KURAMOTO CO.,LTD.
5216・Standard Market・Glass & Ceramics Products
Substrate Business
Kuramoto Seisakusho's traditional core business centered on glass substrate processing for FPD applications
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (Q1 cumulative) | ¥171 million | ¥151 million (Q1 FY2025, ended December 2025) | ↑ |
| Segment profit (Q1 cumulative) | ¥22 million | ¥10 million (Q1 FY2025, ended December 2025) | ↑ |
| Segment profit margin (Q1 cumulative) | approx. 12.8% | approx. 6.3% (Q1 FY2025, ended December 2025) | ↑ |
| Sales (full year, prior-year actual) | – (current full-year figures not disclosed) | ¥606 million (full year FY2025, ended December 2025) | — |
| Segment profit (full year, prior-year actual) | – (current full-year figures not disclosed) | ¥58 million (full year FY2025, ended December 2025) | — |
Business Details
A segment that processes and sells LCD glass substrates and film-coated glass substrates, among others. Focused primarily on flat panel display (FPD) applications, this segment holds precision processing technology (cutting and polishing). In Q1 FY2026 (ending December 2026), sales reached ¥171 million, up 13.5% year on year, and segment profit improved significantly to ¥22 million, up 129.5% year on year. Amid company-wide losses, this segment stands out as one of the few profit-contributing segments.
Recent Overview
In Q1 FY2026 (ending December 2026), both sales and profit improved significantly year on year
In Q1 FY2026 (ending December 2026) (January–March 2026), the Substrate Business achieved sales of ¥171 million (up 13.5% year on year) and segment profit of ¥22 million (up 129.5% year on year). While company-wide sales plunged 66.4% year on year, the Substrate Business secured increased sales and profit, contributing earnings as one of the few profitable segments within the company. The segment profit margin also improved significantly to approximately 12.8%, up from approximately 6.3% in the same quarter of the previous year.
Key Products
Growth Drivers
- Continued pursuit of enhanced price competitiveness through FPD cost reduction and productivity improvement
- New market entry into non-FPD fields (precision processing business) leveraging existing cutting and polishing technologies
- Stable revenue base from order backlog carried over from the previous fiscal year (order backlog of ¥103 million)
- Expansion of customer base through company-wide sales strengthening and new customer acquisition initiatives
Risks
- Risk of order decline due to rising in-house production ratios among LCD glass material manufacturers
- Risk of market price decline and reduced order volume due to imbalances in supply and demand in the LCD panel industry
- Risk of export restrictions, price surges, or procurement difficulties for rare metals and rare earths used in polishing agents, etc.
- Risk of changes in purchasing policy by major customers (a shift in customer composition from TOPPAN in the prior period to Sharp in the current period has already occurred)
- Risk of sharp declines in selling prices due to intensifying price competition with domestic and overseas competitors
Last updated: March 26, 2026