Developers that won SIGHT production incentives and supply contracts - they own the electrolyser plants and sell green hydrogen or ammonia.
Reliance IndustriesOperator · MediumListed
Larsen & ToubroOperator · MediumListed
Adani Enterprises (Adani New Industries)Operator · MediumListed
NTPC Green EnergyOperator · MediumListed
AM GreenOperator · HighUnlisted
ACME Cleantech SolutionsOperator · HighUnlisted
Larsen & Toubro (LT)
Engineering group with two hydrogen arms: L&T Electrolysers (alkaline stacks at Hazira under a McPhy licence) and L&T Energy GreenTech (green hydrogen plants and supply contracts)
Price
₹4,118
snapshot 6 Nov 2026
Strengths
Won IOCL's first green hydrogen supply tender (10,000 tonnes a year at Panipat, ₹397/kg incl. GST, 25-year build-own-operate, May 2025)
90,000 tonnes a year SIGHT production award (Tranche II, Mar 2025) and 300 MW a year of electrolyser manufacturing for L&T Electrolysers (Tranche I, Jan 2024)
Commissioned its first India-made 1 MW electrolyser at Hazira in Mar 2024
Risks
Its electrolyser licensor McPhy went into liquidation in Jul 2025 (assets bought by John Cockerill)
Hydrogen is tiny next to L&T's infrastructure, defence and IT businesses
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹5.68L Cr
Stock P/E
30.0x
Div Yield
0.92%
ROCE
14.6%
ROE
15.9%
P/B
5.0x
Revenue growth
+11.8%FY26
Profit growth
+7.2%FY26
Net margin
6.6%FY26
1Y vs Nifty
+8 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
1,56,521FY22
1,83,341FY23
2,21,113FY24
2,55,734FY25
2,85,874FY26
Stock price return · as of 6 Nov 2026
1Y price return
+6%
3Y CAGR
+12%
5Y CAGR
+17%
Trend62nd percentile
52-week range as of 6 Nov 2026 vs snapshot price · 7.3% below its high
Note: Hydrogen is a small, unreported part of group revenue
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
A producer combines renewable power, electrolysers and (for ammonia) a synthesis loop at one site, then sells hydrogen by pipeline or ammonia by ship. SIGHT pays a bid incentive per kg for the first three years of output; SECI and refiners sign 10- to 25-year supply contracts.
Why it matters
Production awards first totalled 8.62 lakh tonnes a year across two tranches (4.12 lakh tonnes in Jan 2024 and 4.5 lakh tonnes in Mar 2025, the latter with up to ₹2,239 Cr of incentives); MNRE's Aug 2026 figure is ~7.56 lakh tonnes a year to 16 companies. Winners include Reliance, L&T, Waaree, AM Green, ACME, Greenko, JSW Neo, CESC, Sembcorp's Green Infra and others.
Where the value pool sits
The largest pool in the chain by capex - AM Green's Kakinada complex alone plans 7.5 GW of renewables and ~1.95 GW of electrolysers. Returns depend on contracted prices, capacity utilisation of electrolysers and the cost of firm renewable power.
Key drivers
SIGHT per-kg incentive and SECI fixed-price contracts
Export contracts with subsidy-backed buyers (Japan CfD, H2Global)
Transmission-charge waivers and state land and power concessions