ENVALITH
ニチバン株式会社 logo

NICHIBAN CO., LTD.

4218・Prime Market・Chemicals

Official website
ニチバン株式会社 logo
NICHIBAN CO., LTD.4218

Business

Nichiban Co., Ltd. is a specialized adhesive products manufacturer founded in 1918. Based on adhesive technology and polymer technology, the company manufactures and sells pharmaceuticals, various pressure-sensitive adhesive tapes, adhesives, and related machinery and equipment based on cloth, paper, cellophane, and plastic. The business consists of two segments: the Medical Business (adhesive bandages, analgesic and anti-inflammatory agents, medical materials, etc.) and the Tape Business (Cellotape®, industrial tapes, stationery tapes, etc.). In Japan, the company's main customers are drugstores, medical institutions, and industry, while overseas it expands into the Asian and European markets through sales subsidiaries in Thailand and Germany. It is listed on the Prime Market of the Tokyo Stock Exchange, with net sales of ¥50,470 million for FY2026 (ending March 2026).

Business Model

Products are manufactured by the company itself and its manufacturing subsidiaries (Nichiban Medical, Nichiban Techno, Nichiban Print), and sold domestically across the Healthcare, Medical Materials, Industrial Products, Stationery, and EC fields. Overseas, NICHIBAN (THAILAND) and NICHIBAN EUROPE GmbH handle sales. The high-gross-margin Medical Business serves as the earnings pillar, while the Tape Business aims to improve profitability through price revisions and low-cost operations.

Company Strengths

Since its founding in 1918, the company has accumulated adhesive technology and polymer technology, and owns brands with high domestic recognition such as Cellotape®, Roihi™, and Careleaves™. In the Industrial Products field, adoption by corporations and municipalities is expanding for environmentally friendly products, with brand strength contributing to differentiation from competitors.

In FY2026 (ending March 2026), segment profit for the Medical Business was ¥6,325 million, maintaining a high profit margin of approximately 25.4%. Net sales in the Global field grew 13.4% year on year to ¥2,796 million, driven by the launch of the Roihi Tsubokou™ Coin Plaster in South Korea, among other factors. In the Medical Materials field, Surgifit™ is expanding its adoption at national university hospitals and acute care hospitals.

At the end of FY2026 (ending March 2026), the equity ratio was 65.9% (up 2.0 percentage points year on year), and outstanding borrowings stood at ¥2,000 million, reflecting a high level of financial soundness. The company held cash and cash equivalents of ¥13,512 million and has also concluded a loan commitment agreement of ¥3.0 billion. Capital expenditures of ¥2,977 million were funded entirely from internal funds, maintaining financial flexibility.

ENVALITH's Perspective

Operating income for FY2026 (ending March 2026) was ¥2,270 million (down 12.2% year on year), and profit attributable to owners of parent was ¥1,652 million (down 15.7% year on year), marking the first profit decline in two periods. In addition to a decrease in sales of high-gross-margin products (Roihi™ Series) in the Healthcare Field, cost of sales increased due to soaring raw material prices, and extraordinary losses were recorded including ¥133 million in head office relocation costs and ¥183 million in plant restructuring costs. As an external factor, raw material and energy prices remain elevated, and cost pressure is expected to continue for the time being.

The company forecasts operating income of ¥3,600 million (up 58.5% year on year) for FY2027 (ending March 2027), a substantial recovery. However, as a subsequent event, construction-related costs of ¥510 million associated with the removal of production equipment at the Saitama and Anjo plants are expected to be recorded as an extraordinary loss, and the impact on net profit warrants close monitoring. In addition, the risk of rising raw material and logistics costs stemming from factors such as the situation in the Middle East is not incorporated into the assumptions underlying the earnings forecast, and remains a downside risk.

The Tape Business posted segment profit of ¥828 million (up 17.2% year on year), an improving trend, but profitability remains insufficient to cover companywide costs. Attention is focused on whether the establishment of an optimal production structure through the removal of production equipment at the Anjo and Saitama plants will contribute to medium-term cost reductions. Meanwhile, in the Medical Business, domestic demand for the Roihi™ Series continues to soften due to diversifying inbound demand and changing consumption behavior, and whether expansion in the Global Field can offset this will be key to a recovery in profitability.

Growth Strategy

Pursuing the realization of the 2030 VISION through three themes: business portfolio restructuring, globalization, and human capital management

Dismantling of production equipment at the Anjo Plant and Saitama Plant will be carried out from April 2026 onward, promoting the establishment of an optimal group-wide production system and reorganization of production allocation. Plant reorganization costs of ¥183 million were recorded in FY2026 (ending March 2026). Extraordinary losses of ¥510 million related to dismantling work are also expected to be recorded in FY2027 (ending March 2027).

Pursuing growth at three sales locations, focusing on Asia and Europe as priority regions. Global field sales in FY2026 (ending March 2026) were ¥5,420 million (up 4.3% year on year). The launch of "Roihi Tsubokou™ Coin Plaster" in South Korea drove Medical global sales up 13.4% year on year. Continuing to expand functions group-wide toward globalization.

Established the Consumer Sales Management Division, Medical Materials Sales Management Division, Industrial Products Sales Management Division, and Global Business Division under the Business Strategy Division, strengthening the sales promotion structure by distribution channel. Actively promoting PR activities utilizing TV commercials for the Careleaves™ Series, and expanding adoption of Surgifit™ at national university hospitals and acute care hospitals.

Introduced a new personnel system aimed at promoting diversity, equity & inclusion, fostering autonomous human resource development, and improving employee health and engagement. Organizational reforms and changes in directors and executive officers were implemented effective April 1, 2026.

Last updated: July 19, 2026