ENVALITH
ZACROS株式会社 logo

ZACROS Corporation

7917・Prime Market・Chemicals

Official website
ZACROS株式会社 logo
ZACROS Corporation7917

Business

ZACROS Corporation (formerly Fujimori Kogyo) was founded in 1936 and changed to its current company name in October 2024; it is a materials and packaging manufacturer listed on the Tokyo Stock Exchange Prime Market. As a group including 14 consolidated subsidiaries, it operates four segments: the Wellness Business (17.6% of sales), which handles Pharmaceutical & Medical Packaging Materials and single-use bags for biomanufacturing; the Environmental Solutions Business (20.5% of sales), covering Refill Packaging, Cosmetics Packaging & Other Flexible Packaging and liquid containers; the Information & Electronics Business (35.8% of sales), covering Protective Film (Polarizer Protection, etc.) and Interlayer Insulation Film (Data Recording Material); and the Industrial Infrastructure Business (26.1% of sales), covering Construction & Civil Engineering Materials and Chemical Products (Plastic Raw Materials, Adhesive Products, etc.). The company manufactures and sells products at 14 or more locations both in Japan and overseas, and has built a global structure with subsidiaries in Thailand, Malaysia, Taiwan, China, the United States, and India.

Business Model

Based on proprietary technologies including coating, laminating, and precision coating, the company manufactures and sells high-functionality products for the pharmaceutical, electronics, construction, and daily-life packaging markets. In addition to product sales, it advocates a "solution creation" model that combines system proposals, contract manufacturing, and service provision, differentiating itself by proactively resolving customers' latent challenges. R&D expenses are maintained at 2.8% of sales (¥4,510 million), sustaining its technological edge.

Company Strengths

The Information & Electronics Business achieved net sales of ¥56,800 million, operating profit of ¥4,770 million, and an operating margin of 8.4% in FY2026 (ending March 2026). For Protective Film (Polarizer Protection, etc.), the company plans to introduce the industry's first 3m-wide production equipment, and Interlayer Insulation Film (Data Recording Material) for the AI and semiconductor markets is also driving sales growth. The company holds a portfolio of products with high entry barriers, underpinned by Super High Clean technology and thin-film precision coating technology.

The Industrial Infrastructure Business achieved net sales of ¥41,325 million, operating profit of ¥5,026 million, and an operating margin of 12.2% in FY2026 (ending March 2026), the highest profitability level among all segments. The order backlog at the end of FY2026 (ending March 2026) grew to ¥16,455 million (up 5.9% year on year), and solution proposals combining products and systems such as Building Chimneys, Air Conditioning Piping, and Void Slab (Floor Structural Member) support the achievement of high added value.

At the end of FY2026 (ending March 2026), the equity ratio stood at 60.5%, with net assets of ¥104,339 million against total assets of ¥156,791 million. The cash flow to interest-bearing debt ratio remained low at 1.1 years, and the interest coverage ratio was 52.7 times. The company has maintained financial soundness even during a phase of aggressive investment, and it has the financial capacity to fund its mid- to long-term investment plan of approximately ¥57.0 billion through retained earnings and borrowings.

ENVALITH's Perspective

In FY2026 (ending March 2025), the company achieved revenue growth and profit growth, with net sales of ¥158,535 million (up 5.2% year on year), operating profit of ¥11,054 million (up 9.3% year on year), and net income of ¥7,707 million (up 18.0% year on year). Recovery from the sharp profit decline in FY2023 (ending March 2023) (operating profit of ¥5,882 million) is progressing steadily. On the other hand, the Wellness Business posted a segment loss of ¥201 million against net sales of ¥27,849 million, remaining in the red, and the structure in which delayed monetization of BioPhaS® and increased fixed costs associated with the launch of the new building at the Mie business site are weighing on company-wide profit has not changed.

On June 10, 2026, it was discovered that there was an error in the allocation of impairment losses in the segment information of the FY2026 (ending March 2026) financial results summary, and a correction was made. The correction involved swapping the impairment loss amounts recorded for the Environmental Solutions Business and the Information & Electronics Business (Environmental Solutions: ¥18 million → ¥367 million; Information & Electronics: ¥367 million → ¥18 million), with no impact on the total amount of ¥1,414 million or on consolidated earnings. However, the fact that the error was discovered after disclosure is a point that investors should continue to monitor from the perspective of internal control processes.

In FY2026 (ending March 2026), the increase in tangible and intangible fixed assets remained at a high level of ¥17,560 million. Investment continued across all segments: Wellness Business (¥1,681 million), Environmental Solutions Business (¥5,097 million), Information & Electronics Business (¥8,435 million), and Industrial Infrastructure Business (¥2,346 million). As external factors, expansion of the semiconductor and AI markets and continued construction demand may support the recovery of these investments, while delays in investment recovery or deterioration in market conditions remain a risk that could strain financial capacity. Improving investment efficiency toward the goal of net sales of ¥220,000 million and ROE of 12% in FY2031 (ending March 2031) will be the key focus.

Growth Strategy

Aiming for net sales of ¥220,000 million and ROE of 12% by FY2030 through the "Evolution of Solution Creation Activities"

Promoting expansion of sales channels for the single-use bag for biomanufacturing BioPhaS® and enhancing production capacity through the operation of the new building at Mie Plant. Also accelerating production reinforcement and overseas expansion in Southeast Asia for Pharmaceutical & Medical Packaging Materials. In FY2026 (ending March 2026), the segment loss of ¥201 million continued, making the achievement of profitability the most critical issue.

Enhancing production capacity through equipment expansion at Numata Plant, including the introduction of the industry's first 3m-wide production equipment. Capturing growing demand for electronic components driven by the growth of the AI and semiconductor markets. Continuing capital expenditure of ¥8,435 million in FY2026 (ending March 2026), the largest scale of investment among all segments.

Strengthening competitiveness and the earnings base in the Asia region through the establishment of Sinose Precision Materials (Wuxi) Co., Ltd. Promoting business expansion in North America, Southeast Asia, China, and India, mainly for blood testing applications in liquid containers. Capital expenditure in FY2026 (ending March 2026) remains at a high level of ¥5,097 million.

Strengthening solution proposals that combine products and systems in Air Conditioning Piping, Void Slab (Floor Structural Member), Building Chimneys, and other offerings. Also capturing growing demand for adhesive products for the semiconductor market and automotive films, while maintaining and improving the high profit margin of 12.2%. The accumulation of order backlog is supporting short-term performance.

Last updated: July 19, 2026