Fertiliser plants that will switch part of their imported or gas-based ammonia to green ammonia under SECI contracts, plus green ammonia made for export.
AM GreenOperator · HighUnlisted
ACME Cleantech SolutionsOperator · HighUnlisted
Paradeep PhosphatesOwner · MediumListed
Coromandel InternationalOwner · MediumListed
Gujarat Narmada Valley Fertilizers & ChemicalsOwner · MediumListed
India's largest fertiliser cooperative; its Paradeep and Kandla plants are among the biggest green ammonia buyers
Strengths
Contracted the lowest green ammonia price yet: 1 lakh tonnes a year at ₹49.75/kg from ACME for Paradeep
Kandla: 1 lakh tonnes a year from ACME at ₹54.73/kg (SECI's eighth green ammonia auction)
Risks
Cooperative - not listed
Supply depends on ACME's build
Background
Farmer-owned cooperative, not listed
Compiled from public reporting — not exchange-listed.
Where it fits
Ammonia (NH3) is made by combining hydrogen with nitrogen from air. Green ammonia uses electrolyser hydrogen instead of gas. Fertiliser plants turn it into urea, DAP and complex fertilisers; ammonia is also the easiest way to ship hydrogen abroad.
Why it matters
Fertilisers are India's biggest ready-made hydrogen market. Under SIGHT Mode 2A, SECI ran 13 auctions in 2025 for 7.24 lakh tonnes a year of green ammonia to fertiliser plants, discovering ₹49.75-64.74/kg on 10-year fixed prices; supply agreements covered 6.7 lakh tonnes a year for 11 units by Oct 2026 (MNRE).
Where the value pool sits
Fertiliser makers are buyers, not producers - they swap imported ammonia (priced in dollars, volatile) for a fixed rupee price. Most value sits with the green ammonia producers; export ammonia (Japan, Germany, Korea) is a much larger pool than domestic demand.
Key drivers
SECI 10-year fixed-price contracts under SIGHT Mode 2A
Import substitution of ammonia
Export demand backed by Japan's CfD and Germany's H2Global subsidies
Potential bottlenecks
Green ammonia still costs more than grey ammonia without the incentive
Plants must be built close to cheap round-the-clock renewables and ports
Fertiliser prices are government-controlled, so buyers can't pass on a green premium freely
Investor metrics to watch
Green ammonia delivered vs contracted (tonnes a year)