Overview
Construction

Chugai Ro Co.,Ltd.

Chugai Ro Co., Ltd. designs, manufactures, and constructs industrial furnaces, industrial machinery, environmental equipment, and combustion systems across three segments: Heat Treatment (furnaces for automotive, machinery, semiconductor, chemical, and battery applications), Plant (heating and heat treatment furnaces for steel/non-ferrous metals, strip process lines, and industrial burners), and Development (decarbonization R&D, precision coating/drying equipment, and kiln/environmental process systems). The company serves a broad range of industries including steel, automotive, electronics, and chemicals, leveraging decades of combustion engineering expertise. Its global subsidiaries in Taiwan, China, Thailand, Indonesia, and Mexico extend its reach across key Asian and emerging manufacturing markets.

Market Cap
¥25.9B
US$165M
EV
¥17.8B
US$113M
Stock¥3,705▼-1.07%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.9
x
LTM EV/EBIT
5.8
x
LTM PER
6.6
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-45.5%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 27, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
25.9BUS$165MMarket Cap5.20BUS$33.2M+ Debt7.67BUS$48.9M− Cash5.86BUS$37.4M− Inv. Sec.0.26BUS$1.63M+ NCI17.8BUS$113MEV
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Performance & Balance
Revenue 5Y (¥B)
26.3US$168M'22/328.0US$178M'23/329.3US$187M'24/336.2US$231M'25/337.3US$238M'26/3
EBITDA 5Y (¥B)
1.68US$10.7M'22/31.71US$10.9M'23/31.95US$12.4M'24/33.29US$21.0M'25/33.42US$21.8M'26/3
Net Income 5Y (¥B)
1.36US$8.67M'22/31.23US$7.85M'23/32.20US$14.0M'24/33.00US$19.1M'25/34.67US$29.8M'26/3
Capital Structure
85%
EquityD/E 0.18xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
16.9US$108M3.99US$25.4M'22/314.0US$89.3M3.99US$25.4M'23/318.7US$119M7.29US$46.5M'24/310.9US$69.7M5.51US$35.1M'25/316.2US$103M4.81US$30.7M'26/3
Shareholders
Top 10 hold 40.5%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
10.84%
2
Custody Bank of Japan, Ltd. (Trust Account)
7.21%
3
The Dai-ichi Life Insurance Company, Limited
5.26%
4
Resona Bank, Limited
4.96%
5
Chugai Ro Co.,Ltd. Stock Ownership Association
2.57%
6
THE ZENITAKA CORPORATION
2.41%
7
JPMorgan Securities Japan Co., Ltd.
1.98%
8
Nippon Life Insurance Company
1.96%
9
Mizuho Bank, Ltd.
1.79%
10
KYOEI STEEL LTD.
1.51%
Management
10 officers
Akira OZAKI
Representative Director, Chairman
Apr 1980 Joined the Company Apr 2013 Executive Officer Apr 2015 General Manager, Corporate Planning Office, Business Division Jun 2016 Director, Executive Officer Apr 2019 Director, Managing Executive Officer Apr 2020 Representative Director, President Apr 2025 Representative Director, President and Executive Officer Apr 2026 Representative Director, Chairman (current)
1957-05-31
Mamoru SAKATA
Representative Director, President and Executive Officer; General Manager, Development Division and GX Project Office
Apr 1984 Joined the Company Apr 2013 Executive Officer Apr 2016 General Manager, Plant Business Division Jun 2016 Director, Executive Officer Apr 2020 General Manager, Plant Business Division Apr 2025 Director, Managing Executive Officer Apr 2025 General Manager, Plant Business Division and Development Division; General Manager, GX Project Office Apr 2026 Assumed office as Representative Director, President and Executive Officer Apr 2026 General Manager, Development Division and GX Project Office (current)
1962-01-19
Toshiya ARAKI
Full-time Corporate Auditor
Apr 2016 Director, Senior Managing Executive Officer, J&S Insurance Service Co., Ltd. Apr 2021 Joined the Company as Advisor Jun 2021 Assumed office as Full-time Corporate Auditor (current)
1960-07-21
Ichiro BABA
Director, Managing Executive Officer; General Manager, Business Division
Apr 2020 Managing Executive Officer, Resona Bank, Limited Apr 2022 Senior Managing Executive Officer, Kansai Mirai Bank, Limited Apr 2023 Senior Managing Executive Officer, Kansai Mirai Bank, Limited; Executive Officer, Kansai Mirai Financial Group, Inc.; Executive Officer, Minato Bank, Ltd. Apr 2024 Representative Director, President, Resona Guarantee Co., Ltd. Apr 2026 Joined the Company as Managing Executive Officer Jun 2026 Assumed office as Director, Managing Executive Officer (current)
1965-10-26
Yoko TSUJIMOTO
Director
Jun 2018 Senior Chief Internal Auditor, Sumitomo Mitsui Trust Bank, Limited Jun 2022 Assumed office as Director of the Company Jun 2025 Counselor, Sumitomo Mitsui Trust Bank, Limited Oct 2025 Research Officer, Sumitomo Mitsui Trust Bank, Limited (current)
1958-05-21
Kanji ISHIMARU
Director
Aug 2018 Director, Senior Managing Executive Officer; General Manager, Corporate Planning Division, ShinMaywa Industries, Ltd. Apr 2024 Director, Senior Managing Executive Officer, ShinMaywa Industries, Ltd. Jun 2025 Special Advisor, ShinMaywa Industries, Ltd. Jun 2025 Assumed office as Director of the Company Jul 2025 Adviser, Showakai Medical Corporation (current)
1957-09-20
Yoshihiro HASHIMOTO
Director
Jun 2013 Director, Managing Executive Officer, Sharp Corporation Oct 2022 Vice Chairman, Director, Dynabook Inc. Oct 2024 Senior Advisor, PINCH HITTER JAPAN Co., Ltd. (current) Apr 2025 Visiting Professor, Kansai International University (current) Jun 2026 Assumed office as Director of the Company (current)
1956-12-19
Tomoaki KORISAKA
Director
Apr 2018 Senior Managing Executive Officer, Resona Bank, Limited; Representative Director, President, Resona Research Institute Co., Ltd. May 2022 Advisor, DACS Co., Ltd. Jun 2022 Representative Director, President, DACS Co., Ltd. (current) Jun 2023 Outside Corporate Auditor, Nihon Kiso Gijutsu Co., Ltd. (current) Jun 2026 Assumed office as Director of the Company (current)
1963-01-04
Tsuyoshi TAKEUCHI
Corporate Auditor
Jul 2021 Representative Director, PM Business Solutions Co., Ltd. (current) Jun 2022 Outside Corporate Auditor, CKD Corporation (current) Jun 2023 Assumed office as Corporate Auditor of the Company
1959-05-15
Masanori HIRATA
Corporate Auditor
Jan 2003 Partner, Midosuji Law Office (Attorneys at Law Corporation) (current) Jun 2020 Outside Director, CDG Co., Ltd. Jun 2023 Assumed office as Corporate Auditor of the Company Jul 2024 Trustee, Osaka Dental University (current)
1972-02-21
Large Shareholding Reports
Sumitomo Mitsui DS Asset Management Company, Limited
2026-09-24
6.57%→5.47%
Resona Bank, Limited
2026-06-22
7.47%→4.60%
Annual report (as of 2026-03-31): 4.96%
Resona Bank, Limited
2026-06-05
6.20%→7.47%
Annual report (as of 2026-03-31): 4.96%
Resona Bank, Limited
2026-05-22
4.93%→6.20%
Annual report (as of 2026-03-31): 4.96%
Sumitomo Mitsui DS Asset Management Company, Limited
2026-05-21
7.99%→6.57%
Resona Bank, Limited
2026-05-12
4.66%→4.93%
Annual report (as of 2026-03-31): 4.96%
Sumitomo Mitsui DS Asset Management Company, Limited
2025-09-19
6.35%→7.99%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-24
Large Shareholding Report
TDnet
2026-07-24
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-15
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-05-22
Large Shareholding Report
EDINET
2026-05-21
Large Shareholding Report
EDINET
2026-05-12
Large Shareholding Report
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-07-25
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-16
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-26
Q1 Earnings Flash
FY ending Mar 2025
EDINETAmended
2024-06-27
Amended Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-06-20
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-08-10
Quarterly Securities Report
EDINET
2021-06-24
Annual Securities Report
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