Factories making the stacks that split water into hydrogen and oxygen with electricity - alkaline, PEM and newer designs - backed by SIGHT's manufacturing incentive.
Larsen & ToubroDirect supplier · MediumListed
Reliance IndustriesDirect supplier · LowListed
Adani Enterprises (Adani New Industries)Direct supplier · LowListed
Waaree EnergiesEmerging entrant · LowListed
Advait Energy TransitionsEmerging entrant · HighListed
OhmiumDirect supplier · HighUnlisted
Waaree Energies (WAAREEENER)
Solar-module major whose subsidiary Waaree Clean Energy Solutions won both electrolyser and green hydrogen production incentives
Price
₹2,438
snapshot 6 Nov 2026
Strengths
300 MW a year electrolyser manufacturing award - the largest in Tranche II (Aug 2024)
90,000 tonnes a year green hydrogen production award (Tranche II, Mar 2025)
Can pair hydrogen with its own solar modules and storage
Risks
No electrolyser factory commissioning confirmed as of Oct 2026
Hydrogen is tiny next to its module business
Technology partner and stack design not widely disclosed
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹70,204 Cr
Stock P/E
18.0x
Div Yield
0.16%
ROCE
38.4%
ROE
32.5%
P/B
4.4x
Revenue growth
+83.7%FY26
Profit growth
+101.5%FY26
Net margin
14.6%FY26
1Y vs Nifty
−26 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
2,854FY22
6,751FY23
11,398FY24
14,444FY25
26,537FY26
Stock price return · as of 6 Nov 2026
1Y price return
−28%
3Y CAGR
—
5Y CAGR
—
Trend18th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 31% below its high
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 stack is a pile of cells with electrodes and membranes; electricity splits purified water into hydrogen and oxygen. Stacks are skid-mounted with power electronics and gas separation, and sized in megawatts. Alkaline designs are cheaper; PEM follows variable solar and wind better.
Why it matters
Almost all electrolysers in the world are made in China and Europe. SIGHT Component I awarded 1,500 MW a year in Jan 2024 and another 1,500 MW in Aug 2024 - 3,000 MW across 15 companies - with a per-kW incentive that falls each year. Tranche I factories were due from Aug 2026, Tranche II from Mar 2027.
Where the value pool sits
A young, low-volume business today; India alone would need tens of GW for the 2030 target. Value goes to makers with proven stacks and warranties; many Indian entrants license technology (McPhy, HydrogenPro, John Cockerill) rather than own it.
Key drivers
SIGHT per-kW incentive (falling over five years)
Domestic orders from SIGHT producers and refinery tenders
Captive demand inside groups that also produce hydrogen (Reliance, Adani, L&T, Waaree)
Potential bottlenecks
Stack technology is mostly licensed from abroad
Few large orders yet, so factories run below capacity
Membranes, catalysts and power electronics are imported
Investor metrics to watch
Factory commissioning vs the Aug 2026 / Mar 2027 dates