The commercialisation progress and profitability of 6 hydrogen-related stocks were compared using existing sales, demonstration projects and projects under construction. Based on information released in 2026, the article organises the stage of each company’s projects and the points to monitor going forward.
This article divides 6 Japanese stocks into four hydrogen-related fields: production, transport, supply and utilisation, and organises each company’s existing sales track record and projects under demonstration, construction or scheduled to begin operations. Starting with Iwatani Corporation, it tracks differences in the timing of monetisation and the visibility of revenue contributions.
Iwatani Corporation has an established sales record in hydrogen production and supply, and hydrogen was a ¥690 million year-on-year operating-profit growth driver in the first-quarter results presentation for the fiscal year ending March 2027. Toyota, meanwhile, has cumulatively supplied more than 3,500 fuel-cell systems and has announced a new fuel-cell bus for SORA. Asahi Kasei and Kawasaki Heavy Industries have each announced plans for components and equipment, while Chiyoda Corporation and Mitsubishi Heavy Industries are conducting demonstrations and tests of transport and power-generation equipment.
The article notes that the scheduled completion and start-of-operations dates for projects announced in 2026 do not necessarily coincide with the timing of actual revenue generation, and organises by company the specific process by which profits become certain, including order volumes, contract timing and operating rates. The effects of capital investment depend on contract volumes and operating rates, and revenue is not determined solely by the completion date.