ENVALITH
株式会社マナック・ケミカル・パートナーズ logo

MANAC Chemical Partners Co.,Ltd

4360・Standard Market・Chemicals

Official website
株式会社マナック・ケミカル・パートナーズ logo
MANAC Chemical Partners Co.,Ltd4360

Business

MANAC Chemical Partners Co., Ltd. is a holding company established in October 2021 through a sole-share transfer by MANAC Incorporated, and is listed on the Standard Market of the Tokyo Stock Exchange. The group consists of the company and three consolidated subsidiaries (MANAC Incorporated, Kinkai Chemical Co., Ltd., and MANAC (Shanghai) Trading Co., Ltd.), and is characterized by small-lot, multi-product production centered on bromine compounds. The business operates across three segments—Fine Chemicals (functional materials for pharmaceuticals, semiconductors, and electronic materials), Flame Retardants (flame retardants for plastics used in electrical and automotive parts), and Health Support (raw materials for artificial dialysis drugs and antibacterial agent raw materials)—with a customer base spanning a wide range of industrial fields, from pharmaceuticals and advanced technology to medical care and manufacturing.

Business Model

The company combines its core synthesis technologies of bromination, iodination, etc. with trace metal control and functional evaluation technologies to manufacture and sell high-functionality products such as Pharmaceutical Intermediates, semiconductor materials, and flame retardants in small-lot, multi-item production. It has an integrated support system covering everything from contract development to mass production transition, and secures profits through appropriate pricing of products and the acquisition of high-margin projects. The company also leverages inter-group collaboration (synergies with Kinkai Chemical) and exports to China (via Manac (Shanghai) Trading Co., Ltd.) to supply products to customers both domestically and internationally.

Company Strengths

MANAC Incorporated possesses synthesis technologies such as bromination and iodination as core technologies, and has built a system for creating high value-added products by fusing these with trace metal management technology. In FY2026 (ending March 2026), the company introduced a metal management analysis room equipped with ICP-MS/MS and other instruments within the Fukuyama Plant, establishing an equipment infrastructure to accelerate product development for next-generation semiconductors.

In the Fine Chemicals Business, two contract development products were successfully launched in FY2026 (ending March 2026), with a track record of successful mass production launch for a large-scale project. A 30L glass bench plant was introduced within the Fukuyama Plant, establishing a system capable of responding quickly to diverse development stages. In FY2026 (ending March 2026), Fine Chemicals Business net sales reached ¥5,032 million, with segment profit of ¥1,211 million (profit margin of 24.1%).

In FY2026 (ending March 2026), Kinkai Chemical Co., Ltd. was made a consolidated subsidiary, bringing into the group its equipment and technological capabilities in contract bromine compound operations and resin additives. This has enabled the creation of collaboration and synergies between the group's Fine Chemicals and Flame Retardants businesses, strengthening the system for securing contract manufacturing products and expanding production capacity.

ENVALITH's Perspective

From an operating loss of ¥342 million and a net loss of ¥895 million in FY2025 (ended March 2025), FY2026 (ending March 2025) saw a substantial improvement to operating income of ¥739 million and net income of ¥781 million. This result reflects both the disappearance of the prior period's ¥516 million impairment loss (a one-off item) and the combined effects of large spot orders and large pharmaceutical orders in the Fine Chemicals Business, together with the price revision effects in the Flame Retardants Business. It can be assessed as a genuine, underlying earnings recovery. That said, continued monitoring is needed regarding the repeatability of large spot orders and the sustainability of the price revisions.

The consolidated earnings forecast for FY2027 (ending March 2027) discloses only net sales of ¥11,600 million (up 5.5% year on year), with profit forecasts left undisclosed due to the possibility of raw material cost fluctuations and production plan changes stemming from the Middle East situation. As an external factor, geopolitical risk in the Middle East region has a structural, direct impact on raw material and energy prices, and there is high uncertainty regarding the procurement costs of raw materials such as bromine and iodine. This is a negative factor in that it makes it difficult for investors to form a view of profit levels, and the difficulty in making valuation judgments is likely to persist.

The consolidation of Kinkai Chemical Co., Ltd. as a subsidiary effective March 31, 2026 (acquisition expenditure of ¥202 million), and the installation of trace metal analysis equipment at Manac Inc.'s Fukuyama Plant (with the new office building already completed), represent concrete steps toward expanding semiconductor-related contract business within the Fine Chemicals Business. Expenditure on acquisition of tangible fixed assets expanded to ¥1,616 million in FY2026 (ending March 2026), more than three times the prior period's level (¥519 million), and the balance of construction in progress has also accumulated to ¥1,166 million. Whether these investments translate into earnings from FY2027 (ending March 2027) onward will be the focal point of the medium-term assessment.

Growth Strategy

Expansion of semiconductor and pharmaceutical contract manufacturing in the Fine Chemicals Business and strengthening of the revenue base through M&A

The company is advancing new development items for semiconductor-related products centered on iodine compounds, and is accelerating the development of new products for next-generation semiconductors through the installation of a trace metal analysis system at Manac Inc.'s Fukuyama Plant. In FY2026 (ending March 2026), new development items for semiconductor-related products and others began contributing to results, and operation of each facility is scheduled to begin sequentially during FY2027 (ending March 2027).

Kinkai Chemical Co., Ltd. (Setouchi City, Okayama Prefecture), which has strengths in facilities and technical capabilities in the brominated compound contract business and resin additives, was made a subsidiary effective March 31, 2026. The company aims to strengthen the revenue base of the Fine Chemicals Business and the Flame Retardants Business by creating synergies through collaboration and cooperation within the group.

The company aims to improve profitability through continuous review of selling prices while capturing solid demand for Flame Retardants for Plastics used in electronic material components and home appliances. In FY2026 (ending March 2026), the company achieved a significant improvement in segment profit of ¥523 million (up 623.7% year on year). A substantial decrease in depreciation expenses following the impairment recorded at the end of the previous fiscal year also contributed to the improvement in cost structure.

The company is pursuing profit improvement by continuing to review selling prices for some products while maintaining stable demand for its core Raw Materials for Artificial Dialysis Drugs. In FY2026 (ending March 2026), the company achieved segment profit of ¥107 million (up 98.1% year on year). The company has stated its policy of continuing to implement price revisions from FY2027 (ending March 2027) onward to achieve further profit improvement.

Last updated: July 19, 2026