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
Indian Oil Corporation (IOC)
India's largest refiner and the first to contract green hydrogen supply (Panipat)
Price
₹146.00
snapshot 6 Nov 2026
Strengths
Awarded India's first refinery green hydrogen supply: 10,000 tonnes a year at Panipat from L&T at ₹397/kg incl. GST, 25 years (May 2025)
Among the four refiners with SIGHT Mode 2B allocations
Panipat's expansion creates a large new hydrogen need
Risks
Tender had to be re-run twice before it drew bids
Green hydrogen costs well above its own grey hydrogen
Volumes are small versus total refinery use
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹2.07L Cr
Stock P/E
4.4x
Div Yield
5.64%
ROCE
18.7%
ROE
20.5%
P/B
0.9x
Revenue growth
+3.5%FY26
Profit growth
+216.8%FY26
Net margin
5.6%FY26
1Y vs Nifty
−11 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
5,89,336FY22
8,41,756FY23
7,76,352FY24
7,58,106FY25
7,84,415FY26
Stock price return · as of 6 Nov 2026
1Y price return
−13%
3Y CAGR
+12%
5Y CAGR
+10%
Trend37th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 23% 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