Note: Effective monopoly on indigenous warship-grade steel; naval share of revenue not separately disclosed; Hydrogen pilot is immaterial to group figures
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
In a DRI shaft, hydrogen strips oxygen from iron ore pellets instead of coal or gas, leaving water instead of CO2. In a blast furnace, injected hydrogen replaces part of the coke. Either way the steel plant needs a large, steady hydrogen supply on site.
Why it matters
Steel is India's largest industrial emitter, and EU carbon border charges make low-carbon steel a trade issue. JSW Energy commissioned a 3,800-tonne-a-year green hydrogen plant for JSW Steel's Vijayanagar DRI unit on 11 Nov 2025. The mission approved three steel pilots (Matrix Gas, Simplex Castings, SAIL) with ₹347 Cr of support in Oct 2024; fresh calls for pilot bids followed in 2026 (MECON in Mar, a Ministry of Steel-MNRE call in Jun).
Where the value pool sits
Potentially the biggest domestic market by 2040, but today pilots only. The steelmaker captures value as a green-steel premium with export customers; the hydrogen supplier earns a contracted price.
Key drivers
EU Carbon Border Adjustment Mechanism (CBAM) on steel exports
Mission steel-pilot support (₹347 Cr for the first three pilots; new calls in 2026)
Steelmakers' own net-zero plans
Potential bottlenecks
Hydrogen-ready DRI capacity is small; most Indian steel is blast-furnace
Very large hydrogen volumes needed per tonne of steel