What can a small-cap power transmission company possibly have in common with engineering giant L&T and Reliance Industries? The answer lies in a piece of equipment that sits at the heart of green hydrogen production.
While L&T is taking its engineering and project execution expertise into the business and Reliance is building green fuel around a much larger renewable-energy ecosystem, Advait Energy Transitions is attempting to carve out its own place through electrolyser manufacturing, hydrogen equipment and project execution.
India’s Strategic Interventions for Green Hydrogen Transition
Their paths are very different, but a government-backed 300 MW capacity mark has unexpectedly brought the three companies into the same conversation.
That 300 MW figure comes from India’s Strategic Interventions for Green Hydrogen Transition, or SIGHT, programme. L&T Electrolysers and Reliance Electrolyser Manufacturing have each been awarded 300 MW of annual electrolyser manufacturing capacity, while Advait has secured 100 MW under Tranche-I and another 200 MW under Tranche-II.
The comparison, however, goes well beyond a single number.
L&T is using its existing engineering and manufacturing capabilities to build a business around electrolysers as well as green hydrogen, green ammonia and green methanol projects.
Reliance’s electrolyser plans sit within a much larger new-energy programme spanning renewable power, solar manufacturing, battery storage and green fuels. Advait, meanwhile, is building from a far smaller base, with a 30 MW alkaline electrolyser assembly facility, a 5 MW test batch demonstrated to potential customers and a proposed 300 MW integrated manufacturing complex.
Here is how the three companies compare in India’s green hydrogen and electrolyser manufacturing business.
L&T, Reliance and Advait: The common linkr
The common link between the three is electrolyser manufacturing. Electrolysers use electricity to split water into hydrogen and oxygen and are a key piece of equipment in the production of green hydrogen.
India’s National Green Hydrogen Mission was approved in January 2023 with an outlay of Rs 19,744 crore and a target of developing 5 million metric tonnes per annum of green hydrogen production capacity by 2030.
Under the SIGHT programme, the government has supported both domestic electrolyser manufacturing and green hydrogen production. As of December 2025, 15 companies had been awarded a combined 3,000 MW of annual electrolyser manufacturing capacity, with aggregate incentives of Rs 4,440 crore, according to a PIB release. The available government disclosures do not provide a company-wise breakup of the incentive amount for L&T, Reliance or Advait.
| Company | SIGHT-linked annual electrolyser manufacturing capacity | Basis of comparison |
| L&T Electrolysers | 300 MW | Awarded under the SIGHT electrolyser manufacturing programme |
| Reliance Electrolyser Manufacturing | 300 MW | Awarded under the SIGHT electrolyser manufacturing programme |
| Advait Energy Transitions | 300 MW | 100 MW under Tranche-I and 200 MW under Tranche-II |
The identical capacity figure does not mean the three companies have the same operating scale, manufacturing output, financial resources or green hydrogen revenue. It simply puts them at the same level on this specific government-backed capacity metric.
L&T’s green hydrogen business: Electrolysers, engineering and project execution
L&T’s green hydrogen business is closely linked to what the group already does at scale: manufacturing, engineering and executing large industrial projects.
According to the company’s Q1 FY27 presentation, L&T has electrolyser manufacturing at its Hazira complex as part of its business portfolio. The company is also pursuing opportunities across green hydrogen, green ammonia and green methanol.
This is an important distinction in the comparison with Advait. L&T is not entering the sector as a standalone equipment manufacturer. Its existing engineering, procurement and construction capabilities can also be deployed in larger hydrogen and derivative projects.
As per management’s comments in the available presentation, the green-energy business is in an investment and scale-up phase.
L&T’s advantage is rooted in the infrastructure and industrial capabilities it already possesses. The available quarterly disclosures, however, do not provide separate figures for electrolyser production, revenue or orders.
L&T share price performance
Reliance’s green hydrogen plans: Electrolysers inside a much larger new-energy business
Reliance Industries is taking a much broader route.
Its 300 MW electrolyser manufacturing allocation is part of a new-energy programme that also includes renewable electricity, solar manufacturing, battery storage and green fuels. The company is effectively building several parts of the value chain around the future production and use of green energy.
According to Reliance’s Q1 FY27 presentation, the company has disclosed a Rs 24,900 crore green ammonia contract with Samsung C&T. It is also working towards a green fuel complex with a planned capacity of 3 million metric tonnes per annum.
Its broader new-energy programme includes significant solar and battery manufacturing ambitions.
This is where Reliance differs sharply from both L&T and Advait. Its electrolyser manufacturing business is only one component of a much larger industrial programme intended to connect renewable power generation with energy storage and green fuel production.
The available quarterly disclosures do not separately disclose electrolyser production, revenue or an order book.
Reliance Industries share price performance
Advait Energy’s green hydrogen business: From 30 MW to a planned 300 MW facility
Advait Energy Transitions is approaching the green hydrogen opportunity from a considerably smaller base.
As per the company’s disclosures, Phase-I of its 30 MW alkaline electrolyser assembly facility was commissioned in March 2026. This represents the first stage of its electrolyser manufacturing plans.
The next stage is significantly larger.
According to Advait’s Q1 FY27 investor presentation, the company is planning an integrated manufacturing complex at Gangad, Gujarat, spanning more than 4 lakh sq. ft. The facility is expected to include 300 MW of electrolyser manufacturing capacity, along with BESS manufacturing, PEM fuel-cell manufacturing and specialised conductor production. The company has indicated Q4 FY27 as the target for the facility to become operational.
Unlike the available disclosures from L&T and Reliance, Advait has also provided specific details about recent testing and potential equipment demand.
During Q1 FY27, Advait successfully conducted live testing of a 5 MW electrolyser test batch, which, according to its investor presentation, was demonstrated to more than 13 green hydrogen players in India.
The company’s presentation also showed that it was participating in more than four active enquiries from green ammonia players. Based on these enquiries, Advait estimated a potential electrolyser supply opportunity of 150–200 MW.
These are not confirmed orders. As per the company’s disclosures, this represents an enquiry-driven opportunity and should not be treated as part of its confirmed order book.
Advait’s ambitions also extend beyond electrolyser manufacturing. The company’s disclosures point to activities in balance-of-plant systems, hydrogen project execution and PEM fuel-cell technology. Its hydrogen portfolio includes the THDC India microgrid project comprising a 300 kW electrolyser and a 70 kW PEM fuel cell.
At present, however, green hydrogen is not the sole driver of Advait’s business. According to its Q1 FY27 presentation, New and Renewable Energy accounted for 29% of its order book, while Power Transmission Solutions represented the larger share.
Advait Energy share price performance
L&T vs Reliance vs Advait: How their green hydrogen strategies compare
The 300 MW figure makes for an interesting comparison, but the companies’ disclosures show that the three are pursuing distinctly different businesses.
| Parameter | L&T | Reliance | Advait Energy Transitions |
| SIGHT-linked electrolyser manufacturing capacity | 300 MW | 300 MW | 300 MW across two tranches |
| Existing electrolyser facility disclosed | Yes, at Hazira | Not separately detailed in the available Q1 FY27 material | Yes, 30 MW assembly facility |
| Electrolyser test batch disclosed | Not separately disclosed | Not separately disclosed | 5 MW |
| Potential electrolyser supply opportunity disclosed | Not separately disclosed | Not separately disclosed | 150–200 MW from active enquiries |
| Main route into the business | Manufacturing and large-scale engineering projects | Integrated renewable energy and green fuels | Electrolysers, balance-of-plant systems, EPC and fuel cells |
| Green hydrogen derivatives | Hydrogen, ammonia and methanol | Green ammonia and other green fuels | Equipment and project execution |
| Other new-energy activities | Engineering and manufacturing across broader businesses | Solar, batteries and renewable power | BESS and PEM fuel cells |
| Electrolyser-specific revenue disclosed | Not separately disclosed | Not separately disclosed | Not separately disclosed |
The real difference lies in how central electrolysers are to each company’s broader plans.
For L&T, they are part of a larger engineering and project development opportunity. For Reliance, they fit into an integrated chain that includes renewable power, solar manufacturing, battery storage and green fuels. For Advait, electrolyser manufacturing itself is emerging as a major new business line alongside hydrogen equipment and project execution.
What happens next for L&T, Reliance and Advait in green hydrogen?
The SIGHT capacity allocation is only one stage of building an actual manufacturing business.
Companies still need to commission facilities, develop supply chains, establish equipment performance and convert project opportunities into contracts. The 300 MW allocation does not mean that all of the capacity is already operational or generating revenue.
L&T already brings manufacturing and engineering capabilities to the business, while Reliance has the resources and a much wider new-energy programme under development.
Advait faces a more direct execution test.
Its proposed 300 MW integrated manufacturing complex is targeted to become operational in Q4 FY27. The company has also demonstrated a 5 MW electrolyser test batch and disclosed a potential 150–200 MW supply opportunity from active enquiries. That opportunity, however, remains different from a confirmed order pipeline.
That is where the David-versus-Goliath comparison becomes more interesting.
Advait has matched Larsen & Toubro and Reliance Industries Ltd. on the specific metric of SIGHT-linked electrolyser manufacturing capacity, despite operating from a far smaller revenue and industrial base. But matching a government-backed capacity number is different from matching the scale of L&T’s engineering operations or Reliance’s new-energy programme.
Conclusion
The next phase will depend on execution. L&T has to build its hydrogen and derivative project pipeline, Reliance has to translate its wider new-energy investments into commercial green-fuel operations, and Advait has to commission its larger manufacturing facility and convert early enquiries into confirmed business.
For now, the same 300 MW figure has brought three very different companies into one green hydrogen discussion . What they do with that capacity is likely to determine how long they remain in the same conversation.