Overview
Glass and Ceramics Products

SHINAGAWA REFRA CO.,LTD.

Shinagawa Refra is Japan's leading refractory manufacturer, producing and selling shaped and unshaped refractories, insulation materials (ceramic fiber), fine ceramics, and mold powders for continuous casting. The company serves steel, non-ferrous metals, cement, glass, and industrial furnace markets globally, supported by comprehensive engineering services including furnace design, construction, and maintenance. Its competitive strengths lie in 150 years of accumulated ceramics technology, a broad product portfolio spanning refractories to advanced ceramics, and an expanding global manufacturing and sales network across Asia, Oceania, Europe, and the Americas.

Market Cap
¥89.0B
US$568M
EV
¥113B
US$723M
Stock¥1,951▼-1.06%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.6
x
LTM EV/EBIT
8.4
x
LTM PER
3.1
x
LTM PBR
0.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-17.5%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 4, 26Fixed asset sale & special profit announcement
MC → EV Bridge
89.0BUS$568MMarket Cap55.5BUS$354M+ Debt20.1BUS$128M− Cash19.9BUS$127M− Inv. Sec.8.83BUS$56.3M+ NCI113BUS$723MEV
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Performance & Balance
Revenue 5Y (¥B)
111US$707M'22/3125US$797M'23/3144US$919M'24/3144US$919M'25/3178US$1.13B'26/3
EBITDA 5Y (¥B)
12.8US$81.6M'22/313.8US$87.9M'23/317.6US$112M'24/317.5US$112M'25/320.7US$132M'26/3
Net Income 5Y (¥B)
5.31US$33.9M'22/38.31US$53.0M'23/315.3US$97.4M'24/39.78US$62.4M'25/326.1US$166M'26/3
Capital Structure
67%
33%
EquityD/E 0.50xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
24.0US$153M22.9US$146M'22/326.7US$170M34.3US$219M'23/329.3US$187M28.1US$179M'24/332.2US$206M61.9US$395M'25/334.3US$219M44.2US$282M'26/3
Shareholders
Top 10 hold 58.3%
1
JFE Steel Corporation
34.85%
2
The Master Trust Bank of Japan, Ltd.
6.53%
3
Kobe Steel,Ltd.
3.86%
4
Fukoku Mutual Life Insurance Company
2.19%
5
Sumitomo Mitsui Trust Bank, Limited
2.15%
6
Custody Bank of Japan, Ltd.
2.06%
7
Mizuho Bank, Ltd.
1.87%
8
SHINAGAWA REFRA CO.,LTD. Employee Stock Ownership Association
1.75%
9
Nippon Life Insurance Company
1.55%
10
Mitsubishi Estate Company,Limited
1.51%
Management
10 officers
Hiroyuki FUJIWARA
Representative Director, President
Apr 1983 Joined Kawasaki Steel Corporation Apr 2010 General Manager, Labor and Personnel Department, JFE Steel Corporation Apr 2012 General Manager, General Affairs Department, JFE Steel Corporation Apr 2014 Deputy General Manager, East Japan Works, JFE Steel Corporation Apr 2016 Managing Executive Officer, JFE Steel Corporation Apr 2018 Managing Executive Officer, JFE Holdings, Inc. Apr 2019 Senior Managing Executive Officer, JFE Holdings, Inc. Apr 2021 Advisor, the Company Jun 2021 Representative Director, President (current)
1960-09-13
Masanori OGATA
Representative Director, Senior Managing Executive Officer; in charge of Information Systems Dept., Equipment and Technology Dept.; overall management of Technology Dept.; General Manager, Refractories Business Division; Group Refractories Sector Leader
Apr 1990 Joined the Company Jun 2013 General Manager, Technical Research Laboratory and General Manager, Technology Dept. Apr 2016 Executive Officer; General Manager, East Japan Plant and Yumoto Manufacturing Dept. Apr 2018 Managing Executive Officer; in charge of Technical Research Laboratory and Technology Dept.; Representative Director, President, Shinagawa Fine Ceramics Co., Ltd. (until Mar 2023) Jun 2018 Director, Managing Executive Officer; in charge of Technical Research Laboratory and Technology Dept. Apr 2019 Director, Managing Executive Officer; in charge of Technical Research Laboratory Jun 2020 Managing Executive Officer; in charge of Technical Research Laboratory Apr 2021 Managing Executive Officer; in charge of Technical Research Laboratory and Technology Dept. Jun 2021 Director, Managing Executive Officer; in charge of Production Division, Technical Research Laboratory and Technology Dept. Apr 2022 Director, Managing Executive Officer; in charge of Production Division; overall management of Technical Research Laboratory; in charge of Quality Assurance Dept., Equipment Management Dept. and Technology Dept. Apr 2023 Representative Director, Managing Executive Officer; General Manager, Refractories Business Division; Group Refractories Sector Leader Apr 2024 Representative Director, Managing Executive Officer; General Manager, Refractories Business Division; in charge of Recycling Business Promotion Dept.; Group Refractories Sector Leader Apr 2025 Representative Director, Senior Managing Executive Officer; overall management of Information Systems Dept., Equipment Management Dept. and Technology Dept.; General Manager, Refractories Business Division; in charge of Recycling Business Promotion Dept.; Group Refractories Sector Leader Jan 2026 Representative Director, Senior Managing Executive Officer; overall management of Information Systems Dept., Equipment Management Dept. and Technology Dept.; General Manager, Refractories Business Division; General Manager, Domestic Sales Division of the same division; in charge of Recycling Business Promotion Dept.; Group Refractories Sector Leader Apr 2026 Representative Director, Senior Managing Executive Officer; in charge of Information Systems Dept., Equipment and Technology Dept.; overall management of Technology Dept.; General Manager, Refractories Business Division; Group Refractories Sector Leader (current)
1962-09-18
Hiramoto MIKI
Representative Director, Managing Executive Officer; overall management of Overseas Business Administration Dept.; Deputy General Manager, Refractories Business Division; Deputy Sector Leader, Group Refractories Sector
Apr 1984 Joined Nippon Kokan K.K. Apr 2010 General Manager, Houston Office, JFE Steel Corporation Apr 2013 General Manager, Thin Sheet Export Dept., JFE Steel Corporation Apr 2014 General Manager, Overseas Sales Dept., the Company Apr 2015 Executive Officer; General Manager, Europe, Americas and Australia Business Dept. Apr 2017 Managing Executive Officer; General Manager, Europe, Americas and Australia Business Dept. Apr 2020 Managing Executive Officer; General Manager, Overseas Business Division Apr 2023 Managing Executive Officer; General Manager, Overseas Business Dept., Refractories Business Division; Deputy Sector Leader, Group Refractories Sector Apr 2025 Managing Executive Officer; in charge of Overseas Business Administration Dept.; Deputy General Manager, Refractories Business Division; Deputy Sector Leader, Group Refractories Sector Jun 2025 Representative Director, Managing Executive Officer; in charge of Overseas Business Administration Dept.; Deputy General Manager, Refractories Business Division; Deputy Sector Leader, Group Refractories Sector Apr 2026 Representative Director, Managing Executive Officer; overall management of Overseas Business Administration Dept.; Deputy General Manager, Refractories Business Division; Deputy Sector Leader, Group Refractories Sector (current)
1960-11-23
Yoshio FUKUSAKI
Representative Director, Managing Executive Officer; overall management of Quality Assurance Dept. and Safety and Health Dept.; General Manager, Advanced Materials Business Division; supporting Second Sales Dept.; Group Advanced Materials Sector Leader
Apr 1988 Joined Kobe Steel, Ltd. Apr 2010 General Manager, Steelmaking Dept., Kobe Works, Iron and Steel Business, Kobe Steel, Ltd. Apr 2014 General Manager, Steelmaking Dept., Kakogawa Works, Iron and Steel Business, Kobe Steel, Ltd. Oct 2018 General Manager, Second Sales Dept. and Kobe Sales Office, the Company Apr 2019 Executive Officer; General Manager, Second Sales Dept. and Kobe Sales Office Apr 2021 Managing Executive Officer; General Manager, Second Sales Dept. Apr 2023 Managing Executive Officer; General Manager, Technology Division, Refractories Business Division; Group Ceramics Sector Leader; Representative Director, President, Shinagawa Fine Ceramics Co., Ltd. Apr 2024 Managing Executive Officer; General Manager, Technology Division, Refractories Business Division; in charge of Advanced Materials Sector Office; supporting Second Sales Dept.; Group Advanced Materials Sector Leader; Representative Director, President, Shinagawa Fine Ceramics Co., Ltd. Apr 2025 Managing Executive Officer; overall management of Quality Assurance Dept. and Safety and Health Dept.; General Manager, Advanced Materials Business Division; supporting Second Sales Dept.; Group Advanced Materials Sector Leader Jun 2025 Representative Director, Managing Executive Officer; overall management of Quality Assurance Dept. and Safety and Health Dept.; General Manager, Advanced Materials Business Division; supporting Second Sales Dept.; Group Advanced Materials Sector Leader (current)
1961-10-30
Makoto NANBA
Director, Managing Executive Officer; in charge of Information Systems Dept.; General Manager, Domestic Sales Division, Refractories Business Division; supporting Recycling Business Promotion Dept.
Apr 1989 Joined the Company Apr 2014 General Manager, No. 2 Research Dept., Technical Research Laboratory Apr 2015 General Manager, Nisseki Manufacturing Dept., West Japan Works Apr 2018 General Manager, Okayama Manufacturing Dept., West Japan Works Apr 2021 Executive Officer; Special Assignments to the President Jun 2021 Executive Officer; Leader, New FA Construction Team Apr 2024 Executive Officer; General Manager, Planning and Coordination Office, Production Division, Refractories Business Division; supporting Recycling Business Promotion Dept. Apr 2025 Managing Executive Officer; in charge of Information Systems Dept., Technology Dept. and Quality Assurance Dept.; General Manager, Technology Division, Refractories Business Division; supporting Recycling Business Promotion Dept. Apr 2026 Managing Executive Officer; in charge of Information Systems Dept.; General Manager, Domestic Sales Division, Refractories Business Division; supporting Recycling Business Promotion Dept. Jun 2026 Director, Managing Executive Officer; in charge of Information Systems Dept.; General Manager, Domestic Sales Division, Refractories Business Division; supporting Recycling Business Promotion Dept. (current)
1965-04-30
Yoshinori TSUCHIYA
Director (Full-time Audit and Supervisory Committee Member)
Apr 1991 Joined the Company Apr 2016 General Manager, General Affairs Dept. Apr 2018 Executive Officer; General Manager, General Affairs Dept. Apr 2022 Managing Executive Officer; in charge of Sustainability Promotion Office and General Affairs Dept.; General Manager, Sustainability Promotion Office Apr 2024 Managing Executive Officer; in charge of Sustainability Promotion Office and General Affairs Dept., Corporate Management Division Apr 2025 Managing Executive Officer; in charge of General Affairs Dept. and Sustainability Promotion Office Apr 2026 Advisor, the Company Jun 2026 Director (Full-time Audit and Supervisory Committee Member) (current)
1961-11-05
Keiko YAMAHIRA
Outside Director
Apr 1983 Joined Kubota House Co., Ltd. (now Sanyo Homes Corporation) Apr 2010 Executive Officer, Sanyo Homes Corporation Jun 2011 Managing Executive Officer and Director, Sanyo Homes Corporation Jun 2012 Director, Sanyo Reform Co., Ltd. (concurrent) Jun 2013 Senior Managing Executive Officer and Director, Sanyo Homes Corporation; Director, Sanadvance Co., Ltd. (concurrent); Director, Sanyo Homes Community Co., Ltd. (concurrent) Jun 2015 President and Executive Officer, Sanyo Homes Corporation Apr 2017 Chairman and Representative Director, Sanyo Homes Community Co., Ltd. Jun 2019 Outside Director, Joshin Denki Co., Ltd. (now Joshin Co., Ltd.) (retiring); Outside Director, Fujitec Co., Ltd. Jun 2021 Outside Director, Takara Leben Co., Ltd. (now MIRARTH Holdings Inc.) Jun 2022 Outside Director, the Company (current) Jun 2024 Outside Director, Maruichi Steel Tube Ltd. (current) Jun 2026 Outside Director, Renaissance Inc. (scheduled to assume office) Significant Concurrent Positions: Jun 2019 Outside Director, Joshin Denki Co., Ltd. (now Joshin Co., Ltd.) (retiring) Jun 2024 Outside Director, Maruichi Steel Tube Ltd. (current) Jun 2026 Outside Director, Renaissance Inc. (scheduled to assume office)
1960-11-30
Shigeru NAKAJIMA
Director (Audit and Supervisory Committee Member)
Apr 1979 Registered as an attorney-at-law Apr 1983 Established Nakajima Law Office Dec 2000 Outside Audit & Supervisory Board Member, Nissei ASB Machine Co., Ltd. (current) Jun 2003 Outside Corporate Auditor, Recruit Co., Ltd. Jun 2004 Outside Corporate Auditor, Mitsubishi Corporation Jun 2015 Outside Director, the Company Jun 2016 Outside Director (Audit and Supervisory Committee Member), the Company (current) Significant Concurrent Positions: Dec 2000 Outside Audit & Supervisory Board Member, Nissei ASB Machine Co., Ltd. (current)
1949-12-27
Masafumi NAGANO
Director (Audit and Supervisory Committee Member)
Apr 1982 Joined Ishikawajima-Harima Heavy Industries Co., Ltd. (now IHI Corporation) Apr 2012 General Manager, Human Resources Dept., IHI Corporation Apr 2014 Executive Officer; General Manager, Human Resources Dept., IHI Corporation Apr 2016 Executive Officer; General Manager, Corporate Planning Dept., IHI Corporation Apr 2018 Managing Executive Officer; Head of Industrial Systems and General-Purpose Machinery Business Domain, IHI Corporation Jun 2018 Director and Managing Executive Officer; Head of Industrial Systems and General-Purpose Machinery Business Domain, IHI Corporation Apr 2020 Director and Managing Executive Officer; in charge of Corporate Planning and Human Resources Depts., IHI Corporation Jun 2021 Advisor, IHI Corporation Feb 2023 Employer-side Member, Central Labour Relations Commission (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current) Significant Concurrent Positions: Feb 2023 Employer-side Member, Central Labour Relations Commission (current)
1958-11-27
Chizuko URABE
Director (Audit and Supervisory Committee Member)
Apr 1986 Joined Yamaichi Securities Co., Ltd. Apr 1998 Joined the Metropolitan Police Department Feb 2016 Administrative Superintendent, Metropolitan Police Department Apr 2017 Superintendent, Metropolitan Police Department Apr 2022 Acting Director, Metropolitan Police Department Oct 2023 Joined Ebara Corporation Jun 2024 Outside Director, IACE Travel Co., Ltd. (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current) Significant Concurrent Positions: Jun 2024 Outside Director, IACE Travel Co., Ltd. (current)
1963-04-11
Large Shareholding Reports
Sumitomo Mitsui Trust Bank, Limited
2025-08-21
2.98%→2.08%
Annual report (as of 2026-03-31): 2.15%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-10
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-08-21
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-05
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-11
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-10
Quarterly Securities Report
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