Nippon Kayaku Co., Ltd.
Cite as: Japan IR Index, Nippon Kayaku Co., Ltd. (4272), methodology GNT-BDS v1.1.1, reviewed 2026-10-01.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 3/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Chemicals) | 82.8 | 6 of 18 |
| Same size band (¥100–500bn) | 77.1 | 8 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 31 scored 3 or more and 1 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
Summary of Consolidated Financial Results for the first quarter of the year ending March 2027, in English - 12 pages with the segment note and the cash flow statement. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q1 FY2026 Summary of Consolidated Financial Results (English, 3 Aug 2026): 11 pages, the same as the Japanese 2027年3月期第1四半期決算短信 (11 pages, 3 Aug). The contents match section for section: the summary pages; the qualitative information (operating results by segment, financial position, forecast); the balance sheet; the income and comprehensive income statements; and the notes (going concern, shareholders' equity, accounting-policy change, segment information, cash-flow note). The full-year FY2025 tanshin (12 May 2026, 20pp each side) is also whole: qualitative section, future outlook, dividend policy, all four statements and the segment note. Its one difference from the Japanese is that the per-share information note (Japanese p.17) is left out; the EPS and BPS figures themselves are on the English summary page. The latest tanshin is a full translation, so 5. Source document →
F3Financial statements including notes available in English5/5
The English Q1 FY2026 tanshin has the quarterly consolidated balance sheet, income and comprehensive income statements, and notes, including the segment information note with segment sales, profit and adjustments. The FY2025 tanshin (12 May 2026) adds the statement of changes in net assets, the cash-flow statement, the segment note with segment definitions and products, and subsequent events. Full statements and notes are in English for the latest period, so 5. Source document →
F4Annual securities report available in English in any form0/5
The English Reports and Presentations section runs to financial summaries, the integrated report, the governance report and IR event materials. No securities report, and the company reports none to TSE.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are three reportable segments: Mobility & Imaging, Fine Chemicals and Life Science. Sales and segment profit are in the English tanshin segment note every quarter. The full-year note defines the segments, sets out their products and services and the measurement basis ('the profit reported in each reportable segment is operating profit'), and gives the sub-segment sales list. The decks add sub-segment sales (Safety Systems, Polatechno, Functional Materials, Color Materials, Catalysts, Pharmaceuticals, Agrochemicals), and the 11-year summary keeps the same structure. Sales and profit by segment every period, with stated definitions, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English3/5
The English 'Consolidated 11-Year Summary' page has a 'Download(Excel)' link to 11-year_summaryE.xlsx, which was opened. It is one sheet covering FY2014-FY2024: P&L lines, per-share data (EPS, DPS, BPS), year-end financial position (current assets and liabilities, PP&E, total assets, net assets), ratios (ROE, ROA, equity ratio), sales by segment and sub-segment, and segment operating income. It has no cash-flow data, and its latest year is FY2024 (to March 2025), although FY2025 results have been out since 12 May 2026. The 'Financial Highlights' page carries FY2025 data, but only as HTML charts. The Excel exists but is a year stale and has no cash flow, so 3. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY2025 English tanshin (12 May 2026) gives the FY2026 forecast (net sales 260.6bn yen, operating income 25.4bn yen) with a future-outlook section, and states the exchange-rate assumption: 'JPY148/USD'. The 3 Aug 2026 English 'Notice of Revisions to the Business Results Forecasts' gives the first-half and full-year figures before and after the revision. The English Q1 deck (23pp, the same as the Japanese) explains the revision: the first-half FX assumption moved from 148.00 to 160.98 yen, sales of Safety Systems, Functional Materials and Pharmaceuticals were strong, and the second half was left unchanged. The deck also has FX sensitivity, segment and sub-segment forecasts, and a demand outlook by business from Q2 onward. Forecast, assumptions, segment forecasts and revision reasons are all in English, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 results for the year ending March 2027 published with the Japanese in August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets4/5
The plan is Evolution2035 Phase1 (FY2026-28) under the long-term plan Evolution2035. The English deck 'New Mid-term Management Plan Evolution2035 Phase1' runs to 29pp; the version in the library was re-saved 11 Jun 2026. It has the FY2028 targets (net sales 300bn yen, operating income 36bn yen, ROE 10%+, after-tax ROIC 7%+), the FY2035 targets (500bn yen, ROE 15%+), the sales breakdown by business unit, cash allocation, the payout ratio of 40%+, a CCC target of 200 days, cross-shareholdings at 6%, and an equity ratio of 60-65%. A dedicated English MTP page repeats the targets. The Japanese deck (説明資料, 13 May 2026) runs to 36pp. Its first 29 pages match the English page for page; its seven extra pages are a materiality/SDG reference appendix. The English deck was posted 15 May, two days after the Japanese. Every target is in English but the deck came late and without the appendix, so 4. Source document →
S2IR presentations published in English5/5
Presentation Materials for 1Q FY2026 in English, published with the results, alongside supplementary earnings materials and the new medium-term plan deck. Source document →
S3English equity-story or investment-highlights page5/5
'Company Overview for Institutional Investors' (English, 39pp, 3 Aug 2026; the library also lists it as 'Investors Guide') opens with an investor-framed Section 1. 'Nippon Kayaku in Numbers' gives net sales of 241.9bn yen, 56% overseas sales ratio, 46 consecutive years of progressive dividends, ROE 9.0%, and payout ratio of 40.9% (total payout 106.2%). 'No. 1 Products' covers the top global share in micro gas generators/squibs and in acrylic-acid catalysts, and 55 anti-cancer products. Each business has a 'Strengths' page with estimated global share. The English Individual Investors page is only three links, and the English site has no counterpart to the Japanese 'for prospective investors' page, which was renewed in July 2026. A dedicated English investor section with quantified strengths, so 5. Source document →
S4Growth drivers identified and quantified in English5/5
The English MTP deck names the growth drivers and attaches numbers to them: automotive safety (capacity in China and Malaysia), semiconductor materials (AI and high-end server encapsulants), new drugs and biosimilars, and the FY2028 sales breakdown by business unit, with new business/M&A growing to 500bn yen by FY2035. The investor overview adds market sizes: the drone parachute market at 40.5bn yen by 2050, and the HUD and X-ray markets. The Q1 transcript gives a biosimilar share of 21% for adalimumab BS. Named drivers with numbers attached, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
For every briefing, both libraries link a full logmi transcript with Q&A (English: finance.logmi.jp/en). The English always comes later. Q1 FY2026 (briefing 3 Aug): Japanese 6 Aug, English 19 Aug. FY2025: Japanese 18 May, English 27 May. Q3: Japanese 5 Feb, English 13 Feb. Q2: Japanese 18 Nov 2025, English 1 Dec 2025. The Japanese side also has slide-synchronised audio of the presentation and Q&A, with no English audio. The English transcript is complete and covers every period but arrives one to two weeks after the Japanese, so 4. Source document →
S6Integrated or annual report available in English4/5
Integrated Report 2025 in English, 15MB, downloadable whole or by section, with English editions back to FY2020. Its figures are stated as of 31 March 2025 and FY2024 dominates, so it covers the year ended March 2025 - one edition behind. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English FY2025 results deck (13 May 2026), p.10 'Mid-Term Business Plan KAYAKU Vision 2025 Review', sets the FY2025 initial-plan targets against actuals. Net sales: 241.9bn yen actual vs 230.0bn yen plan. Operating income: 22.5bn yen vs 26.5bn yen. ROE: 9.0% vs 6.5%. Pre-tax ROIC: 7.6% vs 8.3%. The slide has segment trend bars against the plan and a stated verdict: sales and ROE achieved, operating income short, profitability still a challenge. The English 'New Long-term Management Plan Formulation Policy' (Nov 2025) adds 'Reflections on KAYAKU Vision 2025', with year-by-year target lines, 'Reasons for not achieving ROE of 8%' and the cash-allocation outcome. Target against actual with the variances explained, so 5. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report filed with TSE, in English, 35 pages, last updated 26 June 2026. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English 169th Reference Document (12pp, posted 28 May 2026) covers Proposal 2, all nine directors (the whole board), standing for re-election. A candidate list gives attendance and Independent/Outside attributes, followed by the company's independence standards. Each candidate has a dated career history, 'Number of years as Member of the Board', shares held, special interests, and reasons for nomination setting out expertise. Proposal 3 covers the Audit & Supervisory Board member candidate in the same way. Every director has tenure, expertise and independence, so 5. Source document →
G3Board skills matrix published in English5/5
The English reference document carries a '[Reference] Skills Matrix of Members of the Board of Directors and Audit & Supervisory Board', tied to the Evolution2035 plan. The English site page /english/company/skillmatrix.html shows 'Officer Skills Matrix (as of June 25, 2026)' for every director and A&SB member across the skill areas (corporate management, global business, business strategy, R&D, manufacturing/quality, IT/DX, finance/accounting and others). Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English Corporate Governance Report (updated 26 Jun 2026) sets out the structure: basic pay plus incentive pay (a performance-linked bonus and restricted stock), with outside directors and A&SB members on fixed pay only. It gives the bonus KPIs: achievement rate and change against the annual plan's consolidated net sales and operating profit, plus the ROE target in Evolution2035 Phase1, with the reasons for choosing them. The mix is about 60% basic and 40% incentive, and the total for 12 directors is 409 million yen for FY2025. Integrated Report 2025 adds the remuneration limits approved at the AGM and an FY2024 remuneration table. No weighting among the KPIs is given, and the amounts by individual and type are referred to the Japanese-only yuho/business report. Structure and KPIs without weights, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 169th AGM dated 4 June 2026 for a meeting on 25 June - 21 days - with the reference document published as a separate English file of 13 pages covering all three proposals and twenty candidate-profile entries. The cover notice alone is four pages; the pair is complete. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Sumitomo Mitsui Trust Bank as share registrar, whose voting websites (www.web54.net and www.soukai-portal.net) are in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English2/5
A Notice of Resolutions is published in English on the day of the meeting and names each proposal, the dividend and the directors elected - but every proposal reads 'resolved as originally proposed'. No votes, no abstentions, no approval ratios anywhere in the document. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale5/5
English Integrated Report 2025, financial policy: a chart of the number of cross-held stocks (35-41) and amounts held (23.2-36.8bn yen), with their ratio to net assets, year by year. It states that the 10%-or-less target was achieved in FY2024 and a new target is 'less than 6.0% by March 31, 2029'. The English MTP deck (p.18) repeats 'aim to reduce cross-shareholdings to 6%', and the investor overview shows the cross-shareholdings to net assets ratio. On holding rationale, the governance report's Principle 1-4 says holdings are kept to maintain business relationships, the board verifies each holding every year and sells those no longer needed, and it sets the voting standards. Holdings, a dated target, progress and the rationale are all in English, so 5. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (/english/) has 'Investor Relations' in its global navigation bar, linking straight to /english/ir/, and the homepage also lists IR News. One click, so 5. Source document →
O2English document links resolve to English documents5/5
Twelve English document links were sampled across types: Q1 FY2026 tanshin (209119), Q1 deck (209118), Q2 FY2025 semiannual tanshin (190884), 2Q supplementary materials (190837), forecast-revision notice (190667), Zoladex agreement release (204801), A&SB change notice (202082), 168th AGM reference document (180173), 164th reference document from 2021 (101285), Investors Guide (212984), Integrated Report 2024 A3 PDF, and the logmi English Q1 transcript. All twelve are in English (the PDFs show 0-49 CJK characters, which are only proper nouns). All English, so 5. Source document →
O3English IR archive free of dead links5/5
All twelve sampled links in O2 opened, from the current Q1 FY2026 documents back to the 2021 164th AGM reference document. The skills-matrix page cited in the governance report also resolved, as did the 11-year Excel download. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures4/5
Rendered in the browser: IR top (news list, latest materials), IR News, Financial Summary library, IR Event Materials, Financial Highlights (FY2025 overview with chart tabs), the 11-year summary table, the Stock Quote page (live price and candle chart dated 14 Oct 2026), the IR calendar, the MTP page and the meeting page. All render their content. The one blank is on the Integrated Report page, whose 'Digital Edition' block shows 'No data available.' above the downloads. The content is there and one element is empty, so 4. Source document →
O5Single page listing all English IR documents by date and type4/5
The English IR News archive (/english/ir/news/, year tabs 2021-2026) is one dated list. It mixes tanshin, decks, supplementary materials, logmi transcripts, timely disclosures, AGM notices, reference documents and resolutions, integrated reports and IR event materials. It is not typed (no categories or filters, unlike the Japanese list's 適時開示/決算/お知らせ tabs), and the Corporate Governance Report is not on it. The 'Financial Summary' library is filterable by type (all / statements / supplementary / presentations) and grouped by fiscal year and quarter, but its items are not dated. The integrated report, governance report and AGM documents each have their own page. One dated page that is not typed and does not carry every type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
IR News runs from 2021 to 2026. The Financial Summary library covers FY2022-FY2027 with every quarter's tanshin and deck plus other notices. AGM documents go back to the 164th meeting (2021), integrated reports to FY2020, and the IR calendar to 2020. Several years across document types, so 5. Source document →
O7Named English IR contact published3/5
"Inquiries" in the English IR Support menu leads to the contact page, whose "Investor Relations" entry opens the shared corporate contact form with Investor Relations preselected (reg26.smp.ne.jp, inquiryE=12). A genuine IR route through the general form, not a dedicated IR contact: 3 (was 0 on 12 Oct, which found no IR route; re-checked 14 Oct 2026). The results summary carries no contact header. Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
Posting dates, Japanese then English. Q1 FY2026: tanshin 3 Aug and 3 Aug, deck 3 Aug and 3 Aug. FY2025: tanshin 12 May and 12 May, deck 13 May and 13 May. Q3 FY2025: tanshin 2 Feb and 6 Feb, deck 2 Feb and 2 Feb. Q2: tanshin 11 Nov and 12 Nov 2025, deck 12 Nov and 12 Nov. Q1 FY2025: tanshin 31 Jul and 7 Aug 2025, deck 31 Jul and 31 Jul. Decks were same-day every period, and the tanshin has been same-day for the last two periods, after lags of 1-7 days before that. The English Q1 deck PDF's creation date is 19 Aug, likely a re-upload, but the list dates it 3 Aug. The tanshin was same-day in only two of the five periods read (the last two) and 1-7 days late in the other three, so most periods are not same-day: days late, 3 (agent proposed 4; set to 3 in review, 14 Oct 2026, as the tanshin lag is the majority case). Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags of English behind Japanese. Q1 FY2026 tanshin: 3 Aug and 3 Aug, 0 days. FY2025 tanshin: 12 May and 12 May, 0. AGM notice and reference documents: 28 May and 28 May, 0. Corporate Governance Report: Japanese 'last updated 26 June 2026' (PDF 26 Jun), English PDF created 25 Jun and modified 26 Jun, 0 (PDF creation dates). Annual securities report: Japanese 19 Jun 2026, no English version, counted as more than 90 days. Lags 0, 0, 0, 0, >90; median 0 days, so 5. Source document →
R3Timely disclosures published in English4/5
Japanese timely disclosures and results from 15 Oct 2025 to 14 Oct 2026: 31 items. The English list carries 29. These include every buyback-status report, the forecast revisions (11 Nov 2025, 3 Aug 2026), the dividend revision, buyback and cancellation (12 May), the Fuji Yakuhin acquisition (30 Mar), the A&SB member change (22 Apr), the Zoladex agreement, subsidiary dividends and restricted-stock notices, mostly the same day. Results were 1 day late (Q2) and 4 days late (Q3). Missing from the English: the executive-officer changes (25 Feb 2026), and the M&A notice making Sanko Chemical Industry a wholly owned subsidiary (7 Sep 2026). Nearly all, but two missing including an acquisition, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
The rendered English IR pages, the IR Disclaimer page (/english/ir/escape.html), the site policy, the disclosure policy and the logmi English transcript page carry no machine-translation or AI-translation notice. The documents' caveats ('English translation of parts of the Japanese-language original', 'not an official translation ... Japanese version shall prevail') are precedence language and belong to R5. Nothing is presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Unusually blunt: 'This English version is not an official translation of the original Japanese document. In cases where any differences occur ... the Japanese version shall prevail.' The governance report adds that it is 'made solely for the convenience of the foreign readers'. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-01. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Semiconductor-materials, portfolio and balance-sheet reform plan
Strategy or target reset · In progress · Plan announced 15 May 2026
Nippon Kayaku set FY2028 operating and return targets and disclosed cash, cross-shareholding and shareholder-return policies.
Timeline and sources (1 step)
- 15 May 2026Plan announced Nippon Kayaku set FY2028 operating and return targets and disclosed cash, cross-shareholding and shareholder-return policies. Mid-term Management Plan Evolution2035 Phase1
What management said it would do
Management targets ¥300bn sales, ¥36bn operating income, ROE above 10% and after-tax ROIC above 7% by FY2028.
From the company’s own disclosure · Mid-term Management Plan Evolution2035 Phase1
What it actually did, and when
Phase1 has started; full deployment, portfolio actions and realized returns remain pending.
Partly disclosed — a gap remains · Mid-term Management Plan Evolution2035 Phase1 · Reports and Presentations
What it disclosed about the economics
Partly disclosed — a gap remains · Mid-term Management Plan Evolution2035 Phase1 · Reports and Presentations
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · Mid-term Management Plan Evolution2035 Phase1
The question this leaves open
Investor question: Which wafer, encapsulation and circuit-board materials clear the 7% ROIC threshold? IR preparation: bridge capital, segment profit and portfolio exits.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
Capital structure
The plan calls for ¥60bn of cash reserves, a shorter cash-conversion cycle, lower cross-shareholdings and debt financing to optimize the equity ratio.
Governance of capital decisions
Management disclosed FY2028 ROE and after-tax ROIC goals, portfolio restructuring and low-return asset actions.
Preliminary and not scored: a selected-source reading, reviewed 29 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Sumitomo Mitsui Trust Bank) is in Japanese only.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.