# Gun Ei Chemical Industry 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109期(2025/04/01－2026/03/31) (S100YD30)
> Page: https://vizora.meequs.com/en/company/gun-ei-chemical-industry
> Retrieved: 2026-09-30T17:59:38.951Z

## Company

Gun Ei Chemical Industry, founded in 1946, is a company in Chemicals listed on TSE Prime. It has 541 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Gun Ei Chemical Industry Co.,Ltd. |
| Ticker | 4229 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4229.T) |
| Listing | TSE Prime |
| Head office | 群馬県高崎市宿大類町700番地 |
| Representative (per filing) | 代表取締役 社長執行役員 有田喜一郎 |
| Founded | Jan 1946 |
| Share capital | ¥5B |
| Employees (consolidated) | 541 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.gunei-chemical.co.jp (https://www.gunei-chemical.co.jp/) |
| Corporate number | 7070001006735 |
| EDINET | E00448 |
| Industries (Vizora) | Chemicals, Food Ingredients, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YD30, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.1 | 96 |
| Profitability | 58.5 | 100 |
| Cash conversion | 62 | 96 |
| Efficiency | 4.5 | 100 |

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 85% of Gun Ei Chemical Industry's sales come from Chemicals, with Grocery and Real estate utilization making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +11.9%.

## Company structure

- Segment revenue mix: Chemicals 84.6%、Grocery 14.6%、Real estate utilization 0.8%
- Revenue → net income: ¥31307000000 → ¥2179000000
- Net income → operating cash flow: ¥2179000000 → ¥4582000000（difference ¥2403000000）
- Main uses of operating cash flow: CapEx ¥5173000000 / dividends ¥661000000 / buybacks —
- Change in cash: ¥1144000000
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 | ¥31.3B |  |
| Operating income | ¥2.57B | Margin 8.2% |
| Net income | ¥1.97B | Margin 6.3% |
| Free cash flow | -¥591M |  |
| Largest business | Chemicals | of segment revenue 84.6% |
| Employees (consolidated) | 541 |  |
| EPS | ¥268.33 |  |
| Book value per share | ¥7817.03 |  |
| Equity ratio | 80.3% |  |
| Shares outstanding | 8,998,308 |  |
| Treasury shares | 2,362,300 |  |
| Shareholders | 4,805 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 15.7% | Cash ÷ revenue 34.1% |
| Vs. industry median margin | +0.7 pp | Chemicals |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25194000000 | ¥31307000000 | +24.3% |
| Operating income | ¥2217000000 | ¥2567000000 | +15.8% |
| Operating margin | 8.8% | 8.2% | -0.6 pp |
| Employees | 496 people | 541 people | +9.1% |
| Cash and equivalents | ¥8825000000 | ¥10681000000 | +21.0% |

### 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 |
| --- | ---: |
| 化学品事業 → 化学品事業 | 82.3% |
| 食品事業 → 食品事業 | 14.6% |
| 食品事業 → 事業再編・廃止 | 2.2% |
| 不動産活用業 → 不動産活用業 | 0.8% |
| 不動産活用業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 化学品事業 | 2.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemicals | 5 years | +5.0% | ¥26496000000 | 9.0% | 2 |
| Grocery | 5 years | +1.6% | ¥4564000000 | 0.8% | 2 |
| Real estate utilization | 5 years | +0.1% | ¥247000000 | 62.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,307 | 100.0% | S100YD30 |
| Cost of revenue | 24,243 | 77.4% | S100YD30 |
| Gross profit | 7,064 | 22.6% | S100YD30 |
| SG&A | 4,496 | 14.4% | S100YD30 |
| Operating income | 2,567 | 8.2% | S100YD30 |
| Ordinary income | 2,959 | 9.5% | S100YD30 |
| Pretax income | 2,916 | 9.3% | S100YD30 |
| Income tax | 737 | 2.4% | S100YD30 |
| Net income | 2,179 | 7.0% | S100YD30 |
| Net income attributable to owners | 1,973 | 6.3% | S100YD30 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 14 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 22.6% → Operating margin 8.2% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +11.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.79×
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 | 30,545 | 31,307 | 762 | +2.5% |
| Gross profit | 6,525 | 7,064 | 539 | +8.3% |
| Operating income | 2,293 | 2,567 | 274 | +11.9% |
| Net income attributable to owners | 1,920 | 1,973 | 53 | +2.8% |
| Operating cash flow | 4,330 | 4,582 | 252 | +5.8% |
| Free cash flow | 1,379 | -591 | -1,970 | -142.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,983 | 1,936 | 7.2% | 1,370 | 4,336 | 2,846 | S100LOTC |
| FY ending Mar 2021 | 25,194 | 2,217 | 8.8% | 1,607 | 3,567 | 2,290 | S100OO2J |
| FY ending Mar 2022 | 29,406 | 2,489 | 8.5% | 1,929 | 2,447 | 1,284 | S100T655 |
| FY ending Mar 2023 | 31,390 | 1,659 | 5.3% | 1,201 | 1,200 | -533 | S100VJFR |
| FY ending Mar 2024 | 30,310 | 2,729 | 9.0% | 2,040 | 3,638 | 1,821 | S100VYPO |
| FY ending Mar 2025 | 30,545 | 2,293 | 7.5% | 1,920 | 4,330 | 1,379 | S100YD30 |
| FY ending Mar 2026 | 31,307 | 2,567 | 8.2% | 1,973 | 4,582 | -591 | S100YD30 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.9M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 505 | 526 | 543 | 537 | 541 |
| Average salary (parent company) | ¥7.1M | ¥7M | ¥7M | ¥7.1M | ¥7.4M |
| Average age (parent company) | 40.2 years | 39.7 years | 39.9 years | 39.8 years | 40.1 years |
| Average tenure (parent company) | 16.6 years | 16.0 years | 16.0 years | 16.1 years | 15.9 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 26,496 | 84.6% | 2,376 | 9.0% |
| Grocery | 4,564 | 14.6% | 35 | 0.8% |
| Real estate utilization | 247 | 0.8% | 155 | 62.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 84.6% | 92.6% | 8.0 | 9.0% |
| Grocery | 14.6% | 1.4% | -13.2 | 0.8% |
| Real estate utilization | 0.8% | 6.0% | 5.3 | 62.8% |

Segment → industry: Chemicals → Chemicals / Grocery → Food Ingredients / Real estate utilization → Real Estate Development & Leasing

## 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 | 4,582 | 14.6% | S100YD30 |
| Capital expenditure | 5,173 | 16.5% | S100YD30 |
| Free cash flow | -591 | -1.9% | 算出 |
| Investing cash flow | -2,760 | -8.8% | S100YD30 |
| Financing cash flow | -825 | -2.6% | S100YD30 |
| Dividends paid | 661 | 2.1% | S100YD30 |
| Change in cash | 1,144 | 3.7% | S100YD30 |
| Cash and equivalents | 10,681 | 34.1% | S100YD30 |

## 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 | 9,579 | 7,752 | 8,613 | 9,536 | 10,681 | S100VJFR, S100VYPO, S100YD30 |
| Total assets | 54,680 | 54,600 | 61,010 | 63,018 | 68,012 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Net assets | 44,899 | 46,107 | 50,281 | 51,731 | 56,853 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Trade receivables | 7,746 | 7,580 | 7,367 | 7,091 | 6,841 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Property, plant and equipment | 19,164 | 19,004 | 20,436 | 22,494 | 24,120 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Intangible assets excluding goodwill | 259 | 118 | 140 | 153 | 204 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Goodwill | 185 | 37 | — | — | — | S100T655, S100VJFR |
| Investment securities | 9,718 | 10,340 | 14,303 | 13,211 | 16,035 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Current assets | 24,338 | 23,977 | 24,346 | 25,285 | 25,359 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Current liabilities | 7,499 | 6,554 | 7,914 | 8,438 | 6,657 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Total liabilities | 9,780 | 8,493 | 10,729 | 11,287 | 11,159 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Non-controlling interests | 1,480 | 1,547 | 1,750 | 1,985 | 2,206 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Equity attributable to owners of parent | 41,793 | 42,386 | 43,835 | 45,072 | 46,389 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Retained earnings | 17,331 | 17,969 | 19,413 | 20,637 | 21,948 | S100T655, S100VJFR, S100VYPO, S100YD30 |
| Treasury stock | -6,228 | -6,229 | -6,225 | -6,215 | -6,208 | S100T655, S100VJFR, S100VYPO, S100YD30 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YD30 |
| Receivables | 10% | S100YD30 |
| Property, plant and equipment | 35% | S100YD30 |
| Intangibles and goodwill | 0% | S100YD30 |
| Investment securities | 24% | S100YD30 |
| Other assets | 15% | S100YD30 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100YD30 |
| Equity | 84% | S100YD30 |

### 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 | 54,680 | 54,600 | 61,010 | 63,018 | 68,012 |
| Equity | 44,899 | 46,107 | 50,281 | 51,731 | 56,853 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,579 | 7,752 | 8,613 | 9,536 | 10,681 |

## 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) | 77.0% | S100YD30 |
| Fixed assets ÷ total assets | 35.5% | S100YD30 |
| Goodwill ÷ parent equity | — | —, S100YD30 |

### 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) | 15.7% |
| Cash ÷ revenue | 34.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.5% |
| Cash vs. profit gap | 2,609 JPY mn (of net income 132.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.5% |
| Investing CF relative to operating CF | 60.2% |

## 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 | 6.6% | 0.54× | 3.5% | 1.31× | 4.6% | S100T655 |
| 2023 | 3.8% | 0.57× | 2.2% | 1.30× | 2.9% | S100VJFR |
| 2024 | 6.7% | 0.52× | 3.5% | 1.34× | 4.7% | S100VYPO |
| 2025 | 6.3% | 0.49× | 3.1% | 1.40× | 4.3% | S100YD30 |
| 2026 | 6.3% | 0.48× | 3.0% | 1.43× | 4.3% | S100YD30 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・三井化学株式会社退職給付信託口） | Major shareholder | 8.7% | 2026-03-31 |
| 群栄化学取引先持株会 | Major shareholder | 8.3% | 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 | 8.0% | 2026-03-31 |
| 信越化学工業株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社群馬銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社横浜銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 東京応化工業株式会社 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YD30 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD30,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100VYPO | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYPO,, |
| 訂正有価証券報告書－第107期(2023/04/01－2024/03/31) | S100VJFR | 2025-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJFR,, |
| 訂正有価証券報告書－第106期(2022/04/01－2023/03/31) | S100T655 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T655,, |
| 訂正有価証券報告書－第105期(令和3年4月1日－令和4年3月31日) | S100OO2J | 2022-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OO2J,, |
| 有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100LOTC | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOTC,, |

## 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).