ENVALITH
石塚硝子株式会社 logo

ISHIZUKA GLASS CO.,LTD.

5204・Standard Market・Glass & Ceramics Products

Official website
石塚硝子株式会社 logo
ISHIZUKA GLASS CO.,LTD.5204

Business

Ishizuka Glass is a comprehensive container manufacturer group founded in 1819 (21 consolidated companies). It has five segments: Glass Bottles, Houseware (Glass Tableware / Ceramics), Paper Containers, PET Bottle Preforms, and Industrial Materials (Antibacterial Agents / Glass Top Plates), supplying products to a wide range of customers from beverage, food, and alcohol manufacturers to international hotel chains and airlines. Consolidated net sales for FY2026 (ending March 2026) were ¥59,510 million. The company is listed on both the Tokyo and Nagoya Stock Exchanges and is headquartered in Iwakura City, Aichi Prefecture.

Business Model

A manufacturing and sales model in which the company produces various containers for beverages and food in-house and supplies them through direct sales and distributors. The company leverages strategic joint ventures to secure both cost competitiveness and environmental responsiveness—including integrated domestic production of Liquid Paper Containers through a joint venture with Oji Holdings (Ishizuka Oji Paper Packaging), and procurement of recycled PET raw materials through a joint venture with the Far Eastern New Century Group (Far Eastern Ishizuka Green Pet). The structure maintains profitability through the twin pillars of selling price revisions and productivity improvements.

Company Strengths

The company holds Glass Bottles, Paper Containers, and PET Preforms within a single group, enabling joint proposals across container categories to customers in soft drinks, dairy products, alcohol, and other sectors. The securities report explicitly states that "the ability to make joint proposals as a group, leveraging strong cross-category customer relationships, is a sales strength."

Through collaboration with Far Eastern Ishizuka Green PET, a joint venture with the Far Eastern New Century Group, the recycled material usage ratio for PET Bottle Preforms exceeds 50%, placing the company among industry leaders. The Himeji plant was completed in April 2024, establishing a three-plant structure (Tokyo, Iwakura, Himeji) that has strengthened stable supply capability and BCP (business continuity planning) response.

Narumi Corporation's "NARUMI Bone China" possesses a domestic and international sales network capable of direct negotiations with the headquarters of many international hotel chains. With a two-plant structure at home and abroad, it flexibly handles orders ranging from large lots to small lots with short delivery times. In February 2026, it received the Sustainability category top award at the "Tableware International Awards of Excellence 2026," externally validating the brand's value.

ENVALITH's Perspective

The company achieved increased revenue and profit, with net sales of ¥59,510 million (up 6.3% year on year) and operating profit of ¥4,160 million (up 8.1%). However, profit attributable to owners of parent declined to ¥2,618 million (down 15.2%). This decrease was mainly due to a one-time increase in tax burden resulting from the swing in income tax adjustment from ¥-129 million in the previous period to ¥274 million in the current period. It should be recognized that earnings power at the operating profit and ordinary profit level is steadily improving.

The earnings forecast for FY2027 (ending March 2027) projects net sales of ¥62,000 million (up 4.2% year on year), but operating profit of ¥3,500 million (down 15.9%) and ordinary profit of ¥3,200 million (down 17.6%), indicating a substantial profit decline. Against the mid-term management plan's target of ¥5,000 million in operating profit for FY2027, the forecast of ¥3,500 million represents a significant gap. There also remains the possibility that cost increases from external factors such as the weaker yen, rising crude oil prices, and geopolitical risks have not been fully incorporated into the forecast. Careful assessment of the feasibility of achieving the target is required.

The equity ratio improved from 33.8% in the previous period to 37.8%, and total net assets increased to ¥39,292 million (up ¥3,960 million year on year). On the other hand, interest-bearing debt such as corporate bonds, long-term borrowings, and long-term accounts payable remains at a high level, and cash flow from financing activities showed a net outflow of ¥5,752 million. The balance of cash and cash equivalents at period-end decreased to ¥2,943 million (down from ¥4,871 million in the previous period), and continued monitoring of liquidity management, including the ¥2,000 million commitment line agreement, is warranted.

Growth Strategy

Toward achieving operating profit of ¥5,000 million in FY2027, the company is pursuing both the deepening of existing businesses and challenges in new areas.

Segment profit improved to approximately 3.4 times the previous period following the completion of periodic renewal of melting furnaces. The effects of improved productivity and cost reduction have become fully apparent in FY2026 (ending March 2026), with progress also being made in balancing this with CO2 reduction measures.

Shipments from the new Himeji plant, which began operations in FY2024, contributed to results in FY2026 (ending March 2026), with Plastic Container Business sales increasing 8.3% year on year to ¥15,858 million. The company is also promoting recycling initiatives through the establishment of a new flake-to-preform production method.

The Contract Filling of Pouch Beverages business was newly added to Other Businesses, expanding segment sales 77.6% year on year to ¥5,285 million. Capital investment in the new business (increase in tangible and intangible fixed assets of ¥1,876 million) is building a future revenue base. However, a segment loss (-¥50 million) currently persists, and achieving profitability remains a challenge.

In the April 2025 revision of the medium-term management plan, the ROE target was moved forward and financial soundness indicators and shareholder return policy were revised. The equity ratio for FY2026 (ending March 2026) improved to 37.8% (from 33.8% in the previous period). The annual dividend was increased to ¥70 (from ¥65 in the previous period), with a further increase to ¥72 planned for the FY2027 forecast.

The company aims to reduce Scope 1 + Scope 2 emissions by 30% by FY2027 compared to FY2020. Efforts are centered on CO2 reduction measures accompanying the renewal of glass bottle production facilities. The long-term target (ISHIZUKA GROUP 2030) calls for a 50% reduction in Scope 1 + 2 and a 25% reduction in Scope 3.

Last updated: July 19, 2026