DYNIC CORPORATION
3551・Standard Market・Textiles & Apparels
Business
Dynic Corporation is a long-established materials manufacturer founded in 1919, with three core businesses: Printing & Information-Related (Thermal Transfer Ribbon (Printing Media), Film Coating Products (Printing Substrate), Moisture Removal Sheet for Organic EL (Electronic Specialty Materials), etc.), Housing & Living Environment-Related (carpets, Wall Covering Materials, Industrial Tarpaulin & Tent Fabric, etc.), and Packaging Materials-Related (food lid materials, Embossed Film for Medical Poultices, etc.). In addition to domestic manufacturing facilities, the company operates subsidiaries in Hong Kong, the United States, the United Kingdom, the Czech Republic, Singapore, Indonesia, and China, supplying products globally. Major customers span a wide range of industries including food and beverage, medical, financial, automotive, and housing, and the company maintains a diversified customer base with no customer accounting for more than 10% of consolidated net sales. Consolidated net sales for FY2026 (ending March 2026) were ¥44,227 million.
Business Model
The division's technology department and the Development Technology Center collaborate to develop and manufacture functional materials, which are supplied to customers across diverse industries through domestic and overseas sales networks. In response to rising raw material prices, profitability is maintained through continuous sales price pass-through and cost reduction activities. The structure also benefits from a weaker yen through export sales leveraging overseas subsidiaries (12 countries/regions), with management targeting an ordinary profit margin on sales of 5% or higher and improved ROE as key management indicators.
Company Strengths
Thermal Transfer Ribbon (Printing Media) (TTR) trended steadily for both domestic and overseas food packaging material applications, driving Printing & Information-Related Business net sales of ¥22,393 million (up 0.7% year on year) in FY2026 (ending March 2026). Multi-regional expansion leveraging the overseas sales network (Hong Kong, the United States, the United Kingdom, the Czech Republic, Singapore, etc.) has become a key differentiating factor versus competitors.
The moisture removal sheet "HGS," with its extremely high moisture absorption capacity, is adopted in electronic devices such as organic EL that are sensitive to moisture, and is highly regarded in overseas markets. In addition to the sheet type, the development of a paste type (curable type) has led to increased orders, and sales of water-based coatings for the conductive layer of aluminum electrolytic capacitors are also trending favorably.
Orders for Embossed Film for Medical Poultices from overseas customers trended favorably, contributing to Packaging Materials-Related Business net sales of ¥7,991 million (up 4.0% year on year) and operating profit of ¥425 million (up 4.5% year on year) in FY2026 (ending March 2026). A sales promotion structure for overseas markets has been established through collaboration with customers, and continued order expansion is expected.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥38,946 million in FY2022 (ending March 2022) to ¥44,227 million in FY2026 (ending March 2026). Operating profit bottomed out at ¥755 million in FY2023 (ending March 2023) and recovered thereafter, reaching ¥2,304 million in FY2026 (ending March 2026) (up 7.9% year on year), the highest level in the past five periods. As external factors, continued pass-through of sales prices in response to soaring raw material and fuel costs, along with the effect of yen depreciation, contributed to the improvement in profit. The equity ratio improved to 48.3% (from 43.5% in the previous fiscal year), and ROE rose significantly to 8.8% (from 5.2%). For the next fiscal year (FY2027, ending March 2027), the company forecasts revenue of ¥46,300 million and operating profit of ¥2,700 million, but net income attributable to owners of parent is expected to decrease to ¥1,960 million due to the drop-off of extraordinary gains.
Growth Strategy
Under the new medium-term plan SOLID FOUNDATION2029, the company will pursue selection and concentration, profitability improvement, and enhancement of corporate value
Thermal Transfer Ribbon (Printing Media) for food packaging applications is trending steadily both domestically and overseas. Film Coating Products (Printing Substrate) continue to perform well in eco-friendly materials for vending machines, alongside ongoing development of new applications, strengthening the earnings base of the Printing & Information-Related Business. In FY2026 (ending March 2026), segment sales of ¥22,393 million and an operating margin of 10.2% were already achieved.
The company is pursuing expanded overseas orders for Embossed Film for Medical Poultices and acquiring new customers for food lid materials and paper containers. Capital investment of ¥448 million (in FY2026, ending March 2026) continues to enhance production capacity and quality, aiming for stable growth in segment sales and profit.
In response to the structurally low profitability of Wall Covering Materials and the sluggish market conditions for Industrial Tarpaulin, the new medium-term plan "SOLID FOUNDATION2029" (starting April 2026) will pursue a review of unprofitable areas and an increase in the proportion of high-value-added products. Management resources will be concentrated on steady-performing areas such as exhibition carpets and sound-absorbing flooring materials for housing.
In FY2026 (ending March 2026), the company recorded an operating profit achievement rate of 100.2%, an ordinary profit achievement rate of 102.4%, and an ROE achievement rate of 145.8%, largely achieving its final-year targets. Starting in April 2026, the new medium-term plan SOLID FOUNDATION2029 will be launched, further strengthening sales enhancement, profitability improvement, development enhancement, and initiatives on non-financial items.
Last updated: July 19, 2026