ENVALITH
ステラケミファ株式会社 logo

STELLA CHEMIFA CORPORATION

4109・Prime Market・Chemicals

Official website
ステラケミファ株式会社 logo
STELLA CHEMIFA CORPORATION4109

Business

Stella Chemifa is a fluoride specialist manufacturer founded in 1916, whose core products are ultra-high-purity etchants and cleaning agents that support the increasing integration of semiconductor devices. The company operates production bases at the Sanpo Plant, Izumi Plant, and Kitakyushu Plant in Sakai City, Osaka Prefecture, and also has overseas locations in Singapore and China. Its customers are mainly domestic and overseas semiconductor manufacturers, and it also expands into energy (concentrated boric acid for nuclear power), electronic materials, and general fluoride products. The group includes Blue Express, a logistics subsidiary specializing in chemical products, building an integrated supply chain from manufacturing to logistics. Consolidated net sales for FY2026 (ending March 2026) were ¥36,799 million.

Business Model

The High-Purity Chemicals segment (net sales of ¥31,786 million) accounts for approximately 86% of the total, with the manufacture and sale of ultra-high-purity chemical solutions for semiconductors forming the core of earnings. Raw materials (anhydrous hydrofluoric acid) are sourced mainly from China, refined and processed into finished products at the company's own plants, and supplied to semiconductor manufacturers. The Transportation segment (net sales of ¥4,892 million) provides chemical-specialized logistics services to both external customers and the High-Purity Chemicals business, functioning as a stable revenue source that includes intra-group net sales of ¥3,789 million.

Company Strengths

Since completing the PAS-I ultra-high-purity hydrofluoric acid clean plant for semiconductor use in 1984, the company has progressively expanded through PAS-II to PAS-IV, accumulating over 40 years of manufacturing track record. In FY2026 (ending March 2026), Semiconductor segment sales were ¥22,204 million (up 5.8% year on year), with the company expanding sales to semiconductor manufacturers both domestically and overseas on the strength of high quality and stable supply as its competitive foundation.

The company has 34 R&D staff (approximately 5% of total employees), with R&D expenses of ¥626 million in FY2026 (ending March 2026). In addition to completing improvements to high-selectivity etching solutions at the end of 2025, the company is advancing a variety of research themes in parallel, including fluorine compound nanoparticle technology, cell culture vessels, and cathode coating materials for all-solid-state lithium-ion secondary batteries, thereby building a pipeline of next-generation products.

Blue Express, a logistics subsidiary specializing in chemicals, operates an international logistics network including Singapore and China, supporting stable shipment of the High-Purity Chemicals business through intra-group sales of ¥3,789 million. The Transportation segment's operating margin improved from 9.7% in the previous period to approximately 12.0% in the current period, with the in-house integration of logistics functions also contributing to improved profitability.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales were ¥36,799 million (up 1.4% year on year), operating profit was ¥4,644 million (up 7.1%), and profit attributable to owners of parent was ¥3,058 million (up 5.7%), achieving increases in both revenue and profit across all indicators. However, compared to the sharp recovery phase of the previous fiscal year (FY2025, ended March 2025), in which net sales grew 19.2% and operating profit grew 59.4%, the pace of growth has slowed considerably, reflecting a phase in which demand growth has paused amid external factors in the semiconductor market. The forecast for FY2027 (ending March 2027) (net sales of ¥39,100 million, operating profit of ¥4,800 million) anticipates reacceleration, but the risk of tight supply and demand and soaring prices for sulfuric acid, a raw material for anhydrous hydrofluoric acid, stemming from the situation in the Middle East, has not been factored into the earnings forecast, and this downside risk warrants close monitoring.

The dividend payout ratio for FY2026 (ending March 2026) stands at a high level of 69.6% (annual dividend of ¥180, including a commemorative dividend of ¥10), but the financial base remains solid, with an equity ratio of 74.6% and cash and cash equivalents of ¥14,347 million. Under the 4th Medium-Term Management Plan (FY2026 through FY2028, ending March 2028), the company targets a cumulative total payout ratio of 100% or more over the three-year period and has set a minimum annual dividend floor of ¥170. In FY2026 (ending March 2026), the company also recorded proceeds of ¥2,058 million from the disposal of treasury shares, confirming a stance of advancing shareholder returns and growth investment (¥4,571 million in acquisition of property, plant and equipment and ¥3,603 million in acquisition of investment securities) in parallel.

Operating profit in the Transportation segment for FY2026 (ending March 2026) rose sharply to ¥1,045 million (up 31.6% year on year), with the segment profit margin improving from around 9.7% in the previous fiscal year to approximately 12.0%. Expansion of internal logistics demand linked to increased shipment volumes in the High-Purity Chemicals business (inter-segment internal net sales of ¥3,789 million) and improved profitability progressed simultaneously, creating a positive cycle in which growth in the core business boosts the profitability of the logistics business. On the other hand, a change in the estimate of asset retirement obligations at a Singapore subsidiary (an increase of ¥303 million) reduced operating profit by ¥53 million and ordinary profit by ¥63 million for the fiscal year, and the increase in overseas site costs warrants continued attention.

Growth Strategy

Under the Fourth Medium-Term Management Plan, the company is simultaneously pursuing expanded sales to the semiconductor sector, growth investments, and a total shareholder return ratio of 100% or more.

Driven by AI-related demand, the company is promoting increased sales in the semiconductor segment, focusing on overseas markets. In FY2026 (ending March 2026), semiconductor segment sales reached ¥22,204 million (up 5.8% year on year), building a solid track record, and continued sales growth is expected in the FY2027 (ending March 2027) forecast as well.

In response to rising prices of anhydrous hydrofluoric acid, the main raw material (due to yen depreciation and tight sulfuric acid supply-demand caused by conditions in the Middle East), the company is implementing price pass-throughs to sales prices to maintain profitability. Pass-throughs were also implemented in FY2026 (ending March 2026), securing operating income of ¥3,592 million (up 1.3% year on year) in the High-Purity Chemicals segment.

In FY2026 (ending March 2026), the company acquired property, plant and equipment of ¥4,571 million and investment securities of ¥3,603 million. The balance of construction in progress increased year on year to ¥5,353 million, and investment aimed at expanding production capacity for the following fiscal periods is underway.

The company aims for a cumulative total return ratio of 100% or more over the three-year period from FY2026 to FY2028 (ending March 2026 through March 2028), and has set a minimum annual dividend of ¥170. In FY2026 (ending March 2026), the company paid an annual dividend of ¥180, including a commemorative dividend of ¥10 for the 110th anniversary of its founding (dividend payout ratio of 69.6%), and also carried out disposal of treasury stock amounting to ¥2,058 million.

Last updated: July 19, 2026