Nireco Corporation
Cite as: Japan IR Index, Nireco Corporation (6863), methodology GNT-BDS v1.1.1, reviewed 2026-10-13.
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.
O7 Named English IR contact published 2/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Electric Appliances) | 80.8 | 31 of 33 |
| Same size band (Under ¥100bn) | 51.4 | 19 of 25 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from kabutan.jp, 19 Oct 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, 17 scored 3 or more and 12 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 any period: the English site has no IR section, and the Japanese IR archive marks only the results decks and mid-term plan as 英語版. The decks' summary income statement, segment figures and balance sheet are counted under S2, not here (a deck is not the results summary, and counting it twice would score one document on two questions).
F2English results summary is a full translation, not an excerpt0/5
No English tanshin for any period. The English site (https://nireco.com/en/) has no IR section, its News > Latest Information list carries only results decks, the mid-term plan and press releases, and the Japanese IRアーカイブ marks only the decks as 英語版; the Japanese tanshin (Q1 FY2027 11 pp, FY2026 20 pp, 7 Aug and 14 May 2026) have no English counterpart. A deck is not a tanshin (ruling).
F3Financial statements including notes available in English2/5
No English tanshin, yuho or annual report, so no English financial statements with notes. The only English figures are the decks' summary tables: the FY2025 deck (55 pp, 14 May 2026) has a summary P&L with plan and YoY, a condensed balance sheet of about 20 lines (e.g. total assets ¥20,588m) and cash-flow totals by activity with a few drivers; the Q1 FY26 deck (41 pp, 7 Aug 2026) the same at the quarter. The Financial Data page has a five-year highlights table as an image. Condensed headline figures, no full statements and no notes: 2 (the condensed BS/P&L could be read as 'statements without notes', 3; floor recorded). Source document →
F4Annual securities report available in English in any form0/5
The English site has no IR section; its only IR documents are the results decks and the mid-term plan in the news list. The Japanese archive lists the 有価証券報告書 (FY2026) and 半期報告書 in Japanese only, with no English counterpart under any name.
F5Segment revenue and profit disclosed in English, consistent definitions4/5
No English tanshin, so no segment note in English. Every quarterly English deck gives sales and segment profit by segment: Control Equipment (split into Steel & Non-ferrous Metals and Functional Films & Flexible Packaging), Inspection Systems, Optics, Others. E.g. Q1 FY26 deck: Optics sales ¥1,077m / profit ¥320m, Inspection Systems loss ¥218m, Steel & Non-ferrous profit ¥226m (+90%), with plan progress; the FY2025 deck has actual vs initial plan vs YoY for each segment, plus orders and backlog. Checked Q1 FY26, FY25, 3Q FY25 and 1H FY25 decks. The segment definitions (the basis of reportable segments and of segment profit) are not stated in English; they are in the Japanese tanshin only. Every period, figures only in the deck: 4. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No downloadable data file. The English Company Info > Financial Data page (https://nireco.com/en/company/financial-data/) shows five chart images and a five-year table (FY2022/03-FY2026/03: sales, OP, ordinary profit, net profit, EPS, DPS, capex, depreciation, R&D, total/net assets, ROE, equity ratio, cash flows) rendered as an image, with no link to any file. No .xlsx/.xls/.csv link on the English homepage, news lists or company pages; the Japanese 財務ハイライト is likewise not a spreadsheet library. An image table does not count.
F7Guidance disclosed in English with the basis explained4/5
The FY2026 (year to March 2027) forecast is in English in the FY2025 deck (14 May 2026, p15: orders ¥13.0bn, sales ¥12.5bn, OP ¥1.9bn, ordinary ¥2.0bn, net ¥1.45bn, EPS ¥202.58), with segment forecasts (pp17-21, e.g. Control Equipment sales ¥5.7bn / profit ¥1.15bn), market conditions per segment and a semiconductor/FPD equipment demand chart, and the note that it excludes US tariffs and Middle East tensions. No FX assumption. The 29 Sep 2026 upward revision (sales ¥13.2bn, OP ¥2.0bn, ordinary ¥2.1bn, net ¥1.5bn, EPS ¥69.79 after split) and its reason (high backlog, Optics productivity) are in the Japanese notice's pp1-3 only; the English MTP deck carries the new FY26 sales/OP figures and a segment comparison with the previous plan ('Optics led the upward revision', pp12-14) but not the revision notice, ordinary/net/EPS or the stated reason. Forecast with segment and market basis, revision only partly explained in English: 4. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 FY26 results deck (three months to 30 June 2026) dated and created 7 August 2026, the same day as the Japanese first-quarter tanshin; the 29 September 2026 mid-term plan is also in English the same day. Same period as the latest Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
Mid-Term Plan 'NIRECO-VISION 100' (FY26-FY30), English deck 19 pp posted 29 Sep 2026 on the English Latest Information list, the same day as the Japanese (Japanese PDF created 11:25, English 18:37 the same day). It matches the Japanese deck (pp4-22 of the Japanese 22-page release) page for page: FY30 targets sales ¥17.0bn, OP ¥3.3bn, margin 19.4%, Optics sales ¥6.1bn; year-by-year consolidated and segment sales and profit FY26-FY30; comparison with the previous plan; capex policy (¥2.0bn Optics building). The Japanese release's three-page cover notice restates the same targets and adds the FY27/3 forecast revision (scored under F7/R3). Current plan, all targets, same day: 5. Source document →
S2IR presentations published in English5/5
An English results deck for every quarter, page for page with the Japanese: Q1 FY26 41/41 pages (7 August 2026), FY25 55/55 (14 May 2026; English file modified 26 May as v4), 3Q 36/36 (13 February 2026), 1H 42/42 (13 November 2025), dates from the posted news items and PDF creation dates. The company holds no results briefing (tanshin: 決算説明会開催の有無：無) and the Japanese archive has no Q&A, script or transcript, so there is no supplement missing from the English. The Japanese set item for item. Source document →
S3English equity-story or investment-highlights page4/5
No investor 'why invest' page on the English site (About NIRECO and the Company Outline are corporate descriptions). The English decks carry an investor-facing strengths section, 'Nireco as a Niche Top Company' (Q1 FY26 deck p12, reprinted from the FY25 deck): niche-top products in three domains on shared sensing technology, top domestic share in process and web control, 'overwhelming global No.1 share' in CLBO crystal processing, the only DUV Glan-Thompson prisms, 'several hundred million yen x approx. 20 domains' making ~¥11bn, followed by an M&A track-record page (five acquisitions since 2017, sales ¥7.4bn to ¥11.0bn). Share claims are qualitative (own research). Dedicated and specific, mostly qualitative: 4. Source document →
S4Growth drivers identified and quantified in English5/5
Drivers are named and quantified in English. MTP deck (29 Sep 2026): Optics as the core driver, sales ¥2,854m FY25 to ¥6,100m FY30 (2.1x) at a 36.1% margin, with yearly segment targets for every business; ¥2.0bn new Optics building plus several hundred million yen of equipment, operating FY28. Q1 FY26 deck p28: DUV lasers for semiconductor inspection, market USD 65m by 2030 (CAGR 10.1%, cited source); perovskite solar and electrode-sheet inspection, IMS partnerships in the US and India; record backlog ¥7.9bn with Optics ¥3.1bn. Named drivers with market size, capacity and contribution to target: 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
No English transcript or Q&A. The English site lists decks only. The Japanese side has none from the company either: the tanshin say 決算説明会開催の有無：無, and the Japanese IRアーカイブ carries per period a YouTube 決算説明動画 (video, a medium) and third-party Envalith 決算速報 / 決算説明会速報 summaries on envalith.com (e.g. 'ニレコ 1Q 決算説明会速報', 7 Aug 2026), which are an outside firm's AI-assisted summaries, not a company transcript or Q&A, and are not linked from the English site. Neither language has a company Q&A: not_found.
S6Integrated or annual report available in English0/5
No integrated, annual or business report in English. The English site's Company Info and news pages carry none; the Japanese side itself publishes only 株主通信 shareholder newsletters, in Japanese.
S7Progress against the previous plan, including misses, explained in English3/5
The previous medium-term plan was a rolling plan shown in the results decks (FY25 deck p26: FY27/3 ¥12.5bn/¥1.9bn, FY28/3 ¥13.5bn/¥2.3bn, FY29/3 ¥14.0bn/¥2.5bn). The English MTP deck (pp12-14) sets the new plan against that plan's FY26-FY28 targets by segment with explanations (Optics led the upward revision; Inspection Systems revised down), but that is plan against plan, not target against actual. The decks do reconcile the single-year initial plan with actual by segment, with reasons (FY25 deck p7-12, e.g. OP ¥1,701m vs plan ¥1,850m). No reconciliation of a medium-term plan's targets with actuals; progress narrated with numbers: 3. Source document →
G1Corporate governance report available in English0/5
No Corporate Governance Report in English and no English governance page at all: the English Company Info menu (Outline, President's message, Code of Conduct, Executives, History, Financial Data, networks) has no governance item. The CG report (filed 25 June 2026) and the governance policy are on the Japanese コーポレートガバナンス page only.
G2Director biographies in English with tenure, expertise and independence2/5
The English Executives page (https://nireco.com/en/company/management/) lists the seven directors and six executive officers with titles only, outside directors marked with an asterisk (Naoko Ohki, Yukihisa Kusuda) as outside directors under the Companies Act (one Audit & Supervisory Committee name appears blank). No careers, tenure, expertise or independence designation. There is no English AGM notice, CG report or integrated report. Names and titles only: 2. Source document →
G3Board skills matrix published in English0/5
No skills matrix in English: no English AGM notice, CG report, integrated report or governance page; the English Executives page lists names and titles only. The matrix exists only in the Japanese convocation materials on the 株主総会 page.
G4Executive remuneration structure and its performance linkage explained in English0/5
Nothing on executive remuneration in English: no English AGM notice, yuho, CG report or governance page, and the decks and MTP do not cover it. The restricted-stock compensation notices (23 Jul and 20 Aug 2026) and the remuneration sections of the yuho and notice are Japanese only.
G5AGM notice in English with sufficient lead time to vote0/5
No English convocation notice. The English site has no shareholder-meeting page; the Japanese 株主総会 page carries the 第100回 notice and its supplementary items in Japanese only, with no English version for any year.
G6Shareholder vote results disclosed in English0/5
No English voting results or notice of resolutions. The Japanese 株主総会 page has the 臨時報告書 (25 June 2026) in Japanese only; the English news list has nothing on the AGM.
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The only English reference is one line in the FY2025 deck summary (14 May 2026, p2): FY2026 dividends of ¥105 include 'special dividends related to the reduction of cross-shareholdings'. No holding policy, count, amount, target or rationale in English (no English CG report or yuho). A token mention, below even the boilerplate policy: recorded at 2, arguably 0. Source document →
O1English IR section reachable within two clicks of the English homepage4/5
There is no English IR section: the English menu is About NIRECO, Business Overview, Product Info, Company Info, News, Contact Us. The English IR material is posted as items in News > Latest Information (https://nireco.com/en/news-new/), mixed with product and group news; the homepage's News panel links the latest decks and MTP directly, and the full list is reached by 'Show all' or via the News menu (one or two clicks, but nothing is labelled IR). Scored as RORZE: IR material reachable in two clicks without an IR section: 4. Source document →
O2English document links resolve to English documents5/5
Sampled 16 English document links from the English Latest Information list and homepage: decks Q1 FY26 (41 pp), FY25 (55), 3Q FY25 (36), 1H FY25 (42), 1Q FY25 (24), FY2024 (41), 3Q FY24 (23), 1H FY24 (36), 1Q FY24 (23), FY2023 (44); MTP via both the /en/news-new/ and /en/wp/ paths (19 pp); press releases IMS Maco (Feb 2026, 2 pp), IMS Systems (Jan 2024, 2 pp), Mujiken-RB (Aug 2022, 3 pp), business cooperation (Mar 2021, 2 pp). All English (CJK only in PDF title metadata). 5. Source document →
O3English IR archive free of dead links5/5
All 16 links sampled under O2 opened as live PDFs, from the March 2021 press release to the 29 Sep 2026 MTP; no dead links. 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the English homepage (news panel populated), News, Latest Information, Important Notice, Company Outline, President's message, Executives, Financial Data and Contact. Every page rendered its content; the Financial Data page's text is empty but the full-page render shows its five charts and five-year table (as images), so it is not a failure. 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The single English list holding IR documents is News > Latest Information: one page, dated, grouped by year, mixing decks, the MTP and press releases with no type labels or filters (the 'Latest' tag is the same for all). There is no library by type. One dated untyped list: 4 (ruling). Source document →
O6English archive genuinely populated, not an unverifiable shell4/5
The English list holds results decks for every quarter from FY2023 full year (15 May 2024) to Q1 FY26 (7 Aug 2026), ten decks over about two and a half years, plus the Sep 2026 MTP and press releases back to 2017. But only decks and one plan: no tanshin, AGM, governance or annual-report material in English. More than a year, one main document type: 4. Source document →
O7Named English IR contact published2/5
The English site has no IR section and no IR contact; its only contact is the site-wide Contact Form, whose Category list is product lines plus 'Our Website & General Information', with no IR or investor category. The English Company Outline gives only the representative number (+81-42-642-3111). The English decks name no contact; the Japanese tanshin names 佐々田卓也, 取締役執行役員管理部門長, 042-642-3111. No IR route for an English reader; scored with the document-header band, the floor. Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
English decks are listed the same day as the Japanese tanshin and decks every period: Q1 FY26 7 Aug 2026, FY25 14 May 2026, 3Q 13 Feb 2026, 1H 13 Nov 2025, 1Q 8 Aug 2025 (English PDF creation dates match; the FY25 file was modified 26 May as v4, and the FY2024 deck listed 14 May 2025 is a re-upload created 13 Jun 2025). But no English tanshin is ever published. Ruling: a full English tanshin that never comes is 3. Source document →
R2Median lag in days between Japanese and English statutory publication0/5
None of the five statutory documents is in English. Japanese: Q1 FY2027 tanshin 7 Aug 2026, FY2026 tanshin 14 May 2026, 第100回 AGM notice (June 2026), CG report 25 Jun 2026, 有価証券報告書 FY2026 (June 2026); English: none of them (each >90 days). The decks are not translations of these documents. None in English: 0.
R3Timely disclosures published in English2/5
Japanese ニュースリリース, 16 Oct 2025 - 15 Oct 2026, about 18 timely disclosures besides tanshin: Ohyo Koken acquisition (17 Oct), buyback decisions/progress/ToSTNeT-3 (4 Nov, 13 Nov, 27-28 Nov, 1 and 5 Dec), treasury share cancellation (24 Feb), director candidates (30 Apr), dividend forecast revision and CG policy revision (14 May), dividend (28 May), stock split with correction (25 Jun), restricted-stock disposal (23 Jul, 20 Aug), MTP and FY27/3 forecast revision (29 Sep). English Latest Information has only the MTP deck (29 Sep, same day, without the forecast-revision notice) and a business press release (IMS Maco, 12 Feb). One of about 18, partly: 2. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice anywhere rendered: English homepage, news lists, company pages, contact form and privacy policy (https://nireco.com/en/privacy/) carry none, and the decks and MTP carry only a forward-looking caution plus a note that some images were generated using AI (images, not translation). 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese3/5
No prevailing-language statement on any English document checked: the Q1 FY26, FY25, 3Q and 1H results decks and the NIRECO-VISION 100 mid-term plan carry only a forward-looking-statements caution. There is no English tanshin or AGM notice to check. Silent. 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 2026-10-13. 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 →
Inspection systems, group integration and payout policy
Strategy or target reset · In progress · Plan or update announced 13 November 2025
Nireco revised FY2026-FY2027 targets after group integration and retained a higher payout and DOE policy.
Timeline and sources (1 step)
- 13 November 2025Plan or update announced Nireco revised FY2026-FY2027 targets after group integration and retained a higher payout and DOE policy. FY2025 First-Half Results and Revised Medium-Term Plan
What management said it would do
Management targets ¥13.5bn sales and ¥2.2bn operating profit by FY2027.
From the company’s own disclosure · FY2025 First-Half Results and Revised Medium-Term Plan
What it actually did, and when
Targets were revised after group integration; execution and final synergies remain pending.
Partly disclosed — a gap remains · FY2025 First-Half Results and Revised Medium-Term Plan · FY2023 Results and Cost-of-Capital Actions
What it disclosed about the economics
The policy raises payout and DOE floors while supporting growth investment and M&A.
Partly disclosed — a gap remains · FY2025 First-Half Results and Revised Medium-Term Plan · FY2023 Results and Cost-of-Capital Actions
What has happened since
The FY2027 result is not due.
Partly disclosed — a gap remains · FY2025 First-Half Results and Revised Medium-Term Plan · FY2023 Results and Cost-of-Capital Actions
The question this leaves open
Investor question: What acquired capital and synergy are embedded in the revised targets? IR preparation: disclose purchase price, integration costs, segment profit 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
Nireco revised its plan after integrating Ohyo Koken Kogyo and prioritizes inspection systems, optics, new products and M&A.
Capital structure
The capital policy raises payout to at least 45% and DOE to at least 2.5%, but does not disclose target leverage or liquidity.
Governance of capital decisions
Management discloses revised operating targets and capital-cost actions, while omitting ROIC, cost-of-equity and acquisition-return thresholds.
Preliminary and not scored: a selected-source reading, reviewed 30 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.