A theme where honesty matters most: most exposure here is committed projects, not revenue — and the tiers say so explicitly.
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.”
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”
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.”
“Refining expansion, petrochemical integration and investments in renewables, green hydrogen and SAF place competing demands on Financial Capital.”
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.”
“Shri Gagandeep Singh Sodhi Chief General Manager - Renewables, HPCL Renewable & Green Energy Limited*”
SAIL has launched pilot-stage projects on hydrogen injection in blast furnaces and hydrogen-based DRI production as part of decarbonisation initiatives.
“your Company initiated strategic pilots focusing on hydrogen injection in operational Blast Furnaces, pilot-scale hydrogen-based Direct Reduced Iron (DRI) production”
Setting up a 1 GW electrolyser manufacturing facility at Dungri, Gujarat (~Rs 676 Crores capex), with PLI secured; commissioning targeted for FY27.
“Commissioning 1 GW electrolyser manufacturing plant in Dungri, Gujarat”
“Green Hydrogen Electrolyser: 1 GW electrolyser manufacturing plant in Dungri, Gujarat progressing towards commercial startup in FY27 (₹ 675 Crores approved investment, PLI awarded)”
“Extend quality protocols across new facilities including ingot-wafer, cell, BESS and green hydrogen electrolysers plant as they come online”
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”
“Fuel Cells and Electrolysers, where we are building foundational capability in the hydrogen economy.”
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”
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”
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.”
“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.”
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”
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.”
“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 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.”
Green hydrogen is on the company's long-term roadmap with a stated 1.5 MTPA target by 2030, but it is at the R&D stage, contributed no revenue in FY26, and is explicitly disclosed as strategic direction rather than a near-term contributor.
“to green hydrogen, presently at the research and development stage, with a phased production target of 1,50,000 metric tonnes per annum by 2030.”
Desco signed an October 2025 MoU with KPI Green Hydrogen and Naveriya Gas to act as technology partner for hydrogen generation, compression, blending and delivery in CGD networks; no revenue yet.
“Desco Infratech Limited signs MoU with KPI Green Hydrogen and Ammonia Private Limited and Naveriya Gas Private Limited to advance Hydrogen - Natural Gas Blending Projects and infrastructure in the CGD sector.”
Company's proposed new main objects clause (special resolution at the AGM) lists green hydrogen, hydrogen derivatives and green ammonia as future business lines.
“green hydrogen, hydrogen derivatives, green ammonia and other present or future forms of energy, subject to applicable laws and approvals”
Company proposes altering its Objects Clause (special resolution) to formally add green hydrogen as a new line of business, alongside broader renewable energy; Chairman's message also states the company is 'exploring suitable opportunities and strategic collaborations' in green hydrogen.
“To carry on the business of green and renewable energy, including solar energy and solar power projects, biogas, bio-energy, green hydrogen, energy storage systems, carbon capture, utilization and storage solutions, carbon credits and other renewable and green energy products, systems and projects”
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.”
“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.”
Company has altered its object clause to include Green Hydrogen as a diversification line, with shareholder EGM approval and a 75% subsidiary (Corbel Energy Pvt Ltd) set up for the business, but no revenue yet.
“Diversification to Green Energy, Ethanol, Solar Energy, Green Hydrogen and allied businesses in both production and marketing including but not limited to setting up of dispensing stations.””
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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