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Overview

Chemicals

NIPPON KAYAKU CO.,LTD.

Nippon Kayaku is a diversified specialty chemical and pharmaceutical company operating across three core segments: Mobility & Imaging (automotive safety systems including airbag inflators and optical components for displays), Fine Chemicals (functional materials such as epoxy resins, dyes for inkjet printing, and industrial catalysts), and Life Sciences (oncology pharmaceuticals, biologics, agrochemicals, and food additives). The company leverages proprietary chemistry technologies to serve global automotive, electronics, pharmaceutical, and agricultural markets. Its competitive strengths lie in niche market leadership ('world-class niche thinking'), a broad global manufacturing and sales network, and an integrated chemical-to-pharmaceutical value chain.

Activists: Silchester International Investors LLP 4.68%

Market Cap

¥300B

US$1.91B

¥283B

US$1.80B

Stock¥2,036.5▼-0.24%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

7.0

LTM EV/EBIT

11.4

LTM PER

11.3

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+22.3%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Feb 2, 26Silchester International Investors LLP changed stake (7.82%→6.77%)

2Apr 16, 26Silchester International Investors LLP changed stake (6.77%→5.76%)

3May 27, 26Silchester International Investors LLP changed stake (5.76%→4.68%)

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

80%

20%

EquityD/E 0.24xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 44.1%

as of 2026-03-31 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

14.83%

Custody Bank of Japan, Ltd. (Trust Account)

7.44%

Kayabestar Club

4.10%

The Joyo Bank, Ltd. (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

3.43%

Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)

3.26%

NORTHERN TRUST CO.(AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.78%

Chugai Sangyo Co., Ltd.

2.32%

MUFG Bank, Ltd.

2.30%

NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.88%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

1.78%

Management

14 officers

Shigeyuki KAWAMURA

Representative Director, President

Apr 1987 Joined the Company Jun 2008 General Manager, Procurement Department, Himeji Plant Jun 2010 General Manager, Planning and Procurement Department, Himeji Plant Jun 2016 Director and General Manager, Kayaku (Huzhou) Safety Equipment Co., Ltd. Jun 2019 General Manager, Planning Division, Safety Systems Business Division Jun 2020 Executive Officer Apr 2021 Deputy General Manager, Safety Systems Business Division, and General Manager, Planning Division Jun 2021 Senior Executive Officer, General Manager, Safety Systems Business Division Jun 2022 Managing Executive Officer Jun 2023 Director, in charge of Mobility & Imaging Business Area, and General Manager, Safety Systems Business Division Jun 2025 Representative Director, President (current); President and Executive Officer (current)

1963-06-30

Hiroshi SHIMADA

Representative Director, in charge of Life Science Business Area and General Manager, Pharmaceuticals Business Division

Apr 1989 Joined the Company Jun 2018 Representative Director, President, Nippon Kayaku Food Techno Co., Ltd. Jun 2020 General Manager, API, International & Diagnostics Division, Pharmaceuticals Business Division Jun 2021 Executive Officer, General Manager, Planning Department, Pharmaceuticals Business Division Apr 2023 Managing Executive Officer (current) Jun 2023 In charge of Life Science Business Area and General Manager, Pharmaceuticals Business Division (current) Jun 2024 Director Jun 2025 Representative Director (current); Senior Managing Executive Officer (current)

1965-06-04

Shinji INOUE

Director, in charge of Corporate Planning, Corporate Communications, Accounting and Information Systems Departments; Chairman, Crisis Management Committee

Apr 1988 Joined the Company Dec 2011 Director and General Manager, Shanghai Kayaku Huayao International Trading Co., Ltd. Jun 2018 General Manager, Dye Materials Division, Functional Chemicals Business Division Jun 2020 Executive Officer Apr 2023 Senior Executive Officer Jun 2023 General Manager, Functional Materials Division, Fine Chemicals Business Area Jun 2024 Director (current); Managing Executive Officer (current); in charge of Fine Chemicals Business Area Jun 2025 Director, Managing Executive Officer; in charge of Corporate Planning, Corporate Communications, Accounting, Information Systems and Procurement Departments; Chairman, Crisis Management Committee Nov 2025 Director, Managing Executive Officer; in charge of Corporate Planning, Corporate Communications, Accounting and Information Systems Departments; Chairman, Crisis Management Committee (current)

1966-02-06

Makoto TAKEDA

Director, in charge of Human Resources, Legal, General Affairs, Secretarial and Internal Control Promotion Departments; Chairman, Ethics Committee; Export Control Officer

Apr 1988 Joined the Company Jun 2013 General Manager, Secretarial Department, Business Strategy Division Jun 2020 General Manager, Human Resources Department, Group Management Division Jun 2021 General Manager, General Affairs and Human Resources Department, Group Management Division Apr 2022 Executive Officer Apr 2023 Senior Executive Officer Jun 2023 General Manager, Human Resources Department Jun 2024 Director, Managing Executive Officer; in charge of Human Resources, Legal, General Affairs, Secretarial and Internal Control Promotion Departments Jun 2025 Director (current); Managing Executive Officer (current); in charge of Human Resources, Legal, General Affairs, Secretarial and Internal Control Promotion Departments; Chairman, Ethics Committee; Export Control Officer (current)

1964-07-17

Yasuhito KATO

Director, in charge of Technology Division

Apr 1990 Joined the Company Jun 2016 General Manager, Agro Research Institute Jun 2019 General Manager, Agro Business Division Jun 2021 Executive Officer Apr 2024 Senior Executive Officer; General Manager, Agro Business Division, Life Science Business Area Jun 2024 Senior Executive Officer; in charge of Technology Division (current) Apr 2025 Managing Executive Officer (current) Jun 2025 Director (current)

1965-03-03

Yasuyuki FUJISHIMA

Director

Jul 1969 Joined Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Jul 1997 Representative Member, Policy Board, Bank of Japan (Economic Planning Agency) Jul 1998 Ambassador Extraordinary and Plenipotentiary to the Republic of Panama, Ministry of Foreign Affairs Jun 2002 Managing Executive Officer, Nissho Iwai Corporation Nov 2002 Outside Director, Wacom Co., Ltd. Apr 2003 Director, Senior Managing Executive Officer, Nissho Iwai Corporation Oct 2005 Representative Director, Senior Managing Executive Officer, Sojitz Corporation Apr 2008 Deputy President, Executive Vice President, Sojitz Corporation Aug 2010 Representative Director, President, Gogokai Hosho Co., Ltd. Jun 2016 Director of the Company (current) Aug 2017 Representative Director, President, Kankonsosai Sogo Kenkyusho Co., Ltd. Nov 2018 Chairman, General Incorporated Association Foreign Human Resources Support Organization (current)

1947-03-25

Seiichi FUSAMURA

Director

Jul 1971 Assistant Judge, Kyoto District Court Jun 1998 Director-General, Judicial System Research Department, Minister's Secretariat, Ministry of Justice Dec 2001 Director-General, Civil Affairs Bureau, Ministry of Justice Oct 2006 President, Saitama District Court Dec 2009 President, Sendai High Court Jan 2011 President, Nagoya High Court Mar 2012 Retired Apr 2012 Public Interest Member (Acting Chairman), Tokyo Metropolitan Labor Relations Commission Jun 2012 Outside Audit & Supervisory Board Member, Nippon Paper Industries Co., Ltd.; registered as attorney-at-law Jan 2013 Chairman, Public Security Examination Commission Aug 2013 Chairman, Tokyo Metropolitan Labor Relations Commission Jun 2016 Outside Audit & Supervisory Board Member, The Bank of Yokohama, Ltd. Jun 2020 Outside Audit & Supervisory Board Member, Concordia Financial Group, Ltd. (now Yokohama Financial Group, Inc.) Director of the Company (current)

1947-03-18

Ikuko AKAMATSU

Director

Jan 1995 Joined Ota Showa & Co. (now EY ShinNihon LLC) (left Oct 2010) Apr 1997 Registered Certified Public Accountant Apr 2008 Registered Certified Fraud Examiner Dec 2010 Senior Researcher, Sanno Institute of Management Apr 2019 Chief Researcher, Sanno Institute of Management Jun 2019 Outside Audit & Supervisory Board Member, Shinsei Bank, Ltd. (now SBI Shinsei Bank, Ltd.) (current) Jul 2019 Director, Japanese Institute of Certified Public Accountants Jun 2020 Outside Director, Kawachi Yakuhin Co., Ltd. Jun 2020 Outside Audit & Supervisory Board Member, Toyo Seikan Group Holdings, Ltd. (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), Mitsubishi UFJ Securities Holdings Co., Ltd. (current) Jun 2023 Director of the Company (current) Jun 2025 Outside Audit & Supervisory Board Member, Brother Industries, Ltd. (current)

1968-02-27

Mitsuhiro TSUBAMOTO

Director

Apr 1983 Joined Tomen Corporation (now Toyota Tsusho Corporation) Apr 2012 Executive Officer, Assistant to Executive Officer in charge of Overseas Regions Apr 2016 Chief Representative, East Asia Region, and Chairman, Toyota Tsusho (China) Co., Ltd. Apr 2018 Managing Executive Officer, General Manager, Chemicals & Electronics Division Apr 2021 Managing Executive Officer, in charge of Asia Pacific Region, and CEO, Toyota Tsusho Singapore Apr 2022 Executive Management (equivalent to Senior Managing Director) Mar 2023 Retired Dec 2024 Representative Director, President, Nihon Quaker Chemical Co., Ltd. (current) Jun 2025 Director of the Company (current)

1959-10-15

Takashi SAITO

Standing Audit & Supervisory Board Member (Full-time)

Apr 1992 Joined the Company Aug 2012 General Manager, Technology Department, Colorants Division, Functional Chemicals Business Division Jun 2014 Director and General Manager, Zhaoyuan Advanced Chemical Co., Ltd. May 2016 General Manager, Operations Department, Functional Materials Division, Functional Chemicals Business Division Apr 2018 General Manager, Quality Assurance Division, Functional Chemicals Business Division Apr 2022 Representative Director, President, Nikka Fine Techno Co., Ltd. Jun 2025 Standing Audit & Supervisory Board Member (Full-time) (current)

1965-09-25

Yoichiro WADA

Audit & Supervisory Board Member (Full-time)

Apr 1984 Joined the Company Feb 2009 Director of Finance, Kayaku Safety Systems de Mexico, S.A. de C.V. Jul 2011 General Manager, Himeji Plant Administration Department, in charge of Human Resources and General Affairs Oct 2017 Managing Director, Kayaku Safety Systems Malaysia Sdn. Bhd. Jun 2019 General Manager, Materials Department, Group Management Division Apr 2022 General Manager, Internal Audit Department Jun 2023 Audit & Supervisory Board Member (Full-time) (current)

1962-02-18

Atsushi IWASAKI

Audit & Supervisory Board Member

Nov 1990 Joined Century Audit Corporation (now EY ShinNihon LLC) (left Aug 2005) Mar 1991 Registered Certified Public Accountant Mar 1997 Registered Real Estate Appraiser Sep 2005 Principal, Iwasaki CPA Office (current) Jun 2013 Outside Director, Iseki & Co., Ltd. (current) Jun 2015 Outside Audit & Supervisory Board Member, Nippon Ham Co., Ltd. (now NH Foods Ltd.) Jun 2016 Outside Audit & Supervisory Board Member, Olympus Corporation Jun 2019 Outside Director, Nippon Ham Co., Ltd. (now NH Foods Ltd.) Jun 2019 Outside Director, Olympus Corporation Jun 2024 Audit & Supervisory Board Member of the Company (current)

1959-01-09

Kyoichi TORIYAMA

Audit & Supervisory Board Member

Apr 1988 Associate Professor, Faculty of Law, Waseda University Apr 1993 Professor, Faculty of Law, Waseda University Apr 2004 Professor, Graduate School of Law, Waseda University (current) Jun 2024 Audit & Supervisory Board Member of the Company (current)

1958-05-15

Yoko SHIMIZU

Audit & Supervisory Board Member

Apr 1989 Joined Fuji Bank, Ltd. (now Mizuho Financial Group, Inc.) Jan 2011 Vice President, Legal & Compliance Division, AllianceBernstein K.K. Apr 2014 Vice President, Compliance Division, State Street Trust and Banking Company, Ltd. Oct 2014 General Manager, Compliance Department, State Street Trust and Banking Company, Ltd. Mar 2018 Vice President, General Manager, Compliance & Risk Management Department, State Street Global Advisors Japan Co., Ltd. Jun 2018 Director in charge of Risk, State Street Global Advisors Japan Co., Ltd. Oct 2024 General Manager, Compliance Department, BNP Paribas Asset Management Co., Ltd. (current)

Large Shareholding Reports