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Overview

Glass and Ceramics Products

YOTAI REFRACTORIES CO.,LTD.

Yotai Refractories manufactures and sells a wide range of refractory products, including basic bricks, high-alumina bricks, clay bricks, silica bricks, and monolithic refractories, serving industries such as steel, non-ferrous metals, cement, glass, and environmental equipment. The company also provides engineering services, encompassing design, construction, and maintenance of industrial kilns and furnaces that utilize refractory materials. As a dedicated specialist refractory manufacturer since its founding, the company serves as an essential materials supplier to high-temperature industrial sectors.

Activists: Capital Gallery, Inc. 0.57%, UGS Asset Management, Inc. 0.71%

Market Cap

¥30.8B

US$196M

¥21.0B

US$134M

Stock¥1,670▼-0.54%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

4.2

LTM EV/EBIT

5.8

LTM PER

11.2

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-27.3%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

AI Briefing

Yotai is a niche refractories specialist serving steel, cement, glass and chemical furnaces, with FY26/3 revenue ¥29.6B and OP margin 12.2%, steady but unspectacular growth off a ¥28.3B FY23 base. Top shareholder ASNFホールディングス holds 35.42% alongside strategic holder Sumitomo Osaka Cement at 12.87%, a concentrated ownership structure typical of legacy industrial suppliers. No tender offer in public data; at ¥30.7B market cap versus ¥5.0B LTM EBITDA, the stock trades as a stable, low-growth materials play tied to heavy industry capex cycles.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

97%

EquityD/E 0.03xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 69.0%

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

ASNF Holdings LLC

35.42%

Sumitomo Osaka Cement Co.,Ltd.

12.87%

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

6.31%

The Chugoku Bank, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)

4.92%

YOTAI REFRACTORIES CO.,LTD. Employee Stock Ownership Association

2.42%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

2.42%

MUFG Bank, Ltd.

1.63%

Custody Bank of Japan, Ltd. (Trust Account)

1.59%

Chubu Steel Plate Co.,Ltd.

0.82%

Mitsuo TAGUCHI

0.60%

Management

8 officers

Mitsuo TAGUCHI

Representative Director, President

Apr 1984 Joined the Company Mar 2006 General Manager, Technical Department, Engineering Division Oct 2006 General Manager, Engineering Department and Technical Department, Engineering Division Mar 2008 General Manager, Engineering Department, Engineering Division Jun 2009 Director, General Manager, Engineering Division Jun 2015 Managing Director, General Manager, Engineering Division; in charge of Technical Research Institute Apr 2017 Managing Director, Plant Manager, Hinase Plant; in charge of Engineering Division Jun 2019 Representative Director, President (current)

1960-10-21

Shinichiro TAKEBAYASHI

Senior Managing Director, General Manager, Head Office Administration Division

Apr 1986 Joined the Company Mar 2015 Manager, Head Office Administration Division Jun 2017 Director, General Manager, Head Office Administration Division Jun 2022 Managing Director, General Manager, Head Office Administration Division Jun 2024 Senior Managing Director, General Manager, Head Office Administration Division (current)

1964-01-16

Tadashi TANIGUCHI

Director, Head of Okayama Office

Apr 1995 Joined the Company Apr 2017 General Manager, Manufacturing Department, Hinase Plant Jun 2019 Director, Plant Manager, Hinase Plant Jun 2025 Director, Head of Okayama Office (current)

1972-09-13

Yorisada MATSUMOTO

Director, Head of Tokyo Branch

Apr 1996 Joined the Company Mar 2019 Manager, Sales Department, Tokyo Branch Sep 2019 Head of Tokyo Branch Jul 2020 Executive Officer, Head of Tokyo Branch Jun 2022 Director, Head of Tokyo Branch (current)

1972-12-29

Yasuo KAWAMORI

Director, Full-time Audit and Supervisory Committee Member

Apr 1984 Joined the Company Mar 2008 General Manager, Manufacturing Department, Hinase Plant Jun 2013 Director, Plant Manager, Hinase Plant Apr 2017 Director, Plant Manager, Yoshinaga Plant Jun 2019 Managing Director, Plant Manager, Yoshinaga Plant Sep 2019 Managing Director, Plant Manager, Yoshinaga Plant; concurrently Plant Manager, Mizunami Plant Jul 2020 Managing Director, Plant Manager, Mizunami Plant; in charge of Yoshinaga and Kaizuka Plants Aug 2021 Managing Director, Plant Manager, Mizunami Plant; in charge of Kaizuka Plant Jun 2022 Special Executive Officer, Plant Manager, Mizunami Plant Oct 2023 Special Executive Officer, General Manager, Corporate Planning Office Jun 2025 Director, Full-time Audit and Supervisory Committee Member (current)

1959-09-18

Shinobu AKIYOSHI

Outside Director, Audit and Supervisory Committee Member

Dec 2008 Registered as attorney, Osaka Bar Association Jan 2009 Joined Dojima General Law Office Jan 2018 Partner, Dojima General Law Office (current) Apr 2018 Member of Council, Osaka Bar Association Mar 2019 Retired as Member of Council, Osaka Bar Association Nov 2020 Staff member, NPO Hikosen Support; appointed Mediation Committee Member for Living Environment Disputes, Ashiya City Feb 2021 Registered as Employment Environment Specialist (Class I) Jun 2021 Outside Director, the Company Jun 2023 Outside Director, Audit and Supervisory Committee Member, the Company (current) Jun 2025 Outside Director, Nakanishi Manufacturing Co., Ltd. (current)

1977-03-29

Katsuhiko OMOTO

Outside Director, Audit and Supervisory Committee Member

Apr 1983 Joined Matsushita Electric Industrial Co., Ltd. (now Panasonic Holdings Corporation) Apr 2003 Director, Kanazu Plant Manager, Fukui Matsushita Electric Co., Ltd. Jun 2007 Business Unit Manager, Circuit Components Business Unit, Panasonic Electronic Devices Co., Ltd. Apr 2013 Vice President, Panasonic Automotive & Industrial Systems Company, Panasonic Corporation Jan 2016 Deputy General Manager, Production Engineering Division, Panasonic Corporation Apr 2018 General Manager, Quality & Environment Division, Panasonic Corporation Oct 2022 Retired from Panasonic Operational Excellence Co., Ltd. Jun 2023 Outside Director, Audit and Supervisory Committee Member, the Company (current)

1960-10-07

Yusuke OTSUKA

Outside Director, Audit and Supervisory Committee Member

Oct 2002 Joined Asahi Audit Corporation (now Azsa LLC) Apr 2006 Registered as Certified Public Accountant Sep 2006 Retired from Azsa LLC Oct 2006 Joined Roland Berger K.K. Dec 2007 Retired from Roland Berger K.K. Jan 2008 Opened Yusuke Otsuka Certified Public Accountant Office Sep 2010 Registered as Certified Tax Accountant Jan 2014 Established Tax Accountants Corporation Prost; Representative Partner (current) Jun 2020 Accounting Auditor, Tatsuno Corporation (current) Jun 2023 Outside Director, Audit and Supervisory Committee Member, the Company (current)

1980-10-16

Large Shareholding Reports