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
—
Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales0.0%
基準 70,000Target70,000million
Operating profit0.0%
基準 8,500Target8,500million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROENot disclosed → 10% or higher
ROICNot disclosed → 8% or higher
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planFiscal year ending March 2026: net sales of ¥56,000 million, operating profit of ¥5,600 million, ROIC of 6.6%, and ROE of 8.4% → Actual results for the fiscal year ended March 2026: net sales of ¥56,474 million, operating profit of ¥5,805 million, ROIC of 6.8%, and ROE of 10.1%（Net sales increased by 0.8% and operating profit increased by 3.7%）+0.8%Calculated from the two disclosed figures
Total investment plan¥46 billion (five years from the fiscal year ending March 2026 through the fiscal year ending March 2030)
Investment amount by sectorField Capital Expenditure / Amount ¥28 billion, Field M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyThe greater of the amount corresponding to a 6% DOE or an amount corresponding to a total payout ratio of 80% or moreThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyFlexible share buybacks
Key initiatives
01Deepening existing businesses
02Creation of New Businesses
03Promoting Open Innovation
04Strengthening intellectual property strategy
05Strengthening collaboration with group companies
06Allocating funds to growth investments
07Pursuing an optimal capital structure through the use of leverage
08Flexible share buybacks
Plan assumptionsExpansion of AI demand, increased production of semiconductor materials, and the start of mass production of materials for new energy applications in the industrial structural materials business. Other assumptions, including exchange rates, market growth rates, and raw material prices, are not disclosed.
Segment targetSegment Electronic Materials / Sales target ¥40,600 million / Profit Target ¥4,500 million / Timing Fiscal year ending March 2030, Segment Industrial Structural Materials and Electrical Insulation Materials / Sales target ¥16,100 million / Profit Target ¥2,300 million / Timing Fiscal year ending March 2030, Segment Display materials / Sales target ¥4,200 million / Profit Target ¥900 million / Timing Fiscal year ending March 2030
Non-financial targetsIndicator Carbon Neutrality / Target value Achieve / Timing Fiscal year ending March 2031, Indicator New Customer Acquisition / Target value 2 companies / Timing September 2025 to March 2026, Indicator New projects initiated / Target value 8 items / Timing September 2025 to March 2026, Indicator Number of domestic patent applications / Target value 50 / Timing Fiscal year ending March 2031
Size of the Target MarketThe market size and growth rate are not disclosed. The company states that the spread and expansion of AI will increase demand for high-speed communications materials, while electrification will drive the adoption of high-heat-dissipation and high-current materials.
Risks identified by the company
Changes in economic conditions and market trends
Intellectual Property Risk
Risks related to risk management
Information security risks
Business continuity planning risks
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | Fiscal years ending March 2026 to March 2030 |
| Progress against the plan | Annual update |
| Sales Target | 70,000 or more → 70,000 or more |
| Operating profit target | 8,500 or more → 8,500 or more |
| ROE target | Not disclosed → 10% or higher |
| ROIC target | Not disclosed → 8% or higher |
| Payout ratio / DOE policy | The greater of the amount corresponding to a 6% DOE or an amount corresponding to a total payout ratio of 80% or more |
| Treasury share acquisition policy | Flexible share buybacks |
| Total investment plan | ¥46 billion (five years from the fiscal year ending March 2026 through the fiscal year ending March 2030) |
| Investment amount by sector | Field Capital Expenditure / Amount ¥28 billion, Field M&A / Amount Not disclosed |
| Segment target | Segment Electronic Materials / Sales target ¥40,600 million / Profit Target ¥4,500 million / Timing Fiscal year ending March 2030, Segment Industrial Structural Materials and Electrical Insulation Materials / Sales target ¥16,100 million / Profit Target ¥2,300 million / Timing Fiscal year ending March 2030, Segment Display materials / Sales target ¥4,200 million / Profit Target ¥900 million / Timing Fiscal year ending March 2030 |
| Non-financial targets | Indicator Carbon Neutrality / Target value Achieve / Timing Fiscal year ending March 2031, Indicator New Customer Acquisition / Target value 2 companies / Timing September 2025 to March 2026, Indicator New projects initiated / Target value 8 items / Timing September 2025 to March 2026, Indicator Number of domestic patent applications / Target value 50 / Timing Fiscal year ending March 2031 |
| Plan assumptions | Expansion of AI demand, increased production of semiconductor materials, and the start of mass production of materials for new energy applications in the industrial structural materials business. Other assumptions, including exchange rates, market growth rates, and raw material prices, are not disclosed. |
| Key initiatives | Deepening existing businesses, Creation of New Businesses, Promoting Open Innovation, Strengthening intellectual property strategy, Strengthening collaboration with group companies, Allocating funds to growth investments, Pursuing an optimal capital structure through the use of leverage, Flexible share buybacks |
| Results under the previous plan | Fiscal year ending March 2026: net sales of ¥56,000 million, operating profit of ¥5,600 million, ROIC of 6.6%, and ROE of 8.4% → Actual results for the fiscal year ended March 2026: net sales of ¥56,474 million, operating profit of ¥5,805 million, ROIC of 6.8%, and ROE of 10.1%（Net sales increased by 0.8% and operating profit increased by 3.7%） |
| Size of the Target Market | The market size and growth rate are not disclosed. The company states that the spread and expansion of AI will increase demand for high-speed communications materials, while electrification will drive the adoption of high-heat-dissipation and high-current materials. |
| Risks identified | Changes in economic conditions and market trends, Intellectual Property Risk, Risks related to risk management, Information security risks, Business continuity planning risks |
| Publication date | 30 April 2026 |
Items this document does not state (6)
Operating profit margin targetNet income targetCost of capitalSelf-assessment of PBR and share priceReason for revision or withdrawalDate 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.Actual results for the fiscal year ended March 2026 exceeded the medium-term plan because demand for electronic materials driven by AI and the semiconductor market remained strong, as did demand for FRP pressure vessels for water treatment and honeycomb panels in industrial structural materials. Display materials fell short of plan because polarizer-related components were sluggish, while the start of mass production for automotive materials and next-generation batteries is expected to be delayed from the original schedule.
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