Loading…
Japanese paint maker supplying automotive OEM coatings, plus industrial and decorative paints globally.
Japanese paint maker supplying automotive OEM coatings, plus industrial and decorative paints globally.
Auto paint is won line by line when carmakers set up a plant, then reordered for as long as the line runs, which gives repeat volume. Its decorative-paint reach in India comes through Kansai Nerolac, a separately listed subsidiary, and in Africa through regional paint brands.
In one line: Japan's PPG Industries or Sherwin-Williams.
Moat: narrow (customer qualification, scale, distribution). Long OEM paint-line qualification cycles and scale in India/Africa decorative paints.
Headquarters: Osaka, Japan · Founded: 1918 · Employees: 16,739
Size Kansai Paint (4613.T) is a Japan Materials company (Industrial Specialties) with a market value of $3.23B, the 340th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,020 on 6 Nov 2026.
Performance Over six months the shares gained 28.9%, against -19.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +10.6%); the operating margin is 8.0% (peer median 11.5%).
Valuation It trades at 19.1× forward earnings against a peer median of 31.9× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points above its cost of capital (5.6% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥603B | ¥590B | ¥589B | ¥562B | ¥509B |
| Revenue growth | — | 0% | +5% | +10% | — |
| Gross profit | ¥196B | ¥180B | ¥176B | ¥165B | ¥130B |
| EBITDA | ¥77.9B | ¥78.4B | ¥77.9B | ¥73.7B | ¥51.3B |
| Net income | ¥29.6B | ¥31.6B | ¥38.3B | ¥67.1B | ¥25.2B |
| Free cash flow | n/a | ¥26.6B | ¥14.9B | ¥51.1B | ¥40.9B |
| Capital expenditure | n/a | ¥31.7B | ¥25.3B | ¥20.1B | ¥11.1B |
| Total debt | ¥243B | ¥219B | ¥218B | ¥123B | ¥126B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kansai Paint 4613.T | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% |
| PPG Industries PPG | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% |
| Nippon Paint 4612.T | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% |
| Sherwin-Williams SHW | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4613.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.2% | -10.5% | 2nd highest of 20 |
| 6-month return | +28.9% | -19.1% | 2nd highest of 19 |
| Distance from 52-week high | -2.3% | -43.2% | highest of 20 |
| Revenue growth (TTM) | +2.5% | +10.6% | 6th lowest of 21 |
| Operating margin | 8.0% | 11.5% | 7th lowest of 21 |
| Forward P/E | 19.1× | 31.9× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 2.3% | 9.8% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +10.1% | +9.6% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -7.8 pp | -1.0 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +0.2 pp | -0.8 pp | 9th highest of 21 |
| EV / EBITDA | 9.0× | 25.0× | 3rd cheapest of 10 |
| Net debt / EBITDA | 1.4× | 1.1× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% | +8.9% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 35.7× | 34.8% | +9.6% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 31.9× | n/a | n/a |
| Flat Glass 601865.SS | China | $3.03B | -30% | -23% | -2% | n/a | 8.2% | +20.0% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 33.9× | 2.2% | +7.1% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 10% | 82.1× | n/a | n/a |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% | +4.5% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |