Nikkei 225 · Mining & construction equipment · No.1 in autonomous trucks
Komatsu
Komatsu is the world's No.2 in excavators and mining gear, but its real moat is autonomous ultra-class haulage, where it has led since commercializing in 2008 — an 18-year head start now at 1,016 cumulative trucks. The year ended March 2026 was about defense, not growth: with volumes falling, price increases held revenue at +0.7% but operating income still dropped 13.7%, and resource-cycle strength in Latin America (+13.7%) and Oceania barely offset the collapse in Asian general construction. The question for this node now is how much FY2027 U.S. tariffs (guidance: OP -10.5%) erode that pricing power, and how much the mining-automation and aftermarket moat cushions the downside.
6301.T Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Komatsu is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 3 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ¥4,132.8B (year ended March 2026, +0.7%)
- Segments · Construction, Mining & Utility Equipment · Industrial Machinery & Others · Retail Finance
Revenue from
- Barrick (네바다 골드마인스) High confidence
AHS customer where Komatsu's 1,000th ultra-class autonomous truck (930E-5AT, 290t) was commissioned (Apr 2026).Confirms EN Komatsu Published Apr 28, 2026: Komatsu Consolidated Business Results for the Fiscal Year Ended March 31, 2026 (U.S. GAAP)Confirms KO Vehiclenews Published Apr 21, 2026: Komatsu commissions 1,000th ultra-class autonomous haul truck — an industry firstConfirms EN Komatsu Published Apr 21, 2026: Komatsu first OEM to commission 1,000 ultra-class autonomous haul trucks - Rio Tinto High confidence
FrontRunner AHS and 830E/930E truck customer at Pilbara iron mines (Brockman 4, West Angelas).Confirms EN Mining Technology Published Jan 1, 2023: Autonomous haulage systems: leading manufacturers - Vale High confidence
830E/930E truck customer at Carajas; 2024 Dual Fuel (up to 70% ethanol) retrofit program with Cummins. - North America, Latin America & Oceania resource markets (construction & mining equipment) High confidence
In construction & mining — 92% of sales — the resource cycle is what is holding the company up: copper, iron-ore and gold prices lifted Latin American (+13.7%) and Oceania mining demand, offsetting the collapse in Asian (-33%) and Japanese (-4.6%) general construction as infrastructure softened. The segment's +0.2% came from price increases, not volume, so segment profit still fell 18% on cost and volume — a classic late-cycle signature. What threatens that pricing power is the FY2027 U.S. tariff hit (guidance: operating profit -10.5%).Mentions EN Citi / analyst consensus Published May 10, 2026: Komatsu (6301) analysts — Citi target ¥4,500 (Neutral); consensus NeutralConfirms EN Komatsu Published Apr 28, 2026: Komatsu Consolidated Business Results for the Fiscal Year Ended March 31, 2026 (U.S. GAAP) - Anglo American Medium confidence
AHS customer at Los Bronces copper mine, Chile (~62 930E trucks planned).
Pays to
- Ouster High confidence
Procures lidar for autonomous mining equipment from Ouster (multimillion-dollar agreement, REV7).Confirms EN Business Wire Published May 8, 2025: Ouster to Supply Lidar Sensors for Komatsu's Autonomous OfferingsConfirms EN Mining.com Published May 8, 2025: Ouster to supply lidar sensors for Komatsu's autonomous offerings - Cummins High confidence
Primary engine supplier for ultra-class mining trucks (830E/930E); 2024 three-way ethanol-diesel Dual Fuel retrofit program with Vale.
Investments
- M&A (Malwa Forest, SRC reman, Joy Global) High confidence
Komatsu's M&A deliberately builds a mining-and-aftermarket moat that is less exposed to the new-equipment volume cycle: the 2017 ~$3.7B Joy Global deal internalized underground and ultra-class equipment, and 2026 bolt-ons — SRC of Lexington's remanufacturing assets and forestry maker Malwa Forest — extend into circular-economy and parts-reman revenue. The weaker new-machine sales get, the more reman, parts and service defend the margin.Confirms EN Komatsu Published Apr 28, 2026: Komatsu Consolidated Business Results for the Fiscal Year Ended March 31, 2026 (U.S. GAAP)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Komatsu | node | +0.5 | +17.4 | +40.1 | +16.4 | +30.5 | +9.5 |
| Ouster | benef1 | -61.5 | -83.4 | -11.1 | +59.3 | +77.1 | +100 |
| Cummins | benef1 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | +3.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Komatsu's thesis is that two different cycles sit inside one company. In construction & mining — 92% of sales — profit is currently held up by the resource cycle: Latin American (+13.7%) and Oceania mining demand tied to copper, iron-ore and gold prices, even as Asian (-33%) general construction collapses on softer infrastructure. That segment revenue rose only +0.2% yet profit fell 18% is the classic late-cycle tell of holding on price, not volume. The key risk is FY2027 U.S. tariffs, for which management itself guided operating profit down 10.5% — notably a policy-driven margin squeeze, not a demand collapse. The graph propagation is clear: Cummins (engines) and Ouster (lidar) are tied to Komatsu's capacity, so expanding mining automation (1,016 AHS trucks) ripples to them first, while the mine utilization of resource majors like Rio Tinto, Vale and Barrick sets upstream demand.
Analysis generated from returns as of 2026-05-12