Nippon Crucible Co., Ltd.
5355・Standard Market・Glass & Ceramics Products
Refractories Business
Core segment centered on the manufacture and sale of Graphite Crucibles, Shaped Refractories, and Unshaped Refractories
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment Sales (Full Year FY2026, ending March 2026) | ¥5,203 million | ¥5,441 million | ↓ |
| Segment Operating Profit (Full Year FY2026, ending March 2026) | ¥251 million | ¥461 million | ↓ |
| Segment Assets (Full Year FY2026, ending March 2026) | ¥5,402 million | ¥5,343 million | ↑ |
| Sales Ratio (Full Year FY2026, ending March 2026) | 50.9% | 55.6% | ↓ |
| Segment Operating Margin (Full Year FY2026, ending March 2026) | 4.8% | 8.4% | ↓ |
Business Details
This segment manufactures and sells Graphite Crucibles, Shaped Refractories, and Unshaped Refractories, and purchases and sells Foundry Materials. Its main customers are the automotive-related industry (casting market) and the steel industry (steel market). In addition to domestic manufacturing sites (Osaka Plant and Toyota Plant), the segment also operates overseas through the consolidated subsidiary Asia Refractories Co., Ltd., the non-consolidated subsidiary Nikkodo Trading (Shanghai), and the equity-method affiliate Kyusei Nikkodo (Jiangsu). As the core business accounting for the majority of the Group's sales, this segment's sales ratio was 50.9% in FY2026 (ending March 2026).
Recent Overview
Sales and operating profit both declined significantly year on year, mainly due to lower orders for the steel industry
In FY2026 (ending March 2026), the Refractories Business posted sales of ¥5,203 million (down 4.4% year on year) and operating profit of ¥251 million (down 45.5% year on year), marking a significant decline in profit. While the casting business remained nearly flat, down 0.6% year on year, the steel business declined sharply by 16.0% year on year due to reduced orders at blast furnaces for which the company handles maintenance. The segment's share of Group sales also fell from 55.6% in the prior period to 50.9%, reflecting its relatively diminished presence amid growth in the Engineering Business.
Key Products
Growth Drivers
- Expected increase in demand for the casting market as automotive-related production volumes recover (recently turning to year-on-year growth)
- Expanded sales of new products "LITETEX" and "Elemax" addressing energy-saving and decarbonization needs
- Strengthened manufacturing and sales of high-value-added products utilizing CIP (Cold Isostatic Pressing)
- Expansion of overseas operations (contribution from the Chinese joint venture Kyusei Nikkodo (Jiangsu) New Materials Technology Co., Ltd.)
- New expansion into the electronic devices field, metal powder melting market, and induction furnace market for EVs
Risks
- Medium- to long-term contraction in casting demand due to declining production volumes and progress of EV adoption in the automotive-related industry, the segment's main customer
- Decline in orders due to restructuring of steelworks, the shift from blast furnaces to electric furnaces, and the continuing downward trend in crude steel production in the steel industry
- Rising costs due to surging raw material and fuel prices and the continued weakening of the yen
- Deterioration of the supply-demand balance due to the slowdown in the Chinese economy and overseas market risk
- Impact on automotive production from geopolitical risks such as U.S. trade policy and the situation in the Middle East
Last updated: June 24, 2026