# HARIMA CHEMICALS GROUP, INC.: 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84期(2025/04/01－2026/03/31) (S100YEIE)
> Page: https://vizora.meequs.com/en/company/harima-chemicals-group
> Retrieved: 2026-09-30T17:52:40.942Z

## Company

Harima Chemicals Group, founded in 1947, is a company in Chemicals listed on TSE Prime. It has 1,691 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HARIMA CHEMICALS GROUP,INC. |
| Ticker | 4410 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4410.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋3丁目8番4号 |
| Representative (per filing) | 代表取締役社長 長谷川吉弘 |
| Founded | Nov 1947 |
| Share capital | ¥10B |
| Employees (consolidated) | 1,691 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | harima.co.jp (https://harima.co.jp/) |
| Corporate number | 9140001043348 |
| EDINET | E01020 |
| Industries (Vizora) | Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100YEIE, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.3 | 96 |
| Profitability | 13.5 | 100 |
| Cash conversion | 79.7 | 96 |
| Efficiency | 93.5 | 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 35% of Harima Chemicals Group's sales come from Lawter, with Paper chemicals and Resins and tall oil products making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +57.6%.

## Company structure

- Segment revenue mix: Lawter 34.6%、Paper chemicals 27.7%、Resins and tall oil products 20.6%、Electronic material 13.2%、Other 3.8%
- Revenue → net income: ¥103763000000 → ¥2343000000
- Net income → operating cash flow: ¥2343000000 → ¥7859000000（difference ¥5516000000）
- Main uses of operating cash flow: CapEx ¥3630000000 / dividends ¥1020000000 / buybacks ¥0
- Change in cash: ¥1532000000
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 | ¥103.8B |  |
| Operating income | ¥3.28B | Margin 3.2% |
| Net income | ¥2.35B | Margin 2.3% |
| Free cash flow | ¥4.23B |  |
| Largest business | Lawter | of segment revenue 34.6% |
| Employees (consolidated) | 1,691 |  |
| EPS | ¥39.36 |  |
| Book value per share | ¥979.86 |  |
| Equity ratio | 39.7% |  |
| Shares outstanding | 26,080,000 |  |
| Treasury shares | 1,770,200 |  |
| Shareholders | 11,026 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 6.0% |
| Vs. industry median margin | -4.4 pp | Chemicals |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.4× net income
- FY2026, employees 0% while operating income rose 58%
- FY2026, segment profit share differs by -34 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥62850813000 | ¥103763000000 | +65.1% |
| Operating income | ¥1576854000 | ¥3283000000 | +108.2% |
| Operating margin | 2.5% | 3.2% | +0.7 pp |
| Employees | 1,427 people | 1,691 people | +18.5% |
| Cash and equivalents | ¥3421540000 | ¥6177000000 | +80.5% |

### 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 |
| --- | ---: |
| 樹脂・化成品 → 樹脂・化成品 | 20.6% |
| 樹脂・化成品 → 事業再編・廃止 | 2.9% |
| 製紙用薬品 → 製紙用薬品 | 27.7% |
| 製紙用薬品 → 事業再編・廃止 | 1.7% |
| 電子材料 → 電子材料 | 8.0% |
| ローター → ローター | 34.6% |
| ローター → 事業再編・廃止 | 2.1% |
| その他 → その他 | 2.4% |
| 新設・再編 → 電子材料 | 5.3% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lawter | 5 years | +9.3% | ¥35931000000 | 0.1% | 2 |
| Paper chemicals | 5 years | +9.2% | ¥28716000000 | 8.8% | 2 |
| Resins and tall oil products | 5 years | +7.7% | ¥21420000000 | 7.0% | 2 |
| Electronic material | 5 years | +22.3% | ¥13718000000 | 2.7% | 2 |
| Other | 5 years | +20.9% | ¥3946000000 | -0.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 103,763 | 100.0% | S100YEIE |
| Cost of revenue | 80,823 | 77.9% | S100YEIE |
| Gross profit | 22,939 | 22.1% | S100YEIE |
| SG&A | 19,656 | 18.9% | S100YEIE |
| Operating income | 3,283 | 3.2% | S100YEIE |
| Ordinary income | 2,996 | 2.9% | S100YEIE |
| Pretax income | 3,174 | 3.1% | S100YEIE |
| Income tax | 831 | 0.8% | S100YEIE |
| Net income | 2,343 | 2.3% | S100YEIE |
| Net income attributable to owners | 2,345 | 2.3% | S100YEIE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 19 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 22.1% → Operating margin 3.2% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +57.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 21.11×
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 | 101,006 | 103,763 | 2,757 | +2.7% |
| Gross profit | 21,795 | 22,939 | 1,144 | +5.2% |
| Operating income | 2,083 | 3,283 | 1,200 | +57.6% |
| Net income attributable to owners | 763 | 2,345 | 1,582 | +207.3% |
| Operating cash flow | 6,145 | 7,859 | 1,714 | +27.9% |
| Free cash flow | 639 | 4,229 | 3,590 | +561.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 71,799 | 3,753 | 5.2% | 2,218 | 6,187 | 2,525 | S100LKW8 |
| FY ending Mar 2021 | 62,851 | 1,577 | 2.5% | 1,091 | 3,008 | 713 | S100OD8Y |
| FY ending Mar 2022 | 76,093 | 3,251 | 4.3% | 1,746 | 2,833 | -23 | S100R3XU |
| FY ending Mar 2023 | 94,510 | 1,706 | 1.8% | 885 | -466 | -4,795 | S100TP5L |
| FY ending Mar 2024 | 92,330 | -211 | -0.2% | -1,161 | 353 | -3,075 | S100W57W |
| FY ending Mar 2025 | 101,006 | 2,083 | 2.1% | 763 | 6,145 | 639 | S100YEIE |
| FY ending Mar 2026 | 103,763 | 3,283 | 3.2% | 2,345 | 7,859 | 4,229 | S100YEIE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.4M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 1,523 | 1,710 | 1,734 | 1,695 | 1,691 |
| Average salary (parent company) | ¥7.9M | ¥7.3M | ¥7.7M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 45.6 years | 46.3 years | 45.6 years | 45.6 years | 46.6 years |
| Average tenure (parent company) | 14.8 years | 15.4 years | 15.9 years | 16.3 years | 17.0 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Resins and tall oil products | 21,420 | 20.6% | 1,489 | 7.0% |
| Paper chemicals | 28,716 | 27.7% | 2,538 | 8.8% |
| Electronic material | 13,718 | 13.2% | 374 | 2.7% |
| Lawter | 35,931 | 34.6% | 38 | 0.1% |
| Other | 3,946 | 3.8% | -9 | -0.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Resins and tall oil products | 20.6% | 33.5% | 12.9 | 7.0% |
| Paper chemicals | 27.7% | 57.2% | 29.5 | 8.8% |
| Electronic material | 13.2% | 8.4% | -4.8 | 2.7% |
| Lawter | 34.6% | 0.9% | -33.8 | 0.1% |
| Other | 3.8% | — | — | -0.2% |

Loss-making segment (excluded from profit shares): Other -9 JPY mn

Segment → industry: Lawter → Chemicals / Electronic material → Chemicals / Paper chemicals → Chemicals / Resins and tall oil products → Chemicals / Electronic material → Semiconductor Materials

## 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 | 7,859 | 7.6% | S100YEIE |
| Capital expenditure | 3,630 | 3.5% | S100YEIE |
| Free cash flow | 4,229 | 4.1% | 算出 |
| Investing cash flow | -1,712 | -1.6% | S100YEIE |
| Financing cash flow | -4,853 | -4.7% | S100YEIE |
| Dividends paid | 1,020 | 1.0% | S100YEIE |
| Share buyback | 0 | 0.0% | S100YEIE |
| Change in cash | 1,532 | 1.5% | S100YEIE |
| Cash and equivalents | 6,177 | 6.0% | S100YEIE |

## 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 | 5,338 | 6,218 | 6,633 | 4,645 | 6,177 | S100TP5L, S100W57W, S100YEIE |
| Total assets | 78,905 | 92,439 | 98,583 | 100,044 | 102,886 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Net assets | 40,104 | 40,820 | 40,881 | 38,010 | 41,506 | S100TP5L, S100W57W, S100YEIE |
| Share capital | 10,013 | 10,012 | 10,012 | 10,012 | 10,012 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Trade receivables | 20,148 | 22,313 | 21,846 | 20,812 | 20,668 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Property, plant and equipment | 23,402 | 27,118 | 28,498 | 32,383 | 33,783 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Intangible assets excluding goodwill | 713 | 5,227 | 4,985 | 4,690 | 4,389 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Investment securities | 8,863 | 8,966 | 9,992 | 9,292 | 9,466 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Current assets | 44,238 | 49,791 | 53,588 | 52,143 | 53,371 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Current liabilities | 23,150 | 41,656 | 47,690 | 45,878 | 40,960 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Trade payables | 10,586 | 10,292 | 10,725 | 10,980 | 9,326 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Short-term borrowings | 7,725 | 18,349 | 29,925 | 28,071 | 20,976 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Long-term borrowings | 12,662 | 6,185 | 6,200 | 11,743 | 15,887 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Total liabilities | 38,801 | 51,618 | 57,702 | 62,033 | 61,380 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Non-controlling interests | 3,363 | 3,717 | 3,663 | 677 | 706 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Equity attributable to owners of parent | 37,936 | 36,983 | 34,832 | 33,456 | 34,818 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Retained earnings | 19,128 | 19,015 | 16,836 | 16,561 | 17,887 | S100R3XU, S100TP5L, S100W57W, S100YEIE |
| Treasury stock | -965 | -1,793 | -1,760 | -1,727 | -1,690 | S100R3XU, S100TP5L, S100W57W, S100YEIE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YEIE |
| Receivables | 20% | S100YEIE |
| Property, plant and equipment | 33% | S100YEIE |
| Intangibles and goodwill | 4% | S100YEIE |
| Investment securities | 9% | S100YEIE |
| Other assets | 28% | S100YEIE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YEIE |
| Other liabilities | 51% | S100YEIE |
| Equity | 40% | S100YEIE |

### 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 | 78,905 | 92,439 | 98,583 | 100,044 | 102,886 |
| Equity | 40,104 | 40,820 | 40,881 | 38,010 | 41,506 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,338 | 6,218 | 6,633 | 4,645 | 6,177 |

## 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) | 32.6% | S100YEIE |
| Fixed assets ÷ total assets | 32.8% | S100YEIE |
| Goodwill ÷ parent equity | — | —, S100YEIE |

### 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) | 6.0% |
| Cash ÷ revenue | 6.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 239.4% |
| Cash vs. profit gap | 5,514 JPY mn (of net income 235.1%) |
| Shareholder returns / net income | 43.5% |
| Shareholder returns / FCF | 24.1% |
| Shareholder payments — dividends / net income | 43.5% |
| Shareholder payments — dividends / FCF | 24.1% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 21.8% |

## 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 | 2.3% | 0.96× | 2.2% | 2.08× | 4.6% | S100R3XU |
| 2023 | 0.9% | 1.10× | 1.0% | 2.29× | 2.4% | S100TP5L |
| 2024 | — | —× | -1.2% | —× | — | S100W57W |
| 2025 | 0.8% | 1.02× | 0.8% | 2.91× | 2.2% | S100YEIE |
| 2026 | 2.3% | 1.02× | 2.3% | 2.97× | 6.9% | S100YEIE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長谷川興産株式会社 | Major shareholder | 12.0% | 2026-03-31 |
| 松川株式会社 | 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 | 7.3% | 2026-03-31 |
| ハリマ化成共栄会 | Major shareholder | 6.2% | 2026-03-31 |
| 兵庫県信用農業協同組合連合会 | Major shareholder | 4.2% | 2026-03-31 |
| 公益財団法人松籟科学技術振興財団 | Major shareholder | 4.0% | 2026-03-31 |
| 有限会社松籟 | Major shareholder | 3.8% | 2026-03-31 |
| ハリマ化成従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YEIE | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEIE,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W57W | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W57W,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TP5L | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP5L,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R3XU | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3XU,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OD8Y | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD8Y,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LKW8 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKW8,, |

## 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).