India’s green hydrogen ambitions are steadily moving from policy announcements to on-ground execution. It has accelerated the rollout with fresh policy measures, a certification framework, and continued budget support for domestic manufacturing.
The government’s objective is to build a complete green hydrogen value chain, reduce fossil fuel imports, and make India a global production hub. The opportunity is significant. India targets an annual production capacity of 5 million metric tonnes of green hydrogen by 2030, supported by 125 gigawatts (GW) of renewable energy capacity and over ₹8 lakh crore investments.
The scheme was initially launched in January 2023 with an outlay of ₹19,744 crore till FY30. Of this, ₹17,490 crore is for manufacturing electrolyzers, which produce green hydrogen. Recent initiatives, including the launch of the Green Hydrogen Certification Scheme, are also laying the groundwork for exports and commercial adoption.
As projects move from announcements to execution, companies involved in electrolyzers, EPC, renewable energy, and hydrogen infrastructure could see new growth opportunities.
Against this backdrop, this article examines three power companies with expanding presence in green hydrogen. Now the point is that multiple companies, including Reliance and Adani, have announced ambitious green hydrogen plans.
This article, however, focuses on companies where execution is visible through electrolyser manufacturing, commissioned projects, and long-term offtake agreements.
#1 Waaree Energies: Bets ₹657 Crore On Hydrogen Pivot
Waaree Energies is building a complete value chain for new energy. The company views green hydrogen as an integrated opportunity that will drive demand for its electrolyzers, renewable energy assets, and battery energy storage systems.
The plants are to start with electrolyser manufacturing, move into Build-Own-Operate projects, and ultimately transition to supplying green derivatives such as green ammonia and methanol. The target markets include refineries, chemical, maritime, aviation, natural gas, etc.
Evaluating Waaree’s ₹657-Crore Dungri Plant Capital Expenditure
To capture this market, it is building an electrolyzer manufacturing plant in Dungri, Gujarat, with a planned annual capacity of 1 GW. The company is investing ₹657 crore in the project. The facility is slated for commercialisation in FY27.
Waaree has secured the government Production Linked Scheme, including ₹440-444 crore for 0.3 GW of electrolysers and ₹510 crore for 90,000 TPA of green hydrogen production. It has entered into a technology agreement with a partner that has more than 18 years of experience in the manufacturing of pressurized alkaline electrolyzers.
Order Book Breakdown: Inside the ₹152 Crore Green Hydrogen Pipeline
Waaree has already begun executing its strategy on the ground, securing an order book of ₹152 crore in India. This includes a multi-tech green hydrogen project awarded, along with a 5-year operations and maintenance (O&M) contract.
The project includes PEM and alkaline electrolyzers, a hydrogen refueling station, fuel cells for power generation, and EV charging infrastructure. Another one is a 15-year Build-Own-Operate (BOO) contract to produce and supply green hydrogen and oxygen, using a 2.5 MW pressurized alkaline electrolyzer.
The company is in discussions with clients in the chemical and steel sectors for long-term supply contracts. Further, it notes that once regulators finalize policies allowing hydrogen blending in gas systems and the localized use of green ammonia in fertilizer production, the market will likely experience strong growth.
#2 Advait Energy Transitions: Inside The 100-MW Hydrogen Expansion
Advait Energy Transitions sees green hydrogen as a core pillar of its long-term growth strategy. The company has a dedicated subsidiary, Advait Green Energy (AGPL), which oversees green hydrogen initiatives, electrolyser manufacturing, and solar EPC businesses.
It has set up an assembly facility for Alkaline Electrolyser Assembly and Balance-of-Plant (BoP) fabrication. The plant has completed its Factory Acceptance Test for a 30-MW annual-capacity assembly line. The management anticipates green hydrogen product deliveries to commence around the 2027 to 2028 timeframe.
The line can handle electrolyser capacities ranging from 250 kW to 5 MW and up to 20 MW for BoP modules, depending on specific requirements. AGPL plans to expand the capacity to 100 MW by Q4FY27 and eventually 300 MW as demand grows. It aims to achieve Production-Linked Incentive (PLI) targets and capitalize on new export opportunities.
Evaluating Advait’s Hydrogen Technology Localization & Chinese Partnership
Advait is working to build a self-resilient green hydrogen ecosystem in India. This plant is a crucial part of that goal. It serves as a base for localizing knowledge and technology from its Chinese technology partner, Jiangsu Guofu.
The company is using this facility as a base to evaluate, qualify, and onboard Indian vendors for critical electrolyzer components, including gaskets, membranes, sealing materials, fasteners, and structural parts. This initiative accelerates the development of a localized ecosystem of electrolyser components from scratch.
During India Energy Week 2026, AGPL signed various strategic Memorandums of Understanding to bolster its green hydrogen project capabilities. Advait partnered with P2H2 to collaborate on Anion Exchange Membrane (AEM) electrolyser-based green hydrogen projects.
This combines P2H2’s Hybrid AEM technology with Advait’s EPC and BoP integration expertise for both pilot and commercial projects. To strengthen its hydrogen infrastructure, AGPL signed another MoU with VJ Industries for hydrogen storage systems. VJ will supply the storage and gas systems.
Further, Advait entered an agreement with CENMAT to deploy Proton Exchange Membrane and AEM electrolyser technologies in India. The Green Hydrogen EPC division targets clients across PSUs and private companies in the cement, steel, oil and gas, fertilizer, and specialty chemical sectors.
Inside ₹1,304 Crore Order Book
The Green Hydrogen EPC business revenue grew by 7% year-on-year to ₹6.2 crore in FY26, accounting for 2% of AGPL’s New & Renewable Energy (NRE) revenue. Advait initially expects electrolyser module margins to be 5-10%. However, this is expected to scale towards 20% by FY28 as localized supply chains mature and are integrated.
Furthermore, the NRE segment currently accounts for approximately 25%-27% of total revenue. However, management expects this to shift to 65% from the NRE segment and 35% from the power transmission solutions segment. The ₹1,304 crore order book, with 36% from the NRE segment, could support a shift in revenue mix.
Looking ahead, the company is pursuing tender opportunities worth ₹2,000 crore. It expects the total order book to expand to ₹1,600 crore by the end of FY27.
#3 JSW Energy: Commissioned 3,800 TPA Green Hydrogen Plant
JSW Energy, part of the JSW Group, operates across the power generation value chain. The company is actively moving towards green energy and has a stated goal of reaching 30 GW of generation capacity and 40 GWh of energy storage by 2030. It is also expanding its presence in the green hydrogen space.
Analyzing JSW Neo’s Commercial Green Hydrogen and Oxygen Offtake Metrics
JSW Energy, through its renewable energy subsidiary JSW Neo, has successfully commissioned a commercial-scale Green Hydrogen plant with a production capacity of 3,800 Tonnes Per Annum (TPA). As a highly valuable by-product, this facility also produces 30,000 TPA of Green Oxygen.
JSW Energy already has immediate commercialisation prospects. It has signed a seven-year offtake agreement for the supply of both green hydrogen and green oxygen. This provides a clear indication of immediate capacity utilization.
SIGHT Program Sops and the 90 KTPA Group Captive Pipeline
Further, JSW is participating in the SIGHT program (Strategic Interventions for Green Hydrogen Transition). The program has an outlay of ₹17,490 crore for electrolyzer manufacturing and incentives for green hydrogen production. Under this program, JSW Energy has already received a Notice of Award for an additional 6,500 TPA of green hydrogen capacity.
Looking at the longer-term pipeline, it has entered into group captive MoUs to scale up production. These MoUs outline future capacities of 85-90 KTPA for Green Hydrogen and 720 KTPA for Green Oxygen.
Evaluating Corporate Valuation Multiples: Return Ratios vs Sector Medians
With faster profitability growth amid industry tailwind, Waaree boasts a relatively higher Return on Capital Employed (ROCE) and Return on Equity (ROE) than Advait and JSW. There is no doubt that Advait’s return ratios are also strong, but JSW Energy lags behind due to continuous capital investment.
From a valuation perspective, Waaree is trading at a discount to the industry median multiple. In contrast, Advait and JSW continue to trade at a premium. However, relative to their own 3-year historical median, both Advait and JSW are trading at a discount.
| Peer Comparison (X) | |||||
| Company | Price-to-Earnings Multiple | Return Ratios | |||
| Company | 3Y Median | Industry | ROCE (%) | ROE (%) | |
| Waaree | 20.8 | NA | 30.5 | 38.8 | 32.8 |
| Advait | 44.9 | 56.1 | 30.5 | 27.9 | 21.5 |
| JSW | 46.0 | 46.2 | 24.2 | 8.2 | 7.5 |
To conclude, India’s green hydrogen opportunity is definitely shifting from policy support to commercial execution. While Waaree is building an integrated hydrogen ecosystem, Advait is focusing on localization and manufacturing.
Meanwhile, JSW has already commissioned commercial capacity backed by long-term offtake agreements. That said, it’s still in the early stages, and much depends on how quickly companies convert investments into commercial capacity and sustainable earnings. For that, these names could be kept in your watchlist to track their execution.
Disclaimer
Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. Only in cases where the data was unavailable have we used an alternative, widely used, and accepted source of information.
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About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends.
A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.
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