Hodogaya Chemical Co., Ltd.
4112・Prime Market・Chemicals
Functional Dyes
Hodogaya Chemical's core segment. Operates organic EL materials, dyes, and imaging materials, accounting for approximately 54% of consolidated net sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment net sales (FY2026, ending March 2026) | ¥26,049 million | ¥25,141 million | ↑ |
| Segment operating income (FY2026, ending March 2026) | ¥3,512 million | ¥3,838 million | ↓ |
| Share of consolidated net sales (FY2026, ending March 2026) | approx. 54.2% | approx. 51.8% | ↑ |
| Segment assets (end of FY2026, ending March 2026) | ¥42,287 million | ¥38,171 million | ↑ |
| Depreciation (FY2026, ending March 2026) | ¥2,635 million | ¥2,385 million | ↑ |
| Increase in property, plant and equipment and intangible assets (FY2026, ending March 2026) | ¥5,084 million | ¥4,168 million | ↑ |
Business Details
This is the core segment manufacturing and selling charge control agents for toner, organic photoconductor materials, organic EL materials, bio materials, and various dyes. In addition to the Company itself, the Korean subsidiary SFC CO., LTD. handles manufacturing and sales (REXCEL CO., LTD. was excluded from consolidation in the current period). The organic EL materials business saw solid demand not only from smartphones and similar devices but also steady demand for bio materials used in PCR diagnostic kits and health functional foods. The dye materials business saw a significant increase in revenue due to increased demand for dyes for aluminum coloring, among others. The imaging materials business saw a significant decline in revenue due to reduced demand for printer-related materials caused by inventory adjustments at some customers.
Recent Overview
A significant increase in revenue from dye materials offset flat performance in organic EL materials; the segment overall saw increased revenue but decreased operating income.
Segment net sales for FY2026 (ending March 2026) increased ¥908 million (up 3.6%) year on year to ¥26,049 million. By business, the dye materials business posted a significant revenue increase due to increased demand for dyes for aluminum coloring and other products, while the organic EL materials business maintained performance roughly in line with the prior year, supported by steady demand from smartphones as well as bio materials. Meanwhile, the imaging materials business saw a significant decline in revenue due to reduced demand for printer-related materials caused by inventory adjustments at some customers. Operating income decreased by ¥326 million to ¥3,512 million from ¥3,838 million in the prior period. Note that REXCEL CO., LTD. has been excluded from the scope of consolidation in the current period.
Key Products
Growth Drivers
- Continued adoption of organic EL materials in smartphones and tablets, and expectations of demand recovery
- Continuation of the increasing demand trend in the dye materials business, including dyes for aluminum coloring
- Steady demand trends for bio materials (materials for PCR diagnostic kits and health functional foods)
- Development of new themes such as bio materials (oligonucleic acids for nucleic acid drug raw materials) and perovskite solar cell materials
- Capture of overseas demand through global expansion via SFC CO., LTD.
- Expansion of production capacity and strengthening of competitiveness through capital expenditure (¥5,084 million in FY2026, ending March 2026)
Risks
- Risk of demand fluctuations in organic EL materials: concentration and subsequent decline of demand for smartphones and tablets can significantly affect performance
- Structural contraction of the imaging materials business: long-term demand contraction due to paperless trends and similar factors continues
- Risk of customer inventory adjustments: as seen in the imaging materials business, inventory adjustments by major customers can cause significant short-term revenue declines
- Intensifying development competition with competitors: in the organic EL materials field, high performance and cost reduction are required, and competition is intense
- Foreign exchange risk: overseas operations with sales to Korea, China, North America, and Europe are affected by yen depreciation or appreciation
- Geopolitical risk: escalating tensions in the Middle East causing raw material and fuel price increases and supply chain disruptions affecting manufacturing costs
Last updated: June 22, 2026