MARUWA CO., LTD.
Cite as: Japan IR Index, MARUWA CO., LTD. (5344), methodology GNT-BDS v1.1.1, reviewed 2026-10-06.
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.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G3 Board skills matrix published in English 0/5 Quick fix
Publish the skills matrix from the Japanese AGM notice in English.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O2 English document links resolve to English documents 3/5 Quick fix
Check every link on the English IR pages; label any that open a Japanese document, or link the English version.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Glass & Ceramics Products) | 76.5 | 5 of 5 |
| Same size band (¥500bn–2tn) | 84.2 | 43 of 43 |
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, 19 scored 3 or more and 11 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 English0/5
No English tanshin for the current periods. The English results document every quarter since FY2025 Q4 - including "FY2026 First Quarter Financial Results" (31 Jul 2026) - is a slide-style headline sheet (sales, profits, a bar chart, market commentary), which is a deck and is scored under S2 (as for Nireco, 6863). The English IR Library does carry labelled tanshin excerpts for every quarter through Q3 of the year to March 2025 (e.g. 29 Jan 2025); the series stopped after that. 0 (was 2, which scored the headline sheet as the tanshin; reason and score corrected 14 Oct 2026).
F2English results summary is a full translation, not an excerpt0/5
No English tanshin has been published for the last five periods. The English results document for each period since FY3/25 year end is the slide-style 'Financial Results' sheet (e.g. 'FY2026 First Quarter Financial Results', 31 Jul 2026, 8 pages: overview of four headline figures, quarterly sales/OP table, sales by market, forecast, capex, plants) against an 11-page Japanese 2027年3月期第1四半期決算短信 (29 Jul 2026) with qualitative section, statements and segment note. The last English tanshin, '【Financial Results】Third Quarter of Fiscal Year 2024' (29 Jan 2025, 6 pp), was itself a labelled 'excerpt translation' with summary, balance sheet and income statements but no qualitative section and no segment note; the series was discontinued after it. What an English reader holds today is a headline summary only: 2. Set to not_found in review (14 Oct 2026): the current English results document is a headline slide sheet, which is a deck, not a tanshin, and is scored under S2 (as for Nireco, 6863). No English tanshin for the last five periods.
F3Financial statements including notes available in English3/5
The 'Annual Financial Report - Consolidated Financial Statements For the fiscal year ended March 31, 2025' (55 pp, posted 30 Jul 2025) carries full consolidated statements, notes (pp 10-38, incl. segment information for the two reportable segments), the independent auditor's report, a business review and risk factors. That is full statements and notes at the year end only; no quarter has English statements (the quarterly sheets carry no balance sheet or cash flow). It is also a year behind: the Japanese yuho for FY3/26 was posted 12 Jun 2026 and has no English counterpart yet. Full statements and notes, year end only (and late): 4. Set to 3 in review (14 Oct 2026): the only English statements with notes are a year behind the Japanese (year to March 2025 against the annual report filed 12 June 2026), so no current English source carries the notes; the floor between 4 and 3 is taken. Source document →
F4Annual securities report available in English in any form4/5
"Annual Financial Report," for the fiscal year ended 31 Mar 2025 - full consolidated financial statements, notes, the Independent Auditor's Report (KPMG AZSA), a Business Review and a Risk Factors section, 49 pages - under a different name carrying most of a securities report's content, one year behind the most recent fiscal year end. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions3/5
Maruwa reports two segments (Ceramic Components; Lighting Equipment). Every quarterly English sheet gives sales by market (Tele-communication, Automobile, SPE/Semiconductor, Industrial equipment, Lighting; e.g. 1Q FY3/27 p4: 92/35/22/20/25 x ¥100m) with no profit by segment or market. Segment sales and segment operating income appear only annually: on the English 'Consolidated Operating Results' HTML page (FY3/23-3/26, e.g. Ceramics OP ¥24,573m FY3/26) and in the year-old Annual Financial Report's segment note, where the definitions are stated. Quarterly, sales without profit; profit only at the year end: 3. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No .xlsx/.xls/.csv anywhere on the English IR site: the IR Library, IR News and the three 'Achievements and Financial Information' pages (operating results, financial condition, cash flow) were rendered and their links filtered for xls|csv|excel|download - none. What is there instead is Pronexus-fed HTML charts with tables covering four fiscal years (3/23-3/26) of sales, OP, segment sales/OP, ordinary and net income, EPS, ROE, ROA, total/net assets, equity ratio and the three cash flows. HTML tables do not count.
F7Guidance disclosed in English with the basis explained5/5
The English 1Q FY3/27 sheet (31 Jul 2026, p5-6) gives the full-year and half-year forecast for net sales (¥93,300m) and operating profit (¥33,700m), the exchange assumption (US$1 = ¥158), a market view per end-market, forecast growth by market (Telecom +48%, Automobile +6%, Semiconductor +20%, Industrial +1%, Lighting +1%), and explains the upward revision market by market ('Initial forecast => Current forecast: Telecommunications +23% => +48% ...'). The FY3/26 results sheet did the same for the initial forecast at ¥153. Ordinary and net profit are not forecast in either language (the Japanese tanshin omits them for FX reasons). All three assumption types and the revision explained: 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Current quarter (30 Jun 2026), published 31 Jul 2026, same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets0/5
No medium-term plan with numerical targets in English: IR top, IR Library, For Our Investors, IR News and the results sheets were checked. The Japanese side publishes none either (Japanese IR top, IR資料室 sub-pages and IRニュース 2025-26 list only tanshin, decks, yuho and notices). The results sheets give a one-year forecast and capex plans only.
S2IR presentations published in English5/5
The English results deck matches the Japanese page for page (8 against 8 for Q1, 10 against 10 for the full year) and is posted the same day, every period. The Japanese presentations page lists only the deck PDFs - no transcript, Q&A or script - so nothing is withheld. 5 (was 4, which counted the missing Q&A against the English when the Japanese has none either; re-checked 14 Oct 2026). Source document →
S3English equity-story or investment-highlights page3/5
'For Our Investors' ('the MARUWA digest. Helping private investors to better understand us') is the nearest thing: history from the Edo period, a business overview ('market leader ... in ceramic substrates', two segments, 'products unrivaled in the industry'), arts support, and shareholder benefits/dividends. Strengths are described qualitatively and without numbers, framed as a company introduction for retail shareholders rather than an investment case; there is no 'why invest' or highlights section in any deck. A company-overview page doing the job: 3. Source document →
S4Growth drivers identified and quantified in English4/5
Each results sheet names the drivers and attaches growth numbers: the 1Q FY3/27 sheet (pp 5-8) forecasts Telecom (next-generation high-speed communications) +48%, Semiconductor (general-purpose memory recovery) +20%, Automobile (NEV share gains) +6%, with capex of ¥20-25bn for the year and new buildings at Seto, Toki and Miharu plants listed by purpose and start year. No market size, share or capacity figures are given, so the drivers are named and partly quantified: 4. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
No transcript or Q&A in English. The Japanese side has none either: its 決算説明会資料 page (FY3/21-FY3/27) lists only the presentation PDFs, and the Japanese IR news has no Q&A/transcript items; the English IR Library carries only results sheets and the annual financial report.
S6Integrated or annual report available in English0/5
No integrated or annual report in English found anywhere on the site; the Sustainability pages cover ESG topics but reference no downloadable report.
S7Progress against the previous plan, including misses, explained in English0/5
No previous medium-term plan exists in either language (see S1), so there is no target-versus-actual reconciliation to find; checked English IR Library and IR News, Japanese IR資料室 and IRニュース.
G1Corporate governance report available in English3/5
"Corporate Governance" under Sustainability is a prose page about governance philosophy - not the filed Corporate Governance Report, which is not published in English. Source document →
G2Director biographies in English with tenure, expertise and independence2/5
The English 'Management' page (as of 19 Jun 2026) lists the seven directors by name and title, with the three Audit & Supervisory Committee members labelled 'Outside Director'; the Corporate Governance page adds that three of seven are independent outside directors registered with TSE. No tenure, career history or expertise for any director, and there is no English AGM notice with candidate profiles. Names and titles only: 2. Source document →
G3Board skills matrix published in English0/5
No skills matrix in English: checked the Management page, the Sustainability > Corporate Governance page, the Annual Financial Report (FY3/25), and the IR Library; there is no English AGM notice or CG report.
G4Executive remuneration structure and its performance linkage explained in English2/5
The only English remuneration content is in the FY3/25 Annual Financial Report notes: directors' remuneration of ¥163m as an SG&A line, a provision for directors' bonuses, and restricted shares issued for share-based remuneration. No policy, structure, KPIs or per-category amounts; the Corporate Governance web page says nothing on pay. A mention: 2. Source document →
G5AGM notice in English with sufficient lead time to vote0/5
No AGM/convocation notice in English anywhere on the site; the IR News list (2022-2026) carries only "Financial Report" items.
G6Shareholder vote results disclosed in English0/5
No English resolution or vote-results notice; same gap as G5.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
No cross-shareholding disclosure in English: no CG report, no yuho shareholding section, and nothing on the Corporate Governance/Compliance pages. The FY3/25 Annual Financial Report shows only 'Investment securities' of ¥482m on the balance sheet, with no policy, holdings list or reduction plan, and no statement that none are held.
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is in the top navigation of the English homepage (https://www.maruwa-g.com/e/) and lands on the English IR top (/e/ir/) in one click; the footer also links the IR sub-pages directly. Source document →
O2English document links resolve to English documents3/5
Sampled 14 links: 13 from the English IR Library (FY2026 1Q, FY2025 Final/3Q/2Q/1Q, FY2024 Final, 2503_2qe and 2503_1qe tanshin excerpts, 2403e, FY2023 3Q, FY2023 1Q, FY2022 Q2, 2303e, 220427, 210805) - all English. But the English 'For Our Investors' page links its 'Investor Newsletter' to a Japanese PDF (stockholder_news_53-end.pdf, 6 pp, Japanese) and its dividend 'More Details' to the Japanese haitou.html page, neither labelled as Japanese. Unlabelled Japanese among the English links: 3. Source document →
O3English IR archive free of dead links5/5
All 14 sampled links (listed under O2) opened in the browser with content (page counts 6-12; the Japanese newsletter also opened), and the English IR top, library, news, highlight, stock, calendar and policy pages all returned 200. No dead links found. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered IR top, IR Library, IR News, the three Achievements and Financial Information pages (charts and data tables render), Stock Information, Basic Information (dividend table), IR Calendar, Disclosure Policy and For Our Investors: every page shows its content; no empty lists or failed widgets (only a cookie banner). Source document →
O5Single page listing all English IR documents by date and type4/5
One English IR Library page lists every English document (results sheets, tanshin excerpts, the Annual Financial Report) grouped by fiscal year, each dated, back to FY2021. Every item carries the same generic 'Financial Report' tag, so type is only discernible from the title, and there are no type filters. One dated page, not really typed: 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The library is populated back to 1Q FY2021 (Jul 2021): English tanshin excerpts for every quarter FY2021 to 3Q FY2024, results sheets for every quarter from 2Q FY2022 to 1Q FY2026, and the FY2024 Annual Financial Report - five years across its document types (thin as those types are). Source document →
O7Named English IR contact published3/5
No contact is named in any financial document. The general inquiry form (cgi-bin) offers an explicit "IR Information" category among six choices - a genuine route, reachable from the site, but a shared general-purpose form rather than a dedicated IR page. Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
No English tanshin at all for the last five periods. The English results sheet is posted the same day as the Japanese deck but after the Japanese tanshin: 1Q FY3/27 JP tanshin 29 Jul 2026, EN 31 Jul (2 days); FY3/26 JP tanshin 8 May 2026, EN 13 May (5 days); also 3Q 3 Feb -> 5 Feb 2026 and 2Q 5 Nov -> 7 Nov 2025 (dates are the library/news posting dates; the 2Q English PDF's creation date is 9 Dec 2025, suggesting a later re-upload). Earnings material in English days late, tanshin never: 3. Source document →
R2Median lag in days between Japanese and English statutory publication1/5
Tanshin FY3/26 (JP 8 May 2026): no English -> >90. Tanshin 1Q FY3/27 (JP 29 Jul 2026): no English -> >90. AGM notice (June 2026): no English -> >90. Corporate Governance Report: no English -> >90. Yuho FY3/26 (JP 12 Jun 2026): no English equivalent yet, 124 days on 14 Oct (last year's Annual Financial Report came 30 Jul 2025, 47 days after the 13 Jun 2025 yuho) -> >90. Median >90 days (even counting the results sheets as tanshin at 5 and 2 days, three of five remain >90): 1. Source document →
R3Timely disclosures published in English2/5
Japanese IRニュース, Oct 2025-Oct 2026: four tanshin, the 業績予想の修正に関するお知らせ (29 Jul 2026), the yuho and half-year report, 親会社等の決算, 支配株主等に関する事項 and 投資単位の引下げ policy (26 Jun 2026). The English IR News for the same period lists only the four results sheets; the forecast revision has no English notice (it is only explained inside the 1Q sheet two days later), and none of the other disclosures appear. Only results: 2. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice on any rendered English page (IR top, library, highlight, stock, calendar, For Our Investors, governance) or document; the Disclosure Policy & Indemnification page disclaims accuracy and forward-looking statements but says nothing about machine translation. (The tanshin excerpts' 'Japanese shall prevail' line is R5 territory.) Source document →
R5English version stated as authoritative, not subordinate to Japanese3/5
No translation disclaimer of any kind found on the F1/S2 document or on the full 49-page Annual Financial Report (which carries only the auditor's standard non-reproduction notice, not a language-authority statement) - silent, neither claiming authority nor disclaiming it. An unusual case in this cohort. 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 2026-10-06. 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 →
FY2025–FY2026 capacity-expansion and new-plant program
Strategy or target reset · In progress · Action announced 13 May 2026
MARUWA reported record FY2025 capex and planned another ¥20–25bn while starting new Seto and Miharu capacity.
Timeline and sources (2 steps)
- 31 March 2026 · announced 13 May 2026Record investment reported FY2025 capital investment reached ¥22.5bn and multiple new buildings were completed. FY2025 Final Financial Results
- 30 June 2026 · announced 31 July 2026Forecast and starts updated MARUWA raised its FY2026 forecast and estimated ¥20–25bn of current-year capex. FY2026 First Quarter Financial Results
What management said it would do
MARUWA committed to major capacity additions after ¥22.5bn of FY2025 capex and estimated ¥20–25bn for FY2026.
From the company’s own disclosure · FY2025 Final Financial Results · FY2026 First Quarter Financial Results
What it actually did, and when
Several buildings were completed and scheduled to start in FY2026; a further telecom building remains under construction.
Partly disclosed — a gap remains · FY2025 Final Financial Results · FY2026 First Quarter Financial Results
What it disclosed about the economics
Management cited telecom and semiconductor demand and raised FY2026 operating-profit guidance, but disclosed no project ROIC or payback.
Partly disclosed — a gap remains · FY2026 First Quarter Financial Results
What has happened since
Final commissioning, utilization and FY2026 returns are not due.
Partly disclosed — a gap remains · FY2026 First Quarter Financial Results
The question this leaves open
Investor question: What utilization and contribution justify each new plant? IR preparation: publish project spend, ramp, revenue, margin and ROIC.
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
MARUWA spent ¥22.5bn in FY2025 and plans ¥20–25bn in FY2026 on capacity, technology and new markets.
Capital structure
The selected materials show strong earnings and high investment, but no target leverage or liquidity range.
Governance of capital decisions
MARUWA closely monitors market conditions and says equipment starts will be flexible.
Preliminary and not scored: a selected-source reading, reviewed 28 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
No score on this page has changed since the change log started on 20 October 2026.
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.