NISSAN SHATAI CO., LTD.
7222・Standard Market・Transportation Equipment
Business
Nissan Shatai Co., Ltd. is an automobile manufacturing specialist that produces and sells passenger vehicles, commercial vehicles, small buses, and specialty vehicles based on orders received from its parent company, Nissan Motor Co., Ltd. The group, comprised of the Company and 6 subsidiaries, has Automotive-related as its core segment, encompassing supporting segments of Equipment maintenance, Information Processing, and Staffing services. Key products range from premium SUVs such as the "Patrol" for the Middle East and "Armada" for North America, to domestic commercial vehicles "Caravan" and "NV200 Vanette," and specialty vehicles such as the high-specification ambulance "Paramedic." As a typical dedicated manufacturer, Nissan Motor alone accounts for 98.2% of net sales, and the company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The core of earnings is a contract manufacturing model in which the company manufactures and sells vehicles based on production plans received from Nissan Motor, taking its own production capacity into account. Of net sales of ¥403,800 million, ¥396,706 million (98.2%) is attributable to Nissan Motor, meaning that unit volume, model mix, and average selling price directly determine earnings. The equipment maintenance, information processing, and staffing services subsidiaries derive their earnings mainly from intra-group demand, forming a vertically integrated in-house structure that complements the manufacturing function.
Company Strengths
The company has a system in which its development division handles everything from design through mass production, having received vehicle development commissions for commercial vehicles, premium cars, and specialty vehicles from Nissan Motor Co., Ltd. In the fiscal year under review, R&D expenses of ¥71 million (Automotive-related) were recorded, and the company has been steadily building up achievements in strengthening product competitiveness, including the class-first adoption of Intelligent Cruise Control on the Caravan.
In the specialty vehicles business, the high-spec ambulance "Paramedic" achieved its planned unit sales for the third consecutive year, recording its highest-ever orders. Beyond vehicle body fitting for Nissan vehicles, the company also operates a body-fitting business spanning a wide range of brands from kei cars to trucks, having built a unique technical and sales foundation in the specialty vehicles field.
The equity ratio at the end of the fiscal year under review remained at a high level of 66.3% (65.4% in the previous fiscal year), and the company continues its debt-free management, funding all working capital and investment funds entirely from its own resources. The company held cash and cash equivalents of ¥86.9 billion and carried out capital expenditures of ¥13.2 billion using its own funds, confirming the soundness of its financial position.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 1.9x over five periods, from ¥215,359 million in FY2022 (ended March 2022) to ¥403,800 million in FY2026 (ending March 2026). Operating profit turned from a loss of ¥3,538 million in FY2022 (ended March 2022) to a profit of ¥14,161 million in FY2026 (ending March 2026), a swing to profitability followed by rapid expansion, with the operating margin reaching 3.5%. The main drivers were the full-scale production ramp-up of the new Patrol and new Armada (volume/mix effect of +¥3.8 billion) and improved production efficiency (rationalization and other effects of +¥5.2 billion). As external factors, the indirect impact of US trade issues and uncertainty over the situation in the Middle East became apparent in the fourth quarter, but the impact on the fiscal year's results was limited. For FY2027 (ending March 2027), further increases in unit sales are expected due to the start of production of new models, with revenue projected at ¥448,000 million and operating profit at ¥21,000 million.
Growth Strategy
Targeting a substantial increase in profit for FY2027 (ending March 2027) through new vehicle launches, the Shonan Plant conversion, and expansion of the specialty vehicle business
The company plans to commence production of new vehicles in FY2027 (ending March 2027), further increasing sales volume from 154,668 units in FY2026 (ending March 2026). Construction in progress increased from ¥6,595 million in the previous period to ¥11,437 million, reflecting ongoing capital investment in production facilities for the new vehicle.
The Shonan Plant is being converted from finished vehicle production to service parts production in order to optimize the profit structure. In connection with the conversion, impairment loss of ¥2,855 million and a provision for business structure improvement of ¥2,129 million have already been recorded. Personnel measures affecting approximately 800 employees are currently being implemented.
Record-high orders were achieved for high-specification ambulances (Paramedic). By expanding high-value-added products that are not dependent on passenger vehicles or commercial vehicles, the company aims to reduce dependence on Nissan Motor and diversify earnings.
Rationalization and other factors contributed +¥5.2 billion to the change in operating profit in FY2026 (ending March 2026). In FY2027 (ending March 2027), the company aims to achieve operating profit of ¥21,000 million (operating margin of 4.7%) through continued improvements in production efficiency.
Last updated: July 19, 2026