Green Hydrogen

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
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.

Annual Report · p. 29
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.

Annual Report · p. 29
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.

Annual Report · p. 8
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.

Annual Report · p. 35
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.

Annual Report · p. 24
Lloyds Metals N Energy LIndustrial MineralsMention-only₹1.05 L CrP/E 20.0 vs 18.6ROCE 17.7%

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

Annual Report · p. 34
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

Annual Report · p. 7
DR. Reddy S LaboratoriesPharmaceuticalsMention-only₹98,087 CrP/E 34.2 vs 28.5ROCE 13.0%

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.

Annual Report · p. 31
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.

Annual Report · p. 11
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.

Suzlon Energy Ltd - 532667 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 13
Honeywell Automation IndIndustrial ProductsMention-only₹32,454 CrP/E 57.8 vs 23.8ROCE 15.5%

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.

Annual Report · p. 4
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.

Annual Report · p. 22
Aarti IndustriesSpecialty ChemicalsMention-only₹19,113 CrP/E 35.3 vs 30.0ROCE 4.4%

Green hydrogen is referenced only as part of exploring decarbonisation options for AIL's own operations, with proposals being assessed and no committed projects disclosed.

Exploring a transition to green hydrogen and other renewable energy sources; assessing various proposals for this purpose.

Annual Report · p. 32
Amara Raja Energy MobAuto Components & EquipmentsMention-only₹16,845 CrP/E 18.5 vs 26.9ROCE 13.9%

Hydrogen appears only as a long-term Net Zero decarbonization option for own operations (alongside 100% RE, EVs and energy storage), not as a product or business.

Hydrogen and biomass for 100% fuel application

Annual Report · p. 33
Godawari Pow & IspIron & Steel ProductsMention-only₹15,084 CrP/E 17.8 vs 16.9ROCE 17.0%

GPIL is only a member of hydrogen industry consortia, with no disclosed electrolyser, production or committed hydrogen projects.

GPIL is a member of Indian Hydrogen Alliance & Member of Consortium formed by Ministry of Steel and IIMT for utilisation of Hydrogen in Steel production

Annual Report · p. 17
+1 more quote from the report

Member of the Indian Hydrogen Alliance and part of a Ministry of Steel–IIMT consortium for hydrogen utilisation in steel production

Annual Report · p. 27
Indian Energy ExcExchange and Data PlatformMention-only₹11,020 CrP/E 22.2ROCE 44.2%

IGX (IEX subsidiary) is developing a hydrogen benchmark index as an aspirational new trading product, with no current hydrogen production or committed project.

The exchange is also working on expanding its product portfolio to include new trading segments such as LNG trading, RLNG capacity booking and trading, gas futures linked to the Gas Index of India (GIXI), and development of a hydrogen benchmark index.

Annual Report · p. 18
GMM PfaudlerIndustrial ProductsMention-only₹4,604 CrP/E 251.0 vs 23.8ROCE 4.1%

The company flags green hydrogen among energy transition technologies as a future demand driver for its specialized process systems, with no announced projects or revenue disclosed.

The transition toward energy transition technologies — including battery chemicals, green hydrogen, sustainable fuels, and recycling applications — is expected to create new demand for specialized process systems and engineered equipment.

Annual Report · p. 27
Websol Energy SystemOther Electrical EquipmentMention-only₹3,593 CrP/E 9.6 vs 25.2ROCE 46.2%

Websol positions itself as a potential supplier of solar modules to green hydrogen developers, but describes only market opportunity language with no committed green hydrogen projects.

Websol Energy finds itself at the confluence of two powerful megatrends — the accelerated rollout of utility-scale and distributed solar installations, and the emergence of green hydrogen as a future-defining energy vector.

Annual Report · p. 29
Gopal SnacksPackaged FoodsMention-only₹3,520 CrP/E 40.7 vs 31.1ROCE 19.4%

Green hydrogen is referenced solely as an emerging India sector in macro outlook — no project, capex or company-level involvement disclosed.

Looking ahead, India's next phase of economic evolution is expected to be driven by emerging sectors including artificial intelligence, digital public infrastructure, green hydrogen, semiconductors, and advanced manufacturing, supported by targeted policy frameworks and growing private sector engagement.

Gopal Snacks Ltd - 544140 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 30
Expo Engineering And ProjectsOther Industrial ProductsMention-only₹197 CrP/E 67.5 vs 18.4ROCE 5.6%

The chairman identifies green hydrogen as a future growth sector the company intends to expand into, but no specific orders, projects or revenue in green hydrogen are disclosed.

expanding into high-growth sectors such as green hydrogen, renewable energy, and next-generation process infrastructure

Expo Engineering And Projects Ltd - 526614 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 6
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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