Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
150
¥100 million (target consolidated net sales for fiscal 2028)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,028100 million
Operating profit+0.1%
基準 2,026Target2,028100 million
Operating profit margin+2.0pt
基準 2,026Target2,028%; percentage points
Net income for the current fiscal year+0.1%
基準 2,026Target2,028100 million
ROE+2.0pt
基準 2,026Target2,028%; percentage points
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.
Statements about the use of capital
Payout ratio / DOE policyThe policy is to continue paying stable dividends from fiscal 2026 onward. The fiscal 2026 dividend per share is ¥30 (forecast), and the dividend payout ratio is 42.6% (forecast). The DOE target is Not disclosed. Covered period: fiscal 2026 onwardThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe Company states that it aims to improve its PBR, but the current PBR and share price levels, as well as any explicit self-assessment that they are low, are Not disclosedPBR is a measure of how many times the share price is the book value per share.
Key initiatives
01“Leap forward” in overseas markets
02“Leap forward” through new product development and exploration of applications
03“Leap forward” through production innovation
04“Leap forward” through sustainability initiatives
05“Leap forward” in employees’ capabilities and skills
Plan assumptionsThe domestic market for industrial calcium carbonate, particularly commodity products, is mature. India is described as a market with annual economic growth of approximately 6%. Actual results may differ from the plans and targets due to economic conditions, market conditions and various other factors
Size of the Target MarketThe market size in monetary terms is Not disclosed. Annual economic growth of approximately 6% is stated for India, but no source is provided
Risks identified by the company
Economic Conditions
Market environment
Various other factors
| Item | Details |
|---|---|
| Plan name | HIYAKU 2028 |
| Plan period | Fiscal 2026 to fiscal 2028 (investment plan period). The plan's final year is fiscal 2028. |
| Progress against the plan | Formulated |
| Sales Target | Fiscal 2025 actual: ¥12.63 billion; fiscal 2026 forecast: ¥13.00 billion → Fiscal 2028 target: ¥15.0 billion（18.8% versus fiscal 2025 actual; 15.4% versus fiscal 2026 forecast） |
| Operating profit target | Fiscal 2025 actual: ¥80 million; fiscal 2026 forecast: ¥100 million → Fiscal 2028 target: ¥500 million（525.0% versus fiscal 2025 actual; 400.0% versus fiscal 2026 forecast） |
| Operating profit margin target | 0.7% in fiscal 2025 actual; 0.7% in fiscal 2026 forecast → Fiscal 2028 target: 3.3%（371.4% (versus fiscal 2025 actual)） |
| Net income target | Fiscal 2025 actual: ¥290 million; fiscal 2026 forecast: ¥150 million → Fiscal 2028 target: ¥500 million（72.4% versus fiscal 2025 actual; 233.3% versus fiscal 2026 forecast） |
| ROE target | 3.0% in fiscal 2025 actual; 1.5% in fiscal 2026 forecast → Fiscal 2028 target: 4.7%（56.7% versus fiscal 2025 actual） |
| Payout ratio / DOE policy | The policy is to continue paying stable dividends from fiscal 2026 onward. The fiscal 2026 dividend per share is ¥30 (forecast), and the dividend payout ratio is 42.6% (forecast). The DOE target is Not disclosed. Covered period: fiscal 2026 onward |
| Self-assessment of PBR and share price | The Company states that it aims to improve its PBR, but the current PBR and share price levels, as well as any explicit self-assessment that they are low, are Not disclosed |
| Plan assumptions | The domestic market for industrial calcium carbonate, particularly commodity products, is mature. India is described as a market with annual economic growth of approximately 6%. Actual results may differ from the plans and targets due to economic conditions, market conditions and various other factors |
| Key initiatives | “Leap forward” in overseas markets, “Leap forward” through new product development and exploration of applications, “Leap forward” through production innovation, “Leap forward” through sustainability initiatives, “Leap forward” in employees’ capabilities and skills |
| Size of the Target Market | The market size in monetary terms is Not disclosed. Annual economic growth of approximately 6% is stated for India, but no source is provided |
| Risks identified | Economic Conditions, Market environment, Various other factors |
| Date of board resolution | 9 November 2026 |
| Publication date | 10 November 2026 |
Items this document does not state (9)
ROIC targetTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorSegment targetNon-financial targetsResults under the previous planReason for revision or withdrawal
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.The domestic market for industrial calcium carbonate, particularly commodity products, has matured, making profit generation more difficult. The Company will reach its 100th anniversary this year (October 2026) and has declared that it is entering a new stage, with the aim of achieving rapid growth as a global niche-leading company.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.