# NIPPON CHUTETSUKAN K.K.: 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122期(2025/04/01－2026/03/31) (S100YKL0)
> Page: https://vizora.meequs.com/en/company/nippon-chutetsukan
> Retrieved: 2026-09-30T22:11:16.450Z

## Company

Nippon Chutetsukan, founded in 1937, is a company in Steel listed on TSE Standard. It has 389 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON CHUTETSUKAN K.K. |
| Ticker | 5612 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5612.T) |
| Listing | TSE Standard |
| Head office | 埼玉県久喜市菖蒲町昭和沼1番地 |
| Representative (per filing) | 代表取締役社長 石毛俊朗 |
| Founded | Oct 1937 |
| Share capital | ¥1.85B |
| Employees (consolidated) | 389 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.nichu.co.jp (https://www.nichu.co.jp/) |
| Corporate number | 3010001016859 |
| EDINET | E01283 |
| Industries (Vizora) | Steel, Chemicals |

> Profile source: annual securities report (S100YKL0, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.6 | 33 |
| Profitability | 15.7 | 35 |
| Cash conversion | 21 | 31 |
| Efficiency | 30 | 35 |

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 88% of Nippon Chutetsukan's sales come from Ductile cast iron related, with Plastic conduit and gas related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -5.9% from the prior year, operating profit -0.8%.

## Company structure

- Segment revenue mix: Ductile cast iron related 87.5%、Plastic conduit and gas related 12.5%
- Revenue → net income: ¥15942000000 → ¥114000000
- Net income → operating cash flow: ¥114000000 → ¥297000000（difference ¥183000000）
- Main uses of operating cash flow: CapEx ¥3362000000 / dividends ¥80000000 / buybacks —
- Change in cash: ¥973000000
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 | ¥15.9B |  |
| Operating income | ¥258M | Margin 1.6% |
| Net income | ¥91M | Margin 0.6% |
| Free cash flow | -¥3.06B |  |
| Largest business | Ductile cast iron related | of segment revenue 87.5% |
| Employees (consolidated) | 389 |  |
| EPS | ¥28.49 |  |
| Book value per share | ¥2153.44 |  |
| Equity ratio | 38.6% |  |
| Shares outstanding | 3,293,074 |  |
| Treasury shares | 80,000 |  |
| Shareholders | 4,475 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 15.1% | Cash ÷ revenue 24.3% |
| Vs. industry median margin | -1.8 pp | Steel |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, segment profit share differs by -53 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14663000000 | ¥15942000000 | +8.7% |
| Operating income | ¥695000000 | ¥258000000 | -62.9% |
| Operating margin | 4.7% | 1.6% | -3.1 pp |
| Employees | 365 people | 389 people | +6.6% |
| Cash and equivalents | ¥3678000000 | ¥3881000000 | +5.5% |

### 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 |
| --- | ---: |
| ダクタイル鋳鉄関連 → ダクタイル鋳鉄関連 | 87.5% |
| ダクタイル鋳鉄関連 → 事業再編・廃止 | 0.4% |
| 樹脂管・ガス関連 → 樹脂管・ガス関連 | 12.1% |
| 新設・再編 → 樹脂管・ガス関連 | 0.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,942 | 100.0% | S100YKL0 |
| Cost of revenue | 13,219 | 82.9% | S100YKL0 |
| Gross profit | 2,723 | 17.1% | S100YKL0 |
| SG&A | 2,464 | 15.5% | S100YKL0 |
| Operating income | 258 | 1.6% | S100YKL0 |
| Ordinary income | 215 | 1.3% | S100YKL0 |
| Pretax income | 311 | 2.0% | S100YKL0 |
| Income tax | 197 | 1.2% | S100YKL0 |
| Net income | 114 | 0.7% | S100YKL0 |
| Net income attributable to owners | 91 | 0.6% | S100YKL0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 17.1% → Operating margin 1.6% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.9%; Core profit growth: -0.8%
Operating leverage (core profit growth ÷ revenue growth): 0.13×
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 | 16,933 | 15,942 | -991 | -5.9% |
| Gross profit | 2,728 | 2,723 | -5 | -0.2% |
| Operating income | 260 | 258 | -2 | -0.8% |
| Net income attributable to owners | -230 | 91 | 321 | — |
| Operating cash flow | 142 | 297 | 155 | +109.2% |
| Free cash flow | -1,213 | -3,065 | -1,852 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,576 | 528 | 3.9% | 502 | 1,040 | 619 | S100LKRP |
| FY ending Mar 2021 | 14,663 | 695 | 4.7% | 661 | 1,040 | 453 | S100OCJD |
| FY ending Mar 2022 | 15,185 | 383 | 2.5% | 236 | 419 | -108 | S100R0R2 |
| FY ending Mar 2023 | 17,288 | 521 | 3.0% | 362 | -380 | -1,080 | S100TWOC |
| FY ending Mar 2024 | 16,859 | 860 | 5.1% | 475 | 986 | -37 | S100W8SW |
| FY ending Mar 2025 | 16,933 | 260 | 1.5% | -230 | 142 | -1,213 | S100YKL0 |
| FY ending Mar 2026 | 15,942 | 258 | 1.6% | 91 | 297 | -3,065 | S100YKL0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41M |
| Operating income per employee (consolidated) | ¥663.2K |
| Net income per employee (consolidated) | ¥233.9K |

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) | 379 | 385 | 392 | 388 | 389 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥5.9M | ¥6M | ¥5.9M |
| Average age (parent company) | 45.8 years | 46.3 years | 45.9 years | 46.6 years | 46.1 years |
| Average tenure (parent company) | 19.0 years | 19.4 years | 19.4 years | 20.3 years | 20.0 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) -5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ductile cast iron related | 13,955 | 87.5% | 87 | 0.6% |
| Plastic conduit and gas related | 1,987 | 12.5% | 168 | 8.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ductile cast iron related | 87.5% | 34.1% | -53.4 | 0.6% |
| Plastic conduit and gas related | 12.5% | 65.9% | 53.4 | 8.5% |

Segment → industry: Ductile cast iron related → Steel / Plastic conduit and gas related → Chemicals

## 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 | 297 | 1.9% | S100YKL0 |
| Capital expenditure | 3,362 | 21.1% | S100YKL0 |
| Free cash flow | -3,065 | -19.2% | 算出 |
| Investing cash flow | -3,189 | -20.0% | S100YKL0 |
| Financing cash flow | 3,865 | 24.2% | S100YKL0 |
| Dividends paid | 80 | 0.5% | S100YKL0 |
| Change in cash | 973 | 6.1% | S100YKL0 |
| Cash and equivalents | 3,881 | 24.3% | S100YKL0 |

## 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 | 3,111 | 2,194 | 3,419 | 2,908 | 3,881 | S100TWOC, S100W8SW, S100YKL0 |
| Total assets | 17,780 | 18,604 | 20,457 | 22,221 | 25,626 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Net assets | 8,392 | 8,780 | 9,771 | 9,639 | 10,265 | S100TWOC, S100W8SW, S100YKL0 |
| Share capital | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Property, plant and equipment | 4,722 | 4,977 | 5,418 | 7,247 | 8,853 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Intangible assets excluding goodwill | 243 | 234 | 307 | 469 | 462 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Investment securities | 380 | 386 | 114 | 135 | 178 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Current assets | 12,057 | 12,638 | 14,058 | 13,330 | 14,103 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Current liabilities | 5,632 | 6,249 | 7,537 | 9,168 | 10,521 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Trade payables | 2,013 | 2,103 | 1,098 | 765 | 614 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Short-term borrowings | 1,050 | 1,350 | 2,550 | 3,550 | 4,850 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Long-term borrowings | 2,000 | 2,000 | 2,000 | 2,000 | 2,630 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Total liabilities | 9,388 | 9,824 | 10,685 | 12,582 | 15,360 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Non-controlling interests | 306 | 321 | 339 | 359 | 378 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Equity attributable to owners of parent | 8,085 | 8,377 | 8,746 | 8,374 | 8,385 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Retained earnings | 6,070 | 6,362 | 6,731 | 6,359 | 6,370 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |
| Treasury stock | -105 | -105 | -105 | -106 | -106 | S100R0R2, S100TWOC, S100W8SW, S100YKL0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YKL0 |
| Property, plant and equipment | 34% | S100YKL0 |
| Intangibles and goodwill | 2% | S100YKL0 |
| Investment securities | 1% | S100YKL0 |
| Other assets | 48% | S100YKL0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YKL0 |
| Other liabilities | 58% | S100YKL0 |
| Equity | 40% | S100YKL0 |
| Other liabilities | 0% | S100YKL0 |

### 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 | 17,780 | 18,604 | 20,457 | 22,221 | 25,626 |
| Equity | 8,392 | 8,780 | 9,771 | 9,639 | 10,265 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,111 | 2,194 | 3,419 | 2,908 | 3,881 |

## 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) | 55.5% | S100YKL0 |
| Fixed assets ÷ total assets | 34.5% | S100YKL0 |
| Goodwill ÷ parent equity | — | —, S100YKL0 |

### 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) | 15.1% |
| Cash ÷ revenue | 24.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.1% |
| Cash vs. profit gap | 206 JPY mn (of net income 226.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 87.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 21.1% |
| Investing CF relative to operating CF | 1073.7% |

## 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 | 1.6% | 0.85× | 1.3% | 2.20× | 2.9% | S100R0R2 |
| 2023 | 2.1% | 0.95× | 2.0% | 2.21× | 4.4% | S100TWOC |
| 2024 | 2.8% | 0.86× | 2.4% | 2.28× | 5.5% | S100W8SW |
| 2025 | — | —× | -1.1% | —× | — | S100YKL0 |
| 2026 | 0.6% | 0.67× | 0.4% | 2.86× | 1.1% | S100YKL0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＪＦＥスチール株式会社 | Major shareholder | 29.9% | 2026-03-31 |
| 東京瓦斯株式会社 | Major shareholder | 10.4% | 2026-03-31 |
| 松田健太郎 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社Ｗ不動産 | Major shareholder | 1.9% | 2026-03-31 |
| 高城裕（常任代理人 三田証券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| 中田勇 | Major shareholder | 1.0% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| 南富俊 | Major shareholder | 0.7% | 2026-03-31 |
| 村瀬充 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YKL0 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKL0,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W8SW | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8SW,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TWOC | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWOC,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R0R2 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0R2,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OCJD | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCJD,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LKRP | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKRP,, |

## 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).