# ISHIHARA CHEMICAL 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88期(2025/04/01－2026/03/31) (S100YHRO)
> Page: https://vizora.meequs.com/en/company/ishihara-chemical
> Retrieved: 2026-09-30T23:31:03.874Z

## Company

Ishihara Chemical, founded in 1925, is a company in Car Accessories listed on TSE Prime. It has 292 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ISHIHARA CHEMICAL CO.,LTD. |
| Ticker | 4462 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4462.T) |
| Listing | TSE Prime |
| Head office | 神戸市兵庫区西柳原町5番26号 |
| Representative (per filing) | 代表取締役社長 藤本昭彦 |
| Founded | Apr 1925 |
| Share capital | ¥1.98B |
| Employees (consolidated) | 292 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.unicon.co.jp (https://www.unicon.co.jp/) |
| Corporate number | 7140001012494 |
| EDINET | E00804 |
| Industries (Vizora) | Car Accessories, Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100YHRO, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.6 | 23 |
| Profitability | 52.1 | 24 |
| Cash conversion | 22.9 | 24 |
| Efficiency | 89.6 | 24 |

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 55% of Ishihara Chemical's sales come from Plating chemicals and automatic control equipment for chemicals, with Inorganic compounds and fine chemicals and Automotive chemicals for aftermarket making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit +13.0%.

## Company structure

- Segment revenue mix: Plating chemicals and automatic control equipment for chemicals 55.3%、Inorganic compounds and fine chemicals 24.2%、Automotive chemicals for aftermarket 16.5%、Electronic materials 3.9%
- Revenue → net income: ¥23450309000 → ¥2969296000
- Net income → operating cash flow: ¥2969296000 → ¥3270676000（difference ¥301380000）
- Main uses of operating cash flow: CapEx ¥665043000 / dividends ¥573066000 / buybacks ¥81000
- Change in cash: ¥2636830000
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 | ¥23.5B |  |
| Operating income | ¥3.84B | Margin 16.4% |
| Net income | ¥2.97B | Margin 12.7% |
| Free cash flow | ¥2.61B |  |
| Largest business | Plating chemicals and automatic control equipment for chemicals | of segment revenue 55.3% |
| Employees (consolidated) | 292 |  |
| EPS | ¥225.87 |  |
| Book value per share | ¥1814.81 |  |
| Equity ratio | 82.4% |  |
| Shares outstanding | 15,153,000 |  |
| Treasury shares | 1,488,000 |  |
| Shareholders | 4,454 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 28.0% | Cash ÷ revenue 35.8% |
| Vs. industry median margin | +8.9 pp | Chemicals |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16967382000 | ¥23450309000 | +38.2% |
| Operating income | ¥1705613000 | ¥3841625000 | +125.2% |
| Operating margin | 10.1% | 16.4% | +6.3 pp |
| Employees | 263 people | 292 people | +11.0% |
| Cash and equivalents | ¥4145909000 | ¥8394270000 | +102.5% |

### 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 |
| --- | ---: |
| 金属表面処理剤及び機器等 → 金属表面処理剤及び機器等 | 53.5% |
| 電子材料 → 電子材料 | 3.8% |
| 自動車用化学製品等 → 自動車用化学製品等 | 16.5% |
| 自動車用化学製品等 → 事業再編・廃止 | 0.5% |
| 工業薬品 → 工業薬品 | 24.2% |
| 工業薬品 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 金属表面処理剤及び機器等 | 1.8% |
| 新設・再編 → 電子材料 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Plating chemicals and automatic control equipment for chemicals | 5 years | +7.4% | ¥12959929000 | 23.0% | 2 |
| Inorganic compounds and fine chemicals | 5 years | +5.4% | ¥5686303000 | 3.8% | 2 |
| Automotive chemicals for aftermarket | 5 years | +6.1% | ¥3878132000 | 24.1% | 2 |
| Electronic materials | 5 years | +7.7% | ¥925942000 | 4.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,450 | 100.0% | S100YHRO |
| Cost of revenue | 14,829 | 63.2% | S100YHRO |
| Gross profit | 8,621 | 36.8% | S100YHRO |
| SG&A | 4,779 | 20.4% | S100YHRO |
| Operating income | 3,842 | 16.4% | S100YHRO |
| Ordinary income | 3,995 | 17.0% | S100YHRO |
| Pretax income | 4,152 | 17.7% | S100YHRO |
| Income tax | 1,183 | 5.0% | S100YHRO |
| Net income | 2,969 | 12.7% | S100YHRO |
| Net income attributable to owners | 2,969 | 12.7% | S100YHRO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 20 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 36.8% → Operating margin 16.4% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.8%; Core profit growth: +13.0%
Operating leverage (core profit growth ÷ revenue growth): -17.01×
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 | 23,630 | 23,450 | -180 | -0.8% |
| Gross profit | 8,006 | 8,621 | 615 | +7.7% |
| Operating income | 3,401 | 3,842 | 441 | +13.0% |
| Net income attributable to owners | 2,465 | 2,969 | 504 | +20.4% |
| Operating cash flow | 3,591 | 3,271 | -321 | -8.9% |
| Free cash flow | 2,961 | 2,606 | -355 | -12.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,786 | 1,447 | 8.6% | 1,050 | 749 | -928 | S100LPSL |
| FY ending Mar 2021 | 16,967 | 1,706 | 10.1% | 1,505 | 2,410 | 1,836 | S100OJY1 |
| FY ending Mar 2022 | 19,037 | 2,355 | 12.4% | 2,050 | 1,787 | 1,554 | S100R8KE |
| FY ending Mar 2023 | 20,345 | 2,139 | 10.5% | 1,685 | 947 | 538 | S100TU48 |
| FY ending Mar 2024 | 20,705 | 2,329 | 11.2% | 1,907 | 1,845 | 1,132 | S100W3FK |
| FY ending Mar 2025 | 23,630 | 3,401 | 14.4% | 2,465 | 3,591 | 2,961 | S100YHRO |
| FY ending Mar 2026 | 23,450 | 3,842 | 16.4% | 2,969 | 3,271 | 2,606 | S100YHRO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.3M |
| Operating income per employee (consolidated) | ¥13.2M |
| Net income per employee (consolidated) | ¥10.2M |

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) | 271 | 273 | 274 | 280 | 292 |
| Average salary (parent company) | ¥6.5M | ¥6.3M | ¥6.3M | ¥6.7M | ¥6.5M |
| Average age (parent company) | 39.6 years | 39.8 years | 39.3 years | 39.1 years | 38.9 years |
| Average tenure (parent company) | 13.3 years | 13.5 years | 13.2 years | 12.9 years | 12.4 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) -0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Plating chemicals and automatic control equipment for chemicals | 12,960 | 55.3% | 2,977 | 23.0% |
| Electronic materials | 926 | 3.9% | 44 | 4.8% |
| Automotive chemicals for aftermarket | 3,878 | 16.5% | 936 | 24.1% |
| Inorganic compounds and fine chemicals | 5,686 | 24.2% | 216 | 3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Plating chemicals and automatic control equipment for chemicals | 55.3% | 71.3% | 16.1 | 23.0% |
| Electronic materials | 3.9% | 1.1% | -2.9 | 4.8% |
| Automotive chemicals for aftermarket | 16.5% | 22.4% | 5.9 | 24.1% |
| Inorganic compounds and fine chemicals | 24.2% | 5.2% | -19.1 | 3.8% |

Segment → industry: Automotive chemicals for aftermarket → Car Accessories / Inorganic compounds and fine chemicals → Chemicals / Electronic materials → Chemicals / Plating chemicals and automatic control equipment for chemicals → Chemicals / Electronic materials → Semiconductor Materials / Plating chemicals and automatic control equipment for chemicals → 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 | 3,271 | 13.9% | S100YHRO |
| Capital expenditure | 665 | 2.8% | S100YHRO |
| Free cash flow | 2,606 | 11.1% | 算出 |
| Investing cash flow | -119 | -0.5% | S100YHRO |
| Financing cash flow | -592 | -2.5% | S100YHRO |
| Dividends paid | 573 | 2.4% | S100YHRO |
| Share buyback | 0 | 0.0% | S100YHRO |
| Change in cash | 2,637 | 11.2% | S100YHRO |
| Cash and equivalents | 8,394 | 35.8% | S100YHRO |

## 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 | 4,480 | 4,963 | 5,652 | 5,757 | 8,394 | S100TU48, S100W3FK, S100YHRO |
| Total assets | 25,885 | 26,505 | 27,918 | 26,997 | 30,009 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Net assets | 21,495 | 21,900 | 23,107 | 21,899 | 24,727 | S100TU48, S100W3FK, S100YHRO |
| Share capital | 1,981 | 1,981 | 1,981 | 1,981 | 1,981 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Property, plant and equipment | 5,570 | 5,500 | 5,784 | 5,662 | 5,765 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Intangible assets excluding goodwill | 81 | 71 | 52 | 282 | 235 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Investment securities | 7,304 | 6,274 | 6,265 | 4,086 | 2,428 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Current assets | 11,882 | 13,603 | 14,744 | 15,832 | 20,617 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Current liabilities | 3,714 | 3,926 | 4,082 | 4,364 | 4,231 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Trade payables | 1,701 | 1,952 | 1,968 | 1,970 | 1,930 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Total liabilities | 4,390 | 4,605 | 4,811 | 5,098 | 5,283 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Equity attributable to owners of parent | 20,741 | 21,269 | 22,325 | 21,154 | 23,566 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Retained earnings | 17,150 | 18,357 | 19,280 | 19,224 | 21,619 | S100R8KE, S100TU48, S100W3FK, S100YHRO |
| Treasury stock | -684 | -1,363 | -1,191 | -2,306 | -2,293 | S100R8KE, S100TU48, S100W3FK, S100YHRO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YHRO |
| Property, plant and equipment | 19% | S100YHRO |
| Intangibles and goodwill | 1% | S100YHRO |
| Investment securities | 8% | S100YHRO |
| Other assets | 44% | S100YHRO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YHRO |
| Other liabilities | 11% | S100YHRO |
| Equity | 82% | S100YHRO |
| Other liabilities | 0% | S100YHRO |

### 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 | 25,885 | 26,505 | 27,918 | 26,997 | 30,009 |
| Equity | 21,495 | 21,900 | 23,107 | 21,899 | 24,727 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,480 | 4,963 | 5,652 | 5,757 | 8,394 |

## 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) | 24.6% | S100YHRO |
| Fixed assets ÷ total assets | 19.2% | S100YHRO |
| Goodwill ÷ parent equity | — | —, S100YHRO |

### 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) | 28.0% |
| Cash ÷ revenue | 35.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.1% |
| Cash vs. profit gap | 301 JPY mn (of net income 10.1%) |
| Shareholder returns / net income | 19.3% |
| Shareholder returns / FCF | 22.0% |
| Shareholder payments — dividends / net income | 19.3% |
| Shareholder payments — dividends / FCF | 22.0% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 3.7% |

## 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 | 10.8% | 0.74× | 7.9% | 1.25× | 9.9% | S100R8KE |
| 2023 | 8.3% | 0.78× | 6.4% | 1.25× | 8.0% | S100TU48 |
| 2024 | 9.2% | 0.76× | 7.0% | 1.25× | 8.7% | S100W3FK |
| 2025 | 10.4% | 0.86× | 9.0% | 1.26× | 11.3% | S100YHRO |
| 2026 | 12.7% | 0.82× | 10.4% | 1.27× | 13.3% | S100YHRO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石原ケミカル取引先持株会 | Major shareholder | 8.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.8% | 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 | 5.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.5% | 2026-03-31 |
| NOMURA CUSTODY NOMINEES LIMITEDOMNIBUS-FULLY PAID(CASHPB)(常任代理人野村證券株式会社) | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 山下 英利 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社池田泉州銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YHRO | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHRO,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W3FK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3FK,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TU48 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU48,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R8KE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8KE,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OJY1 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJY1,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LPSL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSL,, |

## 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).