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
GAIL (India) (GAIL)
Gas pipeline and city-gas group running its own 10 MW green hydrogen plant and owning the network that could carry hydrogen blends
Price
₹186.00
snapshot 6 Nov 2026
Strengths
Commissioned a 10 MW PEM electrolyser at Vijaipur, MP in May 2024 (~4.3 tonnes a day), used captively
India's largest gas pipeline network - the natural carrier for hydrogen blending
Risks
Hydrogen is a tiny part of a gas transmission and marketing business
Blending limits and pipeline-steel compatibility still being studied
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.22L Cr
Stock P/E
9.7x
Div Yield
2.96%
ROCE
9.7%
ROE
8.7%
P/B
1.3x
Revenue growth
−0.2%FY26
Profit growth
−39.2%FY26
Net margin
5.4%FY26
1Y vs Nifty
+6 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
92,770FY22
1,45,668FY23
1,33,228FY24
1,41,902FY25
1,41,598FY26
Stock price return · as of 6 Nov 2026
1Y price return
+4%
3Y CAGR
+14%
5Y CAGR
+13%
Trend59th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 1.6% 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