| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥25850.8B | ¥25632.8B | +0.9% |
| 営業利益 | ¥972.2B | ¥1274.5B | -23.7% |
| 税引前利益 | ¥1076.0B | ¥1142.9B | -5.9% |
| 純利益 | ¥894.4B | ¥866.7B | +3.2% |
| ROE | 4.6% | 4.8% | - |
For the fiscal year ended March 2026, Revenue was ¥25,850.8B (YoY +¥217.9B +0.9%), Operating Income was ¥972.2B (YoY -¥302.3B -23.7%), Ordinary Income was ¥1,028.2B (YoY +¥59.7B +6.2%), and Net Income (attributable to owners of parent) was ¥795.2B (YoY +¥16.1B +2.1%). While Revenue edged up modestly, one-off expenses—such as impairment losses of ¥337.9B in the Korean subsidiary’s battery separator film business and warehouse fire losses of ¥14.1B in Indonesia—weighed heavily at the operating level, worsening the operating margin by -1.2pt to 3.8% (prior year 5.0%). Conversely, equity-method investment income turned positive to ¥215.3B (prior year -¥23.5B), driving an increase in Ordinary Income and contributing to higher Net Income. On a business-profit basis, Business Profit was ¥1,419.1B (prior year ¥1,427.6B), essentially flat, indicating that underlying earning power has been maintained.
【売上高】Revenue was ¥25,850.8B (YoY +0.9%)—a slight increase. By segment, the Textile Business recorded ¥1兆511.0B (YoY +4.0%) and remained the core, accounting for 40.7% of the total. The Environment & Engineering Business achieved ¥2,669.0B (+12.8%) with double-digit growth as strong orders contributed to revenue. Conversely, the Functional Chemicals Business declined to ¥8,944.2B (-5.3%), Carbon Fiber Composite Materials was flat at ¥3,000.7B (+0.0%), and the Life Science Business decreased slightly to ¥524.2B (-1.4%). By geography, Japan was steady at ¥1兆449.9B (+4.7%), while Europe & North America slowed to ¥5,494.2B (-5.2%). Asia: China was flat at ¥4,931.4B (-0.2%), and Other Asia edged up to ¥4,975.4B (+1.2%). Gross margin improved to 20.1% (prior year 19.7%, +0.4pt), but SG&A ratio rose to 14.8% (prior year 14.3%, +0.5pt), reversing operating leverage.
【損益】Operating Income declined significantly to ¥972.2B (YoY -23.7%). One-off expenses totaling approximately ¥45.4B0—comprised of impairment losses of ¥337.9B (¥250.7B of which related to battery separators), loss on disposal of fixed assets of ¥102.1B, and fire losses of ¥14.1B—reduced Operating Income from Business Profit of ¥1,419.1B. By segment on a business-profit basis, Textile was ¥680.4B (+6.0%), Environment & Engineering was ¥288.2B (+11.2%)—both increased—while Functional Chemicals was ¥562.9B (-6.2%) and Carbon Fiber Composite Materials was ¥176.4B (-21.7%)—both decreased. Ordinary Income rose to ¥1,028.2B (+6.2%), mainly due to a ¥239.0B improvement in equity-method investment income to ¥215.3B (prior year -¥23.5B). Profit before tax was ¥1,076.0B (YoY -5.9%), but income taxes decreased substantially to ¥181.6B (prior year ¥276.1B), lowering the effective tax rate to 16.9% (prior year 24.2%). As a result, Net Income attributable to owners of parent was ¥795.2B (+2.1%), with a Net Income margin of 3.1% (prior year 3.0%, +0.1pt). In summary, the fiscal results reflect slight revenue growth, operating decline, higher Ordinary Income, and higher Net Income—an outcome driven by the interplay of one-off costs and improvements in non-operating items.
The Textile Business recorded Revenue of ¥1兆511.0B (YoY +4.0%), Business Profit of ¥680.4B (+6.0%), and a margin of 6.5%, making it the largest contributor to consolidated profit. Its revenue mix was 40.7%, serving as a stable income source. The Functional Chemicals Business posted Revenue of ¥8,944.2B (YoY -5.3%), Business Profit of ¥562.9B (-6.2%), and a margin of 6.3%, representing 34.6% of the mix. Weakening EV battery separator demand pressured profitability and was the main cause of impairment losses. The Carbon Fiber Composite Materials Business recorded Revenue of ¥3,000.7B (+0.0%), Business Profit of ¥176.4B (-21.7%), and a margin of 5.9% (11.6% of the mix). Margin deteriorated by -1.6pt from 7.5% due to mix shifts by end-use and lower utilization. The Environment & Engineering Business achieved Revenue of ¥2,669.0B (+12.8%), Business Profit of ¥288.2B (+11.2%), and a margin of 10.8% (10.3% of the mix)—the highest margin, supported by strong water-treatment and plant project orders. The Life Science Business had Revenue of ¥524.2B (-1.4%) and a Business Loss of -¥1.1B (prior year -¥7.7B); although losses narrowed, the segment remains marginal at 2.0% of the mix with limited impact on the group.
【収益性】ROE was 4.5% (prior year 4.5%), roughly unchanged and 1.4pt below the industry median of 5.9%. Operating margin declined to 3.8% (prior year 5.0%, -1.2pt), below the industry median of 4.6% by -0.8pt. Net Income margin edged up to 3.1% (prior year 3.0%), approaching the industry median of 3.3%. Gross margin improved to 20.1% (prior year 19.7%), but SG&A ratio rose to 14.8% (prior year 14.3%), reducing operating efficiency. Business profit margin was 5.5% (prior year 5.6%), nearly flat, indicating core earning power is preserved. 【キャッシュ品質】Operating Cash Flow (OCF) was ¥2,117.6B (YoY -17.0%), but remained 2.37x Net Income of ¥894.4B, indicating high cash quality. OCF/EBITDA was about 0.93x, showing stable cash generation. Working capital movements included an increase in trade receivables of ¥186.1B and inventories of ¥29.8B, partially offset by other working capital of ¥428.5B. DSO was about 91 days and DIO about 95 days, both slightly higher than the prior year, leaving room to improve working capital efficiency. 【投資効率】Capital expenditure was ¥1,465.0B, 1.11x depreciation of ¥1,316.2B, indicating continued growth investment. ROIC (on operating income) was approximately 2.8%, low and not exceeding WACC, so value creation versus cost of capital has not been achieved. Total asset turnover decreased to 0.74x (prior year 0.78x), highlighting the need to improve asset efficiency. 【財務健全性】Equity Ratio was 51.8% (prior year 51.9%), stable and healthy within the industry. Total interest-bearing debt rose ¥644.2B to ¥8,639.8B (prior year ¥7,995.6B), Net Interest-Bearing Debt was about ¥5,987B, and Net Debt/EBITDA was about 2.6x—within investment-grade range. Interest coverage (Operating Income / Financial expenses) was about 4.9x, near the 5x benchmark, indicating interest burden is manageable. Current ratio was about 178%, so short-term liquidity risk is limited.
OCF was ¥2,117.6B (YoY -17.0%), 2.37x Net Income of ¥894.4B, reflecting solid cash backing. OCF subtotal was ¥2,841.6B (prior year ¥2,853.5B), essentially flat, with non-cash charges such as depreciation of ¥1,316.2B and impairment losses of ¥337.9B underpinning cash generation. In working capital changes, trade receivables caused a cash outflow of -¥186.1B, inventories contributed +¥29.8B, and trade payables caused a -¥13.0B outflow; even including other working capital +¥428.5B, the net effect was generally cash-absorbing. Income tax payments were -¥756.0B (prior year -¥344.6B), substantially higher due to settlement of prior unpaid taxes. Investing Cash Flow was -¥669.4B (prior year -¥631.9B), mainly capital expenditure of -¥1,465.0B, partially offset by proceeds from sales and maturities of investments of ¥803.6B. Free Cash Flow was ¥1,448.3B (prior year ¥1,918.3B), lower but still ample. Financing Cash Flow was -¥1,290.0B (prior year -¥1,885.2B); the company executed share buybacks of -¥1,116.9B and dividend payments of -¥291.3B while raising ¥1,321.1B via long-term borrowings and bond issuance and repaying long-term borrowings of -¥1,225.2B. Cash and cash equivalents increased by ¥280.0B to ¥2,652.9B (prior year ¥2,372.9B), with foreign exchange impacts of +¥121.7B contributing. FCF broadly covered total shareholder returns of ¥1,408.3B (dividends + buybacks), with an FCF coverage of about 4.81x, indicating substantial capacity. The balance between cash generation and leverage management is sound, supporting both future growth investments and shareholder returns.
Net Income attributable to owners of parent was ¥795.2B, while Operating Income was ¥972.2B and Business Profit was ¥1,419.1B, showing sizable margin differences by hierarchy. The gap of approximately ¥447B from Business Profit to Operating Income was primarily due to one-off expenses: impairment losses of ¥337.9B (mainly in the battery separator business), loss on disposal of fixed assets of ¥102.1B, and fire losses of ¥14.1B. These items are fundamentally non-recurring and are expected to drop off from next fiscal year onward. Equity-method investment income of ¥215.3B (prior year -¥23.5B) significantly contributed at the Ordinary Income level, reflecting improved performance of overseas affiliates. Financial expenses were ¥197.4B against financial income of ¥85.9B, producing net financial expense of -¥111.5B, in line with the prior year. Comprehensive income was ¥2,493.6B (owners of parent portion ¥2,323.1B), with Other Comprehensive Income of ¥1,599.2B far exceeding Net Income. Major components were foreign-currency translation adjustments from overseas operations of +¥891.3B, remeasurements of defined benefit plans of +¥403.5B, and fair-value gains on equity financial assets of +¥269.0B—driven by yen depreciation and market revaluation of pension assets, which boosted equity. OCF was ¥2,117.6B, 2.37x Net Income, and the accrual ratio (Operating Income - OCF) / Total Assets was approximately -3.3%, indicating strong cash backing for reported profits. Excluding one-offs, the business-profit base shows relatively stable earnings quality, and recovery in Operating Income and persistence of equity-method gains are expected to improve earnings quality going forward.
Guidance for FY2027 ending March 2027 projects Revenue of ¥28,300.0B (YoY +9.5%), Net Income attributable to owners of parent of ¥900.0B (+13.2%), EPS of ¥61.82 (prior year ¥52.96), and annual dividend of ¥13.00 (prior year ¥20.00, including a ¥3.00 commemorative dividend). Compared with the prior year, the plan assumes Revenue +¥2,449.2B and Net Income +¥104.8B, with progress rates already at 91.4% for Revenue and 88.4% for Net Income—already at high levels. Achieving this guidance assumes the disappearance of one-off costs (impairments and fire losses exceeding about ¥35.0B), stable contribution from equity-method investment income, and continued growth in the Environment & Engineering Business. Improvement in operating margins and control of SG&A will be key, while timing of EV-related demand recovery and currency fluctuations remain risk factors. The dividend forecast, excluding the commemorative dividend, is premised on ordinary dividends of around ¥10 annually, implying a Payout Ratio of about 21% (down from 37.8% prior year)—reflecting the reversal of the commemorative payment and assumed profit growth.
The annual dividend is ¥20 per share (interim ¥10, year-end ¥10), implying a Payout Ratio of approximately 37.8% relative to Net Income attributable to owners of parent of ¥795.2B. Total dividends amount to about ¥285.1B (roughly consistent with dividend payments of ¥291.3B in the cash flow statement), and FCF coverage versus Free Cash Flow of ¥1,448.3B is about 4.81x, indicating ample capacity. Share buybacks totaling ¥1,116.9B were executed, bringing total shareholder returns to about ¥1,408.3B and a Total Return Ratio of approximately 97.2% against FCF. Treasury stock worth ¥1,152.6B was retired during the period to optimize shares outstanding. With cash and cash equivalents of ¥2,652.9B and stable OCF generation, dividend sustainability is assessed as high. The FY2027 dividend forecast is ¥13.00 (including a commemorative ¥3.00), with ordinary dividend expected around ¥10, and the Payout Ratio projected to decline to about 21%—a reasonable level considering profit growth and the one-off commemorative payout. Going forward, the company intends to target a Payout Ratio around 30% as a guideline, retaining room for dividend increases in line with profit growth while combining opportunistic share buybacks within FCF capacity.
Prolonged slowdown in EV-related demand: The company has already recorded impairment losses of ¥337.9B in the Korean battery separator film business. If EV market recovery is delayed, further utilization declines or price pressure could further impair profitability in the Functional Chemicals Business (34.6% of revenue mix). That segment’s Business Profit is already down -6.2% YoY, and continued demand weakness could delay recovery in operating margins.
Deterioration in working capital efficiency and increased cash lock-up: With DSO around 91 days and DIO around 95 days, receivables and inventory days have lengthened and the CCC is approximately 130 days, trending longer. This fiscal year saw trade receivables increase by ¥36.74B and inventories by ¥18.08B, tightening working capital and pressuring OCF. Prolonged inventory buildup in weaker demand areas could reduce FCF generation and constrain room for shareholder returns and growth investments.
Rising leverage and sensitivity to interest costs: Total interest-bearing debt increased to ¥8,639.8B (+¥644.2B), Net Debt/EBITDA is about 2.6x and Debt/EBITDA about 3.8x. Interest coverage is about 4.9x and manageable for now, but further rate hikes or continued operating weakness could raise financial costs and compress Net Income. With capex/depreciation at 1.11x, the company continues growth investment, making the balance between leverage control and investment return a key challenge.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 自己資本利益率 | 4.5% | 5.9% (2.6%–12.0%) | -1.4pt |
| 営業利益率 | 3.8% | 4.6% (1.7%–8.2%) | -0.8pt |
| 純利益率 | 3.5% | 3.3% (0.9%–5.8%) | +0.1pt |
ROE and Operating Margin are both below industry medians, with one-off costs and higher SG&A weighing on profitability. Net Income margin is in line with the median, supported by improvements in equity-method investment income.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 0.9% | 4.3% (2.2%–13.0%) | -3.4pt |
Revenue growth lags the industry median, with weakness in Functional Chemicals and Carbon Fiber depressing group growth. Environment & Engineering’s double-digit growth was the lone driver.
※Source: Company compilation
Likelihood of Operating Income recovery as one-offs drop out: One-off expenses exceeding about ¥35.0B—impairment losses of ¥337.9B and fire losses of ¥14.1B—pushed down Operating Income but are expected to fall away from the next fiscal year. Business Profit of ¥1,419.1B indicates core earning power, and a return to mid-5% operating margin is within sight. Stable contribution from equity-method investment income of ¥215.3B could support profit growth at the Ordinary Income level.
Sustained growth in Environment & Engineering and its role in improving consolidated margins: The segment achieved +12.8% Revenue and +11.2% Business Profit with a 10.8% margin—the highest among segments—backed by strong orders for water-treatment and plant projects. Stable Textile earnings combined with Environment segment growth can offset adjustment phases in Functional Chemicals and Carbon Fiber.
Preservation of cash-generation capacity and shareholder-return capacity: Free Cash Flow of ¥1,448.3B roughly covered total shareholder returns of ¥1,408.3B, with FCF coverage about 4.81x. OCF of ¥2,117.6B is 2.37x Net Income and the accrual ratio is -3.3%, indicating strong cash backing. Improving working capital efficiency (shortening DSO/DIO) would further enhance FCF and enable sustainable balance between growth investment and shareholder returns. Net Debt/EBITDA of about 2.6x indicates healthy financial capacity, and margin improvements in a recovery would be a catalyst for valuation via better capital efficiency.
This report is an earnings analysis document automatically generated by AI from XBRL financial statement data. It does not constitute a recommendation to invest in any particular security. Industry benchmarks are compiled by our firm based on publicly available financial statements and are for reference only. Investment decisions are your own responsibility; please consult a professional advisor as needed.