MINO CERAMIC CO.,LTD.
5356・Standard Market・Glass & Ceramics Products
Business
Mino Ceramic Co., Ltd., founded in 1918, is a refractories and ceramics manufacturer headquartered in Mizunami City, Gifu Prefecture. In its core Refractory Ceramics Business, the company manufactures and sells Refractory Bricks and Monolithic Refractories for the cement industry, alongside ceramic products such as Kiln Furniture (Ceramic Products) for the electronic components and semiconductor industries. In the Plant Business, the company provides design, manufacturing, and construction of industrial furnaces as well as refractory engineering, and also operates a rotary kiln business through its subsidiary Iwasa Machine Industry Co., Ltd. In the Building Materials & Paving Materials Business, the company sells and constructs floor coating materials and landscape paving materials, while the Real Estate Leasing Business complements earnings with stable income. The company also listed on the Standard Market of the Tokyo Stock Exchange in March 2024, and its customer base spans a wide range of industries including materials, chemicals, construction, and infrastructure.
Business Model
By providing an integrated offering from in-house refractory manufacturing to furnace design, construction, and maintenance, the company builds up earnings through a combination of product sales and construction/service revenue. While continuing to pass on raw material and fuel cost increases through price revisions, it diversifies its earnings base by developing new customers in the ceramics field and expanding its recycling and contract processing businesses. The Real Estate Leasing Business (profit margin of approximately 49.4%) generates stable cash flow, forming a structure that underpins the group's overall earnings.
Company Strengths
Sales to Taiheiyo Cement reached ¥2,094 million (13.0% of net sales) in FY2026 (ending March 2026), a significant expansion from ¥1,254 million (8.3%) in the previous fiscal year. The order backlog of the Refractory Ceramics Business has accumulated to ¥2,795 million (106.0% year-on-year), with ongoing transactional relationships with existing customers forming a stable order base.
The Plant Business achieved net sales of ¥6,430 million and a segment profit margin of 11.4% in FY2026 (ending March 2026), boasting the highest profit margin within the group. In addition to a system capable of providing integrated services from industrial furnace design to refractory construction, the company holds Japan distributorship qualification for Fuller Technologies, a world-leading manufacturer of cement equipment, providing differentiated technical services.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 70.8% (up 2.8 percentage points from the previous fiscal year-end), with interest-bearing debt of only ¥1,410 million against net assets of ¥15,771 million. Cash and cash equivalents secured amounted to ¥4,877 million, and operating cash flow was abundant at ¥2,186 million (up 81.6% year-on-year), giving the company the financial strength to cover capital expenditures and shareholder returns with its own funds.
ENVALITH's Perspective
Performance Trend
Consolidated results for FY2026 (ending March 2026) showed net sales of ¥16,154 million (up 7.3% year on year), operating profit of ¥1,600 million (up 1.5%), ordinary profit of ¥1,689 million (up 0.5%), and profit attributable to owners of parent of ¥1,250 million (up 2.7%), marking 5 consecutive fiscal years of revenue growth and updating record profit for the 2nd consecutive fiscal year. The Refractory Ceramics Business (net sales up 11.6% year on year) and the Plant Business (up 12.9%) were the main drivers, while the Building Materials & Paving Materials Business declined 11.4% due to a temporary drop in demand related to the Expo and other factors. As an external factor, raw material and fuel price increases continued, but this was absorbed through the promotion of price pass-through. Operating cash flow improved significantly to ¥2,186 million (up 81.6% year on year). The company's forecast for FY2027 (ending March 2027) is net sales of ¥16,500 million (up 2.1%) and operating profit of ¥1,900 million (up 18.7%), anticipating acceleration on the profit side.
Growth Strategy
Under the "Take off" plan, the company aims to shift toward refractory ceramics, expand plant business overseas, and achieve a dividend payout ratio of 40%
Promoting reinforcement of the supply system for ceramics products for the electronic components and semiconductor industries (Kiln Furniture, etc.) and development of new business partners. Diversifying the revenue base through expansion of the recycling business and contract processing business. In FY2026 (ending March 2026), the segment's sales increased 11.6% year-on-year and profit increased 23.0% year-on-year, progressing smoothly.
Promoting sales expansion through sales activities for next-generation energy-saving industrial furnaces and development of new fields. Aiming to enhance synergy effects with subsidiary Iwasa Machine Industry to improve productivity. Also promoting expansion of overseas sales channels. In FY2026 (ending March 2026), sales increased significantly, but profit margin declined due to rising labor costs, making a review of the construction management system an urgent priority.
Promoting development of new markets such as the next-generation infrastructure field, while pursuing efficiency and productivity improvement through digitalization of business operations. In FY2026 (ending March 2026), sales decreased 11.4% year-on-year due to a temporary decline in demand caused by the Expo, but the impact on profit was minimized through price revisions and cost reductions.
In the medium-term management plan (FY2025-27), the company has clearly stated its policy of aiming for a dividend payout ratio of approximately 40% in the final year (FY2028, ending March 2028). In FY2026 (ending March 2026), the annual dividend was ¥42 with a payout ratio of 34.5%, and the FY2027 (ending March 2027) forecast is ¥52 with a payout ratio of 38.1%, approaching the target.
Last updated: July 19, 2026