Isamu Paint Co., Ltd.
4624・Standard Market・Chemicals
Business
Isamu Paint Co., Ltd., founded in 1927, is an independent paint manufacturer that manufactures and sells Automotive Refinish Paint as its core business, along with Industrial Paint, Architectural Paint, Aerosol Products, and other items. The Group consists of the Company and 5 subsidiaries, integrating manufacturing, filling, repackaging, and sales of related products. Its main customers are automotive refinish (body repair and painting) businesses, construction and building contractors, and various industrial users, and it offers a product lineup specialized for the maintenance field. The Company is listed on the Standard Market of the Tokyo Stock Exchange, and operates a nationwide sales network with its Shiga Plant as the main production base. Consolidated net sales for FY2026 (ending March 2026) were ¥8,403 million.
Business Model
In the core Paint Business, the company builds an integrated group-wide supply chain that combines in-house manufacturing at the Shiga Plant with filling, repackaging, and sales of related products handled by subsidiaries. It adopts a revenue model that passes on increases in raw material costs to selling prices while absorbing costs through improved production and operational efficiency. Although small in scale, the Real Estate Leasing business (operating margin of approximately 45%) contributes stable profit as stock-type income. All funding is covered by internal funds, and the company maintains debt-free management.
Company Strengths
As of the end of FY2026 (ending March 2026), the equity ratio stood at 82.5%, with zero borrowings from financial institutions or bond issuance. Working capital and capital expenditure are funded entirely by operating cash flow and internal funds. Cash and cash equivalents reached ¥4,161 million, and the company has also secured overdraft agreements totaling ¥2,000 million with two main banks as supplementary liquidity.
The Technology Department and the Sales Planning Department work together to continue R&D on environmentally friendly paints centered on VOC reduction, waterborne formulation, and low-solvent formulation. R&D expenses for FY2026 (ending March 2026) amounted to ¥274 million. The company offers a lineup of waterborne paint products including "CRONOS HD," "Aquas DRY," and "Aqua Shine GA," and has obtained ISO14001 certification, underpinning its capability to respond to environmental regulations also on an institutional level.
The company sells the color measuring device "Saisentan Smart," which standardizes and systemizes color-matching work, contributing to improved work efficiency for users and technical training for younger workers. By providing software-based solutions in addition to product sales, the company deepens relationships with users, achieving a lock-in effect that discourages switching to competitors.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, rising from ¥7,069 million in FY2022 to ¥8,403 million in FY2026. In FY2026 (ending March 2026), revenue was ¥8,403 million (up 3.0% year-on-year), operating profit was ¥915 million (up 45.9% year-on-year), and profit attributable to owners of parent was ¥755 million (up 37.6% year-on-year), achieving a substantial increase in profit. The operating profit margin improved to 10.9% (from 7.7% in the previous period). As an external factor, stockpiling demand for thinners and similar products arising from the situation in the Middle East occurred toward the end of the period, boosting revenue, while cost of sales decreased by ¥89 million year-on-year, improving profitability. Operating cash flow improved significantly to ¥988 million (from ¥486 million in the previous period). However, the earnings forecast for FY2027 (ending March 2027) remains undetermined due to the impact of the situation in the Middle East, leaving the outlook uncertain.
Growth Strategy
Diversification and strengthening of the earnings base through expansion of sales channels for environmentally friendly products, development of new markets, and improvement of production efficiency
Continuing to acquire new users and promote adoption among existing users with environmentally friendly products such as the water-based one-component basecoat "CRONOS HD," "Aquas DRY," and the high-solid clear coat "Accel Clear." Also focusing on acquiring new users for the two-component paint based on special urethane resin, "Bed Liner Beast."
In the heavy-duty vehicle field, user acquisition is progressing steadily with "Wood Protect" and "Hi-Art CB Eco." In the industrial field, continuing individual sales efforts for "Aqua Shine GA." In the architectural field, expanding the "Neo Silica" series, "Air Fresh," and the "Skid Guard Series" to grow order volumes.
Promoting sales of the Color Measuring Device "Saisentan Smart," which achieves standardization and systemization of color matching work, contributing to improved work efficiency for users and technical training for younger workers. Aiming to deepen relationships with users and secure their loyalty through system proposals that go beyond simple product sales.
Focusing on improving production and operational efficiency to address rising raw material prices, energy costs, and labor costs. In FY2026 (ending March 2026), cost of sales decreased by ¥89 million year on year, and the operating margin improved to 10.9% (7.7% in the previous period). Continuing to restrain non-urgent costs as well.
Last updated: July 19, 2026