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Financial results presentation4611Dai Nippon Toryo Company,LimitedMaterials and Chemicals

Full-Year Results Presentation for Fiscal 2025 (Fiscal Year Ending March 2026)

In FY2025, revenue increased due in part to the consolidation of 神東塗料, while operating income and net income declined because of sluggish domestic coatings sales, lower production efficiency and higher expenses. For FY2026, the company expects earnings to increase, assuming a recovery in sales and improved production efficiency.

Worth reading
89Important
Scored from 5 of 6 sections
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
18.3
Year-on-year change in operating profit (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFull year for the fiscal year ended March 2025 (FY25; also shown as the fiscal year ending March 2026)11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥93,759 million+29.3%
Operating profit¥3,854 million-18.3%
Ordinary income¥4,479 million-13.8%
Net income¥1,688 million-82.1%
Gross Profit Margin27.6 %
Operating profit margin4.1 %
Selling, general and administrative expenses¥22,024 million
Results for the three months of the current quarter
Net Sales
¥23,513 million
Gross profit
¥6,695 million
Selling, general and administrative expenses
¥5,827 million
Operating profit
¥867 million
Ordinary income
¥1,059 million
Profit attributable to owners of parent for the quarter
¥-331 million
Full-year earnings forecast
Net Sales
¥96,000 million
Operating profit
¥5,500 million
Profit attributable to owners of the parent
¥3,400 million
NOPAT-ROE
5.6 %
ROE
5 %
Dividend per share
¥58
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales
97.7 %
Stated in the materialsYes
Operating profit
94 %
Stated in the materialsYes
Profit attributable to owners of the parent
99.3 %
Stated in the materialsYes
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The FY26 forecast falls well short of the mid-term plan targets in terms of profit
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Domestic coatings: sales volume¥-2.4 100 million
  • Domestic coatings: raw material costs¥-1 100 million
  • Domestic coatings: SG&A expenses¥-4.5 100 million
  • Domestic coatings: 神東塗料¥2.5 100 million
  • Overseas coatings: China¥1.8 100 million
  • Lighting equipment: LED¥2.5 100 million
  • Lighting equipment: UV¥-2.5 100 million
  • Lighting equipment: SG&A expenses¥-1.7 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Domestic naphtha price assumed in the FY26 plan¥63,000 /KL
  • FY26 zinc benchmark price570 Yen/kg
New initiatives
  • Transfer of the interest in the Chinese manufacturing subsidiary and withdrawal from in-house manufacturing in China
  • Consolidation and conversion into wholly owned subsidiaries of 神東塗料 and AGC コーテック (Bonflon)
  • Launch of the new Exorapid-qIC® reagent kit and joint development of a quantitative measurement system with TOPPAN
  • Establishment of a technology development center for lighting equipment
  • Introduction of a large-scale solar power generation system in Thailand
  • Relocation of DNT headquarters (scheduled for September 2026)
Key KPIsA metric the company considers important as a management benchmark.
  • NOPAT-ROE4.1 %
    Year on year against the same period last year-1.2%
  • ROE2.6 %
    Year on year against the same period last year-12.6%
  • Equity ratio48.6 %
    Year on year against the same period last year-0.2%
  • Cash flow from operating activities¥3,011 million
    Year on year against the same period last year-15.7%
Segment results
  • Domestic coatings
    Net Sales71,870
    Revenue unit¥ million
    Year-on-year change in revenue41.1
    Operating profit1,231
    Operating profit unit¥ million
    Year-on-year operating profit growth-37.4
  • Overseas coatings
    Net Sales8,590
    Revenue unit¥ million
    Year-on-year change in revenue5.6
    Operating profit368
    Operating profit unit¥ million
    Year-on-year operating profit growth54.2
  • Lighting Equipment
    Net Sales10,424
    Revenue unit¥ million
    Year-on-year change in revenue0.1
    Operating profit1,928
    Operating profit unit¥ million
    Year-on-year operating profit growth-6.6
  • Fluorescent pigments and other products
    Net Sales2,873
    Revenue unit¥ million
    Operating profit-37
    Operating profit unit¥ million
Medium-term management plan targets
2026 Mid-Term Plan
Net Sales¥80,000 million
Operating profit¥8,000 million
Unit_Operating profit¥ million
NOPAT-ROEApproximately 8.0%
Vision 2029
Net Sales¥100,000 million
Operating profit¥10,000 million
Unit_Operating profit¥ million
NOPAT-ROEApproximately 8.0%
Financial targets
NOPAT-ROE
FY2025 actual results4.1%
FY26 Mid-Term PlanApproximately 8.0%
Vision 2029Approximately 8.0%
Equity ratio
FY2025 actual results48.6%
TargetKeep at or below 50%
Market Size / Share
The materials state that the company holds the leading domestic share in powder coatings and electrodeposition coatings, but the market share percentage is not disclosed
Capital expenditures
¥3,078 million FY25 investment amount; graph figures include M&A
Annual Dividend
Annual dividend per share¥58
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFull year for the fiscal year ended March 2025 (FY25; also shown as the fiscal year ending March 2026)
Net Sales¥93,759 million (YoY +29.3%)
Operating profit¥3,854 million (YoY -18.3%)
Ordinary income¥4,479 million (YoY -13.8%)
Net income¥1,688 million (YoY -82.1%)
Gross Profit Margin27.6 %
Operating profit margin4.1 %
Selling, general and administrative expenses¥22,024 million
Results for the three months of the current quarterNet Sales ¥23,513 million / Gross profit ¥6,695 million / Selling, general and administrative expenses ¥5,827 million / Operating profit ¥867 million / Ordinary income ¥1,059 million / Profit attributable to owners of parent for the quarter ¥-331 million
Full-year earnings forecastNet Sales ¥96,000 million / Operating profit ¥5,500 million / Profit attributable to owners of the parent ¥3,400 million / NOPAT-ROE 5.6 % / ROE 5 % / Dividend per share ¥58
Progress against full-year forecastNet Sales 97.7 % / Operating profit 94 % / Profit attributable to owners of the parent 99.3 %
Self-assessment against the planThe FY26 forecast falls well short of the mid-term plan targets in terms of profit
Segment resultsSegment Domestic coatings / Net Sales 71,870 / Revenue unit ¥ million / Year-on-year change in revenue 41.1 / Operating profit 1,231 / Operating profit unit ¥ million / Year-on-year operating profit growth -37.4, Segment Overseas coatings / Net Sales 8,590 / Revenue unit ¥ million / Year-on-year change in revenue 5.6 / Operating profit 368 / Operating profit unit ¥ million / Year-on-year operating profit growth 54.2, Segment Lighting Equipment / Net Sales 10,424 / Revenue unit ¥ million / Year-on-year change in revenue 0.1 / Operating profit 1,928 / Operating profit unit ¥ million / Year-on-year operating profit growth -6.6, Segment Fluorescent pigments and other products / Net Sales 2,873 / Revenue unit ¥ million / Operating profit -37 / Operating profit unit ¥ million
Breakdown of Factors Affecting the ChangeFactors Domestic coatings: sales volume / Amount ¥-2.4 100 million, Factors Domestic coatings: raw material costs / Amount ¥-1 100 million, Factors Domestic coatings: SG&A expenses / Amount ¥-4.5 100 million, Factors Domestic coatings: 神東塗料 / Amount ¥2.5 100 million, Factors Overseas coatings: China / Amount ¥1.8 100 million, Factors Lighting equipment: LED / Amount ¥2.5 100 million, Factors Lighting equipment: UV / Amount ¥-2.5 100 million, Factors Lighting equipment: SG&A expenses / Amount ¥-1.7 100 million
Key KPIsIndicator name NOPAT-ROE / Value 4.1 % / Year on year against the same period last year -1.2 %, Indicator name ROE / Value 2.6 % / Year on year against the same period last year -12.6 %, Indicator name Equity ratio / Value 48.6 % / Year on year against the same period last year -0.2 %, Indicator name Cash flow from operating activities / Value ¥3,011 million / Year on year against the same period last year ¥-15.7 million
Assumptions Underlying the Business OutlookItem Domestic naphtha price assumed in the FY26 plan / Value ¥63,000 /KL, Item FY26 zinc benchmark price / Value 570 Yen/kg
Medium-term management plan targets2026 Mid-Term Plan Net Sales ¥80,000 million / Operating profit ¥8,000 million / Unit_Operating profit ¥ million / NOPAT-ROE Approximately 8.0% / Vision 2029 Net Sales ¥100,000 million / Operating profit ¥10,000 million / Unit_Operating profit ¥ million / NOPAT-ROE Approximately 8.0%
Financial targetsNOPAT-ROE FY2025 actual results 4.1% / FY26 Mid-Term Plan Approximately 8.0% / Vision 2029 Approximately 8.0% / Equity ratio FY2025 actual results 48.6% / Target Keep at or below 50%
Annual DividendAnnual dividend per share ¥58 / Interim Not disclosed / End of period Not disclosed
Capital expenditures¥3,078 million (FY25 investment amount; graph figures include M&A)
Market Size / ShareThe materials state that the company holds the leading domestic share in powder coatings and electrodeposition coatings, but the market share percentage is not disclosed
New initiativesTransfer of the interest in the Chinese manufacturing subsidiary and withdrawal from in-house manufacturing in China, Consolidation and conversion into wholly owned subsidiaries of 神東塗料 and AGC コーテック (Bonflon), Launch of the new Exorapid-qIC® reagent kit and joint development of a quantitative measurement system with TOPPAN, Establishment of a technology development center for lighting equipment, Introduction of a large-scale solar power generation system in Thailand, Relocation of DNT headquarters (scheduled for September 2026)
Items this document does not state (8)
Unit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookPayout ratioAcquisition of treasury sharesOrders 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.

Revenue increased due to newly consolidated businesses, while operating income was affected by deteriorating profitability resulting from sluggish sales and higher expenses, including personnel costs. Net income was affected by the absence of the gain on negative goodwill recognized upon the consolidation of 神東塗料 in the previous fiscal year and by a loss recorded on the transfer of the interest in the China business.

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.
Full-Year Results Presentation for Fiscal 2025 (Fiscal Year Ending March 2026) | Dai Nippon Toryo Company,Limited (4611) timely disclosure | Komori