A theme where honesty matters most: most exposure here is committed projects, not revenue — and the tiers say so explicitly.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
JSW SteelIron & SteelGrowing₹3.95 L CrP/E 8.5 vs 16.6ROCE 14.8%
JSW Steel commissioned and is using green hydrogen at its Vijayanagar steel plant as part of its decarbonisation roadmap, marking India's first such deployment in steelmaking.
“We commissioned India's first green hydrogen plant at our Vijayanagar plant and advanced our renewable energy transition, with Board approval for 2.5 GW of renewable energy capacity and 320 MWh of battery storage, of which nearly 1 GW is now operational.”
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“Green-hydrogen pilots, CCUS research, and circular-economy promotion position JSW Steel as India's green-steel thought leader”
BPCL has commissioned a 5 MW Green Hydrogen plant at its Bina refinery for decarbonisation, representing real current green hydrogen production, albeit small relative to its core business.
“The commissioning of our 5 MW Green Hydrogen Plant at Bina Refinery marks an important milestone in our decarbonisation journey and is expected to reduce approximately 9,000 tonnes of CO₂ emissions annually.”
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“Green Hydrogen Electrolyzer: Commissioned a 5 MW Electrolyzer at Bina Refinery, Madhya Pradesh, producing 2.1 MTPD of Green Hydrogen.”
GailGas Transmission/MarketingGrowing₹1.13 L CrP/E 16.2ROCE 7.0%
GAIL has commissioned a 10 MW PEM electrolyser green hydrogen plant at Vijaipur producing 4.3 TPD of high-purity hydrogen using renewable power, a small but real operational segment alongside its core natural gas business.
“Commissioned Green Hydrogen Plant at Vijaipur, with a 10 MW PEM electrolyser producing 4.3 TPD of high purity hydrogen using renewable power.”
JSW EnergyPower GenerationGrowing₹95,703 CrP/E 60.1 vs 22.3ROCE 1.9%
Commissioned India's first green hydrogen facility at Vijayanagar under the National Green Hydrogen Mission, with 3,800 TPA green H2 and 30,000 TPA green oxygen capacity.
“With annual capacities of up to 3,800 metric tonnes of green hydrogen and 30,000 metric tonnes of green oxygen, this facility directly supports low-carbon steel production at JSW Steel.”
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“Adoption of Climate Smart Technologies (Wind, Solar, BESS, Green Hydrogen)”
NTPC Green EnergyPower GenerationGrowing₹77,059 CrP/E 182.9 vs 22.3ROCE 1.2%
NGEL is executing green hydrogen/ammonia projects, including an SECI Green Ammonia award and a Green Hydrogen Hub at Pudimadaka, AP.
“We made encouraging progress in green hydrogen and green chemicals, including securing an award under the SECI Green Ammonia programme. Development of Green Hydrogen Hub at Pudimadaka in Andhra Pradesh is progressing steadily”
Torrent PowerIntegrated Power UtilitiesGrowing₹62,811 CrP/E 32.7 vs 30.5ROCE 9.3%
Torrent Power has inaugurated a pilot green hydrogen plant at Gorakhpur (72 tonnes TPA capacity) jointly with Torrent Gas, marking a real but small operational foothold in green hydrogen.
“the inauguration of our first green hydrogen plant at Gorakhpur for blending into the CGD network, with an annual capacity of 72 tonnes TPA, developed jointly by Torrent Power and Torrent Gas.”
Jindal StainlessIron & SteelGrowing₹57,759 CrP/E 17.3 vs 16.6ROCE 15.8%
Active partnership with Hygenco to deploy a green hydrogen plant for own operations and development of stainless steel grades for green hydrogen applications.
“Partnered with Hygenco India to establish a green hydrogen plant, reducing CO2 emissions by ~2,700 MT annually”
Mtar TechnologiesOther Electrical EquipmentGrowing₹21,593 CrP/E 136.7 vs 25.2ROCE 12.4%
Green hydrogen exposure: MTAR manufactures power units for Solid Oxide Electrolysers (SOE) supplied to Bloom Energy, components used in hydrogen production infrastructure.
“MTAR supplies power units, sheet metal assemblies, enclosures and ASP assemblies for Solid Oxide Fuel cells and power units for Solid Oxide Electrolysers of Bloom Energy”
Kec Intl.Civil ConstructionGrowing₹11,620 CrP/E 18.1 vs 15.4ROCE 11.0%
Green hydrogen infrastructure is listed as an emerging EPC offering within the Renewables business.
“Accelerating the global clean energy transition, we provide integrated EPC solutions across solar, wind, Battery Energy Storage Systems (BESS) and emerging green hydrogen infrastructure.”
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“We are also monitoring developments in green hydrogen, a space that holds long-term potential as the ecosystem and project economics mature.”
Larsen & ToubroCivil ConstructionAnnounced₹5.63 L CrP/E 33.0 vs 15.4ROCE 11.9%
L&T has a signed Joint Development Agreement with ITOCHU to develop a 300 KTPA green ammonia facility, with the Development Projects segment slated to focus on green hydrogen and derivatives.
“L&T Energy GreenTech Limited is partnering with Japan‑based ITOCHU Corporation under a Joint Development Agreement to develop a 300 KTPA green ammonia facility at Kandla, Gujarat.”
Power Grid Corp.Power - TransmissionAnnounced₹2.53 L CrP/E 14.5ROCE 7.2%
Subsidiary PESL has green hydrogen production listed as a pilot project in its emerging-sectors portfolio.
“POWEGRID Energy Services Limited (PESL), has recently broadened its businesses portfolio and taken up pilot projects in emerging sectors such as solar power generation, smart metering solutions, Battery Energy Storage System (BESS) and green hydrogen production”
Indian Oil CorpRefineries & MarketingAnnounced₹1.87 L CrP/E 3.4 vs 5.2ROCE 17.1%
IndianOil has commenced construction of what it describes as the country's first large-scale green hydrogen plant at Panipat, under the National Green Hydrogen Mission.
“Advancing India's National Green Hydrogen Mission, we commenced construction of the country's first large-scale Green Hydrogen Plant at our Panipat Refinery and Petrochemical Complex.”
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“Refining expansion, petrochemical integration and investments in renewables, green hydrogen and SAF place competing demands on Financial Capital.”
Hitachi Energy IndiaHeavy Electrical EquipmentAnnounced₹1.52 L CrP/E 128.7 vs 33.9ROCE 24.7%
Green hydrogen is identified as a high-growth segment the company is assessing via its go-to-market strategy, with no stated current revenue.
“GTM strategy to assess the high growth segments like data center, energy storage, green hydrogen, EV charging ecosystem,etc.”
HPCL has signed a Green H2 Purchase Agreement for 5 KTPA supply to Visakh Refinery on BOO basis, indicating committed plans rather than operating revenue.
“Green hydrogen remains a key strategic focus area. During FY 2025–26, Green H2 Purchase Agreement (GHPA) was signed with OCIOR Green Fuels Pvt Ltd for supply of 5 KTPA to Visakh Refinery on a BOO basis.”
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“Shri Gagandeep Singh Sodhi
Chief General Manager - Renewables, HPCL Renewable & Green Energy Limited*”
Waaree EnergiesOther Electrical EquipmentAnnounced₹77,038 CrP/E 19.1 vs 25.2ROCE 29.0%
Has PLI wins for a 300 MWp electrolyser plant under construction in Valsad and for 90,000 tonnes of green hydrogen under SIGHT, with no hydrogen revenue yet.
“On the green hydrogen front, we won a PLI for a 300 MWp electrolyser manufacturing facility already under construction in Valsad, Gujarat, along with another PLI for producing 90,000 tonnes of green hydrogen under the SIGHT scheme”
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“Green Hydrogen: Electrolyser facility (300 MWp) awarded under PLI; expected by FY 2026-27”
SAIL is running green hydrogen pilots as part of its decarbonization roadmap, with no material revenue yet.
“We also scaled up initiatives related to biochar injection in blast furnaces, green hydrogen pilots, carbon capture and utilization (CCUS), and renewable energy procurement.”
Gujarat FluorochemSpecialty ChemicalsAnnounced₹50,754 CrP/E 120.1 vs 30.0ROCE 8.7%
Subsidiary GFCL Solar offers proton exchange membranes for electrolysers/fuel cells, with the report explicitly describing hydrogen as 'Early-stage applications' — committed products with little commercial revenue yet.
“Its offerings include cutting-edge proton exchange membranes for use in electrolysers and fuel cells, driving innovation in renewable energy technologies.”
NLC IndiaPower GenerationAnnounced₹37,335 CrP/E 8.8 vs 22.3ROCE 5.4%
A 4 MW green hydrogen pilot is in advanced procurement stage at Neyveli with 300 kg/day output, positioning NLCIL as an early mover but no commercial revenue yet.
“NLCIL is advancing a 4 MW Green Hydrogen pilot project at Neyveli, using solar power as the input. The plant will have the capacity to produce 300 kg of hydrogen per day of 99.999% purity and will operate during sunshine hours. It is in the advanced stage of procurement of electrolysers.”
Developing hydrogen-ready engines and offers engines designed to run on hydrogen and other alternative fuels as part of its new-energy transition.
“investing in the development of hydrogen-ready systems to ensure it is positioned for the longer-term evolution of the market”
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“Fuel Cells and Electrolysers, where we are building foundational capability in the hydrogen economy.”
SJVNPower GenerationAnnounced₹25,976 CrP/E 122.4 vs 22.3ROCE 2.8%
SJVN has announced pilot-scale green hydrogen production (10–20 TPD demonstration facility) aligned with the National Green Hydrogen Mission, with no current revenue.
“A 10–20 TPD green hydrogen facility set up as a demonstration project, with future scaling based on commercial viability.”
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“Ministry of Power (GOI) has nominated SJVN as nodal agency for development of green hydrogen project in Nepal. SJVN is in process with Government of Nepal for the development of green hydrogen projects.”
“The vision also emphasizes meeting sustainable energy targets through the integration of Artificial Intelligence (AI), along with the adoption of other new and emerging technologies such as: EV integration into the grid, cybersecurity and digital protection, green hydrogen, bioenergy and energy storage.”
Kalpataru Project IntCivil ConstructionAnnounced₹24,032 CrP/E 20.5 vs 15.4ROCE 15.0%
Green Hydrogen and Derivatives is listed as a core capability of the Power T&D division, but the text provides no specific projects, orders, or revenue tied to this segment.
“Green Hydrogen and Derivatives”
Carborundum UniversalAbrasives & BearingsAnnounced₹22,231 CrP/E 188.8 vs 95.2ROCE 5.9%
CUMI has set up a pilot-scale facility with CSIR-CGCRI to make ceramic powders for SOFC/SOEC (solid oxide electrolyser cell) applications, positioning it as a materials supplier to the green-hydrogen electrolyser value chain.
“Established a pilot-scale facility to manufacture ceramic powders for SOFC/SOEC applications in collaboration with CSIR-CGCRI as the technology partner”
Granules IndiaPharmaceuticalsAnnounced₹21,311 CrP/E 29.8 vs 28.5ROCE 13.9%
Granules has committed to a Green Molecule Platform under its mid-term sustainability strategy, with a 2026 foray via investment in CZRO Subsidiary targeting green hydrogen and green ammonia.
“Green molecules such as Green Hydrogen, Green ammonia”
GMDC is conducting feasibility studies in coal/lignite gasification for SynGas, methanol and hydrogen, and exploring blue hydrogen under the National Coal Gasification Mission, but no production yet.
“we are also conducting feasibility studies in coal and lignite gasification for cleaner fuels such as SynGas, methanol and hydrogen.”
PPL has committed plans to import 100,000 TPA of green ammonia from SECI as part of its green transition, with site readiness already being assessed.
“We are planning to import 100,000 TPA of green ammonia from SECI, marking a significant step towards reducing carbon emissions and promoting sustainable agriculture.”
Mahanagar GasLPG/CNG/PNG/LNG SupplierAnnounced₹11,024 CrP/E 15.2 vs 17.3ROCE 16.2%
MGL is developing a Green Hydrogen pilot project at MIDC Rasayani for blending with natural gas, plus an IIT Bombay R&D collaboration — pilot-stage only, no commercial revenue yet.
“advancing a green hydrogen pilot project at MIDC Rasayani, Patalganga, for the production and blending of green hydrogen with natural gas, alongside a collaborative R&D initiative with IIT Bombay to develop rooftop solar-powered hydrogen generation solutions.”
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“Green hydrogen pilot project under development at MIDC Rasayani, Patalganga, along with an R&D initiative with IIT Bombay for rooftop solar-based hydrogen generation.”
Deep IndustriesOil Equipment & ServicesAnnounced₹4,416 CrP/E 41.1ROCE 6.1%
Deep Industries has signed an MOU to enter the Green Hydrogen space as part of its clean energy pivot, with no revenue yet as it is only a commitment.
“Simultaneously, aligning ourselves with the global energy transition and India's green energy ambitions, we have signed a landmark Memorandum of Understanding (MOU) in the Green Hydrogen space.”
Company has carried out R&D on a Green Hydrogen project and plans to explore implementation, but no revenue or committed capex has been disclosed yet.
“The Company plans to explore implementation of the Green Hydrogen project based on the findings of the R&D activities and assess opportunities for government collaboration or support schemes.”
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“The company's leadership, such as Mr. Navinchandra Joshi, brings extensive experience in managing global operations and driving strategic growth, which is crucial for navigating the complex landscape of renewable energy and hydrogen sectors.”
Tata MotorsCommercial VehiclesMention-only₹1.73 L CrP/E 74.3ROCE 20.7%
Hydrogen is listed as one element of Tata Motors' multi-fuel decarbonisation roadmap alongside diesel, CNG, battery electric and LNG, but no dedicated green hydrogen production, electrolyser or project commitment is disclosed.
“The Company follows a multi pathway decarbonisation strategy, offering solutions across diesel, CNG, battery electric, LNG and hydrogen technologies.”
BhelHeavy Electrical EquipmentMention-only₹1.44 L CrP/E 42.8 vs 33.9ROCE 4.7%
Green Hydrogen is listed among several R&D focus areas for technology development and commercialization, with no specific projects, orders or revenue mentioned in the text.
“The Company is engaged in new technology development and its commercialization in sectors like Coal to Chemicals, high efficiency Thermal Power Plants, Rail Transportation, Transmission, Nuclear Power, Defence & Aerospace, Downstream Oil and Gas, Green Hydrogen, e-Mobility etc.”
SiemensHeavy Electrical EquipmentMention-only₹1.40 L CrP/E 107.7 vs 33.9ROCE 20.6%
Green hydrogen is referenced only as an emerging opportunity alongside renewables, with no committed projects, electrolyser supply or production disclosed.
“emerging opportunities in semiconductors, batteries and green hydrogen.”
CG Power And Ind SolHeavy Electrical EquipmentMention-only₹1.37 L CrP/E 105.0 vs 33.9ROCE 19.2%
CG's Power Conversion Systems product line lists hydrogen electrolysis as an application, but no committed green-hydrogen projects or dedicated offerings are described.
“Power Conversion Systems Up to 3000 kW Marine and industrial hybrid electric drive systems, renewable energy, energy storage, hydrogen electrolysis.”
Siemens Energy IndiaHeavy Electrical EquipmentMention-only₹1.22 L CrP/E 89.9 vs 33.9ROCE 15.8%
Hybrid/hydrogen power plants referenced only as part of parent Siemens Energy AG's broader portfolio; SEIL's own stated product portfolio is Power Transmission and Power Generation.
“The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers.”
Company plans a hydrogen-ready technology roadmap for its steel operations, but only as future-oriented aspiration; no committed green hydrogen production or electrolysis project is disclosed.
“Going forward, it plans to establish formal Board-level oversight for innovation, develop a hydrogen-ready technology roadmap, allocate dedicated R&D budgets with measurable efficiency targets and further embed digital risk monitoring and performance dashboards across operations”
Ashok LeylandCommercial VehiclesMention-only₹1.02 L CrP/E 27.7ROCE 7.5%
Hydrogen vehicles are referenced as part of an alternative-fuel roadmap, with no committed projects, electrolysers, or hydrogen production activity described.
“we are advancing LNG and hydrogen vehicles, and our portfolio of vehicles running on non-diesel fuels already spans two models of light electric trucks”
Dr. Reddy's mentions green hydrogen only as a forward-looking exploration alongside biomass/pilot fuels, with no committed projects or capex disclosed in these pages.
“Looking ahead, we are exploring green hydrogen, piloting plastic waste-derived fuel as a fossil substitute, and expanding our biomass feedstock base (e.g., eucalyptus dry leaves) to strengthen supply resilience.”
NHPCPower GenerationMention-only₹76,493 CrP/E 22.8 vs 22.3ROCE 2.7%
Green hydrogen is named as a diversification area in the strategic outlook, but no projects, capex or revenue are described in the opening pages.
“NHPC, as the country's premier hydropower developer, is well positioned to capture this opportunity while continuing to diversify into solar, wind and green hydrogen, in line with its stated vision of becoming a fully diversified green energy major.”
Suzlon EnergyHeavy Electrical EquipmentMention-only₹64,109 CrP/E 20.7 vs 33.9ROCE 22.7%
Green hydrogen/ammonia is referenced only in a director's individual bio describing personal initiatives; no company-level projects, capex or revenue are disclosed.
“Currently, he leads efforts to develop large-scale utility projects for Green Hydrogen and Green Ammonia in North America and Asia.”
Green hydrogen is listed only as part of India's broader energy-transition narrative; no HAIL-specific projects, capex or revenue in green hydrogen are mentioned.
“Technologies such as green hydrogen, digitalization monetizing physical AI, carbon capture, renewable energies (solar, wind) contribute significantly to Indias sustainable growth story.”
Acme Solar HoldingsPower GenerationMention-only₹24,270 CrP/E 48.0 vs 22.3ROCE 2.7%
Green hydrogen/ammonia activity is cited at the ACME Group level (under ACME Cleantech in Oman), not as a direct line of business for the listed entity ACME Solar Holdings.
“Our 100 KTPA integrated Green Ammonia project in Oman, housed under ACME Cleantech, reinforces our ambition to become a leading global player in green ammonia and hydrogen exports.”
Definition used: Produces or has committed projects in green hydrogen/ammonia, electrolysers, or hydrogen-derivative fuels.Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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