Note: Diversified incubator entity - solar manufacturing is a sub-segment, not separately reported revenue; FY25-FY26 profit includes large exceptional gains (e.g. Adani Wilmar stake sales), not run-rate; Exposure via unlisted Adani New Industries; hydrogen not reported separately
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
A producer combines renewable power, electrolysers and (for ammonia) a synthesis loop at one site, then sells hydrogen by pipeline or ammonia by ship. SIGHT pays a bid incentive per kg for the first three years of output; SECI and refiners sign 10- to 25-year supply contracts.
Why it matters
Production awards first totalled 8.62 lakh tonnes a year across two tranches (4.12 lakh tonnes in Jan 2024 and 4.5 lakh tonnes in Mar 2025, the latter with up to ₹2,239 Cr of incentives); MNRE's Aug 2026 figure is ~7.56 lakh tonnes a year to 16 companies. Winners include Reliance, L&T, Waaree, AM Green, ACME, Greenko, JSW Neo, CESC, Sembcorp's Green Infra and others.
Where the value pool sits
The largest pool in the chain by capex - AM Green's Kakinada complex alone plans 7.5 GW of renewables and ~1.95 GW of electrolysers. Returns depend on contracted prices, capacity utilisation of electrolysers and the cost of firm renewable power.
Key drivers
SIGHT per-kg incentive and SECI fixed-price contracts
Export contracts with subsidy-backed buyers (Japan CfD, H2Global)
Transmission-charge waivers and state land and power concessions