# Bando Chemical Industries, Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第103期(2025/04/01－2026/03/31) (S100YEMC)
> Page: https://vizora.meequs.com/en/company/bando-chemical-industries
> Retrieved: 2026-09-30T17:59:55.440Z

## Company

Bando Chemical Industries, founded in 1937, is a company in Auto Parts listed on TSE Prime. It has 4,159 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bando Chemical Industries, Ltd. |
| Ticker | 5195 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5195.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区港島南町4丁目6番6号 |
| Representative (per filing) | 代表取締役社長 植野 富夫 |
| Founded | Jan 1937 |
| Share capital | ¥11B |
| Employees (consolidated) | 4,159 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.bandogrp.com (https://www.bandogrp.com/) |
| Corporate number | 5140001013916 |
| EDINET | E01092 |
| Industries (Vizora) | Auto Parts, Tires & Rubber |

> Profile source: annual securities report (S100YEMC, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.2 | 110 |
| Profitability | 95 | 111 |
| Cash conversion | 32.9 | 108 |
| Efficiency | 40.1 | 111 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 51% of Bando Chemical Industries's sales come from Automotive Parts Business, with Industrial Products Business and Advanced Elastomer Products Business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +246.9%.

## Company structure

- Segment revenue mix: Automotive Parts Business 50.6%、Industrial Products Business 32.5%、Advanced Elastomer Products Business 12.1%、Other 4.7%
- Revenue → net income: ¥119257000000 → ¥10591000000
- Net income → operating cash flow: ¥10591000000 → ¥15592000000（difference ¥5001000000）
- Main uses of operating cash flow: CapEx ¥5054000000 / dividends ¥3235000000 / buybacks ¥2044000000
- Change in cash: ¥3991000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥119.3B |  |
| Operating income | ¥12.1B | Margin 10.1% |
| Net income | ¥10.6B | Margin 8.9% |
| Free cash flow | ¥10.5B |  |
| Largest business | Automotive Parts Business | of segment revenue 50.6% |
| Employees (consolidated) | 4,159 |  |
| EPS | ¥256.49 |  |
| Book value per share | ¥1114.01 |  |
| Equity ratio | 70.2% | Derived from disclosed figures |
| Shares outstanding | 44,213,000 |  |
| Treasury shares | 3,257,900 |  |
| Shareholders | 11,031 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 18.2% |
| Vs. industry median margin | +5.4 pp | Auto Parts |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥81371000000 | ¥119257000000 | +46.6% |
| Operating income | ¥5377000000 | ¥12073000000 | +124.5% |
| Operating margin | 6.6% | 10.1% | +3.5 pp |
| Employees | 4,105 people | 4,159 people | +1.3% |
| Cash and equivalents | ¥18863000000 | ¥21707000000 | +15.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 自動車部品事業 → 自動車部品事業 | 43.0% |
| 産業資材事業 → 産業資材事業 | 32.5% |
| 産業資材事業 → 事業再編・廃止 | 4.5% |
| 高機能エラストマー製品事業 → 高機能エラストマー製品事業 | 12.1% |
| 高機能エラストマー製品事業 → 事業再編・廃止 | 2.5% |
| その他 → その他 | 4.7% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 自動車部品事業 | 7.7% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive Parts Business | 5 years | +11.5% | ¥60397000000 | 9.4% | 2 |
| Industrial Products Business | 5 years | +5.2% | ¥38806000000 | 8.4% | 2 |
| Advanced Elastomer Products Business | 5 years | +4.0% | ¥14417000000 | 3.0% | 2 |
| Other | 5 years | +5.1% | ¥5637000000 | 4.3% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 119,257 | 100.0% | S100YEMC |
| Cost of revenue | 83,629 | 70.1% | S100YEMC |
| Gross profit | 35,628 | 29.9% | S100YEMC |
| SG&A | 26,076 | 21.9% | S100YEMC |
| Operating income | 12,073 | 10.1% | S100YEMC |
| Pretax income | 12,646 | 10.6% | S100YEMC |
| Income tax | 2,055 | 1.7% | S100YEMC |
| Net income | 10,591 | 8.9% | S100YEMC |
| Net income attributable to owners | 10,568 | 8.9% | S100YEMC |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 22 |
| Other operating | -2 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 29.9% → Operating margin 10.1% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +246.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 77.90×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 115,593 | 119,257 | 3,664 | +3.2% |
| Gross profit | 32,787 | 35,628 | 2,841 | +8.7% |
| Operating income | 3,480 | 12,073 | 8,593 | +246.9% |
| Net income attributable to owners | 1,496 | 10,568 | 9,072 | +606.4% |
| Operating cash flow | 10,762 | 15,592 | 4,830 | +44.9% |
| Free cash flow | 6,186 | 10,538 | 4,352 | +70.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 90,798 | — | — | 5,100 | 9,183 | — | S100OD5G |
| FY ending Mar 2019 | 94,318 | — | — | 5,457 | 6,602 | — | S100R747 |
| FY ending Mar 2020 | 90,247 | 2,056 | 2.3% | 682 | 8,847 | 3,956 | S100LQKK |
| FY ending Mar 2021 | 81,371 | 5,377 | 6.6% | 3,943 | 10,172 | 6,270 | S100OD5G |
| FY ending Mar 2022 | 93,744 | 2,665 | 2.8% | 1,211 | 9,591 | 5,992 | S100R747 |
| FY ending Mar 2023 | 103,608 | 8,259 | 8.0% | 5,722 | 7,712 | 3,989 | S100TYPV |
| FY ending Mar 2024 | 108,278 | 7,772 | 7.2% | 6,180 | 14,060 | 9,686 | S100W179 |
| FY ending Mar 2025 | 115,593 | 3,480 | 3.0% | 1,496 | 10,762 | 6,186 | S100YEMC |
| FY ending Mar 2026 | 119,257 | 12,073 | 10.1% | 10,568 | 15,592 | 10,538 | S100YEMC |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.7M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,122 | 4,069 | 4,023 | 4,093 | 4,159 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.8M | ¥7.1M | ¥7.3M |
| Average age (parent company) | 42.6 years | 42.9 years | 42.9 years | 42.9 years | 42.9 years |
| Average tenure (parent company) | 15.9 years | 16.3 years | 16.1 years | 16.1 years | 15.9 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +3.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive Parts Business | 60,397 | 50.6% | 5,682 | 9.4% |
| Industrial Products Business | 38,806 | 32.5% | 3,264 | 8.4% |
| Advanced Elastomer Products Business | 14,417 | 12.1% | 433 | 3.0% |
| Other | 5,637 | 4.7% | 242 | 4.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive Parts Business | 50.6% | 59.1% | 8.4 | 9.4% |
| Industrial Products Business | 32.5% | 33.9% | 1.4 | 8.4% |
| Advanced Elastomer Products Business | 12.1% | 4.5% | -7.6 | 3.0% |
| Other | 4.7% | 2.5% | -2.2 | 4.3% |

Segment → industry: Automotive Parts Business → Auto Parts / Advanced Elastomer Products Business → Tires & Rubber / Industrial Products Business → Tires & Rubber

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,592 | 13.1% | S100YEMC |
| Capital expenditure | 5,054 | 4.2% | S100YEMC |
| Free cash flow | 10,538 | 8.8% | 算出 |
| Investing cash flow | -3,698 | -3.1% | S100YEMC |
| Financing cash flow | -8,593 | -7.2% | S100YEMC |
| Dividends paid | 3,235 | 2.7% | S100YEMC |
| Share buyback | 2,044 | 1.7% | S100YEMC |
| Change in cash | 3,991 | 3.3% | S100YEMC |
| Cash and equivalents | 21,707 | 18.2% | S100YEMC |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,837 | 16,770 | 17,935 | 17,715 | 21,707 | S100TYPV, S100W179, S100YEMC |
| Total assets | 116,381 | 118,971 | 125,622 | 120,693 | 131,892 | S100R747, S100TYPV, S100W179, S100YEMC |
| Net assets | 72,429 | 78,013 | 85,511 | 82,501 | 92,872 | S100TYPV, S100W179, S100YEMC |
| Share capital | 10,951 | 10,951 | 10,951 | 10,951 | 10,951 | S100R747, S100TYPV, S100W179, S100YEMC |
| Property, plant and equipment | 32,954 | 32,521 | 32,545 | 30,532 | 32,653 | S100R747, S100TYPV, S100W179, S100YEMC |
| Goodwill | 4,581 | 4,582 | 4,589 | 1,175 | 1,178 | S100R747, S100TYPV, S100W179, S100YEMC |
| Current assets | 59,200 | 60,470 | 63,556 | 63,396 | 68,332 | S100R747, S100TYPV, S100W179, S100YEMC |
| Total liabilities | 43,952 | 40,958 | 40,111 | 38,191 | 39,019 | S100R747, S100TYPV, S100W179, S100YEMC |
| Equity attributable to owners of parent | 72,133 | 77,656 | 85,163 | 82,131 | 92,608 | S100R747, S100TYPV, S100W179, S100YEMC |
| Retained earnings | 56,480 | 60,380 | 61,039 | 59,418 | 66,880 | S100R747, S100TYPV, S100W179, S100YEMC |
| Treasury stock | -2,577 | -3,577 | -1,692 | -3,678 | -5,664 | S100R747, S100TYPV, S100W179, S100YEMC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YEMC |
| Property, plant and equipment | 25% | S100YEMC |
| Intangibles and goodwill | 1% | — |
| Other assets | 58% | S100YEMC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YEMC |
| Equity | 70% | S100YEMC |
| Other liabilities | 0% | S100YEMC |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 116,381 | 118,971 | 125,622 | 120,693 | 131,892 |
| Equity | 72,429 | 78,013 | 85,511 | 82,501 | 92,872 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,837 | 16,770 | 17,935 | 17,715 | 21,707 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 27.4% | S100YEMC |
| Fixed assets ÷ total assets | 24.8% | S100YEMC |
| Goodwill ÷ parent equity | 1.3% | S100YEMC |

Goodwill over 4 years: 4,581 → 1,178 JPY; total investing cash flow: -17,135 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 16.5% |
| Cash ÷ revenue | 18.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.1% |
| Cash vs. profit gap | 5,024 JPY mn (of net income 47.5%) |
| Shareholder returns / net income | 50.0% |
| Shareholder returns / FCF | 50.1% |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | 30.7% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 23.7% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.3% | 0.81× | 1.0% | 1.61× | 1.7% | S100R747 |
| 2023 | 5.5% | 0.88× | 4.9% | 1.57× | 7.6% | S100TYPV |
| 2024 | 5.7% | 0.89× | 5.1% | 1.50× | 7.6% | S100W179 |
| 2025 | 1.3% | 0.94× | 1.2% | 1.47× | 1.8% | S100YEMC |
| 2026 | 8.9% | 0.94× | 8.4% | 1.45× | 12.1% | S100YEMC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| バンドー共栄会 | Major shareholder | 12.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| バンドー化学社員持株会 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YEMC | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEMC,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W179 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W179,, |
| 訂正有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TYPV | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYPV,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R747 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R747,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OD5G | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD5G,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LQKK | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQKK,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Litens Automotive Partnership | Co-development | オートテンショナの特許・ノウハウの導入（バンドーが受ける側） | S100YEMC |
| Sanwu Bando Inc. | Co-development | 伝動ベルト製品などの特許・ノウハウの供与（バンドーが供与） | S100YEMC |
| Philippine Belt Manufacturing Corp. | Co-development | 伝動ベルト製品などの特許・ノウハウの供与（バンドーが供与） | S100YEMC |
| Kee Fatt Industries Sdn. Bhd. | Co-development | 伝動ベルト製品などの特許・ノウハウの供与（バンドーが供与） | S100YEMC |
| PT. Bando Indonesia | Co-development | 伝動・運搬ベルトなどの特許・ノウハウの供与（バンドーが供与） | S100YEMC |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).