ENVALITH
丸尾カルシウム株式会社 logo

Maruo Calcium Co., Ltd.

4102・Standard Market・Chemicals

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丸尾カルシウム株式会社 logo
Maruo Calcium Co., Ltd.4102

Business

Maruo Calcium Co., Ltd. is a calcium carbonate specialist manufacturer founded in 1926, engaged in the manufacture and sale of Compound Precipitated Calcium Carbonate (light and colloidal) and Ground Calcium Carbonate. The Group consists of its head office (Kobe City, Hyogo Prefecture), the Tsuchiyama Plant, and the Tsuchiura Plant, along with its subsidiaries Kyushu Calcium Co., Ltd. (manufacture of Ground Calcium Carbonate) and Maruo (Shanghai) Trading Co., Ltd. (sales to China). Its main applications span a wide range of fields, including synthetic resins (approximately 42% of net sales), paints (approximately 20%), exports (approximately 15%), food and feed, and rubber, and it has a diversified customer base with low dependence on any specific customer. The company is listed on the Standard Market of the Tokyo Stock Exchange.

Business Model

Of net sales of ¥12,639 million, in-house Group manufactured products (goods) account for ¥5,663 million (44.8%) and products purchased from outside the Group (merchandise) account for ¥6,975 million (55.2%). By combining in-house manufacturing with external procurement, the company expands its product lineup and supplies a diverse range of industrial customers in synthetic resin, paint, rubber, food, and other sectors. The earnings structure aims for improvement through selling price revisions and cost reductions via rationalization of the manufacturing process.

Company Strengths

Founded in 1926, the company will celebrate its 100th anniversary in 2026. Centered on its Central Research Institute (established in 1983), it has an R&D staff of 30 (12.6% of total employees), and R&D expenses for the fiscal year under review were ¥322 million. The company possesses proprietary technologies accumulated over many years, including interfacial control technology for calcium carbonate particles and precise particle shape control.

Sales by application are widely diversified: synthetic resin ¥5,298 million, paint ¥2,478 million, exports ¥1,889 million, food/feed ¥722 million, and rubber ¥798 million. No single customer accounts for more than 10% of sales, achieving a sales structure with low dependency risk on specific customers or applications.

Operating cash flow for FY2026 (ending March 2026) was ¥959 million (including depreciation of ¥588 million). Net assets stood at ¥10,291 million against total assets of ¥17,134 million, resulting in an equity ratio of approximately 60%, indicating high financial soundness. The company maintains a stable funding structure combining internal funds and borrowings from financial institutions.

ENVALITH's Perspective

Operating profit for FY2026 (ending March 2026) recovered significantly to ¥85 million from ¥5 million in the prior period, but the operating profit margin remains at just 0.7%. While the effects of price revisions and cost reductions are beginning to show, the absolute level of core business profit is extremely low relative to net sales of ¥12,639 million. The forecast for FY2027 (ending March 2026) also anticipates operating profit of ¥100 million (margin of 0.8%), indicating that structurally low profitability is expected to continue, with the risk that profit could disappear again depending on external conditions such as raw material and logistics costs.

Ordinary profit of ¥321 million for FY2026 (ending March 2026) is supported by non-operating income including dividends received of ¥127 million and foreign exchange gains of ¥26 million, resulting in a large gap versus operating profit of ¥85 million. Net profit attributable to owners of the parent of ¥293 million also includes a gain of ¥75 million from the sale of cross-shareholdings. The forecast for FY2027 (ending March 2026) anticipates a significant decline, with ordinary profit of ¥250 million (down 22.2% year on year) and net profit of ¥150 million (down 48.9% year on year), putting the company's underlying earnings power to the test once these one-time gains fall away.

For FY2026 (ending March 2026), the company implemented a dividend per share of ¥60, consisting of an ordinary dividend of ¥30 plus a 100th anniversary commemorative dividend of ¥30 (payout ratio of 43.6%). However, the forecast for FY2027 (ending March 2026) is ¥30 (ordinary dividend only), representing a halving of the dividend, and combined with the forecast for a significant decline in net profit, there are concerns about a retreat in shareholder returns. External risks such as US tariff policy, surging crude oil prices, and China's economic slowdown remain as factors that could cause results to fall short of forecasts, leaving high uncertainty as to whether the forecasts will be achieved.

Growth Strategy

The company positions AI-driven production innovation, carbon neutrality initiatives, and M&A-driven new market development as its three pillars of growth strategy.

The company is pursuing continuous revision of selling prices in response to soaring raw material and logistics costs, together with fundamental review of manufacturing processes to reduce costs. In FY2026 (ending March 2026), gross profit margin improved to 17.4% (16.8% in the previous period), securing operating profit of ¥85 million. The initiative is planned to continue in FY2027 (ending March 2027).

The company is promoting the optimization and enhancement of efficiency of production processes through the use of AI technology as a medium- to long-term strategy, aiming to improve profitability through production cost reduction and quality stabilization. At present, disclosure of specific numerical targets and progress remains limited.

M&A and business alliances aimed at developing new applications and entering new markets for calcium carbonate are positioned as a medium- to long-term strategy. The company continues to focus on growth applications such as synthetic resins (101.6% year-on-year in FY2026, ending March 2026) and rubber (101.2% year-on-year).

The company is promoting improvement of capital efficiency through the sale of investment securities (mainly policy-holding shares). In FY2026 (ending March 2026), it recorded a gain on sale of ¥75 million. The remaining balance stands at ¥4,721 million, which is still substantial, leaving room for further sales going forward.

Last updated: July 19, 2026