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
Reliance Industries (RELIANCE)
Conglomerate building a green hydrogen and ammonia business at Jamnagar alongside its own electrolyser factory - also India's largest refiner and so one of its largest hydrogen users
Price
₹1,320
snapshot 6 Nov 2026
Strengths
SIGHT production awards in both tranches (90,000 tonnes a year in Jan 2024, 49,000 tonnes a year in Mar 2025) and 300 MW a year of electrolyser manufacturing (Jan 2024)
Binding 15-year green ammonia supply deal with Korea's Samsung C&T worth over US$3bn, signed Mar 2026, with supply from the second half of FY29
Jamnagar refinery is a captive buyer for its own green hydrogen
Risks
Green hydrogen is a small, unreported part of a group dominated by oil-to-chemicals, retail and telecom
Timelines at the Jamnagar giga complex have slipped before
Captive electrolyser technology still being proven at scale
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹17.86L Cr
Stock P/E
21.8x
Div Yield
0.45%
ROCE
10.3%
ROE
8.9%
P/B
1.9x
Revenue growth
+9.7%FY26
Profit growth
+17.8%FY26
Net margin
9.1%FY26
1Y vs Nifty
−10 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
6,94,673FY22
8,76,396FY23
8,99,041FY24
9,62,820FY25
10,55,780FY26
Stock price return · as of 6 Nov 2026
1Y price return
−12%
3Y CAGR
+4%
5Y CAGR
+3%
Trend39th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 18% below its high
Note: Green hydrogen is not reported as a separate segment
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