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*”
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”
“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.”
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.”
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.”
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.”
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”
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.”
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.”
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.”
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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