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
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
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