Nittoku Co., Ltd.
6145.TLOWScore: 28.5EV Motor Production Equipment / Coil Winding Machines (Tier-2 Upstream) · Weight: 2%· Data as of 2026-05-25
Investment Thesis
World's largest coil winding machine manufacturer with 44+ years of precision winding expertise. Every EV PMSM motor requires precision coil winding equipment — Nittoku supplies the machines that make the motors. Proprietary next-generation winding technology achieves high copper fill factor for high-efficiency EV drive motors. Honda's announcement of an 8M unit/year India EV motorcycle factory by 2028 (¥60B investment) implies massive capex on motor winding equipment. Revenue growing 30% YoY (latest quarter) as global EV motor production capacity build-out accelerates. Revenue ¥38.3B TTM. PE 14.1x with 30% growth = PEG 0.47x. T-glass method: Honda cannot scale 2-wheeler EV motor production without precision winding equipment — Nittoku is the upstream bottleneck.
Risk
1) Capital equipment demand is LUMPY — order timing can cause revenue gaps between cycles. 2) Chinese competition in lower-end winding machines could erode market share in cost-sensitive applications. 3) EV adoption slowdown would reduce motor capex globally and directly hit Nittoku's order book. 4) Small cap (¥35B market cap) = thin liquidity, higher volatility. 5) Indirect play — no direct Honda contract; exposure is through motor maker Tier-1 suppliers. Timeline: thesis breaks if EV motor capex globally decelerates or Chinese winding machine makers gain quality equivalence by 2027.
Monitoring Trigger
If Nittoku quarterly revenue growth decelerates below 10% for 2 consecutive quarters, REVIEW for cycle peak. If Honda/Mitsuba/Nidec announce major winding machine procurement for India factory, ADD (confirm Nittoku won orders). Track Nittoku's EV motor machine segment disclosure in annual report.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Coil Winding Machines | Automatic winding machines for motors, transformers, inductors. EV motor winding (stator coil winding for PMSM) is the primary growth driver. Revenue ¥38.3B TTM, +20% YoY, +30% latest quarter. | ||
| Motor Core Assembly Machines | Machines for stacking and pressing motor lamination cores. Complements winding machines in full motor assembly line. |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| inferred | Mitsuba Corporation (7280.T) | Coil winding machines for Honda 2-wheeler PMSM motors | Mitsuba is Honda's primary 2-wheeler motor maker. Nittoku is the world's largest winding machine maker. Industry standard: all PMSM manufacturers source from Nittoku, ODAWARA, or Chinese makers. Nittoku has proprietary high-copper-fill technology for EV. |
| probable | Nidec Corporation (6594.T) | Coil winding machines for large-scale EV motor production | Nidec is the world's largest electric motor maker and is scaling EV motor production globally. Nittoku targets all major motor makers. Nittoku CEO interview confirmed EV/HEV motor fully automated lines as expansion focus. |
| inferred | Honda Motor India (via Mitsuba India) (7267.T) | Winding machines for Honda India 8M unit/year EV factory motor production | Honda announced dedicated EV motorcycle factory at Narasapura, Karnataka by 2028 targeting 8M units. Every motor assembly line requires winding machines. Nittoku's lead time (4-12 months) means orders would flow from Honda's Tier-1 motor suppliers in 2026-2027. |
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).