NORITAKE CO.,LIMITED
5331・Prime Market・Glass & Ceramics Products
Business
Noritake Co., Limited is a long-established materials and processing technology company founded in 1904. It operates four businesses: Industrial Materials & Equipment, covering Grinding Wheels (Custom-made) and Coated Abrasives; Ceramics & Materials, centered on materials for multilayer ceramic capacitors and Electronic Paste & Electronic Component Materials; Engineering, covering Firing Kilns & Drying Furnaces and Mixing Equipment & Filtration Equipment; and Ceramic Tableware. The group includes 23 consolidated subsidiaries and 4 affiliated companies, with net sales of ¥142,908 million, of which the overseas sales ratio reaches 45.3%. Its customer base spans a wide range of industries including automotive, electronics, semiconductors, and food. Under VISION2030, the company has set forth the goal of being "an indispensable driving force for a changing society through proprietary materials × process technology," and is advancing its business transformation toward the three growth areas of Environment, Electronics, and Well-being.
Business Model
The company holds in-house material synthesis, forming, firing, and processing technologies end-to-end, and manufactures and sells grinding wheels, electronic materials, industrial furnaces, and tableware. The Ceramics & Materials segment drives high profitability with an operating margin of 16.6%, while Industrial Materials & Equipment and Engineering complement earnings with stable revenue. The company continues to invest in capital expenditure (¥15,038 million in FY2026 (ending March 2026)) and R&D expenses (¥2,366 million), aiming to improve profitability by expanding its product lineup into growth areas such as electronic materials for AI servers and automobiles.
Company Strengths
陶瓷·材料事业实现销售收入50,035百万日元、营业利润8,324百万日元、营业利润率16.6%。MLCC用材料在AI伺服器用途及ADAS用途中稳步扩大，实现销售收入同比增长10.0%、营业利润同比增长23.8%。
MLCC用材料的设备投资额为5,861百万日元（同比增加2,120百万日元），持续推进产能扩充。
2026年3月期的研究开发费用为2,366百万日元。通过重点针对增长领域进行专利申请，专利持有件数达到920件，超过目标的865件，较3年前增长约1.3倍。开发并发布了GaN半导体用研磨工具、功率半导体用银膏接合材料、半导体用铜纳米膏等新产品，新产品开发成果不断积累。
2026年3月期末的净资产合计为167,738百万日元，自有资本比率达72.5%，财务健全性较高。现金及存款余额确保为19,570百万日元，维持了应对设备投资及并购所需的资金流动性。ROE从上期的8.7%改善至9.0%，提前实现了第13次中期经营计划目标（2027年度ROE9%以上）。
ENVALITH's Perspective
Performance Trend
Revenue expanded gradually from ¥127,641 million in FY2022 (ended March 2022) to ¥142,908 million in FY2026 (ending March 2026). Operating profit peaked at ¥10,709 million in FY2024 (ended March 2024), then declined temporarily to ¥10,213 million in FY2025 (ended March 2025), before reaching a new record high of ¥11,114 million in FY2026 (ending March 2026). The main driver was Ceramics & Materials, whose operating profit rose to ¥8,324 million (up 23.8% year on year), supported by expanding external demand for electronic materials used in AI servers and automobiles. On the other hand, operating profit in Industrial Materials & Equipment declined 12.1% year on year, affected by U.S. tariff policy and the economic slowdown in Asia. Operating cash flow was ¥10,043 million (a significant improvement from ¥2,015 million in the previous period), indicating a recovery in cash-generating capacity as well. For FY2027 (ending March 2027), the company forecasts revenue of ¥150,000 million (up 5.0% year on year) and operating profit of ¥11,500 million (up 3.5% year on year), based on an assumed exchange rate of ¥150 to the US dollar.
Growth Strategy
Realizing VISION2030 through selective focus and concentration on Environment, Electronics, and Wellbeing
In anticipation of expanding demand for AI servers and automotive (ADAS) applications, the Ceramics & Materials segment implemented capital expenditure of ¥5,861 million in FY2026 (ending March 2026), a substantial increase from ¥2,741 million in the previous fiscal year. Continued investment is planned for FY2027 (ending March 2027) as well, to establish a system for capturing earnings amid expanding demand.
Developed silver paste bonding materials for automotive power semiconductors jointly with LG Chem Ltd. Promoting market development of copper nanopaste for circuit formation in semiconductors together with the Mitsubishi Corporation group. Expanding the lineup of high value-added products in the electronics field to nurture the next pillar of earnings.
Already reorganized the business structure from a product-based to a market-based (growth-area-based) framework. Working on thorough profit and loss improvement (sales expansion, price optimization, OEM utilization, cost reduction). Strengthening competitiveness through reorganization and refinement of the general-purpose product manufacturing structure in Japan and Thailand, aiming to restore the operating margin, which fell to 2.8% in FY2026 (ending March 2026).
Integrated the Tableware business into the Ceramics & Materials business effective April 1, 2026. Aiming to streamline the organizational structure and improve business operation efficiency, while pursuing structural reform toward profitability improvement through synergy creation with the ceramics business. Achieving profitability in the Tableware business, which recorded an operating loss of ¥643 million in FY2026 (ending March 2026), is a key challenge.
Formed a cross-business structure targeting growth areas and began concrete approaches toward M&A and capital alliances. Also began investing in and collaborating with TOWING Inc., a startup originating from Nagoya University. For shareholder returns, aiming for a total payout ratio of 50% or more (cumulative over three fiscal years) during the 13th Medium-Term Management Plan period through progressive dividends with a minimum of ¥70 per share annually (post-split) and agile share buybacks.
Last updated: July 19, 2026