Refineries that use hydrogen to remove sulphur from fuels, now tendering for green hydrogen supply, and gas utilities testing hydrogen in their networks.
Indian Oil CorporationOwner · MediumListed
Bharat PetroleumOwner · MediumListed
Hindustan PetroleumOwner · LowListed
Reliance IndustriesOwner · MediumListed
GAIL (India)Owner · LowListed
Numaligarh RefineryOwner · MediumUnlisted
Bharat Petroleum (BPCL)
State refiner that is both a buyer and a producer: its JV with Sembcorp won Numaligarh Refinery's green hydrogen tender
Price
₹320.00
snapshot 6 Nov 2026
Strengths
JV NeuEN Green Energy (with Sembcorp) won Numaligarh's 10,000-tonne-a-year tender at a record-low ₹279/kg (Feb 2026), targeting 2028
Only winner of SIGHT Tranche I's biomass bucket (2,000 tonnes a year, Jan 2024)
Refinery Mode 2B allocation for its own plants
Risks
Thin returns at ₹279/kg if costs overrun
Green hydrogen is immaterial to refining and marketing earnings
Execution in Assam (land, power)
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.39L Cr
Stock P/E
9.9x
Div Yield
5.47%
ROCE
25.6%
ROE
28.8%
P/B
1.4x
Revenue growth
+3.4%FY26
Profit growth
+93.8%FY26
Net margin
5.7%FY26
1Y vs Nifty
−11 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
3,46,791FY22
4,73,187FY23
4,48,083FY24
4,40,272FY25
4,55,228FY26
Stock price return · as of 6 Nov 2026
1Y price return
−13%
3Y CAGR
+20%
5Y CAGR
+9%
Trend37th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 18% 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
Refineries use hydrogen in hydrotreaters and hydrocrackers to clean and upgrade fuels. Today they make it from natural gas or naphtha on site. Green hydrogen is piped in from an electrolyser plant built next to the refinery on a 25-year build-own-operate contract.
Why it matters
Refineries are the second ready-made market. SIGHT Mode 2B awarded 30,000 tonnes a year for IOCL, BPCL, HPCL and Numaligarh refineries. Prices fell fast: ₹397/kg incl. GST at IOCL Panipat (May 2025), ₹328/kg ex-GST at HPCL Visakh, and ₹279/kg at Numaligarh (Feb 2026).
Where the value pool sits
Refiners pay a premium for a small share of their hydrogen; the contract value sits with the developer. Volumes are small next to each refinery's needs (Panipat's 10,000 tonnes covers part of an 84,000-tonne expansion need) until a mandate or carbon price forces more.
Key drivers
PSU refiners' net-zero targets
Falling tender prices (₹397 to ₹279/kg in nine months)
Carbon Credit Trading Scheme obligations from FY26
Potential bottlenecks
No green hydrogen purchase obligation for refiners
Green hydrogen is still well above grey on cost
Land and round-the-clock power next to inland refineries