (TSE: 9369) has become the majority owner of an Indian cold-chain company. The food logistics group completed its purchase of shares in Coldrush Logistics Private Limited on 1 September 2026 and made it a consolidated subsidiary, it said in its third-quarter earnings report dated 30 September.
The deal
The company paid ¥2.85bn in cash, the full acquisition cost, for 51.6% of the voting rights. It bought existing shares and subscribed to a third-party share issue by Coldrush. The board approved the plan on 23 April, and the share transfer and subscription agreements were signed on 11 May. The deemed acquisition date for accounting is 30 September.
Coldrush provides temperature-controlled storage and distribution across India. K.R.S. says it operates 15 freezer and chilled warehouses and 120 vehicles, and serves food makers and restaurant operators as well as foreign-owned companies that demand strict quality control. K.R.S. says it wants to build high-grade cold-chain services on that warehouse and transport network.
The report leaves several items open. Acquisition-related costs, the amount and cause of any goodwill, and the fair value of assets and liabilities taken on are all marked as not yet determined. It gives no revenue or profit figures for Coldrush.
The results behind it
The nine months to 31 August ended before completion, so Coldrush is not in the reported numbers. Operating revenue rose 3.7% to ¥156.25bn, but operating profit fell 1.0% to ¥4.41bn, ordinary profit fell 4.7% to ¥3.59bn, and profit attributable to owners of the parent fell 11.9% to ¥1.83bn.
The profit pressure sat in the core Japanese businesses. In joint logistics, operating profit fell 9.8% to ¥2.01bn as transport and warehouse costs and labour costs rose. In dedicated logistics, it fell 9.5% to ¥1.01bn, with higher labour costs and expenses for a new retirement benefit scheme.
The related businesses segment, which includes Indonesia and facility construction, moved the other way. Revenue rose 15.5% to ¥21.60bn and operating profit rose 26.3% to ¥1.36bn, even after one-off costs tied to the Coldrush share purchase.
K.R.S. left its full-year forecasts unchanged: operating revenue of ¥205bn, operating profit of ¥5.7bn and net profit of ¥2.1bn for the year to November 2026.