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.”
How this list is built
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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