# Dainichiseika Color & Chemicals Mfg. Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第123期(2025/04/01－2026/03/31) (S100YGML)
> Page: https://vizora.meequs.com/en/company/dainichiseika-color-and-chemicals-mfg
> Retrieved: 2026-09-30T20:36:29.629Z

## Company

Dainichiseika Color & Chemicals Mfg. is a company in Chemicals listed on TSE Prime. It has 3,514 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAINICHISEIKA COLOR & CHEMICALS MFG. CO., LTD. |
| Ticker | 4116 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4116.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋馬喰町一丁目7番6号 |
| Representative (per filing) | 代表取締役社長 高橋 弘二 |
| Share capital | ¥10B |
| Employees (consolidated) | 3,514 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | daicolor.co.jp (https://daicolor.co.jp/) |
| Corporate number | 4010001034868 |
| EDINET | E00902 |
| Industries (Vizora) | Chemicals, Paints & Inks |

> Profile source: annual securities report (S100YGML, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.2 | 23 |
| Profitability | 54.3 | 23 |
| Cash conversion | 47.7 | 22 |
| Efficiency | 19.6 | 23 |

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 56% of Dainichiseika Color & Chemicals Mfg.'s sales come from Color and Functional Products, with Graphic and Printing Materials and Polymer and Coating Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +8.7%.

## Company structure

- Segment revenue mix: Color and Functional Products 55.6%、Graphic and Printing Materials 25.0%、Polymer and Coating Materials 19.4%、Other 0.0%
- Revenue → net income: ¥124294000000 → ¥8300000000
- Net income → operating cash flow: ¥8300000000 → ¥9045000000（difference ¥745000000）
- Main uses of operating cash flow: CapEx ¥6671000000 / dividends ¥3029000000 / buybacks ¥1114000000
- Change in cash: ¥294000000
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 | ¥124.3B |  |
| Operating income | ¥7.61B | Margin 6.1% |
| Net income | ¥8.1B | Margin 6.5% |
| Free cash flow | ¥2.37B |  |
| Largest business | Color and Functional Products | of segment revenue 55.6% |
| Employees (consolidated) | 3,514 |  |
| EPS | ¥130.04 |  |
| Book value per share | ¥1149.18 |  |
| Equity ratio | 67.5% |  |
| Shares outstanding | 18,113,110 |  |
| Treasury shares | 1,051,600 |  |
| Shareholders | 7,149 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 10.7% | Cash ÷ revenue 17.7% |
| Vs. industry median margin | +0.2 pp | Paints & Inks |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 9%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥138491000000 | ¥124294000000 | -10.3% |
| Operating income | ¥4920000000 | ¥7610000000 | +54.7% |
| Operating margin | 3.6% | 6.1% | +2.6 pp |
| Employees | 3,809 people | 3,514 people | -7.7% |
| Cash and equivalents | ¥34438000000 | ¥21990000000 | -36.1% |

### 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 |
| --- | ---: |
| カラー＆ファンクショナルプロダクト → カラー＆ファンクショナルプロダクト | 33.1% |
| 化成品事業 → 事業再編・廃止 | 7.2% |
| ポリマー＆コーティングマテリアル → ポリマー＆コーティングマテリアル | 7.1% |
| 化学品事業 → 事業再編・廃止 | 27.3% |
| グラフィック＆プリンティングマテリアル → グラフィック＆プリンティングマテリアル | 9.7% |
| 高分子事業 → 事業再編・廃止 | 5.8% |
| 印刷総合システム事業 → 事業再編・廃止 | 9.6% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → カラー＆ファンクショナルプロダクト | 22.5% |
| 新設・再編 → ポリマー＆コーティングマテリアル | 12.3% |
| 新設・再編 → グラフィック＆プリンティングマテリアル | 15.3% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Color and Functional Products | 5 years | -5.5% | ¥69050000000 | 6.0% | 2 |
| Graphic and Printing Materials | 5 years | +2.9% | ¥31065000000 | 2.7% | 2 |
| Polymer and Coating Materials | 5 years | +4.1% | ¥24132000000 | 10.7% | 2 |
| Other | 5 years | -30.7% | ¥45000000 | 62.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 124,294 | 100.0% | S100YGML |
| Cost of revenue | 98,254 | 79.0% | S100YGML |
| Gross profit | 26,040 | 21.0% | S100YGML |
| SG&A | 18,430 | 14.8% | S100YGML |
| Operating income | 7,610 | 6.1% | S100YGML |
| Ordinary income | 8,490 | 6.8% | S100YGML |
| Pretax income | 11,546 | 9.3% | S100YGML |
| Income tax | 3,245 | 2.6% | S100YGML |
| Net income | 8,300 | 6.7% | S100YGML |
| Net income attributable to owners | 8,101 | 6.5% | S100YGML |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 15 |
| Operating income | 6 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 21.0% → Operating margin 6.1% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +8.7%
Operating leverage (core profit growth ÷ revenue growth): -23.16×
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 | 124,760 | 124,294 | -466 | -0.4% |
| Gross profit | 25,221 | 26,040 | 819 | +3.2% |
| Operating income | 7,004 | 7,610 | 606 | +8.7% |
| Net income attributable to owners | 10,289 | 8,101 | -2,188 | -21.3% |
| Operating cash flow | 4,165 | 9,045 | 4,880 | +117.2% |
| Free cash flow | -1,504 | 2,374 | 3,878 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 155,108 | 4,850 | 3.1% | 3,977 | 12,829 | 6,977 | S100LTL8 |
| FY ending Mar 2021 | 138,491 | 4,920 | 3.6% | 6,343 | 11,522 | 4,262 | S100OX8S |
| FY ending Mar 2022 | 121,933 | 7,446 | 6.1% | 6,166 | 7,579 | -252 | S100R8O2 |
| FY ending Mar 2023 | 122,005 | 2,635 | 2.2% | 2,007 | 3,002 | -2,242 | S100TSOU |
| FY ending Mar 2024 | 119,824 | 4,550 | 3.8% | 3,660 | 9,020 | 4,476 | S100W8E0 |
| FY ending Mar 2025 | 124,760 | 7,004 | 5.6% | 10,289 | 4,165 | -1,504 | S100YGML |
| FY ending Mar 2026 | 124,294 | 7,610 | 6.1% | 8,101 | 9,045 | 2,374 | S100YGML |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.4M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 3,750 | 3,666 | 3,634 | 3,594 | 3,514 |
| Average salary (parent company) | ¥7.1M | ¥7.4M | ¥7.1M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 41.2 years | 41.6 years | 41.3 years | 41.2 years | 41.0 years |
| Average tenure (parent company) | 17.4 years | 17.8 years | 17.4 years | 17.1 years | 16.7 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) -0.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Color and Functional Products | 69,050 | 55.6% | 4,140 | 6.0% |
| Polymer and Coating Materials | 24,132 | 19.4% | 2,587 | 10.7% |
| Graphic and Printing Materials | 31,065 | 25.0% | 853 | 2.7% |
| Other | 45 | 0.0% | 28 | 62.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Color and Functional Products | 55.6% | 54.4% | -1.1 | 6.0% |
| Polymer and Coating Materials | 19.4% | 34.0% | 14.6 | 10.7% |
| Graphic and Printing Materials | 25.0% | 11.2% | -13.8 | 2.7% |
| Other | 0.0% | 0.4% | 0.3 | 62.2% |

Segment → industry: Polymer and Coating Materials → Chemicals / Graphic and Printing Materials → Paints & Inks / Color and Functional Products → Paints & Inks

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,045 | 7.3% | S100YGML |
| Capital expenditure | 6,671 | 5.4% | S100YGML |
| Free cash flow | 2,374 | 1.9% | 算出 |
| Investing cash flow | -2,062 | -1.7% | S100YGML |
| Financing cash flow | -6,740 | -5.4% | S100YGML |
| Dividends paid | 3,029 | 2.4% | S100YGML |
| Share buyback | 1,114 | 0.9% | S100YGML |
| Change in cash | 294 | 0.2% | S100YGML |
| Cash and equivalents | 21,990 | 17.7% | S100YGML |

## 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 | 24,879 | 23,103 | 21,425 | 21,696 | 21,990 | S100TSOU, S100W8E0, S100YGML |
| Total assets | 196,709 | 192,765 | 194,852 | 196,784 | 205,444 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Net assets | 110,487 | 114,301 | 119,166 | 130,497 | 141,210 | S100TSOU, S100W8E0, S100YGML |
| Share capital | 10,039 | 10,039 | 10,039 | 10,039 | 10,039 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Property, plant and equipment | 52,348 | 49,774 | 47,843 | 48,952 | 48,875 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Intangible assets excluding goodwill | 1,911 | 1,394 | 1,175 | 1,241 | 2,164 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Investment securities | 18,568 | 18,018 | 18,778 | 18,514 | 20,630 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Current assets | 111,343 | 110,243 | 109,625 | 110,147 | 109,573 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Current liabilities | 59,452 | 53,539 | 56,097 | 50,069 | 45,631 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Trade payables | 31,939 | 28,771 | 28,963 | 28,430 | 26,908 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Short-term borrowings | 11,460 | 12,431 | 11,686 | 10,521 | 9,022 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Long-term borrowings | 13,882 | 12,507 | 9,316 | 7,526 | 7,772 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Total liabilities | 86,222 | 78,464 | 75,685 | 66,286 | 64,233 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Non-controlling interests | 2,039 | 2,243 | 2,418 | 2,489 | 2,580 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Equity attributable to owners of parent | 100,763 | 101,312 | 100,701 | 108,673 | 113,321 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Retained earnings | 81,265 | 81,791 | 84,023 | 90,910 | 95,983 | S100R8O2, S100TSOU, S100W8E0, S100YGML |
| Treasury stock | -315 | -287 | -3,130 | -2,046 | -2,676 | S100R8O2, S100TSOU, S100W8E0, S100YGML |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YGML |
| Property, plant and equipment | 24% | S100YGML |
| Intangibles and goodwill | 1% | S100YGML |
| Investment securities | 10% | S100YGML |
| Other assets | 54% | S100YGML |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YGML |
| Other liabilities | 18% | S100YGML |
| Equity | 69% | S100YGML |
| Other liabilities | 0% | S100YGML |

### 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 | 196,709 | 192,765 | 194,852 | 196,784 | 205,444 |
| Equity | 110,487 | 114,301 | 119,166 | 130,497 | 141,210 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,879 | 23,103 | 21,425 | 21,696 | 21,990 |

## 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) | 39.3% | S100YGML |
| Fixed assets ÷ total assets | 23.8% | S100YGML |
| Goodwill ÷ parent equity | — | —, S100YGML |

### 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) | 10.7% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.9% |
| Cash vs. profit gap | 944 JPY mn (of net income 11.7%) |
| Shareholder returns / net income | 51.1% |
| Shareholder returns / FCF | 174.5% |
| Shareholder payments — dividends / net income | 37.4% |
| Shareholder payments — dividends / FCF | 127.6% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 22.8% |

## 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 | 5.1% | 0.62× | 3.1% | 1.95× | 6.1% | S100R8O2 |
| 2023 | 1.6% | 0.63× | 1.0% | 1.93× | 2.0% | S100TSOU |
| 2024 | 3.1% | 0.62× | 1.9% | 1.92× | 3.6% | S100W8E0 |
| 2025 | 8.2% | 0.64× | 5.3% | 1.87× | 9.8% | S100YGML |
| 2026 | 6.5% | 0.62× | 4.0% | 1.81× | 7.3% | S100YGML |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 11.7% | 2026-03-31 |
| 大日精化従業員持株会 | Major shareholder | 5.1% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 高橋 弘二 | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 日本パーカライジング株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100YGML | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGML,, |
| 有価証券報告書－第122期(2024/04/01－2025/03/31) | S100W8E0 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8E0,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TSOU | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSOU,, |
| 有価証券報告書－第120期(2022/04/01－2023/03/31) | S100R8O2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8O2,, |
| 訂正有価証券報告書－第119期(令和3年4月1日－令和4年3月31日) | S100OX8S | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OX8S,, |
| 有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100LTL8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTL8,, |

## 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).