## Tayca Corporation (4027.T) — filings-based deep dive (EDINET) **Executive takeaway:** Tayca is repositioning toward “growth businesses” (cosmetic raw materials + electronic materials), while restructuring more commoditized areas; FY ended March 2025 showed a rebound in profitability (operating profit +51.6% Y/Y) on modest sales growth (+5.2%), and the company is simultaneously stepping up investment/capex and pursuing portfolio actions like merging a wholly owned subsidiary (TFT) into the parent effective April 1, 2026. ["MOVING-10 STAGE 2"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["net sales of 55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["up 5.2%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["operating profit of 3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["up 51.6%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["effective date of April 1, 2026"](dba12dc6-6b47-4456-89f8-23fc593fa769:186:original.html) --- # 1) “What is Tayca?” — business model and segment map Tayca reports two core segments (plus “Other”). ["reportable segments"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ### Segment definitions (as disclosed) | Segment | What it includes (examples) | |---|---| | Functional materials | Titanium oxide, fine particle titanium oxide, fine particle zinc oxide, surface treatment products, etc. ["Functional materials business"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Electronic materials & chemical products | Piezoelectric materials, conductive polymer agents, surfactants, sulfuric acid, non-polluting anti-rust pigments, etc. ["Electronic materials and chemical products"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Other | Warehousing, engineering, etc. ["includes warehousing, engineering"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ### Subsidiary footprint (consolidation scope) The filing lists 8 consolidated subsidiaries, including overseas bases in Thailand, Vietnam, and a U.S. entity (TRS Technologies, Inc.). ["Number of consolidated subsidiaries 8"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["TAYCA (Thailand) Co., Ltd."](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["TAYCA (VIETNAM) CO.,LTD."](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["TRS Technologies, Inc."](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 2) Strategy: “MOVING-10 STAGE 2” (FY2024–FY2026) and where Tayca is aiming The annual filing frames a portfolio shift toward higher-growth / higher-value domains: - Shift management resources to cosmetic raw materials + electronic materials; aim to be a **comprehensive manufacturer of cosmetic raw materials** and a **leading manufacturer in the medical piezoelectric market (Life Sciences)**. ["cosmetic raw materials and electronic materials"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["medical piezoelectric market"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Create “environmentally friendly products” in global niche markets (environmental energy field). ["environmentally friendly products"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Reform business structure for general-purpose products as market conditions change (Chemical field). ["reform our business structure"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ### Medium-term targets disclosed (consolidated) | Indicator | FY ended Mar-2025 result | FY ending Mar-2027 target | |---|---:|---:| | Sales | ¥55.7bn ["55.7 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ¥68bn ["68 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Operating profit | ¥3.5bn ["3.5 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ¥6bn ["6 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Operating margin | 6.3% ["6.3%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ≥9% ["9% or more"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | ROE | 4.2% ["4.2%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ≥7% ["7% or more"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | EBITDA | ¥6.7bn ["6.7 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ¥10.5bn ["10.5 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ### Capital / shareholder policy disclosed - Total planned investment: **¥22bn**, with **¥11.5bn** earmarked for growth over three years. ["Total planned investment amount: 22 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["11.5 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Shareholder return policy: **total return ratio ≥40%**, combining stable dividends and active buybacks. ["Total return ratio of 40% or more"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 3) Financial performance: FY ended March 2025 vs March 2024 (consolidated) ## 3.1 Income statement snapshot (JPY millions) | Metric | FY ended Mar-2024 | FY ended Mar-2025 | Change | |---|---:|---:|---:| | Sales | 52,993 ["52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 55,737 ["55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +5.2% (computed) | | Gross profit | 8,691 ["8,691"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 10,178 ["10,178"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +17.1% (computed) | | SG&A | 6,366 ["6,366"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 6,652 ["6,652"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +4.5% (computed) | | Operating profit | 2,325 ["2,325"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 3,525 ["3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +51.6% (computed) | | Ordinary profit | 2,802 ["2,802"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 3,747 ["3,747"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +33.8% (computed) | | Net income attrib. to owners | 1,866 ["1,866"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 2,422 ["2,422"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +29.8% (computed) | **How Tayca explained the FY2025 improvement:** management attributes stronger results to **strong sales of conductive polymer agents (notably automotive capacitors)**, alongside continued push in cosmetics ingredients/electronic materials within “MOVING-10 STAGE 2.” ["sales of conductive polymer agents, mainly for automotive capacitors, were strong"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["MOVING-10 STAGE 2"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ## 3.2 Profitability “quick math” (computed) | Metric | FY ended Mar-2024 | FY ended Mar-2025 | |---|---:|---:| | Operating margin | 4.39% (computed) ["Operating profit 2,325"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 6.32% (computed) ["Operating profit 3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Net margin (owners) | 3.52% (computed) ["Net income attributable to owners of parent 1,866"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 4.35% (computed) ["Net income attributable to owners of parent 2,422"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | --- # 4) Segment and geographic revenue: where growth is coming from ## 4.1 Segment sales (external) and segment profit — FY ended Mar-2025 (JPY millions) | Item | Functional materials | Electronic materials & chemicals | Other | Consolidated | |---|---:|---:|---:|---:| | Sales to external customers | 28,495 ["28,495"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 26,123 ["26,123"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 1,118 ["1,118"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 55,737 ["55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Segment profit | 1,461 ["1,461"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 1,784 ["1,784"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 334 ["334"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Operating profit 3,525 ["3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | **Interpretation:** Electronic materials & chemicals is already similar scale to functional materials in revenue, but shows higher segment profit in FY2025—consistent with management’s “shift resources to growth businesses” narrative (conductive polymer agents, piezoelectric). ["shift management resources"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["conductive polymer agents"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["piezoelectric materials"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ## 4.2 Revenue by customer location (disaggregated revenue; JPY millions) | Region | FY ended Mar-2024 | FY ended Mar-2025 | |---|---:|---:| | Japan | 30,943 ["30,943"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 32,938 ["32,938"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Thailand | 7,803 ["7,803"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 8,447 ["8,447"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Other | 14,245 ["14,245"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 14,351 ["14,351"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Total | 52,993 ["52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 55,737 ["55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | --- # 5) Balance sheet and cash flow: investment ramp is the story ## 5.1 Balance sheet highlights (JPY millions) | Item | Mar-31 2024 | Mar-31 2025 | What changed | |---|---:|---:|---| | Total assets | 82,709 ["82,709"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 88,345 ["88,345"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +5,636 (computed) | | Tangible fixed assets | 17,395 ["17,395"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 23,677 ["23,677"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +6,282 (computed) | | Investment securities | 13,365 ["13,365"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 12,235 ["12,235"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | -1,130 (computed) | | Total liabilities | 24,944 ["24,944"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 28,944 ["28,944"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +4,000 (computed) | | Long-term borrowings | 5,710 ["5,710"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 7,981 ["7,981"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +2,271 (computed) | | Net assets | 57,764 ["57,764"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 59,400 ["59,400"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +1,636 (computed) | **Read-through:** Tayca is expanding fixed assets materially while also increasing long-term borrowings—consistent with management’s statement that it expects significant capex and intends to fund via internal funds + bank borrowings. ["increase of 6,282 million yen in tangible fixed assets"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["increase of 2,270 million yen in long-term borrowings"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["We plan to cover"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ## 5.2 Cash flow bridge (JPY millions) | Cash flow | FY ended Mar-2024 | FY ended Mar-2025 | Key disclosure detail | |---|---:|---:|---| | Operating CF | 4,978 ["4,978"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 5,056 ["5,056"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Driven by pretax income and depreciation. ["income before taxes"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["depreciation of 2,864"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Investing CF | -3,949 ["△ 3,949"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | -7,077 ["△ 7,077"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Capex spike: acquisition of tangible fixed assets. ["Expenditures for the acquisition of tangible fixed assets"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Financing CF | 1,453 ["1,453"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 1,678 ["1,678"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Net borrowing funded investment. ["Proceeds from long-term borrowings"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Repayment of long-term loans"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | End-of-period cash | 14,229 ["14,229"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 14,013 ["14,013"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Net decrease ¥215m. ["decrease of 215"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ### Capex detail (FY ended Mar-2025) Tayca discloses consolidated capex of **¥8,694m**, with the majority split between functional materials (¥5,141m) and electronic materials & chemicals (¥3,474m). ["amount of capital investment"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["5,141"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["3,474"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["8,694"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 6) “What changed most recently?” — interim (H1) read-through The latest interim report (Apr 1, 2025 – Sep 30, 2025) shows a softer half-year versus the prior-year interim period, despite continued strength in conductive polymers. ## 6.1 Interim headline KPIs (JPY millions) | Metric | Apr–Sep 2024 | Apr–Sep 2025 | Y/Y | |---|---:|---:|---:| | Sales | 27,957 ["27,957"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 27,056 ["27,056"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -3.2% (computed) | | Operating profit | 2,183 ["2,183"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 1,407 ["1,407"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -35.6% (computed) | | Ordinary profit | 2,233 ["2,233"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 1,561 ["1,561"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -30.1% (computed) | | Net income attrib. to owners | 1,468 ["1,468"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 1,047 ["1,047"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -28.7% (computed) | **Management’s explanation (interim):** conductive polymer sales increased, but functional materials—especially fine particle products—were sluggish, pressuring profit. ["sales of conductive polymer agents"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) ["functional materials business"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) ["fine particle products, were sluggish"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) ## 6.2 Interim segment mix shift (external sales; JPY millions) | Segment | Apr–Sep 2024 | Apr–Sep 2025 | Y/Y (computed) | |---|---:|---:|---:| | Functional materials | 14,803 ["14,803"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 13,173 ["13,173"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -11.0% | | Electronic materials & chemicals | 12,594 ["12,594"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 13,316 ["13,316"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | +5.7% | | Other | 559 ["559"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 566 ["566"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | +1.3% | | Total | 27,957 ["27,957"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 27,056 ["27,056"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -3.2% | --- # 7) Corporate actions & governance signals from disclosures ## 7.1 Event disclosure: absorption-type merger of subsidiary TFT Tayca filed an Extraordinary Report stating it resolved (board meeting) to merge its wholly owned subsidiary **TFT Inc.** into the company, effective **April 1, 2026**. ["absorb its wholly-owned subsidiary, TFT Inc."](dba12dc6-6b47-4456-89f8-23fc593fa769:186:original.html) ["effective date of April 1, 2026"](dba12dc6-6b47-4456-89f8-23fc593fa769:186:original.html) ## 7.2 Governance structure (high-level) Tayca states it uses an **Audit and Supervisory Committee** structure; the board has **nine directors** including **four outside directors**. ["audit and supervisory committee system"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["nine directors"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["four of whom are outside directors"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 8) Risk register (what the filing itself flags) The filing’s “Business Risks” section is explicit that these could materially affect financial position/performance, and it notes a **Risk Management Committee** established in **August 2024**. ["Business Risks"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["In August 2024"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Risk Management Committee"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) Key risk themes disclosed (non-exhaustive): - Demand sensitivity to macro conditions across Japan/Asia/Europe/U.S. ["economic slowdowns"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - FX volatility (exports/imports + overseas production bases). ["rapid fluctuations in foreign exchange rates"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Fuel and raw material costs (including titanium ore and freight). ["titanium oxide ore"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Industrial accidents / natural disasters and BCP limits. ["industrial accident"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["BCPs"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Environmental regulation tightening (potential for added capex/expense). ["stronger regulations"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Cyber / information security. ["information security"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Impairment risk on fixed assets and goodwill. ["impairment loss"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Climate-change related risks (transition + physical), with a Sustainability Committee governance model and scenario framing. ["climate change"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sustainability Committee"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 9) Interactive “choose-your-own drill-down” (no extra info needed) Reply with **one of these exact commands** and I’ll expand that module using the same filings (more tables, more extracted disclosure): 1. `deep dive: segments` — product drivers by segment + profitability/asset intensity and what it implies for the portfolio shift. 2. `deep dive: capex & capacity` — where the ¥8.7bn capex is going, how it maps to strategy, and what to watch next. 3. `deep dive: balance sheet & leverage` — borrowings, collateral/pledges, liquidity, and a “stress points” view using disclosed numbers. 4. `deep dive: risks` — turn the risk section into an actionable risk matrix (likelihood/impact indicators anchored in disclosures). 5. `deep dive: sustainability/TCFD` — CO2 disclosures, governance, scenario framing, and what’s “measured vs. aspirational” in the filing. If you want the single most “investor-relevant” next step: I recommend **segments** first, because the interim report already shows a mix shift (functional materials down Y/Y while electronic materials & chemicals up Y/Y) that may be the clearest real-time signal on whether “MOVING-10 STAGE 2” is working. ["Sales to external customers"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html)

## Tayca Corporation (4027.T) — filings-based deep dive (EDINET) **Executive takeaway:** Tayca is repositioning toward “growth businesses” (cosmetic raw materials + electronic materials), while restructuring more commoditized areas; FY ended March 2025 showed a rebound in profitability (operating profit +51.6% Y/Y) on modest sales growth (+5.2%), and the company is simultaneously stepping up investment/capex and pursuing portfolio actions like merging a wholly owned subsidiary (TFT) into the parent effective April 1, 2026. ["MOVING-10 STAGE 2"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["net sales of 55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["up 5.2%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["operating profit of 3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["up 51.6%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["effective date of April 1, 2026"](dba12dc6-6b47-4456-89f8-23fc593fa769:186:original.html) --- # 1) “What is Tayca?” — business model and segment map Tayca reports two core segments (plus “Other”). ["reportable segments"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ### Segment definitions (as disclosed) | Segment | What it includes (examples) | |---|---| | Functional materials | Titanium oxide, fine particle titanium oxide, fine particle zinc oxide, surface treatment products, etc. ["Functional materials business"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Electronic materials & chemical products | Piezoelectric materials, conductive polymer agents, surfactants, sulfuric acid, non-polluting anti-rust pigments, etc. ["Electronic materials and chemical products"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Other | Warehousing, engineering, etc. ["includes warehousing, engineering"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ### Subsidiary footprint (consolidation scope) The filing lists 8 consolidated subsidiaries, including overseas bases in Thailand, Vietnam, and a U.S. entity (TRS Technologies, Inc.). ["Number of consolidated subsidiaries 8"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["TAYCA (Thailand) Co., Ltd."](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["TAYCA (VIETNAM) CO.,LTD."](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["TRS Technologies, Inc."](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 2) Strategy: “MOVING-10 STAGE 2” (FY2024–FY2026) and where Tayca is aiming The annual filing frames a portfolio shift toward higher-growth / higher-value domains: - Shift management resources to cosmetic raw materials + electronic materials; aim to be a **comprehensive manufacturer of cosmetic raw materials** and a **leading manufacturer in the medical piezoelectric market (Life Sciences)**. ["cosmetic raw materials and electronic materials"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["medical piezoelectric market"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Create “environmentally friendly products” in global niche markets (environmental energy field). ["environmentally friendly products"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Reform business structure for general-purpose products as market conditions change (Chemical field). ["reform our business structure"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ### Medium-term targets disclosed (consolidated) | Indicator | FY ended Mar-2025 result | FY ending Mar-2027 target | |---|---:|---:| | Sales | ¥55.7bn ["55.7 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ¥68bn ["68 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Operating profit | ¥3.5bn ["3.5 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ¥6bn ["6 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Operating margin | 6.3% ["6.3%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ≥9% ["9% or more"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | ROE | 4.2% ["4.2%"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ≥7% ["7% or more"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | EBITDA | ¥6.7bn ["6.7 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ¥10.5bn ["10.5 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ### Capital / shareholder policy disclosed - Total planned investment: **¥22bn**, with **¥11.5bn** earmarked for growth over three years. ["Total planned investment amount: 22 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["11.5 billion yen"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Shareholder return policy: **total return ratio ≥40%**, combining stable dividends and active buybacks. ["Total return ratio of 40% or more"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 3) Financial performance: FY ended March 2025 vs March 2024 (consolidated) ## 3.1 Income statement snapshot (JPY millions) | Metric | FY ended Mar-2024 | FY ended Mar-2025 | Change | |---|---:|---:|---:| | Sales | 52,993 ["52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 55,737 ["55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +5.2% (computed) | | Gross profit | 8,691 ["8,691"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 10,178 ["10,178"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +17.1% (computed) | | SG&A | 6,366 ["6,366"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 6,652 ["6,652"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +4.5% (computed) | | Operating profit | 2,325 ["2,325"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 3,525 ["3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +51.6% (computed) | | Ordinary profit | 2,802 ["2,802"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 3,747 ["3,747"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +33.8% (computed) | | Net income attrib. to owners | 1,866 ["1,866"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 2,422 ["2,422"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +29.8% (computed) | **How Tayca explained the FY2025 improvement:** management attributes stronger results to **strong sales of conductive polymer agents (notably automotive capacitors)**, alongside continued push in cosmetics ingredients/electronic materials within “MOVING-10 STAGE 2.” ["sales of conductive polymer agents, mainly for automotive capacitors, were strong"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["MOVING-10 STAGE 2"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ## 3.2 Profitability “quick math” (computed) | Metric | FY ended Mar-2024 | FY ended Mar-2025 | |---|---:|---:| | Operating margin | 4.39% (computed) ["Operating profit 2,325"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 6.32% (computed) ["Operating profit 3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Net margin (owners) | 3.52% (computed) ["Net income attributable to owners of parent 1,866"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 4.35% (computed) ["Net income attributable to owners of parent 2,422"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sales 55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | --- # 4) Segment and geographic revenue: where growth is coming from ## 4.1 Segment sales (external) and segment profit — FY ended Mar-2025 (JPY millions) | Item | Functional materials | Electronic materials & chemicals | Other | Consolidated | |---|---:|---:|---:|---:| | Sales to external customers | 28,495 ["28,495"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 26,123 ["26,123"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 1,118 ["1,118"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 55,737 ["55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Segment profit | 1,461 ["1,461"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 1,784 ["1,784"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 334 ["334"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Operating profit 3,525 ["3,525"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | **Interpretation:** Electronic materials & chemicals is already similar scale to functional materials in revenue, but shows higher segment profit in FY2025—consistent with management’s “shift resources to growth businesses” narrative (conductive polymer agents, piezoelectric). ["shift management resources"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["conductive polymer agents"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["piezoelectric materials"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ## 4.2 Revenue by customer location (disaggregated revenue; JPY millions) | Region | FY ended Mar-2024 | FY ended Mar-2025 | |---|---:|---:| | Japan | 30,943 ["30,943"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 32,938 ["32,938"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Thailand | 7,803 ["7,803"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 8,447 ["8,447"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Other | 14,245 ["14,245"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 14,351 ["14,351"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Total | 52,993 ["52,993"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 55,737 ["55,737"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | --- # 5) Balance sheet and cash flow: investment ramp is the story ## 5.1 Balance sheet highlights (JPY millions) | Item | Mar-31 2024 | Mar-31 2025 | What changed | |---|---:|---:|---| | Total assets | 82,709 ["82,709"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 88,345 ["88,345"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +5,636 (computed) | | Tangible fixed assets | 17,395 ["17,395"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 23,677 ["23,677"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +6,282 (computed) | | Investment securities | 13,365 ["13,365"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 12,235 ["12,235"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | -1,130 (computed) | | Total liabilities | 24,944 ["24,944"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 28,944 ["28,944"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +4,000 (computed) | | Long-term borrowings | 5,710 ["5,710"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 7,981 ["7,981"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +2,271 (computed) | | Net assets | 57,764 ["57,764"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 59,400 ["59,400"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | +1,636 (computed) | **Read-through:** Tayca is expanding fixed assets materially while also increasing long-term borrowings—consistent with management’s statement that it expects significant capex and intends to fund via internal funds + bank borrowings. ["increase of 6,282 million yen in tangible fixed assets"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["increase of 2,270 million yen in long-term borrowings"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["We plan to cover"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ## 5.2 Cash flow bridge (JPY millions) | Cash flow | FY ended Mar-2024 | FY ended Mar-2025 | Key disclosure detail | |---|---:|---:|---| | Operating CF | 4,978 ["4,978"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 5,056 ["5,056"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Driven by pretax income and depreciation. ["income before taxes"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["depreciation of 2,864"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Investing CF | -3,949 ["△ 3,949"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | -7,077 ["△ 7,077"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Capex spike: acquisition of tangible fixed assets. ["Expenditures for the acquisition of tangible fixed assets"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | Financing CF | 1,453 ["1,453"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 1,678 ["1,678"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Net borrowing funded investment. ["Proceeds from long-term borrowings"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Repayment of long-term loans"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | | End-of-period cash | 14,229 ["14,229"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | 14,013 ["14,013"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | Net decrease ¥215m. ["decrease of 215"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) | ### Capex detail (FY ended Mar-2025) Tayca discloses consolidated capex of **¥8,694m**, with the majority split between functional materials (¥5,141m) and electronic materials & chemicals (¥3,474m). ["amount of capital investment"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["5,141"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["3,474"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["8,694"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 6) “What changed most recently?” — interim (H1) read-through The latest interim report (Apr 1, 2025 – Sep 30, 2025) shows a softer half-year versus the prior-year interim period, despite continued strength in conductive polymers. ## 6.1 Interim headline KPIs (JPY millions) | Metric | Apr–Sep 2024 | Apr–Sep 2025 | Y/Y | |---|---:|---:|---:| | Sales | 27,957 ["27,957"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 27,056 ["27,056"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -3.2% (computed) | | Operating profit | 2,183 ["2,183"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 1,407 ["1,407"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -35.6% (computed) | | Ordinary profit | 2,233 ["2,233"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 1,561 ["1,561"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -30.1% (computed) | | Net income attrib. to owners | 1,468 ["1,468"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 1,047 ["1,047"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -28.7% (computed) | **Management’s explanation (interim):** conductive polymer sales increased, but functional materials—especially fine particle products—were sluggish, pressuring profit. ["sales of conductive polymer agents"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) ["functional materials business"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) ["fine particle products, were sluggish"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) ## 6.2 Interim segment mix shift (external sales; JPY millions) | Segment | Apr–Sep 2024 | Apr–Sep 2025 | Y/Y (computed) | |---|---:|---:|---:| | Functional materials | 14,803 ["14,803"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 13,173 ["13,173"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -11.0% | | Electronic materials & chemicals | 12,594 ["12,594"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 13,316 ["13,316"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | +5.7% | | Other | 559 ["559"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 566 ["566"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | +1.3% | | Total | 27,957 ["27,957"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | 27,056 ["27,056"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html) | -3.2% | --- # 7) Corporate actions & governance signals from disclosures ## 7.1 Event disclosure: absorption-type merger of subsidiary TFT Tayca filed an Extraordinary Report stating it resolved (board meeting) to merge its wholly owned subsidiary **TFT Inc.** into the company, effective **April 1, 2026**. ["absorb its wholly-owned subsidiary, TFT Inc."](dba12dc6-6b47-4456-89f8-23fc593fa769:186:original.html) ["effective date of April 1, 2026"](dba12dc6-6b47-4456-89f8-23fc593fa769:186:original.html) ## 7.2 Governance structure (high-level) Tayca states it uses an **Audit and Supervisory Committee** structure; the board has **nine directors** including **four outside directors**. ["audit and supervisory committee system"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["nine directors"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["four of whom are outside directors"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 8) Risk register (what the filing itself flags) The filing’s “Business Risks” section is explicit that these could materially affect financial position/performance, and it notes a **Risk Management Committee** established in **August 2024**. ["Business Risks"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["In August 2024"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Risk Management Committee"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) Key risk themes disclosed (non-exhaustive): - Demand sensitivity to macro conditions across Japan/Asia/Europe/U.S. ["economic slowdowns"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - FX volatility (exports/imports + overseas production bases). ["rapid fluctuations in foreign exchange rates"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Fuel and raw material costs (including titanium ore and freight). ["titanium oxide ore"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Industrial accidents / natural disasters and BCP limits. ["industrial accident"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["BCPs"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Environmental regulation tightening (potential for added capex/expense). ["stronger regulations"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Cyber / information security. ["information security"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Impairment risk on fixed assets and goodwill. ["impairment loss"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) - Climate-change related risks (transition + physical), with a Sustainability Committee governance model and scenario framing. ["climate change"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) ["Sustainability Committee"](93c2829f-ed3f-4140-a0d3-28469247a87f:219:original.html) --- # 9) Interactive “choose-your-own drill-down” (no extra info needed) Reply with **one of these exact commands** and I’ll expand that module using the same filings (more tables, more extracted disclosure): 1. `deep dive: segments` — product drivers by segment + profitability/asset intensity and what it implies for the portfolio shift. 2. `deep dive: capex & capacity` — where the ¥8.7bn capex is going, how it maps to strategy, and what to watch next. 3. `deep dive: balance sheet & leverage` — borrowings, collateral/pledges, liquidity, and a “stress points” view using disclosed numbers. 4. `deep dive: risks` — turn the risk section into an actionable risk matrix (likelihood/impact indicators anchored in disclosures). 5. `deep dive: sustainability/TCFD` — CO2 disclosures, governance, scenario framing, and what’s “measured vs. aspirational” in the filing. If you want the single most “investor-relevant” next step: I recommend **segments** first, because the interim report already shows a mix shift (functional materials down Y/Y while electronic materials & chemicals up Y/Y) that may be the clearest real-time signal on whether “MOVING-10 STAGE 2” is working. ["Sales to external customers"](2fdc326c-636b-4aa4-aec6-1e71aa2703bf:254:original.html)