ISHIHARA CHEMICAL CO.,LTD.
4462・Prime Market・Chemicals
金属表面処理剤及び機器等
Core segment manufacturing and selling plating solutions and chemical conversion treatment equipment for electronic components and semiconductors
| Period | Current | Previous | Change |
|---|---|---|---|
| 売上高（通期・2026年3月期） (Net Sales, Full Year, FY2026 ending March 2026) | ¥12,959 million | ¥13,056 million | ↓ |
| 営業利益（通期・2026年3月期） (Operating Income, Full Year, FY2026 ending March 2026) | ¥2,977 million | ¥2,638 million | ↑ |
| 営業利益率（通期・2026年3月期） (Operating Margin, Full Year, FY2026 ending March 2026) | 23.0% | 20.2% | ↑ |
| 減価償却費（通期・2026年3月期） (Depreciation, Full Year, FY2026 ending March 2026) | ¥445 million | ¥394 million | ↑ |
Business Details
Segment that develops, manufactures, and sells tin and tin alloy plating solutions, automatic chemical conversion treatment solution management systems, etc. Main customers include electronic components for PCs, smartphones, and automotive applications, as well as advanced semiconductor packages for generative AI, AI servers, and data centers. This is the largest segment, accounting for approximately 55% of consolidated net sales, with broad operations both domestically and overseas (Taiwan, China, South Korea, ASEAN).
Recent Overview
Slight decline in sales but improved profit margin, driven by advanced semiconductors for generative AI
In FY2026 (ending March 2026), net sales declined slightly to ¥12,959 million (down 0.7% year-on-year), while operating income increased substantially to ¥2,977 million (up 12.9% year-on-year), a significant profit increase. Some advanced semiconductor packages, including those for generative AI applications, performed well, while recovery in electronic components for automotive, PC, and smartphone applications remained gradual. Automatic chemical conversion treatment solution management systems, etc. exceeded the prior year due to large-scale demand from a customer's major capital investment project.
Key Products
Growth Drivers
- Expanding demand for advanced semiconductor packages for generative AI, AI servers, and data centers
- Expanding market share in the wafer plating market related to cutting-edge semiconductors
- Acquisition of new customers for PCB plating solutions in the semiconductor packaging market
- Increased demand for automatic chemical conversion treatment solution management systems, etc. due to customers' large-scale capital investment projects
- Expanding exports to Taiwan, China, South Korea, and ASEAN
- Market launch and expanded sales of high value-added products such as plating solutions for advanced semiconductors
Risks
- Risk of delayed recovery in electronic components for automotive, PC, and smartphone applications
- Rapid changes in demand due to fluctuations in the semiconductor market
- Impact on overseas demand from US trade policy trends and geopolitical risks
- Increased manufacturing costs due to rising prices and raw material costs
- Increased depreciation expenses due to development investment for cutting-edge semiconductors (already factored into next period's earnings forecast)
- Risk of deteriorating business environment in the Chinese market
Last updated: June 24, 2026