FUJIKURA KASEI CO.,LTD.
4620・Standard Market・Chemicals
Business
Fujikura Kasei is a chemical manufacturer founded in 1938, centered on acrylic resin-derived products, operating five segments: Coating, Coatings, Electronic Materials, Chemical Products, and Synthetic Resin. In its core Coating business, the company supplies plastic coating materials for automobiles and cosmetic containers through a global network spanning Japan, the US, Europe, and Asia. The Coatings business is centered on architectural coatings for the domestic housing market. In the Electronic Materials business, the company develops Dotite (Conductive Resin Material) for automotive and electronic device applications. The Chemical Products business handles adhesives and medical materials, while the Synthetic Resin business handles the purchase and sale of acrylic resin raw materials. Consolidated group sales, including 24 subsidiaries and 3 affiliated companies, totaled ¥55,636 million in FY2026 (ending March 2026).
Business Model
Coating, Electronic Materials, and Chemical Products are manufactured at the company's own Sano Plant, Washinomiya Plant, and other facilities, and supplied domestically through a network of sales subsidiaries including Fujichem Tokyo, Fujichem Kinki, and Fujichemical. Overseas, local subsidiaries such as RED SPOT (US), Fujichem Sonneborn (UK), and operations in Thailand, China, Malaysia, and Indonesia handle color matching and sales. Synthetic Resin operates as a trading-type business, with Fujiko Resin handling purchasing and sales. The company invested ¥2,821 million in R&D expenses, aiming to improve profitability through the continued development of high-value-added products.
Company Strengths
In the Coating business, the company holds local subsidiaries in the US, UK, Thailand, China (Tianjin, Foshan, Shanghai), Malaysia, Indonesia, and India, building a global network that integrates manufacturing, color matching, and sales. In FY2026 (ending March 2026), sales in the ASEAN and India regions performed steadily, demonstrating that the multi-site structure is functioning effectively in practice.
Dotite, the core product of the Electronic Materials segment, is deployed for automotive, electronics, and PC applications. In FY2026 (ending March 2026), sales in the Electronic Materials segment increased 16.5% year on year to ¥4,624 million, and operating profit surged 1,075.3% year on year to ¥405 million, marking a significant improvement. The company continues to develop proprietary technologies such as stretchable conductive paste and millimeter-wave absorbing shielding materials.
R&D expenses in FY2026 (ending March 2026) totaled ¥2,821 million, maintaining an investment ratio of approximately 5.1% relative to net sales of ¥55,636 million. Continued investment was made across all segments: ¥1,817 million in Coating, ¥481 million in Chemical Products, ¥347 million in Coatings, and ¥175 million in Electronic Materials. R&D efforts have translated into actual sales contributions, such as strong sales of new adhesive products and overseas expansion of diabetes diagnostic reagents.
ENVALITH's Perspective
Performance Trend
Revenue increased for the fifth consecutive period, reaching ¥55,636 million (up 0.2% year on year) in FY2026 (ending March 2026), remaining roughly flat. Operating profit, on the other hand, improved substantially to ¥2,271 million (up 73.9% year on year), mainly due to a decline in the cost-of-sales ratio from 71.2% in the prior period to 69.5%. Ordinary profit doubled to ¥4,210 million, boosted by a gain on sale of investment securities of ¥1,610 million (an external factor: a rise in the market value of held shares). Net profit reached ¥3,134 million, the highest level in the past five periods. The Coatings segment (operating profit up 153.5%) and the Electronic Materials segment (up 1,075.3%) were the main drivers, while the Coating segment saw profit decline due to sluggish domestic sales to the automotive sector and weak performance in the US and Europe, and the Synthetic Resin segment fell into an operating loss. As an external factor, the risk of rising raw material prices associated with the situation in the Middle East is a concern for FY2027 (ending March 2027) and beyond.
Growth Strategy
Aiming for ROE of 8% and net sales of ¥63,000 million through the three-area strategy of "Nurture, Grow, Support" and investment in the new Sano plant
A large-scale capital investment at the Sano Plant aimed at strengthening the competitiveness of the Coating segment. In FY2026 (ending March 2026), acquisitions of property, plant and equipment surged to ¥4,185 million, with construction in progress accumulating to ¥3,409 million, indicating that the investment has entered a full-scale phase. Upon completion, improvements in production efficiency, cost reduction, and the ability to respond to new products are expected.
Development of new applications for conductive resin materials centered on Dotite. In FY2026 (ending March 2026), demand for automotive, electronic equipment, and PC applications all trended firmly, and segment operating profit expanded sharply to ¥405 million (up 1,075.3% year on year). R&D expenses were maintained at ¥2,821 million (¥2,903 million in the previous fiscal year), with continued investment in technology development supporting the growth foundation.
Expansion of sales of coating materials for automotive and cosmetic container applications in emerging Asian markets. PT. FUJIKURA KASEI INDONESIA was made a consolidated subsidiary during the current fiscal year through additional share acquisition, strengthening the Asian base. In FY2026 (ending March 2026), sales in the ASEAN and India regions also trended firmly, playing a role in offsetting sluggish performance in the U.S. and Europe.
A strategy to improve the profitability of the Chemical Products segment through expanded overseas sales of Diabetes Diagnostic Reagents (Medical Materials) and continued strong sales of new adhesive (Acribase) products. In FY2026 (ending March 2026), net sales grew steadily to ¥4,899 million (up 6.7% year on year) and operating profit to ¥388 million (up 69.5% year on year). Management resources are being concentrated in this area as the "Grow" domain of the medium-term management plan.
In FY2026 (ending March 2026), the company introduced an employee incentive plan, the "Stock-Granting ESOP Trust Plan." Under this plan, points are granted to employees who satisfy certain requirements, and company shares are delivered to them, with the aim of providing incentives for mid- to long-term corporate value enhancement and securing and retaining excellent talent. The trust holds 130 thousand shares as trust assets (book value of ¥118 million).
Last updated: July 19, 2026