Worth reading
69In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
30
% (consolidated dividend payout ratio, at least 30%)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales-5.0%
基準 1,000Target950Hundreds of millions of yen
Operating profit-33.3%
基準 150Target100Hundreds of millions of yen
ROE-2.9pt
基準 12Target9.1%
ROIC-0.1pt
基準 8Target7.9%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planFiscal year ended March 2024: revenue of ¥63.8 billion and operating loss of ¥2.0 billion; fiscal year ended March 2025: revenue of ¥78.0 billion and operating profit of ¥7.0 billion; fiscal year ended March 2026: revenue of ¥93.0 billion and operating profit of ¥8.0 billion → Actual for the fiscal year ended March 2024: revenue of ¥64.7 billion and operating loss of ¥1.9 billion; actual for the fiscal year ended March 2025: revenue of ¥62.3 billion and operating profit of ¥4.2 billion; actual for the fiscal year ended March 2026: revenue of ¥65.4 billion and operating profit of ¥5.4 billion0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥59 billion (investing cash flow, fiscal years 2022–2026 outlook)
Statements about the use of capital
Payout ratio / DOE policyThe consolidated dividend payout ratio policy has been revised from 20% to at least 30%. The consolidated dividend payout ratio for the fiscal year ending March 2027 will be maintained at a level consistent with the medium-term plan target.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalWACC 7.9%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceSince January 2026, the PBR has remained at or above 1x. The company believes that the share price rose on expectations for growth in the semiconductor market and changes in the battery materials market, as well as IR activities such as company briefings for individual investors. However, improvements in investment efficiency remain a work in progress.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Promotion of ROIC Management
02Build a profit structure resilient to changes in the external environment
03Further strengthen IR/SR activities
04Advancing ESG Management
Segment targetSegment Performance Chemicals / Indicator ROIC / Outlook for the fiscal year ending March 2027 6.1%, Segment Performance Chemicals (Specialty Gases) / Indicator ROIC / Outlook for the fiscal year ending March 2027 5.6%, Segment Performance Chemicals (Battery Materials) / Indicator ROIC / Outlook for the fiscal year ending March 2027 9.9%, Segment Basic Chemicals / Indicator ROIC / Outlook for the fiscal year ending March 2027 1.1%, Segment Iron-Based Products / Indicator ROIC / Outlook for the fiscal year ending March 2027 3.0%
Risks identified by the company
Impact of the fire in August
Slower growth in the EV market
Intensifying competition
Geopolitical risk
Increased working capital requirements due to a sharp rise in raw material prices
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (announced 22 November 2023) |
| Plan period | Fiscal years ending March 2024 to March 2027 |
| Progress against the plan | Partially revised |
| Sales Target | 1,000 Hundreds of millions of yen → 950 Hundreds of millions of yen（△5.0%） |
| Operating profit target | 150 Hundreds of millions of yen → 100 Hundreds of millions of yen（△33.3%） |
| ROE target | 12.0% or more → 9.1% |
| ROIC target | At least 8.0% → 7.9% |
| Payout ratio / DOE policy | The consolidated dividend payout ratio policy has been revised from 20% to at least 30%. The consolidated dividend payout ratio for the fiscal year ending March 2027 will be maintained at a level consistent with the medium-term plan target. |
| Cost of capital | WACC 7.9% |
| Self-assessment of PBR and share price | Since January 2026, the PBR has remained at or above 1x. The company believes that the share price rose on expectations for growth in the semiconductor market and changes in the battery materials market, as well as IR activities such as company briefings for individual investors. However, improvements in investment efficiency remain a work in progress. |
| Total investment plan | Approximately ¥59 billion (investing cash flow, fiscal years 2022–2026 outlook) |
| Segment target | Segment Performance Chemicals / Indicator ROIC / Outlook for the fiscal year ending March 2027 6.1%, Segment Performance Chemicals (Specialty Gases) / Indicator ROIC / Outlook for the fiscal year ending March 2027 5.6%, Segment Performance Chemicals (Battery Materials) / Indicator ROIC / Outlook for the fiscal year ending March 2027 9.9%, Segment Basic Chemicals / Indicator ROIC / Outlook for the fiscal year ending March 2027 1.1%, Segment Iron-Based Products / Indicator ROIC / Outlook for the fiscal year ending March 2027 3.0% |
| Key initiatives | Promotion of ROIC Management, Build a profit structure resilient to changes in the external environment, Further strengthen IR/SR activities, Advancing ESG Management |
| Results under the previous plan | Fiscal year ended March 2024: revenue of ¥63.8 billion and operating loss of ¥2.0 billion; fiscal year ended March 2025: revenue of ¥78.0 billion and operating profit of ¥7.0 billion; fiscal year ended March 2026: revenue of ¥93.0 billion and operating profit of ¥8.0 billion → Actual for the fiscal year ended March 2024: revenue of ¥64.7 billion and operating loss of ¥1.9 billion; actual for the fiscal year ended March 2025: revenue of ¥62.3 billion and operating profit of ¥4.2 billion; actual for the fiscal year ended March 2026: revenue of ¥65.4 billion and operating profit of ¥5.4 billion |
| Risks identified | Impact of the fire in August, Slower growth in the EV market, Intensifying competition, Geopolitical risk, Increased working capital requirements due to a sharp rise in raw material prices |
| Publication date | 29 June 2026 |
Items this document does not state (9)
Operating profit margin targetNet income targetTreasury share acquisition policyInvestment amount by sectorNon-financial targetsPlan assumptionsReason for revision or withdrawalSize of the Target MarketDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To achieve sustainable growth and enhance corporate value over the medium to long term, the company analyzed and evaluated its current position and provided an update on its initiatives for improvement. Differences by business were attributed to factors including semiconductor demand, price adjustments, slower growth in the EV market and intensifying competition.
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