Worth reading
44Recurring
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
336
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFiscal year ending March 2026, full year7 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales1,777 Hundreds of millions of yen+23.4%
Operating profit136 Hundreds of millions of yen+2.5%
Ordinary income159 Hundreds of millions of yen+17.1%
Net income260 Hundreds of millions of yen+166.6%
Operating profit margin7.7 %
Full-year earnings forecast
Reporting periodFull year ending March 2027
Net Sales
1,890 Hundreds of millions of yen
EBITDA
220 Hundreds of millions of yen
Operating profit
130 Hundreds of millions of yen
Ordinary income
130 Hundreds of millions of yen
Profit attributable to owners of the parent
100 Hundreds of millions of yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
EBITDA for the fiscal year ending March 2026Refractories +¥3.4 billion, sales mix +¥500 million, cost reductions +¥500 million, domestic group companies +¥500 million, overseas group companies +¥1.8 billion, foreign exchange +¥200 million, other +¥200 million, insulation materials -¥700 million, advanced equipment -¥300 million, engineering +¥2.4 billion, real estate-related business taxes -¥600 million
Operating profit, fiscal year ended March 2026Including the impact of increased amortization of goodwill and other assets, as well as other factors: +¥300 million
EBITDA for the fiscal year ending March 2027Volume decline -¥600 million, selling price/raw material spread -¥700 million, sales mix -¥300 million, cost reductions +¥100 million, labor costs -¥200 million, domestic group companies +¥0 million, overseas group companies +¥900 million, foreign exchange +¥300 million, insulation materials +¥100 million, advanced equipment +¥0 million, engineering +¥0 million, other +¥0 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Domestic crude steel production for the fiscal year ending March 2027
7,800 10,000 tonnes
Year-on-year (%)-2.9
New initiatives
- Changed the dividend policy to a DOE of 4% or higher and progressive dividends
- Established the Setouchi Plant, which began operations in February 2026
- Introduced state-of-the-art equipment, including automation equipment and GC equipment capable of ultra-fine processing
Key KPIsA metric the company considers important as a management benchmark.
- EBITDA margin12.5 %Year-on-year_pt0
- ROS (operating margin)7.7 %Year-on-year_pt-1.6
- ROIC6.4 %Year-on-year_pt-0.8
- Debt/EBITDA multiple0.8 timesYear on year against the same period last year-1.2%
- Domestic crude steel production8,033 10,000 tonnesYear-on-year (%)-3.2
- Overseas revenue ratio42.9 %Year-on-year_pt12.9
Segment results
Refractories
Net Sales
1,109 Hundreds of millions of yen
EBITDA
144 Hundreds of millions of yen
Operating profit
85 Hundreds of millions of yen
Revenue_yoy_pct15.7
EBITDA_yoy_pct31
Insulation materials
Net Sales
177 Hundreds of millions of yen
EBITDA
32 Hundreds of millions of yen
Operating profit
24 Hundreds of millions of yen
Revenue_yoy_pct-5.7
EBITDA_yoy_pct-18.4
Advanced equipment and materials
Net Sales
41 Hundreds of millions of yen
EBITDA
1 Hundreds of millions of yen
Operating profit
-1 Hundreds of millions of yen
Revenue_yoy_pct-5.5
EBITDA_yoy_pct-73.1
Engineering
Net Sales
458 Hundreds of millions of yen
EBITDA
41 Hundreds of millions of yen
Operating profit
27 Hundreds of millions of yen
Revenue_yoy_pct78.2
EBITDA_yoy_pct132.4
Other (real estate)
Net Sales
7 Hundreds of millions of yen
EBITDA
0 Hundreds of millions of yen
Revenue_yoy_pct-16.7
EBITDA_yoy_pct-91.2
Annual Dividend
FY2026 forecast
Annual dividend per share¥95
Payout ratio
40% from FY2024 onward; from FY2026, a DOE of 4% or higher and progressive dividends| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | 1,777 Hundreds of millions of yen (YoY +23.4%) |
| Operating profit | 136 Hundreds of millions of yen (YoY +2.5%) |
| Ordinary income | 159 Hundreds of millions of yen (YoY +17.1%) |
| Net income | 260 Hundreds of millions of yen (YoY +166.6%) |
| Operating profit margin | 7.7 % |
| Full-year earnings forecast | Reporting period Full year ending March 2027 / Net Sales 1,890 Hundreds of millions of yen / EBITDA 220 Hundreds of millions of yen / Operating profit 130 Hundreds of millions of yen / Ordinary income 130 Hundreds of millions of yen / Profit attributable to owners of the parent 100 Hundreds of millions of yen |
| Segment results | Refractories Net Sales 1,109 Hundreds of millions of yen / EBITDA 144 Hundreds of millions of yen / Operating profit 85 Hundreds of millions of yen / Revenue_yoy_pct 15.7 / EBITDA_yoy_pct 31 / Insulation materials Net Sales 177 Hundreds of millions of yen / EBITDA 32 Hundreds of millions of yen / Operating profit 24 Hundreds of millions of yen / Revenue_yoy_pct -5.7 / EBITDA_yoy_pct -18.4 / Advanced equipment and materials Net Sales 41 Hundreds of millions of yen / EBITDA 1 Hundreds of millions of yen / Operating profit -1 Hundreds of millions of yen / Revenue_yoy_pct -5.5 / EBITDA_yoy_pct -73.1 / Engineering Net Sales 458 Hundreds of millions of yen / EBITDA 41 Hundreds of millions of yen / Operating profit 27 Hundreds of millions of yen / Revenue_yoy_pct 78.2 / EBITDA_yoy_pct 132.4 / Other (real estate) Net Sales 7 Hundreds of millions of yen / EBITDA 0 Hundreds of millions of yen / Revenue_yoy_pct -16.7 / EBITDA_yoy_pct -91.2 |
| Breakdown of Factors Affecting the Change | EBITDA for the fiscal year ending March 2026 Refractories +¥3.4 billion, sales mix +¥500 million, cost reductions +¥500 million, domestic group companies +¥500 million, overseas group companies +¥1.8 billion, foreign exchange +¥200 million, other +¥200 million, insulation materials -¥700 million, advanced equipment -¥300 million, engineering +¥2.4 billion, real estate-related business taxes -¥600 million / Operating profit, fiscal year ended March 2026 Including the impact of increased amortization of goodwill and other assets, as well as other factors: +¥300 million / EBITDA for the fiscal year ending March 2027 Volume decline -¥600 million, selling price/raw material spread -¥700 million, sales mix -¥300 million, cost reductions +¥100 million, labor costs -¥200 million, domestic group companies +¥0 million, overseas group companies +¥900 million, foreign exchange +¥300 million, insulation materials +¥100 million, advanced equipment +¥0 million, engineering +¥0 million, other +¥0 million |
| Key KPIs | EBITDA margin 12.5 %, ROS (operating margin) 7.7 %, ROIC 6.4 %, Debt/EBITDA multiple 0.8 times, Domestic crude steel production 8,033 10,000 tonnes, Overseas revenue ratio 42.9 % |
| Assumptions Underlying the Business Outlook | Domestic crude steel production for the fiscal year ending March 2027 7,800 10,000 tonnes |
| Annual Dividend | FY2026 forecast Annual dividend per share ¥95 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 40% from FY2024 onward; from FY2026, a DOE of 4% or higher and progressive dividends |
| New initiatives | Changed the dividend policy to a DOE of 4% or higher and progressive dividends, Established the Setouchi Plant, which began operations in February 2026, Introduced state-of-the-art equipment, including automation equipment and GC equipment capable of ultra-fine processing |
Items this document does not state (16)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.For the fiscal year ending March 2026, revenue and profit increased due to contributions from Gouda and Reframax, expanded sales of high value-added products, optimized pricing, an improved sales mix, and ongoing cost reductions. For the fiscal year ending March 2027, revenue is expected to increase due to full-year contributions from Reframax and a contribution from Dynamix. Profit is expected to decline, however, due to lower domestic crude steel production, higher energy and raw material costs, increased amortization of goodwill and other assets, and the absence of the gain on the sale of fixed assets recorded in the previous fiscal year.
How to read this page
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