Company Reports

Nippon Paint's first-half fiscal 2026 revenue and adjusted operating profit were 20% and 34% higher, respectively, than last year. About half the revenue growth was due to favorable foreign exchange, while recently acquired AOC boosted operating profit growth.

We expect Nippon Paint to gain market share over the next decade. It generally has a top-three market share position, and in China, Australia, and other parts of Asia, where it has a number-one market position, it has demonstrated pricing power. We expect incremental market share gains as Nippon Paint’s brands benefit from wider distribution and innovation.

Nippon Paint's first-quarter fiscal 2026 adjusted operating profit of JPY 76 billion is 38% higher than the same quarter last year. The result was driven by a 21% growth in revenue, favorable foreign exchange movements, and improving product mix and volume growth from AOC.

Nippon Paint's fiscal 2025 results bettered EBIT and net income guidance by 5% and 11%, respectively, despite revenue being 3% below guidance. Looking ahead, management guides to fiscal 2026 revenue and EBIT growth of 8% and 10%, respectively.

We expect Nippon Paint to take market share over the next decade. It generally has a top-three market share position, and in China, Australia, and other parts of Asia, where it has a number-one market position, it has demonstrated pricing power. We expect incremental market share gains as Nippon Paint’s brands benefit from wider distribution and innovation.

Nippon Paint's third-quarter 2025 adjusted operating profit of JPY 73 billion increased by 19% on the same time last year, including recent acquisitions in India and AOC. Excluding these acquisitions, underlying operating profit surged by 14% from last year.

We expect Nippon Paint to take market share over the next decade. It generally has a top-three market share position, and in China, Australia, and other parts of Asia, where it has a number-one market position, it has demonstrated pricing power. We expect incremental market share gains as Nippon Paint’s brands benefit from wider distribution and innovation.

Nippon Paint's first-half fiscal 2025 operating profit of JPY 121 billion increased 31% on the same half last year. The result was driven by 4% higher sales and increased margins from cost savings and temporary tailwinds from lower oil and naphtha input costs.

We expect Nippon Paint to take market share over the next decade. It generally has a top-three market share position, and in China, Australia, and other parts of Asia, where it has a number-one market position, it has demonstrated pricing power. We expect incremental market share gains as Nippon Paint’s brands benefit from wider distribution and innovation.

We expect Nippon Paint to take market share over the next decade. It generally has a top three market share position, and in China, Australia, and other parts of Asia where it has a number one market position, it has demonstrated pricing power. We expect incremental market share gains as Nippon Paint’s brands benefit from wider distribution and innovation.

We initiate coverage of Nippon Paint, a global producer of decorative and architectural paints and industrial and automotive paints and sealants. Most revenue is from Asia, where its brands have a dominant market share, including in China, Japan, Australia, and much of Southeast Asia.