AICA KOGYO CO.,LTD.
4206・Prime Market・Chemicals
Business
Founded in 1936, Aica Kogyo is a chemical and building materials manufacturer operating two segments: Chemical Products (exterior and interior finishing coatings, floor coating materials, various adhesives, organic microparticles, etc.) and Interior & Building Materials (Melamine Decorative Board, non-combustible decorative board, housing equipment materials, etc.). Domestically, the company supplies products to both the construction and non-construction sectors, and holds the No.1 domestic market share in Melamine Decorative Board. Overseas, it has formed a global group centered on Southeast Asia, China, India, and Oceania, comprising 51 subsidiaries and 3 affiliated companies. In FY2026 (ending March 2026), net sales reached ¥251,764 million, with the overseas sales ratio reaching 45.8%. Major customers span a wide range, including construction and renovation contractors, furniture and woodworking manufacturers, and electronic materials and automotive manufacturers.
Business Model
The company's core model is manufacturing-to-direct-sales, in which it handles everything in-house from production at its own factories through to sales. In the Interior & Building Materials segment, leveraging its No.1 domestic share in Melamine Decorative Board, it aims to raise unit prices by expanding adoption of high-design, high-function products (Ceral Selent, Ceral Wiltect Plus, etc.). In the Chemical Products segment, in addition to raising the added value of resins for construction applications, the company is nurturing its electronic materials and automotive-oriented functional materials businesses to diversify earnings into non-construction fields. Overseas, it is building local production and sales bases and expanding earnings by leveraging group synergies.
Company Strengths
The Interior & Building Materials segment recorded net sales of ¥115,502 million and operating income (before deduction of unallocated costs) of ¥24,803 million in FY2026 (ending March 2026), achieving a segment operating margin of approximately 21%, making it a highly profitable business. Backed by its No.1 domestic share in Melamine Decorative Boards, high value-added products such as the high-design product "Ceral Cerento" and the antiviral product "Ceral Viltect Plus" expanded adoption in the non-residential market, achieving a 10.1% year-on-year increase in operating income.
R&D expenses in FY2026 (ending March 2026) totaled ¥4,706 million (Chemical Products: ¥3,455 million; Interior & Building Materials: ¥1,251 million). The company possesses a technological foundation for continuously creating high-performance, environmentally friendly products, including expanded adoption of the high-performance film "Lumiart" for electronic materials in automotive displays, development toward mass production of CO₂ fixation technology, and the new development of the magnet-compatible non-combustible Melamine Decorative Board "Magfino".
The company has production and sales bases in Indonesia, Thailand, Vietnam, China, India, New Zealand, and other locations, with an overseas sales ratio of 45.8% in FY2026 (ending March 2026). In June 2026, the company acquired 54.11% of the issued shares of Stylam Industries Limited (India; manufacture and sale of Melamine Decorative Boards), making it a consolidated subsidiary, continuing to expand its footprint in high-growth regions.
ENVALITH's Perspective
Performance Trend
Revenue expanded 17.4% over 5 fiscal years, from ¥214,514 million in FY2022 to ¥251,764 million in FY2026. Operating profit increased 43.2% over the same period, from ¥20,348 million to ¥29,143 million, with the operating profit margin improving from 9.5% to 11.6%. In FY2026 (ending March 2026), Interior & Building Materials led growth on the back of non-residential renovation demand and expansion of high-value-added products, while Chemical Products saw a slight decline in sales due to sluggishness in the Chinese market and weakness in some overseas products. As an external factor, the decline in domestic housing starts (a rebound effect following the rush demand ahead of the revised Building Standards Act enforcement) was a headwind, but non-residential and renovation demand offset this. Operating cash flow decreased significantly to ¥8,776 million from ¥26,751 million in the previous period, due to an increase in deposits (¥16,953 million) and a decrease in accounts payable.
Growth Strategy
Accelerating global expansion through three pillars: improving profitability, nurturing growth businesses, and maintaining a sound management foundation
Promoting a medium-term plan targeting net sales of ¥300,000 million and ordinary income of ¥30,000 million. In FY2026 (ending March 2026), ordinary income of ¥30,136 million was achieved, clearing the profit target. For FY2027 (ending March 2027), net sales of ¥280,000 million are forecast, and progress is being made toward achieving the sales target.
Plans to acquire 40.0%–53.12% of shares in Stylam Industries Limited, an Indian manufacturer and seller of Melamine Decorative Board (including Melamine Tile) and related products, making it a consolidated subsidiary. The aim is to expand production sites and sales networks in India and accelerate global expansion, with earnings contribution expected from FY2027 (ending March 2027). This is the main factor behind the +11.2% increase in the net sales forecast.
Within the Chemical Products segment, nurturing the functional materials business, including the high-performance film for electronic materials "Lumiart" and other Functional Materials (Lumiart, Organic Microparticles, etc.). Aiming to reduce dependence on the construction market and diversify earnings by expanding into growth fields such as semiconductors, data centers, and fuel cells. In FY2026 (ending March 2026), "Lumiart" performed well, with sales exceeding the previous year.
Promoting expanded market recognition of the high-design Melamine Non-combustible Decorative Board "Ceral Cerento," development of new markets for the flooring material "Melamine Tile," and expanded sales of the Built-in Style Vanity Unit "Smart Sanitary." In FY2026 (ending March 2026), operating income in the Interior & Building Materials segment achieved strong growth of +10.1% year on year.
Last updated: July 19, 2026