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₹1.57 L CrP/E 37.5ROCE 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₹1.56 L CrP/E 64.2 vs 37.7ROCE 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
CG Power and Ind SolHeavy Electrical EquipmentMention-only₹1.41 L CrP/E 92.0 vs 37.7ROCE 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
SiemensHeavy Electrical EquipmentMention-only₹1.35 L CrP/E 41.3 vs 37.7ROCE 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
Siemens Energy IndiaHeavy Electrical EquipmentMention-only₹1.19 L CrP/E 80.2 vs 37.7ROCE 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 EnergyIndustrial MineralsMention-only₹1.04 L CrP/E 20.8 vs 15.9ROCE 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
Dr. Reddy S LaboratoriesPharmaceuticalsMention-only₹1.00 L CrP/E 31.1 vs 32.0ROCE 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
Ashok LeylandCommercial VehiclesMention-only₹87,756 CrP/E 25.2ROCE 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
NHPCPower GenerationMention-only₹72,776 CrP/E 19.2 vs 21.2ROCE 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₹52,674 CrP/E 16.8 vs 37.7ROCE 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₹29,308 CrP/E 53.4 vs 28.8ROCE 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
BEMLConstruction VehiclesMention-only₹16,689 CrP/E 73.7 vs 30.4ROCE 4.8%

Hydrogen propulsion is mentioned only as a futuristic maritime technology investment with no committed projects or revenue.

“By investing in futuristic technologies like hydrogen propulsion, stern drives, and non magnetic engines, the company is well positioned to tap into untapped market potential.”

BEML Ltd - 500048 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 14
Amara Raja Energy MobAuto Components & EquipmentsMention-only₹13,396 CrP/E 14.5 vs 27.0ROCE 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
Indian Energy EXCExchange and Data PlatformMention-only₹9,430 CrP/E 18.6ROCE 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
Power Mech ProjectsCivil ConstructionMention-only₹7,706 CrP/E 19.7 vs 14.6ROCE 17.6%

Green hydrogen and its derivatives are listed as a service offering under the Renewable Energy SBU, but no specific projects, electrolyser commitments or revenue are disclosed.

“Solar, energy storage and green hydrogen, democratised via a dedicated green energy subsidiary.”

Power Mech Projects Ltd - 539302 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 14
+1 more quote from the report

“The National Green Hydrogen Mission targets 5 million metric tonnes of annual production by 2030, with the construction scope sitting in electrolyser halls, ammonia and methanol facilities and the utility infrastructure serving them.”

Power Mech Projects Ltd - 539302 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 31
KPI Green EnergyPower GenerationMention-only₹6,619 CrP/E 14.4 vs 21.2ROCE 8.8%

Green hydrogen is flagged as an emerging opportunity and demand driver for solar power, not a current producing business of the company.

“Green hydrogen (5 Million tonnes by 2030 with about 125 GW of renewables)”

KPI Green Energy Ltd - 542323 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 30
GMM PfaudlerIndustrial ProductsMention-only₹6,464 CrP/E 86.7 vs 28.8ROCE 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
Gopal SnacksPackaged FoodsMention-only₹3,180 CrP/E 37.9 vs 30.2ROCE 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
Axis SolutionsIndustrial ProductsMention-only₹3,084 CrP/E 101.8 vs 28.8ROCE 24.7%

Hydrogen technologies are listed as an innovation focus and Green Hydrogen as an industry served, with Solid State Hydrogen Storage cited as an investment, but the company does not produce green hydrogen.

“Our innovation focus spans Industrial IoT, Smart Water Analytics, Gas Analysis, and Environmental Intelligence, AI-enabled systems, Smart Analyzer Shelters, BESS, EV Charging and Hydrogen technologies.”

Axis Solutions Ltd - 511144 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 7
Websol Energy SystemOther Electrical EquipmentMention-only₹2,991 CrP/E 11.3 vs 25.4ROCE 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
Midwest EnergyOther Construction MaterialsMention-only₹420 CrP/E 267.9 vs 29.3ROCE -2.3%

The newly appointed CEO is described as providing strategic leadership in hydrogen technologies, and the company has rebranded from 'Midwest Gold Limited' to 'Midwest Energy Limited', but no specific hydrogen projects, capex or revenue are disclosed in the opening pages.

“Mrs. Kukreti is providing strategic leadership in the areas of clean energy, advanced materials, rare earths, hydrogen technologies, and sustainable solutions.”

Midwest Energy Ltd - 526570 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 24
National PeroxideCommodity ChemicalsMention-only₹333 CrP/E 19.9 vs 19.2ROCE 3.5%

Green hydrogen is referenced only as an industry opportunity/demand driver for compressed hydrogen gas; the text does not state NPL is producing or has committed to green hydrogen projects.

“In India, demand for compressed hydrogen gas is rising, supported by policy initiatives, industrial decarbonisation and the country's green hydrogen ambitions.”

National Peroxide Ltd - 544205 - Notice Of 6Th Annual General Meeting Along With Annual Report For FY 2025-26. · Sept 2026 · p. 12
Expo Engineering and ProjectsOther Industrial ProductsMention-only₹209 CrP/E 71.4 vs 16.9ROCE 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
Confidence Futurist ENETrading & DistributorsMention-only₹110 CrP/E 17.7 vs 16.9ROCE 1.4%

Company's Type-4 composite cylinder project is noted as suitable for hydrogen transportation, but the business remains focused on CNG cylinders with no direct green hydrogen production or committed hydrogen projects.

“Type-4 composite cylinders offer significant advantages in terms of weight reduction, safety, durability, and operational efficiency, making them highly suitable for CNG mobility, hydrogen transportation, and other advanced energy applications.”

Confidence Futuristic Energetech Ltd - 539991 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 5
USG Tech SolutionsIT Enabled ServicesMention-only₹29 CrP/E 123.2 vs 18.9ROCE -0.9%

Company proposes to manufacture and trade in Hydrogen Fuel products and solutions as part of a new 'Green Technology & Sustainable Development' vertical; no current operations.

“To manufacture, trade in, and deal with products and solutions related to Hydrogen Fuel, Drones, Electric Vehicles (EVs), and Waste-to-Energy technologies. The Company also aims to develop hydrogen fuel-based products and solutions supporting environmental sustainability and undertake associated skilling initiatives.”

USG Tech Solutions Ltd - 532402 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 22
Devson CatalystMention-only

Devson supplies catalysts and adsorbents used in hydrogen-related plants, but does not itself produce or have committed projects in green hydrogen/ammonia.

“Its portfolio comprises catalysts, adsorbents and ceramic balls used across Oil & Gas Refineries, Petrochemical & Chemical Manufacturing, Natural Gas Processing & Hydrogen Economy, Fertilizer & Steel, Environmental & Emission Control Applications, and Specialty Chemical & Pharmaceutical Manufacturing.”

Devson Catalyst Ltd - 544823 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 5
Liotech IndustriesMention-only

Hydrogen is mentioned only in proposed MoA amendment as a future renewable energy project area; no current hydrogen operations.

“to undertake renewable and conventional energy projects including solar, wind, hydro, hydrogen, battery storage and related technologies”

Liotech Industries Ltd - 544796 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 17
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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