NIHON PLAST CO.,LTD.
7291・Standard Market・Transportation Equipment
Business
Nihon Plast Co., Ltd. is an automotive parts specialist founded in 1948, with two core business segments: safety components (Steering Wheel, Airbag Module) and resin components (Interior Resin Products such as air conditioning parts and consoles, and Exterior Resin Products such as cowl top covers). In addition to its domestic operations (Shizuoka, Gunma, Fukuoka, etc.), the company has manufacturing bases in the United States, Mexico, China, Indonesia, Thailand, and Vietnam, operating as a group of 13 companies. Its main customer is the Nissan Motor group, and in sales results for FY2026 (ending March 2026), Nissan Motor Co., Ltd. accounted for ¥26,190 million (22.8%) and Nissan North America, Inc. accounted for ¥17,142 million (14.9%). With net sales of ¥114,861 million, the company is a global automotive parts supplier.
Business Model
The company adopts an order-based business model that handles everything from design and development to mass production based on orders received for each vehicle model. It has established manufacturing bases in four regions—Japan, North America, China, and Southeast Asia—building a local supply system close to customers' production sites. Revenue is secured by incorporating material costs, manufacturing costs, and development costs into product sales prices, and the company seeks to maintain and improve profit margins through price pass-through negotiations, rationalization activities, and production efficiency improvements. It invests ¥2,042 million annually in research and development, continuing the development of next-generation products such as the HOD Handle.
Company Strengths
The company mass-produces and supplies Steering Wheel (including HOD Handle) equipped with touch sensors for Hands on Detection (HOD), which contributed to revenue growth in the North America segment (up 1.1% year on year to ¥57,019 million) in FY2026 (ending March 2026). As an HMI device compatible with autonomous driving support technology, adoption is expanding in both Japan and North America, and the company has a track record of advance development in next-generation safety parts.
The company operates manufacturing subsidiaries in the United States, Mexico, China, Indonesia, Thailand, and Vietnam, building a supply structure that supports customers' local production. The North America segment, with revenue of ¥57,019 million, accounts for the largest scale within the group, while Southeast Asia, with revenue of ¥13,076 million including internal transactions, also functions as a regional supply base. Its long-standing track record of local operations serves as a barrier to entry for competitors.
The company has both a safety parts division handling Steering Wheel and airbags, and an Interior & Exterior Resin Parts division, and through the technological fusion of these two divisions, it is able to offer an integrated proposal for a "safe and comfortable living space." It holds in-house a diverse range of manufacturing technologies, including resin molding, magnesium casting, aluminum casting, painting, decoration, and assembly, and continues to invest in R&D, with R&D expenses of ¥2,042 million.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥124,255 million in FY2024 (ended March 2024) and has declined for two consecutive periods, reaching ¥114,861 million in FY2026 (ending March 2026), down 4.8% year on year. This was mainly due to production cutbacks by customers, with the China segment down 20.8% and Southeast Asia down 16.2% year on year, both showing particularly sharp declines. Operating profit came to ¥2,647 million (down 4.5% year on year), a slight decline for the second consecutive period, with the operating margin flat at 2.3%. Meanwhile, ordinary profit rose 24.5% year on year to ¥2,499 million, aided by the recording of ¥343 million in foreign exchange gains. Net income for the period recovered to ¥2,012 million, supported by ¥484 million in extraordinary income from the reversal of the product warranty provision and gains on the sale of investment securities. For FY2027 (ending March 2027), revenue is projected to increase to ¥118,000 million (up 2.7% year on year), while operating profit is forecast to decline to ¥2,400 million (down 9.4%) and net income to ¥1,600 million (down 20.5%). External risks such as tariff measures and the situation in the Middle East have not been factored into the forecast, leaving room for downside.
Growth Strategy
Aiming to achieve mid-term plan targets through three pillars: strengthening profitability, expanding CASE-related products, and developing emerging markets
Continue promoting price pass-through to customers for increased labor and raw material costs, while improving cost structure through rationalization activities in each segment. In FY2026 (ending March 2026), rationalization effects were confirmed across all segments in Japan, North America, China, and Southeast Asia. The company aims to fully recover increased tariff costs, with portions not yet agreed upon in FY2026 (ending March 2026) expected to be settled in FY2027 (ending March 2027).
Leveraging mass production track record of the HOD Handle, a component compatible with autonomous driving, to expand adoption in next-generation vehicle models. In FY2026 (ending March 2026), increased HOD Handle sales contributed to revenue growth in the North America segment. The company will continue strengthening its product lineup to capture tailwinds from the spread of autonomous driving in the external environment.
Promote development and supply of products for emerging markets that pursue cost reduction, commonization, and simplification. The Southeast Asia segment struggled in FY2026 (ending March 2026) due to reduced production by customers, with revenue of ¥3,596 million (down 16.2% year on year), but on a basis including internal transactions the segment has a scale of ¥13,076 million, and the company will continue to strengthen its function as a supply hub within the group.
Last updated: July 19, 2026