FUKUVI CHEMICAL INDUSTRY CO.,LTD.
7871・Standard Market・Chemicals
Business
Fukuvi Chemical Industry, founded in 1953 and headquartered in Fukui Prefecture, is a synthetic resin products manufacturer whose core technology is profile extrusion molding centered on plastics. The business consists of four segments: Building Materials Business (approximately 63% of net sales), CSE Business (OEM/ODM for housing equipment and vehicles), Precision Business (functional coating products such as anti-reflective resin sheets), and Global Business (building materials for ASEAN and North America). Major customers span a wide range, including trading companies and agents serving the housing and construction industries, as well as OEM customers for automakers and logistics facilities. The company has 8 subsidiaries and 1 affiliate in Japan and overseas, with overseas bases in Vietnam, Thailand, and the United States.
Business Model
The company develops and manufactures multi-category products including exterior, interior, insulation, and precision coating products, leveraging its proprietary material formulation and molding technologies, and sells them to the construction industry and automobile manufacturers through trading companies, agents, and distributors. In the Building Materials Business, the company is advancing a portfolio shift from general-purpose products toward high-value-added insulation materials and environmentally conscious products, while in the CSE Business and Precision Business, it secures stable earnings through OEM/ODM orders. In April 2026, the group's construction business will be integrated into Fukuvi Reforjule Architects, promoting a transition toward a solutions business that goes beyond merely providing materials.
Company Strengths
A decision was made to construct a second plant at Fukuvi Okayama, which was established to succeed Sekisui Chemical's phenol foam insulation board business. This project was selected for the Ministry of Economy, Trade and Industry's "Large-Scale Growth Investment Subsidy," and establishing a two-site distributed production system with Fukui will simultaneously strengthen BCP response capability and stable supply capacity. Operating profit in the Building Materials Business secured ¥3,737 million, up 5.3% year on year.
Starting from vinyl chloride building materials, the company has a track record of expanding its product lineup into multiple domains by horizontally deploying its core technology, extending to recycled wood "PLUSWOOD" (winner of the Good Design Award), PFAS-free Light Guiding Bar, and the integrated CFRTP manufacturing process (winner of the NEDO Energy Conservation Technology Development Award and Chairman's Award). Research and development expenses of ¥1,027 million were invested in the current fiscal year.
At the end of FY2026 (ending March 2026), shareholders' equity stood at ¥39,905 million, with an equity ratio of 72.6% (an improvement of 3.9 percentage points from the previous fiscal year-end). The company has low reliance on interest-bearing debt, holding a year-end balance of cash and cash equivalents of ¥13,499 million. This near debt-free financial structure enables the company to pursue both growth investment and shareholder returns simultaneously.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales reached ¥40,594 million (up 1.6% year-on-year), operating income was ¥1,733 million (up 11.8%), and profit attributable to owners of parent was ¥1,680 million (up 14.6%), achieving growth at every profit stage and recovering from the temporary profit decline seen in FY2025 (ended March 2025). Growth in high-performance insulation materials and a recovery in non-residential and vehicle-related components drove the revenue increase. Productivity improvements offset rising manufacturing costs, and gross profit margin improved to 30.5% (from 30.0% in the previous period). Foreign exchange gains of ¥86 million (versus ¥29 million in the previous period) and gains on sale of investment securities of ¥230 million also boosted ordinary income and net income. On the other hand, operating cash flow declined significantly to ¥1,353 million from ¥4,435 million in the previous period, mainly due to a decrease in trade payables (¥2,309 million). The equity ratio improved to 72.6%, marking the fifth consecutive year of improvement.
Growth Strategy
Advancing the 7th Medium-Term Management Plan (FY2024–FY2027 (ending March 2028)) around three pillars: expansion of circular business, strengthening of the profit base, and organizational development
Following selection for the Ministry of Economy, Trade and Industry's "Large-Scale Growth Investment Subsidy," Fukuvi Okayama Co., Ltd. decided to construct a second plant. The two-site structure with Fukui will strengthen BCP resilience and stable supply capacity. This responds to increased demand driven by the revised Building Energy Efficiency Act, aiming to expand profitability in the insulation business. As a subsequent event, a syndicated loan agreement for ¥2.0 billion was concluded in April 2026 (final repayment date March 31, 2038).
As of April 1, 2026, the Group's construction operations were integrated into Refodule Co., Ltd. (renamed: Fukuvi Refodule Architects Co., Ltd.). This accelerates optimal resource allocation and efficiency, aiming to improve profitability through construction contracting and solution provision that goes beyond mere material supply. This solidifies growth in the reform, renovation, and non-residential building fields.
Building on the favorable performance of the recycled wood product "PLUSWOOD" and its Good Design Award win, the platform-type business brand "Fukuvi commons" was launched. Through the expansion of products addressing environmental regulations—including the CFRTP integrated manufacturing process winning the NEDO Energy Conservation Technology Development Award and the completion of development of the PFAS-free "Light Guiding Bar"—the company aims to create new customers and markets.
In the Precision Business, expanding demand for automotive components and reduced manufacturing costs led to a sharp increase in operating profit of 122.0% year-on-year in FY2026 (ending March 2026). In the CSE Business, completion of development of the PFAS-free type Light Guiding Bar aims to capture new demand from European global automakers. Expansion into non-automotive fields (lens covers, logistics materials, etc.) will continue, diversifying revenue sources.
Steady progress in the building materials business in ASEAN and the United States, along with expanded sales of new OEM products and overseas automotive components, narrowed the operating loss in FY2026 (ending March 2026) to ¥29 million (from a loss of ¥122 million in the prior period). Cost reduction and SG&A control will continue at each local subsidiary, with the aim of achieving profitability at an early stage. Strengthening the global management foundation is positioned as a key priority in the 7th Medium-Term Management Plan.
Last updated: July 19, 2026