Green Hydrogen Mission
The ₹19,744 Cr National Green Hydrogen Mission - electrolyser and production incentives, record-low green ammonia auctions, refinery tenders and export deals
What this is
- A capex story first: electrolysers and round-the-clock renewables come before any sale.
- Clearest exposure: L&T, Reliance, Adani Enterprises, plus power from NTPC Green and JSW Energy.
- The catch: plants lag awards, green H2 costs well above grey, and there is no usage mandate.
Why now
- The mission (4 Jan 2023, ₹19,744 Cr to FY30) targets 5 million tonnes a year by 2030.
- SIGHT awards: 3,000 MW a year of electrolyser plants and ~7.56 lakh tonnes a year of green H2.
- Offtake hit ~5.56 lakh tonnes a year by Oct 2026, but only ₹292 Cr was spent by Aug 2026.
What to watch
- SIGHT plant commissioning (Tranche I electrolyser factories were due from Aug 2026, Tranche II from Mar 2027)
- First SIGHT incentive claims and payouts (MNRE; ₹292 Cr spent to Aug 2026)
- Green ammonia supply start to fertiliser plants under the SECI contracts
- Refinery green hydrogen tenders and prices (IOCL ₹397/kg, HPCL ₹328/kg ex-GST, NRL ₹279/kg)
- Export offtake: binding contracts and first shipments (Japan CfD, Germany's H2Global, Samsung C&T)
- Any green hydrogen consumption obligation for refineries or fertilisers
Major areas
The map groups the anatomy into these areas before you drop into individual components.
Offtake & demand
Who uses the hydrogen: fertiliser plants (as green ammonia), refineries, city gas and steel - today's grey hydrogen users, plus export buyers in Japan, Korea and Europe.
Green hydrogen production (SIGHT)
SIGHT Component II: a per-kg incentive (bid by developers) for the first three years of green hydrogen output, plus SECI-run green ammonia and refinery supply contracts.
Electrolysers & plant equipment
SIGHT Component I: a falling per-kW incentive for electrolyser factories in India, and the compressors, water treatment, heat exchangers and tanks around each stack.
Round-the-clock renewable power
Solar, wind, storage and pumped hydro sized to run electrolysers for most hours of the day - the largest single cost in green hydrogen.
Storage, pipelines & ports
Gas pipelines, cryogenic and ammonia storage and the three ports recognised as green hydrogen hubs (Deendayal, V.O. Chidambaranar, Paradip) for exports.
Green hydrogen producers (SIGHT)
The developers that won SIGHT production incentives and SECI or refinery contracts - they buy electrolysers and renewable power, build the plant and sell green hydrogen or ammonia to fertiliser makers, refiners, steelmakers and export buyers. Several of the biggest (AM Green, ACME Cleantech) are unlisted; the listed ones are mostly conglomerates and power companies.
Reliance Industries
ListedConglomerate building a green hydrogen and ammonia business at Jamnagar alongside its own electrolyser factory - also India's largest refiner and so one of its largest hydrogen users
Larsen & Toubro
ListedEngineering group with two hydrogen arms: L&T Electrolysers (alkaline stacks at Hazira under a McPhy licence) and L&T Energy GreenTech (green hydrogen plants and supply contracts)
Adani Enterprises (Adani New Industries)
ListedAdani group incubator whose unit Adani New Industries is building electrolyser manufacturing and a green hydrogen and ammonia hub at Mundra
NTPC Green Energy
ListedNTPC's renewables arm; its subsidiary NTPC Renewable Energy holds green ammonia contracts and is developing the Pudimadaka green hydrogen hub in Andhra Pradesh
AM Green
UnlistedGreen ammonia developer founded by Greenko's founders, building a 1 million-tonne-a-year first phase at Kakinada, Andhra Pradesh
ACME Cleantech Solutions
UnlistedUnlisted parent of the ACME group and the largest winner of SECI's green ammonia auctions; building export ammonia at Gopalpur, Odisha
Potential bottlenecks
- Green ammonia still costs more than grey ammonia without the incentiveGreen ammonia & fertilisers
- Plants must be built close to cheap round-the-clock renewables and portsGreen ammonia & fertilisers
- Fertiliser prices are government-controlled, so buyers can't pass on a green premium freelyGreen ammonia & fertilisers
- No green hydrogen purchase obligation for refinersRefineries & city gas
- Green hydrogen is still well above grey on costRefineries & city gas
- Land and round-the-clock power next to inland refineriesRefineries & city gas
- Hydrogen-ready DRI capacity is small; most Indian steel is blast-furnaceGreen steel
- Very large hydrogen volumes needed per tonne of steelGreen steel
- Green steel premium is not yet priced in IndiaGreen steel
- Round-the-clock renewable power at low costGreen hydrogen producers
- Electrolyser supply, performance and warrantiesGreen hydrogen producers
- Long-term offtake at prices that cover capexGreen hydrogen producers
- Stack technology is mostly licensed from abroadElectrolyser makers
- Few large orders yet, so factories run below capacityElectrolyser makers
- Membranes, catalysts and power electronics are importedElectrolyser makers
- Hydrogen-grade compressors are still largely importedBalance of plant
- Projects reach final investment decision slowlyBalance of plant
- Low volumes for standardised designsBalance of plant
- Firm power needs storage, which raises costRound-the-clock renewables
- Transmission connectivity at hydrogen sitesRound-the-clock renewables
- Land and approvals at scaleRound-the-clock renewables
- Ammonia berths and storage at ports have to be builtStorage, pipelines & ports
- Hydrogen pipelines need new standards and steel gradesStorage, pipelines & ports
- Safety approvals for large ammonia stocksStorage, pipelines & ports
Companies in this theme
30 companies, 23 listed. The 6 green hydrogen producers (SIGHT) are listed above.
JSW Energy
ListedPower producer that built and runs India's largest operating green hydrogen plant, supplying JSW Steel at Vijayanagar
Company page →JSW Steel
ListedSteelmaker using green hydrogen in its Vijayanagar DRI unit - India's first commercial-scale use of green hydrogen in steel
Company page →Steel Authority of India (SAIL)
ListedState steelmaker approved for a mission-funded green hydrogen steel pilot
Company page →Indian Oil Corporation
ListedIndia's largest refiner and the first to contract green hydrogen supply (Panipat)
Company page →Bharat Petroleum
ListedState refiner that is both a buyer and a producer: its JV with Sembcorp won Numaligarh Refinery's green hydrogen tender
Company page →Hindustan Petroleum
ListedState refiner contracting green hydrogen for its Visakh refinery
Company page →GAIL (India)
ListedGas pipeline and city-gas group running its own 10 MW green hydrogen plant and owning the network that could carry hydrogen blends
Company page →Paradeep Phosphates
ListedPhosphate fertiliser maker in Odisha and Goa - the buyer in SECI's first green ammonia auction
Company page →Coromandel International
ListedMurugappa group fertiliser maker (Kakinada, Vizag) contracting green ammonia under SECI's auctions
Company page →Gujarat Narmada Valley Fertilizers & Chemicals
ListedGujarat state-backed fertiliser and chemicals maker contracting green ammonia for Bharuch
Company page →Waaree Energies
ListedSolar-module major whose subsidiary Waaree Clean Energy Solutions won both electrolyser and green hydrogen production incentives
Company page →Advait Energy Transitions
ListedSmall power-transmission products and EPC company turning into an electrolyser maker - the purest listed SIGHT electrolyser bet
Company page →Thermax
ListedEnergy and environment engineering group (boilers, heat exchangers, water treatment) offering complete alkaline electrolyser systems under a HydrogenPro licence
Company page →Ion Exchange (India)
ListedWater-treatment specialist whose ultra-pure water systems are the kind every electrolyser needs
Company page →Inox India (INOXCVA)
ListedCryogenic tank and equipment maker (LNG, industrial gases, liquid hydrogen) at Kandla and other plants
Company page →Adani Green Energy
ListedAdani group's listed renewable developer, the natural power supplier to the group's planned Mundra hydrogen hub
Company page →ACME Solar Holdings
ListedListed renewable producer of the ACME group; the group's green ammonia projects sit in the unlisted parent ACME Cleantech, not here
Company page →Adani Ports and SEZ
ListedIndia's largest private port operator; Mundra sits next to the group's planned green hydrogen and ammonia hub
Company page →Ohmium
UnlistedUS-headquartered PEM electrolyser maker with a factory in Bengaluru
IFFCO (Indian Farmers Fertiliser Cooperative)
UnlistedIndia's largest fertiliser cooperative; its Paradeep and Kandla plants are among the biggest green ammonia buyers
Numaligarh Refinery
UnlistedAssam refinery that ran India's lowest-priced refinery green hydrogen tender
Deendayal Port Authority (Kandla)
UnlistedMajor Gujarat port recognised as a green hydrogen hub (Oct 2025)
Paradip Port Authority
UnlistedOdisha port recognised as a green hydrogen hub (Oct 2025), close to ACME's and fertiliser makers' plants
Common questions
Which listed companies are in India's Green Hydrogen Mission supply chain?
NextResearch maps 23 listed companies across 8 layers of the Green Hydrogen Mission supply chain. The largest with high or medium exposure, by market cap as of 6 Nov 2026: Reliance Industries (₹17.86L Cr), Larsen & Toubro (₹5.68L Cr), Adani Enterprises (Adani New Industries) (₹3.72L Cr), JSW Steel (₹3.33L Cr) and Indian Oil Corporation (₹2.07L Cr).
What are the layers of the Green Hydrogen Mission supply chain?
8 layers: Green ammonia & fertilisers; Refineries & city gas; Green steel; Green hydrogen producers; Electrolyser makers; Balance of plant; Round-the-clock renewables; and Storage, pipelines & ports.
Who are the end players in Green Hydrogen Mission?
In the Green hydrogen producers layer: Reliance Industries, Larsen & Toubro, Adani Enterprises (Adani New Industries), NTPC Green Energy, AM Green (not NSE-listed) and ACME Cleantech Solutions (not NSE-listed).
What are the bottlenecks in India's Green Hydrogen Mission supply chain?
Green ammonia & fertilisers: Green ammonia still costs more than grey ammonia without the incentive. Refineries & city gas: No green hydrogen purchase obligation for refiners. Green steel: Hydrogen-ready DRI capacity is small; most Indian steel is blast-furnace. Green hydrogen producers: Round-the-clock renewable power at low cost. More by layer on this page.