Factories making the stacks that split water into hydrogen and oxygen with electricity - alkaline, PEM and newer designs - backed by SIGHT's manufacturing incentive.
Larsen & ToubroDirect supplier · MediumListed
Reliance IndustriesDirect supplier · LowListed
Adani Enterprises (Adani New Industries)Direct supplier · LowListed
Waaree EnergiesEmerging entrant · LowListed
Advait Energy TransitionsEmerging entrant · HighListed
OhmiumDirect supplier · HighUnlisted
Advait Energy Transitions (ADVAIT)
Small power-transmission products and EPC company turning into an electrolyser maker - the purest listed SIGHT electrolyser bet
Price
₹1,828
snapshot 6 Nov 2026
Strengths
Electrolyser awards in both tranches: 100 MW (Jan 2024, with Rajesh Power Services) and 200 MW (Aug 2024)
Hydrogen is material to its size, unlike the conglomerates
Risks
Small balance sheet for a capital-heavy, technology-heavy business
Stack technology and customers still to be proven
Highly sensitive to delays in producer orders
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹2,000 Cr
Stock P/E
30.0x
Div Yield
0.11%
ROCE
26.0%
ROE
19.7%
P/B
6.6x
Revenue growth
+79.6%FY26
Profit growth
+71.9%FY26
Net margin
7.7%FY26
1Y vs Nifty
+9 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
79FY22
104FY23
209FY24
398FY25
715FY26
Stock price return · as of 6 Nov 2026
1Y price return
+7%
3Y CAGR
+67%
5Y CAGR
+110%
Trend63rd percentile
52-week range as of 6 Nov 2026 vs snapshot price · 26% below its high
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
An electrolyser stack is a pile of cells with electrodes and membranes; electricity splits purified water into hydrogen and oxygen. Stacks are skid-mounted with power electronics and gas separation, and sized in megawatts. Alkaline designs are cheaper; PEM follows variable solar and wind better.
Why it matters
Almost all electrolysers in the world are made in China and Europe. SIGHT Component I awarded 1,500 MW a year in Jan 2024 and another 1,500 MW in Aug 2024 - 3,000 MW across 15 companies - with a per-kW incentive that falls each year. Tranche I factories were due from Aug 2026, Tranche II from Mar 2027.
Where the value pool sits
A young, low-volume business today; India alone would need tens of GW for the 2030 target. Value goes to makers with proven stacks and warranties; many Indian entrants license technology (McPhy, HydrogenPro, John Cockerill) rather than own it.
Key drivers
SIGHT per-kW incentive (falling over five years)
Domestic orders from SIGHT producers and refinery tenders
Captive demand inside groups that also produce hydrogen (Reliance, Adani, L&T, Waaree)
Potential bottlenecks
Stack technology is mostly licensed from abroad
Few large orders yet, so factories run below capacity
Membranes, catalysts and power electronics are imported
Investor metrics to watch
Factory commissioning vs the Aug 2026 / Mar 2027 dates