Nippon Dry-Chemical Co., Ltd. (TSE: 1909), an integrated fire-protection group whose lineup spans automatic fire-alarm systems, fire-extinguishing systems, fire extinguishers and firefighting vehicles, reported results for the fiscal year ended March 2026. Under Japanese GAAP, consolidated revenue rose 8.6% to ¥60.52 billion, operating profit jumped 30.3% to ¥7.99 billion, ordinary profit climbed 41.5% to ¥8.23 billion and net profit attributable to owners rose 28.4% to ¥5.08 billion. EPS was ¥189.61, up from ¥147.67 a year earlier (both adjusted for the four-for-one stock split effective April 1, 2026).
Large projects power fire-protection systems
The group operates as a single segment and reports by business line. The core Fire-Protection Systems business grew revenue by ¥3.37 billion to ¥36.80 billion as construction progressed on large projects, and lifted gross profit by ¥1.70 billion to ¥10.49 billion helped by well-priced orders. The Maintenance business saw revenue ease ¥55 million to ¥10.11 billion, while gross profit rose ¥293 million to ¥4.14 billion on renovation and repair work. The Merchandise business grew revenue by ¥1.48 billion to ¥13.62 billion on strong equipment sales and brisk inquiries for small-scale works, with gross profit up ¥480 million to ¥2.65 billion. The company noted continued demand from disaster-prevention public works and large urban redevelopment, even as elevated raw-material and resource prices weighed on the industry.
Balance sheet strengthens; operating cash flow moderates
Total assets rose ¥6.08 billion over the year to ¥57.02 billion, and net assets grew ¥5.84 billion to ¥36.36 billion, lifting the equity ratio to 54.5% from 50.3%. Operating activities generated ¥3.42 billion of cash (versus ¥8.94 billion a year earlier), investing activities used ¥696 million, and financing activities used ¥1.66 billion, leaving cash and equivalents ¥1.09 billion higher at ¥10.60 billion. The year's extraordinary losses included ¥504 million of tender-offer-related costs.
¥90 dividend proposed after four-for-one split
The company will ask the June 26, 2026 annual general meeting to approve a full-year dividend of ¥90 per share, of which ¥35 was already paid at the interim stage. Nippon Dry-Chemical carried out a four-for-one stock split effective April 1, 2026, raising shares outstanding from 21,545,436 to 28,727,248 after the split, to lower the investment unit and broaden its investor base.
ALSOK-backed tender offer set to end listing
At a board meeting on May 13, 2026, the company resolved to express support for a tender offer for its shares by TCG2511 K.K. and to recommend that shareholders tender. The offeror is held 50.00% by CJP V HC Holdings XI, L.P. and 50.00% by ALSOK, the security-services group that already owns 16.41% of Nippon Dry-Chemical and has a capital and business alliance with it. The offer price is ¥3,730 per share, the offer runs from May 14 to June 29, 2026 (33 business days), and it targets 22,403,872 shares with a minimum threshold of 13,465,700 shares and no upper limit. The offer is intended to take the company private, after which the shares are expected to be delisted. On that premise, the company did not publish FY3/2027 earnings guidance or a dividend forecast.
| Metric | FY3/26 | FY3/25 | YoY |
|---|---|---|---|
| Revenue (¥m) | 60,518 | 55,727 | +8.6% |
| Operating profit (¥m) | 7,985 | 6,128 | +30.3% |
| Ordinary profit (¥m) | 8,232 | 5,817 | +41.5% |
| Net profit attrib. (¥m) | 5,083 | 3,958 | +28.4% |
| EPS (¥, split-adjusted) | 189.61 | 147.67 | +28.4% |
| Equity ratio | 54.5% | 50.3% | +4.2pp |
| Annual dividend (¥/share) | 90.00 | — | — |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.