Solar, wind, batteries and pumped hydro built to run electrolysers for most hours of the day - the biggest single input cost.
NTPC Green EnergyDirect supplier · MediumListed
Adani Green EnergyDirect supplier · LowListed
ACME Solar HoldingsDirect supplier · LowListed
JSW EnergyDirect supplier · MediumListed
NTPC Green Energy (NTPCGREEN)
NTPC's renewables arm; its subsidiary NTPC Renewable Energy holds green ammonia contracts and is developing the Pudimadaka green hydrogen hub in Andhra Pradesh
Price
₹82.60
snapshot 6 Nov 2026
Strengths
Won a SECI green ammonia auction for 70,000 tonnes a year at ₹51.80/kg (Aug 2025) and signed the purchase agreement in Mar 2026
Pudimadaka hub: foundation stone laid 8 Jan 2025; plans for green ammonia, methanol and SAF for export
Large renewable pipeline and PSU-backed funding
Risks
Pudimadaka timelines vary (2027-2028) and export offtake is still under negotiation
Very large capex on top of its renewables build-out
Hydrogen returns are unproven versus its core power business
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹69,577 Cr
Stock P/E
106.0x
Div Yield
0%
ROCE
3.6%
ROE
2.8%
P/B
3.6x
Revenue growth
+29.3%FY26
Profit growth
+9.9%FY26
Net margin
18.2%FY26
1Y vs Nifty
−15 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
n/aFY22
170FY23
1,963FY24
2,210FY25
2,858FY26
Stock price return · as of 6 Nov 2026
1Y price return
−17%
3Y CAGR
—
5Y CAGR
—
Trend31st percentile
52-week range as of 6 Nov 2026 vs snapshot price · 31% below its high
Note: years before its listing or not on Screener left blank; Hydrogen is pre-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
An electrolyser earns its keep only if it runs most of the day, so producers pair solar with wind, batteries or pumped hydro (firm and dispatchable renewables) and wheel the power over the grid or a private line to the plant.
Why it matters
Renewable power is roughly 50-70% of the cost of green hydrogen in India (World Bank estimate, cited by MNRE on 25 Mar 2026). The mission assumes ~125 GW of new renewables for 5 million tonnes; green hydrogen plants get inter-state transmission charges waived for plants commissioned before 2031.
Where the value pool sits
A very large new pool for renewable developers: captive or long-term contracted power to hydrogen plants, often inside the same group. Margins look like utility returns, with higher tariffs for round-the-clock supply.