Worth reading
66In 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
3000
¥100 million (growth investments for FY2026–FY2030)Wording
Conditional
How definitive the wording is.Contents of this document
Medium-Term Management Plan Presentation14 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥5,950 100 million
Operating profit¥425 100 million
Net income¥320 100 million FY2026 forecast
Full-year earnings forecast
Net Sales¥595.0 billion (fiscal 2026), ¥675.0 billion (fiscal 2028), more than ¥750.0 billion (fiscal 2030)
Operating profit¥42.5 billion (fiscal 2026), ¥63.0 billion (fiscal 2028), more than ¥100.0 billion (fiscal 2030)
EBITDA¥87.0 billion (fiscal 2026), ¥120.0 billion (fiscal 2028), more than ¥170.0 billion (fiscal 2030)
Profit attributable to owners of the parent¥32.0 billion (fiscal 2026), ¥44.0 billion (fiscal 2028), ¥65.0 billion (fiscal 2030)
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The shortfall against the plan is stated for the previous mid-term strategy. No self-assessment of whether the new mid-term strategy has fallen short of or achieved its targets has been disclosed.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Benefits achieved under the previous mid-term strategy¥25.0 billion from the full acquisition and integration of Polyplastics and related measures; ¥10.0 billion from business portfolio transformation; ¥40.0 billion from Daicel-style production innovation; ¥5.0 billion from supply chain transformation
Shortfall against the previous mid-term strategy¥18.0 billion for the CO plant; ¥5.0 billion for the COC resin plant; ¥11.0 billion for POM and LCP; ¥5.0 billion from commodity chemicals and deteriorating market conditions; ¥14.0 billion from lower inflator sales volumes; ¥7.0 billion from deteriorating profitability in North America, insufficient development of next-generation businesses and other factors
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate¥150/USD
Methanol330 USD/ton
Crude oil70 USD/bbl
Domestic naphtha¥65,000/kl
New initiatives
- Establishment of a VVCC (Virtual Value Chain Control Center)
- Installation of a pilot facility in fiscal 2027 for nanodiamonds that reduce CO2 to CO
- Introduction of test production and bench equipment for microfluidic devices
- Installation of a demonstration facility for the biomass value chain in fiscal 2028
- Commencement of operations at the second POM plant in China
- Consideration of investment to expand LCP capacity
- Concentrated capital investment at the Arai Plant
- Active pursuit of collaboration with other companies and M&A
Key KPIsA metric the company considers important as a management benchmark.
ROE9.1% (fiscal 2026 forecast), 12% (fiscal 2028 plan), more than 15% (fiscal 2030 target)
ROIC4.3% (fiscal 2026 forecast), 7% (fiscal 2028 plan), more than 10% (fiscal 2030 target)
ROA3.9% (fiscal 2026 forecast), 5% (fiscal 2028 plan), more than 7% (fiscal 2030 target)
EBITDA¥87.0 billion (fiscal 2026 forecast), ¥120.0 billion (fiscal 2028 plan), more than ¥170.0 billion (fiscal 2030 target)
Net debt-to-equity ratio0.69x (fiscal 2026 forecast), approximately 0.70x (fiscal 2028 and fiscal 2030)
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Medical market sales volumeUp 50% from fiscal 2026 to fiscal 2028
LCP low-dielectric-material sales volume in the AI server marketUp by more than 3,000 MT from fiscal 2026 to fiscal 2030
POM sales volume for Chinese automakersUp 20% from fiscal 2026 to fiscal 2030
POM, PBT and PPS sales volume in IndiaUp 40% from fiscal 2026 to fiscal 2030
LCP film and fiber sales volumeUp 140% from fiscal 2026 to fiscal 2030
PPS and LCP sales volume in the high-speed communications marketUp 60% from fiscal 2026 to fiscal 2030
Segment results
High Performance Polymers
Net Sales¥229.0 billion (fiscal 2026 forecast)
Operating profit¥21.5 billion (fiscal 2026 forecast)
EBITDA¥34.3 billion (fiscal 2026 forecast)
Materials
Net Sales¥194.0 billion (fiscal 2026 forecast)
Operating profit¥10.7 billion (fiscal 2026 forecast)
EBITDA¥29.3 billion (fiscal 2026 forecast)
Safety
Net Sales¥109.5 billion (fiscal 2026 forecast)
Operating profit¥7.7 billion (fiscal 2026 forecast)
EBITDA¥16.8 billion (fiscal 2026 forecast)
Smart
Net Sales¥39.0 billion (fiscal 2026 forecast)
Operating profit¥1.0 billion (fiscal 2026 forecast)
EBITDA¥3.5 billion (fiscal 2026 forecast)
Life Science
Net Sales¥21.5 billion (fiscal 2026 forecast)
Operating profit¥1.3 billion (fiscal 2026 forecast)
EBITDA¥2.3 billion (fiscal 2026 forecast)
Medium-term management plan targets
FY2028Revenue of ¥675.0 billion, operating profit of ¥63.0 billion, ROE of 12%, ROIC of 7% and EBITDA of ¥120.0 billion
FY2030Revenue of more than ¥750.0 billion, operating profit of more than ¥100.0 billion, ROE of more than 15%, ROIC of more than 10% and EBITDA of more than ¥170.0 billion; ROE of at least 15% and ROIC of at least 10% are financial targets
Financial targets
ROEAt least 15% in fiscal 2030
ROICAt least 10% in fiscal 2030
Net debt-to-equity ratioApproximately 0.70x
ROAMore than 7% in fiscal 2030
DOE5% or more
Market Size / Share
The COC market is expected to expand at a CAGR of more than 5% from fiscal 2026 through the first half of the 2030s. Total demand for Safety is expected to reach 120% in fiscal 2030 versus fiscal 2025. Specific market share has not been disclosedCapital expenditures
¥4,000 100 million cumulative for fiscal 2026–fiscal 2030, including ¥300.0 billion in growth investments
Annual Dividend
¥70 (fiscal 2026 forecast); the interim and year-end breakdown has not been disclosedPayout ratio
A total payout ratio of at least 60% is targeted, with DOE of at least 5%Acquisition of treasury shares
The company states that it will use share buybacks. The amount, number of shares and period of the buyback have not been disclosed| Item | Details |
|---|---|
| Document type | Medium-Term Management Plan Presentation |
| Net Sales | ¥5,950 100 million |
| Operating profit | ¥425 100 million |
| Net income | ¥320 100 million (FY2026 forecast) |
| Full-year earnings forecast | Net Sales ¥595.0 billion (fiscal 2026), ¥675.0 billion (fiscal 2028), more than ¥750.0 billion (fiscal 2030) / Operating profit ¥42.5 billion (fiscal 2026), ¥63.0 billion (fiscal 2028), more than ¥100.0 billion (fiscal 2030) / EBITDA ¥87.0 billion (fiscal 2026), ¥120.0 billion (fiscal 2028), more than ¥170.0 billion (fiscal 2030) / Profit attributable to owners of the parent ¥32.0 billion (fiscal 2026), ¥44.0 billion (fiscal 2028), ¥65.0 billion (fiscal 2030) |
| Self-assessment against the plan | The shortfall against the plan is stated for the previous mid-term strategy. No self-assessment of whether the new mid-term strategy has fallen short of or achieved its targets has been disclosed. |
| Segment results | High Performance Polymers Net Sales ¥229.0 billion (fiscal 2026 forecast) / Operating profit ¥21.5 billion (fiscal 2026 forecast) / EBITDA ¥34.3 billion (fiscal 2026 forecast) / Materials Net Sales ¥194.0 billion (fiscal 2026 forecast) / Operating profit ¥10.7 billion (fiscal 2026 forecast) / EBITDA ¥29.3 billion (fiscal 2026 forecast) / Safety Net Sales ¥109.5 billion (fiscal 2026 forecast) / Operating profit ¥7.7 billion (fiscal 2026 forecast) / EBITDA ¥16.8 billion (fiscal 2026 forecast) / Smart Net Sales ¥39.0 billion (fiscal 2026 forecast) / Operating profit ¥1.0 billion (fiscal 2026 forecast) / EBITDA ¥3.5 billion (fiscal 2026 forecast) / Life Science Net Sales ¥21.5 billion (fiscal 2026 forecast) / Operating profit ¥1.3 billion (fiscal 2026 forecast) / EBITDA ¥2.3 billion (fiscal 2026 forecast) |
| Breakdown of Factors Affecting the Change | Benefits achieved under the previous mid-term strategy ¥25.0 billion from the full acquisition and integration of Polyplastics and related measures; ¥10.0 billion from business portfolio transformation; ¥40.0 billion from Daicel-style production innovation; ¥5.0 billion from supply chain transformation / Shortfall against the previous mid-term strategy ¥18.0 billion for the CO plant; ¥5.0 billion for the COC resin plant; ¥11.0 billion for POM and LCP; ¥5.0 billion from commodity chemicals and deteriorating market conditions; ¥14.0 billion from lower inflator sales volumes; ¥7.0 billion from deteriorating profitability in North America, insufficient development of next-generation businesses and other factors |
| Key KPIs | ROE 9.1% (fiscal 2026 forecast), 12% (fiscal 2028 plan), more than 15% (fiscal 2030 target) / ROIC 4.3% (fiscal 2026 forecast), 7% (fiscal 2028 plan), more than 10% (fiscal 2030 target) / ROA 3.9% (fiscal 2026 forecast), 5% (fiscal 2028 plan), more than 7% (fiscal 2030 target) / EBITDA ¥87.0 billion (fiscal 2026 forecast), ¥120.0 billion (fiscal 2028 plan), more than ¥170.0 billion (fiscal 2030 target) / Net debt-to-equity ratio 0.69x (fiscal 2026 forecast), approximately 0.70x (fiscal 2028 and fiscal 2030) |
| Unit price and quantity metrics | Medical market sales volume Up 50% from fiscal 2026 to fiscal 2028 / LCP low-dielectric-material sales volume in the AI server market Up by more than 3,000 MT from fiscal 2026 to fiscal 2030 / POM sales volume for Chinese automakers Up 20% from fiscal 2026 to fiscal 2030 / POM, PBT and PPS sales volume in India Up 40% from fiscal 2026 to fiscal 2030 / LCP film and fiber sales volume Up 140% from fiscal 2026 to fiscal 2030 / PPS and LCP sales volume in the high-speed communications market Up 60% from fiscal 2026 to fiscal 2030 / Inflator sales volume Not disclosed |
| Assumptions Underlying the Business Outlook | Exchange rate ¥150/USD / Methanol 330 USD/ton / Crude oil 70 USD/bbl / Domestic naphtha ¥65,000/kl |
| Medium-term management plan targets | FY2028 Revenue of ¥675.0 billion, operating profit of ¥63.0 billion, ROE of 12%, ROIC of 7% and EBITDA of ¥120.0 billion / FY2030 Revenue of more than ¥750.0 billion, operating profit of more than ¥100.0 billion, ROE of more than 15%, ROIC of more than 10% and EBITDA of more than ¥170.0 billion; ROE of at least 15% and ROIC of at least 10% are financial targets |
| Financial targets | ROE At least 15% in fiscal 2030 / ROIC At least 10% in fiscal 2030 / Net debt-to-equity ratio Approximately 0.70x / ROA More than 7% in fiscal 2030 / DOE 5% or more |
| Annual Dividend | ¥70 (fiscal 2026 forecast); the interim and year-end breakdown has not been disclosed |
| Payout ratio | A total payout ratio of at least 60% is targeted, with DOE of at least 5% |
| Acquisition of treasury shares | The company states that it will use share buybacks. The amount, number of shares and period of the buyback have not been disclosed |
| Capital expenditures | ¥4,000 100 million (cumulative for fiscal 2026–fiscal 2030, including ¥300.0 billion in growth investments) |
| Market Size / Share | The COC market is expected to expand at a CAGR of more than 5% from fiscal 2026 through the first half of the 2030s. Total demand for Safety is expected to reach 120% in fiscal 2030 versus fiscal 2025. Specific market share has not been disclosed |
| New initiatives | Establishment of a VVCC (Virtual Value Chain Control Center), Installation of a pilot facility in fiscal 2027 for nanodiamonds that reduce CO2 to CO, Introduction of test production and bench equipment for microfluidic devices, Installation of a demonstration facility for the biomass value chain in fiscal 2028, Commencement of operations at the second POM plant in China, Consideration of investment to expand LCP capacity, Concentrated capital investment at the Arai Plant, Active pursuit of collaboration with other companies and M&A |
Items this document does not state (12)
Fiscal Period CoveredOrdinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders received and order backlogKey points of the Q&A
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.Under the previous mid-term strategy, delays and problems in completing major capital projects, changes in the competitive environment and insufficient development of next-generation businesses resulted in the plan falling short. Under the new mid-term strategy, the company plans to pursue growth investments, business portfolio transformation, an asset-light strategy and corporate transformation to stabilize its earnings base, drive business growth and maximize capital efficiency.
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