This article reviews ニチコン’s business structure, centered on its Capacitors business, and the development of its NECST business, organizing the factors behind the recent decline in profit and its future growth areas based on the facts. The focus is on trends in conductive polymer hybrid aluminum electrolytic capacitors for AI and EV applications and in the smart energy sector.
ニチコン consists of two core businesses, Capacitors and NECST. In the first half of the fiscal year ending March 2026, total segment revenue was ¥80,732 million, comprising ¥49,303 million from Capacitors and ¥31,429 million from NECST. Capacitors comprised ¥40,779 million from aluminum electrolytic capacitors and ¥8,524 million from film capacitors, while NECST comprised ¥15,993 million from energy storage and ¥10,756 million from power supplies.
The latest results showed a decline in profit, mainly because profit from the Capacitors business fell substantially. The slowdown in the EV market and restrained capital investment also had an impact, and the increase in profit from NECST was not enough to offset it. Conditions remain challenging for achieving the targets of the FY2026 medium-term management plan.
ニチコン aims to capture demand by expanding its energy solutions business, and growth is expected in NECST, which includes residential energy storage systems, V2H systems and EV fast chargers. In particular, its tri-hybrid energy storage systems are likely to benefit from public support, and the market is expected to expand. The company also plans to accelerate its shift toward a services business and strengthen combinations of products and services aimed at realizing smart cities.