# SHINAGAWA REFRA 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192期(2025/04/01－2026/03/31) (S100YFV6)
> Page: https://vizora.meequs.com/en/company/shinagawa-refra
> Retrieved: 2026-09-30T21:40:43.758Z

## Company

Shinagawa Refra, founded in 1884, is a company in Glass & Ceramics listed on TSE Prime. It has 9,089 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINAGAWA REFRA CO.,LTD. (旧英訳名 SHINAGAWA REFRACTORIES CO.,LTD.) (注)2025年6月26日開催の第191回定時株主総会の決議により、2025年10月1日から会社名及び英訳名を上記のとおり変更いたしました。 |
| Ticker | 5351 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5351.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目7番12号 |
| Representative (per filing) | 代表取締役社長 藤原 弘之 |
| Founded | Sep 1884 |
| Share capital | ¥3.3B |
| Employees (consolidated) | 9,089 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.shinagawa.co.jp (https://www.shinagawa.co.jp/) |
| Corporate number | 9010001008685 |
| EDINET | E01146 |
| Industries (Vizora) | Glass & Ceramics, Semiconductor Equipment, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YFV6, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.2 | 17 |
| Profitability | 26.5 | 17 |
| Cash conversion | 40.6 | 16 |
| Efficiency | 85.3 | 17 |

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 62% of Shinagawa Refra's sales come from Refractories, with Engineering and Insulations making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +23.4% from the prior year, operating profit +2.5%.

## Company structure

- Segment revenue mix: Refractories 62.3%、Engineering 25.7%、Insulations 9.2%、Advanced Device and Material 2.3%、Other 0.4%
- Revenue → net income: ¥177738000000 → ¥26225000000
- Net income → operating cash flow: ¥26225000000 → ¥13861000000（difference ¥-12364000000）
- Main uses of operating cash flow: CapEx ¥10188000000 / dividends ¥4105000000 / buybacks ¥0
- Change in cash: ¥-416000000
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 | ¥177.7B |  |
| Operating income | ¥13.6B | Margin 7.7% |
| Net income | ¥26.1B | Margin 14.7% |
| Free cash flow | ¥3.67B |  |
| Largest business | Refractories | of segment revenue 62.3% |
| Employees (consolidated) | 9,089 |  |
| EPS | ¥686.56 |  |
| Book value per share | ¥2166.61 |  |
| Equity ratio | 46.1% |  |
| Shares outstanding | 47,146,000 |  |
| Treasury shares | 1,513,700 |  |
| Shareholders | 10,713 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 11.3% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | -3.3 pp | Glass & Ceramics |
| ROE | 29.9% | Derived from disclosed figures |
| ROA | 12.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥99969000000 | ¥177738000000 | +77.8% |
| Operating income | ¥7285000000 | ¥13609000000 | +86.8% |
| Operating margin | 7.3% | 7.7% | +0.4 pp |
| Employees | 2,836 people | 9,089 people | +220.5% |
| Cash and equivalents | ¥15564000000 | ¥26213000000 | +68.4% |

### 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 |
| --- | ---: |
| 耐火物及び関連製品 → 事業再編・廃止 | 76.7% |
| 不動産・レジャー等 → 事業再編・廃止 | 1.8% |
| エンジニアリング → エンジニアリング | 21.5% |
| 新設・再編 → 耐火物 | 62.3% |
| 新設・再編 → 断熱材 | 9.2% |
| 新設・再編 → 先端機材 | 2.3% |
| 新設・再編 → エンジニアリング | 4.2% |
| 新設・再編 → その他 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Refractories | 3 years | +11.2% | ¥110803000000 | 7.7% | 2 |
| Engineering | 5 years | +16.3% | ¥45668000000 | 5.9% | 2 |
| Insulations | 3 years | -0.9% | ¥16418000000 | 15.1% | 2 |
| Advanced Device and Material | 2 years | +8.9% | ¥4098000000 | -2.8% | 2 |
| Other | 3 years | -5.2% | ¥750000000 | -5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 177,738 | 100.0% | S100YFV6 |
| Cost of revenue | 134,748 | 75.8% | S100YFV6 |
| Gross profit | 42,990 | 24.2% | S100YFV6 |
| SG&A | 29,380 | 16.5% | S100YFV6 |
| Operating income | 13,609 | 7.7% | S100YFV6 |
| Ordinary income | 15,986 | 9.0% | S100YFV6 |
| Pretax income | 43,368 | 24.4% | S100YFV6 |
| Income tax | 17,143 | 9.6% | S100YFV6 |
| Net income | 26,225 | 14.8% | S100YFV6 |
| Net income attributable to owners | 26,071 | 14.7% | S100YFV6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 24.2% → Operating margin 7.7% → Net margin 14.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.4%; Core profit growth: +2.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.11×
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 | 144,072 | 177,738 | 33,666 | +23.4% |
| Gross profit | 35,143 | 42,990 | 7,847 | +22.3% |
| Operating income | 13,278 | 13,609 | 331 | +2.5% |
| Net income attributable to owners | 9,778 | 26,071 | 16,293 | +166.6% |
| Operating cash flow | 13,104 | 13,861 | 757 | +5.8% |
| Free cash flow | 6,521 | 3,673 | -2,848 | -43.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 118,973 | 9,597 | 8.1% | 5,550 | 7,769 | 3,430 | S100LURW |
| FY ending Mar 2021 | 99,969 | 7,285 | 7.3% | 2,114 | 9,327 | 5,009 | S100OKT7 |
| FY ending Mar 2022 | 110,784 | 10,107 | 9.1% | 5,308 | 9,494 | 5,957 | S100R7JT |
| FY ending Mar 2023 | 124,963 | 10,844 | 8.7% | 8,307 | 10,281 | 5,288 | S100TUMW |
| FY ending Mar 2024 | 144,175 | 13,887 | 9.6% | 15,280 | 11,753 | 6,127 | S100W6X8 |
| FY ending Mar 2025 | 144,072 | 13,278 | 9.2% | 9,778 | 13,104 | 6,521 | S100YFV6 |
| FY ending Mar 2026 | 177,738 | 13,609 | 7.7% | 26,071 | 13,861 | 3,673 | S100YFV6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.6M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 2,817 | 3,340 | 3,373 | 3,732 | 9,089 |
| Average salary (parent company) | ¥5.8M | ¥6.1M | ¥6.4M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 42.7 years | 43.7 years | 44.2 years | 44.4 years | 44.7 years |
| Average tenure (parent company) | 17.0 years | 17.4 years | 17.8 years | 17.7 years | 17.3 years |

Year over year: Employees (consolidated) +143.5% · Revenue (consolidated) +23.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Refractories | 110,803 | 62.3% | 8,575 | 7.7% |
| Insulations | 16,418 | 9.2% | 2,480 | 15.1% |
| Advanced Device and Material | 4,098 | 2.3% | -115 | -2.8% |
| Engineering | 45,668 | 25.7% | 2,714 | 5.9% |
| Other | 750 | 0.4% | -39 | -5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Refractories | 62.3% | 62.3% | -0.1 | 7.7% |
| Insulations | 9.2% | 18.0% | 8.8 | 15.1% |
| Advanced Device and Material | 2.3% | — | — | -2.8% |
| Engineering | 25.7% | 19.7% | -6.0 | 5.9% |
| Other | 0.4% | — | — | -5.2% |

Loss-making segment (excluded from profit shares): Advanced Device and Material -115 JPY mn

Loss-making segment (excluded from profit shares): Other -39 JPY mn

Segment → industry: Advanced Device and Material → Glass & Ceramics / Insulations → Glass & Ceramics / Refractories → Glass & Ceramics / Advanced Device and Material → Semiconductor Equipment / Engineering → Plant Engineering & Building Services

## 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 | 13,861 | 7.8% | S100YFV6 |
| Capital expenditure | 10,188 | 5.7% | S100YFV6 |
| Free cash flow | 3,673 | 2.1% | 算出 |
| Investing cash flow | 10,785 | 6.1% | S100YFV6 |
| Financing cash flow | -26,050 | -14.7% | S100YFV6 |
| Dividends paid | 4,105 | 2.3% | S100YFV6 |
| Share buyback | 0 | 0.0% | S100YFV6 |
| Change in cash | -416 | -0.2% | S100YFV6 |
| Cash and equivalents | 26,213 | 14.7% | S100YFV6 |

## 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 | 16,763 | 18,197 | 21,305 | 26,629 | 26,213 | S100TUMW, S100W6X8, S100YFV6 |
| Total assets | 119,710 | 143,901 | 155,137 | 195,214 | 231,818 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Net assets | 63,239 | 71,425 | 86,967 | 93,828 | 115,925 | S100TUMW, S100W6X8, S100YFV6 |
| Share capital | 3,300 | 3,300 | 3,300 | 3,300 | 3,300 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Property, plant and equipment | 29,328 | 35,357 | 37,516 | 46,637 | 46,935 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Intangible assets excluding goodwill | 741 | 4,563 | 5,224 | 28,082 | 49,065 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Goodwill | — | 1,119 | 1,603 | 14,957 | 28,139 | S100TUMW, S100W6X8, S100YFV6 |
| Investment securities | 7,148 | 8,397 | 9,752 | 9,222 | 12,983 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Current assets | 78,740 | 91,680 | 97,566 | 106,964 | 117,376 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Current liabilities | 39,400 | 55,422 | 53,488 | 57,957 | 66,746 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Trade payables | 15,274 | 19,610 | 18,097 | 20,671 | 19,361 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Short-term borrowings | 10,360 | 22,066 | 19,122 | 24,854 | 16,622 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Long-term borrowings | 12,416 | 11,957 | 8,567 | 32,602 | 22,391 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Total liabilities | 56,470 | 72,475 | 68,170 | 101,386 | 115,892 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Non-controlling interests | 3,069 | 3,310 | 3,542 | 4,830 | 8,985 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Equity attributable to owners of parent | 58,301 | 64,840 | 75,432 | 81,597 | 92,652 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Retained earnings | 54,847 | 61,330 | 74,178 | 80,264 | 91,737 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |
| Treasury stock | -265 | -245 | -2,496 | -2,432 | -2,385 | S100R7JT, S100TUMW, S100W6X8, S100YFV6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YFV6 |
| Property, plant and equipment | 20% | S100YFV6 |
| Intangibles and goodwill | 33% | S100YFV6 |
| Investment securities | 6% | S100YFV6 |
| Other assets | 30% | S100YFV6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YFV6 |
| Other liabilities | 42% | S100YFV6 |
| Equity | 50% | S100YFV6 |
| Other liabilities | 0% | S100YFV6 |

### 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 | 119,710 | 143,901 | 155,137 | 195,214 | 231,818 |
| Equity | 63,239 | 71,425 | 86,967 | 93,828 | 115,925 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,763 | 18,197 | 21,305 | 26,629 | 26,213 |

## 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) | 26.4% | S100YFV6 |
| Fixed assets ÷ total assets | 20.2% | S100YFV6 |
| Goodwill ÷ parent equity | 30.4% | S100YFV6 |

### 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) | 11.3% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.9% |
| Cash vs. profit gap | -12,210 JPY mn (of net income -46.8%) |
| Shareholder returns / net income | 15.7% |
| Shareholder returns / FCF | 111.8% |
| Shareholder payments — dividends / net income | 15.7% |
| Shareholder payments — dividends / FCF | 111.8% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 77.8% |

## 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 | 4.8% | 0.93× | 4.4% | 2.05× | 9.1% | S100R7JT |
| 2023 | 6.6% | 0.95× | 6.3% | 2.14× | 13.5% | S100TUMW |
| 2024 | 10.6% | 0.96× | 10.2% | 2.13× | 21.8% | S100W6X8 |
| 2025 | 6.8% | 0.82× | 5.6% | 2.23× | 12.5% | S100YFV6 |
| 2026 | 14.7% | 0.83× | 12.2% | 2.45× | 29.9% | S100YFV6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＪＦＥスチール株式会社 | Major shareholder | 34.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社神戸製鋼所 | Major shareholder | 3.9% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 品川リフラ社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第192期(2025/04/01－2026/03/31) | S100YFV6 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFV6,, |
| 有価証券報告書－第191期(2024/04/01－2025/03/31) | S100W6X8 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6X8,, |
| 有価証券報告書－第190期(2023/04/01－2024/03/31) | S100TUMW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUMW,, |
| 有価証券報告書－第189期(2022/04/01－2023/03/31) | S100R7JT | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7JT,, |
| 有価証券報告書－第188期(令和3年4月1日－令和4年3月31日) | S100OKT7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKT7,, |
| 有価証券報告書－第187期(令和2年4月1日－令和3年3月31日) | S100LURW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LURW,, |

## 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).