Carlit Co.,Ltd.
4275・Prime Market・Chemicals
Business
Carlit Holdings Co., Ltd. traces its roots to a chemical products manufacturer founded in 1918, and currently operates across four segments: Chemical Products, Bottling, Metal Processing, and Engineering Services. The Chemical Products segment handles industrial explosives, ammonium perchlorate (a raw material for space and defense propellants), electronic materials, and silicon wafers, among others. The Bottling segment engages in contract manufacturing of soft drinks, the Metal Processing segment manufactures heat-resistant furnace hardware and springs, and the Engineering Services segment covers construction & facility engineering, paint sales, and structural design. The group, including 11 consolidated subsidiaries, recorded consolidated net sales of ¥36,247 million (FY2026 (ending March 2026)). Major customers include Ito En, Ltd. (accounting for 10.2% of net sales), as well as steelworks, cement plants, automakers, and defense-related customers.
Business Model
The Chemical Products segment is the core business, accounting for approximately 61% of net sales, with high-value-added products such as Ammonium Perchlorate and Electronic Materials driving profit. The three segments of Bottling, Metal Processing, and Engineering Services form a stable earnings base, and intra-group transactions (such as construction work for the group by Engineering Services) are also leveraged to maximize revenue. By combining appropriate price pass-through with cost reductions through productivity improvement activities, the cost of sales ratio has improved to 73.7% (from 74.9% in the previous period).
Company Strengths
Ammonium perchlorate is a raw material for space rocket and defense solid propellants, and Carlit possesses one of Japan's leading manufacturing bases. In FY2026 (ending March 2026), demand remained solid, achieving increased revenue and profit. Positioned as a priority area in the medium-term management plan "Challenge2027," the company has already invested ¥5,023 million in the Chemical Products segment, mainly in solid propellant manufacturing equipment, and is progressing with expanding supply capacity.
The company has established a three-laboratory structure in Gunma, Akagi, and Nagano, conducting specialized R&D in the fields of electrode-related components, capacitor materials, next-generation functional dyes, customized wafers, and solid propellants. R&D expenses totaled ¥800 million (FY2026, ending March 2026). By establishing an R&D Planning Office and strengthening collaboration among each laboratory, sales, and factory technical departments, the company has built a structure aimed at early commercialization of products and creation of new businesses.
The four segments of Chemical Products, Bottling, Metal Processing, and Engineering Services operate in parallel, reducing dependence on any single business. In FY2026 (ending March 2026), each segment maintained profitability, with operating income of ¥1,858 million for Chemical Products, ¥602 million for Metal Processing, ¥795 million for Engineering Services, and ¥378 million for Bottling. The financial base is also solid, with an equity ratio of 69.0% and net assets of ¥39,793 million.
ENVALITH's Perspective
Performance Trend
Revenue has been on a gradual expansion trend from ¥33,894 million in FY2022 (ended March 2022) to ¥36,247 million in FY2026 (ending March 2026), though it has remained flat in the ¥36,000-37,000 million range over the past two fiscal years. Meanwhile, operating profit recovered from ¥3,046 million in FY2025 (ended March 2025) (down 9.1% year on year) to ¥3,459 million in FY2026 (ending March 2026) (up 13.5% year on year), with operating margin improving from 8.3% to 9.5%. This was supported by reductions in cost of sales (from ¥27,662 million to ¥26,714 million) and SG&A expenses (from ¥6,205 million to ¥6,073 million). As external factors, domestic market demand remained solid, and while the decline in sales of electrolyte solutions for capacitors due to slowing EV demand continued to weigh on results, this was offset by increased sales of high-value-added electronic materials for AI servers. Ongoing inventory adjustments in the Silicon Wafer segment remain a drag on performance, and operating profit for FY2027 (ending March 2027) is forecast to decline temporarily to ¥3,200 million (down 7.5% year on year).
Growth Strategy
Under "Challenge2027," the company is concentrating investment in priority areas related to space, defense, and AI, aiming for a harvest stage in FY2027 (ending March 2028)
Advancing capacity expansion for ammonium perchlorate production facilities amid steadily growing demand as a solid propellant raw material for space rocket and defense-related products. Capital expenditure for tangible fixed assets in FY2026 (ending March 2026) increased significantly year on year to ¥4,732 million, and investment continues to be executed as a priority area under the medium-term plan.
Increasing sales of high-value-added products such as capacitor materials for high-efficiency circuits used in high-end servers, a market experiencing remarkable growth, to offset the impact of declining sales of electrolyte solutions for capacitors due to slowing EV demand. In FY2026 (ending March 2026), the Electronic Materials segment achieved growth in both revenue and profit, and this is expected to continue functioning as a support for growth.
Plans to remodel one PET beverage manufacturing line over a nine-month period from April to December 2026. Sales and profit are expected to temporarily decline significantly during the construction period, but the aim is to expand orders and recover profitability through the improved production capacity after the remodeling is completed. This will be a temporary downward factor on performance in FY2027 (ending March 2027).
The dividend per share for FY2026 (ending March 2026) is ¥42 (an increase of ¥6 from ¥36 in the previous period), with a dividend payout ratio of 32.2%. A share buyback with an upper limit of ¥1.0 billion is planned for May 2026; if executed in full, the consolidated total payout ratio would reach 65.8%. The company has set enhancing corporate value based on PBR as a management goal and is promoting management with awareness of the cost of capital.
Last updated: July 19, 2026