T.RAD Co., Ltd.
7236.TMEDIUMScore: 30.5Thermal Management / Battery Cooling Plates · Weight: 3%· Data as of 2026-05-18
Investment Thesis
Honda-affiliated (Honda owns ~18-20% of shares) thermal management specialist transitioning from ICE radiators to EV battery cooling plates. As Honda scales e-motorcycles in Vietnam and India — where ambient temperatures reach 35-40°C — active battery thermal management is not optional: high heat degrades Li-ion battery cycle life and triggers BMS thermal shutdowns. T.RAD's expertise in compact, lightweight heat exchangers (honed over 80+ years for Honda motorcycle radiators) transfers directly to battery cooling plates and motor controller coolers. Honda's co-design embedded supplier status means T.RAD is involved at the platform design stage for Honda's e-motorcycle thermal system — not just bidding on standard parts. Same Gachaco consortium standardization that creates multi-OEM volume for battery cells also creates multi-OEM demand for thermal management modules that fit the standardized MPP battery housing.
Risk
EV content per vehicle could be LOWER if Honda's MPP battery uses passive air cooling (tropical ambient + battery swap means batteries cool during swap, reducing need for active cooling). Honda's own restructuring (¥1.45T FY2025 write-off) could slow EV investment timeline. ICE motorcycle sales are core business and may mask EV battery cooling revenue contribution for years. PB, FCF, PE not confirmed from Tier 1-2 sources — data gap. Honda could vertically integrate thermal management if T.RAD fails to deliver cost-competitive EV modules.
Monitoring Trigger
If T.RAD announces a named battery cooling plate win for Honda e-motorcycle (EDINET press release), upgrade to HIGH. If Honda motorcycle EV unit targets increase (>500K/yr before 2028), add. If T.RAD's ICE radiator revenue stabilizes despite EV transition (indicating ICE motorcycle volumes sustained), thesis holding. Exit if Honda announces Chinese or local thermal management supplier for MPP battery in Vietnam/India.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Automotive Thermal Management | ~¥80B est. | ~60% | Radiators, oil coolers, EGR coolers for Honda and Toyota passenger cars — under EV transition pressure |
| Motorcycle Thermal Management | ~¥30B est. | ~23% | Motorcycle radiators primarily for Honda — transitioning to e-motorcycle battery/motor cooling |
| EV Battery Cooling | Early stage | <5% | Battery cooling plates, e-motor oil coolers, power electronics coolers — the EV growth vector |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Honda Motor | Motorcycle radiators and heat exchangers | Honda is a major shareholder of T.RAD (~18-20% stake, confirmed via corporate shareholder data). T.RAD (formerly Tokyo Radiator Manufacturing) has been Honda's primary motorcycle radiator supplier since the 1960s. This long co-development relationship gives T.RAD design-in status at Honda motorcycle platforms. |
| probable | Honda Motor (e-motorcycle program) | Battery cooling plates and EV motor thermal management for Honda MPP ecosystem | T.RAD's 2030 Vision roadmap explicitly includes EV battery cooler plates and power electronics cooling modules as strategic growth products. Honda ownership (~18%) plus co-development history creates natural transition for ICE radiator relationship to EV battery cooling. Especially critical for Honda's Vietnam/India e-motorcycle deployment in tropical climates (35-40°C ambient). |
| inferred | GS Yuasa / Honda MPP Battery Program | Thermal management for Mobile Power Pack (MPP) battery modules | GS Yuasa (Honda-affiliated battery maker, Honda ~49% stake) manufactures cells for Honda MPP battery. T.RAD's relationship with both Honda and GS Yuasa (GS Yuasa is also a T.RAD shareholder ~7-8%) positions T.RAD logically as thermal management supplier for the integrated MPP battery housing. This is inferred from overlapping shareholding structures — not confirmed in public filings. |