India’s ambitions in green hydrogen are gathering pace with the launch of the National Green Hydrogen Mission, which has an outlay of ₹19,744 crore and targets annual production of 5 million metric tonnes (MMT) by 2030.
While hydrogen producers are expected to attract attention, companies supplying the equipment and infrastructure needed to manufacture, store and transport hydrogen could also benefit from the long-term opportunity.
Here are five companies linked to different parts of the emerging supply chain.
1. Larsen & Toubro
Larsen & Toubro Ltd (L&T) is building domestic capabilities in electrolyzer manufacturing through its facility in Hazira, Gujarat.
The company is focusing on:
- Alkaline electrolyzer technology
- Local manufacturing capabilities
- Global technology partnerships
Its strong engineering and EPC business provides financial support for long-term investments in the hydrogen ecosystem.
L&T has:
- Market capitalisation: ₹5.75 lakh crore
- P/E ratio: 30.21
2. Adani Enterprises
Through Adani New Industries Limited (ANIL), the company is developing integrated manufacturing facilities in Mundra.
Its strategy covers:
- Renewable energy generation
- Electrolyzer manufacturing
- Hydrogen production
The company has also received support under government incentive schemes aimed at promoting domestic manufacturing.
Adani Enterprises has:
- Market capitalisation: ₹3.8 lakh crore
- P/E ratio: 39.62
3. INOX India
INOX India Ltd operates in the cryogenic equipment segment and manufactures systems used for storage and transportation of liquefied gases.
Its expertise includes:
- Liquid hydrogen storage systems
- Cryogenic transport solutions
- Specialized low-temperature equipment
The company has supplied products to global institutions, including CERN and space agencies.
INOX India has:
- Market capitalisation: ₹17,000 crore
- P/E ratio: 67.40
4. Advait Energy Transitions
Advait Energy Transitions Ltd has established a framework for 300 MW of electrolyzer capacity.
The project is supported by the government’s SIGHT (Strategic Interventions for Green Hydrogen Transition) scheme.
The company offers relatively focused exposure to hydrogen-related manufacturing.
Advait Energy Transitions has:
- Market capitalisation: ₹2,600 crore
- P/E ratio: 50.7
5. Time Technoplast
Time Technoplast Ltd is expanding into high-pressure Type-IV composite cylinders, which are used for hydrogen storage.
These cylinders are designed to overcome issues associated with conventional steel tanks and are targeted at:
- Transportation
- Commercial vehicles
- Local storage applications
Time Technoplast has:
- Market capitalisation: ₹8,500 crore
- P/E ratio: 18.57
Why Infrastructure Players Matter
The hydrogen ecosystem requires specialised technologies and equipment, including:
- Electrolyzers
- Cryogenic storage systems
- Transport infrastructure
- High-pressure cylinders
- Hydrogen-compatible materials
Limited manufacturing capacity and technical complexity could create opportunities for companies operating in these segments.
Risks to Watch
Investors should also consider some key risks:
Policy dependence
Many projects are linked to:
- National Green Hydrogen Mission
- SIGHT incentive scheme
- Production-linked incentives (PLI)
Technology risks
Rapid advances in hydrogen technologies could require continuous investment.
Capital requirements
Large projects involve significant investments and remain sensitive to:
- Financing costs
- Interest rates
- Availability of capital
Stocks in Focus
| Company | Key Exposure |
|---|---|
| L&T | Electrolyzer manufacturing |
| Adani Enterprises | Integrated hydrogen ecosystem |
| INOX India | Cryogenic storage and transport |
| Advait Energy Transitions | Electrolyzer capacity |
| Time Technoplast | Hydrogen storage cylinders |
TL;DR:
India’s ₹19,744 crore National Green Hydrogen Mission is creating opportunities beyond energy producers. L&T, Adani Enterprises, INOX India, Advait Energy Transitions and Time Technoplast are among the companies building the infrastructure needed for the hydrogen economy.
AI summary:
- India aims to produce 5 MMT of green hydrogen by 2030.
- L&T and Adani Enterprises are investing in electrolyzer manufacturing.
- INOX India specializes in cryogenic storage systems.
- Advait Energy Transitions is developing 300 MW of electrolyzer capacity.
- Time Technoplast is expanding into hydrogen storage cylinders.
