India’s energy focus is shifting from solar and wind to Green Hydrogen. This clean fuel is produced by splitting water. The government’s National Green Hydrogen Mission, backed by ₹19,744 crore through FY30, aims for 5 million metric tonnes (MMT) of production by 2030. This initiative is set to unlock a ₹70,000 crore market for electrolysers and related equipment, crucial for decarbonizing heavy industries like refineries, fertilisers, and steel.
Strategic Players in Hydrogen Ecosystem
Three companies are emerging as frontrunners to capitalize on this government-backed wave: Sterling and Wilson Renewable Energy (SWREL), Advait Energy Transitions (AETL), and INOX India.
Sterling and Wilson Renewable Energy (SWREL): EPC Giant’s Pivot
SWREL, a global engineering, procurement, and construction (EPC) solutions provider for renewable energy projects, is expanding into green hydrogen. SWREL is set to benefit from a 40% stake held by Reliance Industries, which has ambitious production targets. This backing positions SWREL to scale up its operations effectively. While FY26 saw a net loss of ₹296 crore due to an exceptional charge of ₹611 crore, the company achieved a record revenue of ₹7,548 crore and maintains a strong order backlog of ₹11,813 crore. Management has guided for 15% growth in both revenue and new orders for FY27.
Advait Energy Transitions (AETL): ‘Make in India’ Electrolyzer Specialist
Advait Energy Transitions is doubling down on green hydrogen through its subsidiary Advait Greenergy Private Limited. The company is developing a 300 MW electrolyzer manufacturing facility in Gujarat, with initial operations at 120 MW scaling up by 2027. This expansion is supported by India’s Production-Linked Incentive (PLI) scheme. AETL targets ₹200-300 crore in revenue from its indigenous clean fuel solutions, aiming for over 95% domestic manufacturing and projecting net margins of 8-10%.
INOX India: Cryogenic Leader for Hydrogen Logistics
INOX India, a specialist in vacuum-insulated cryogenic equipment, plays a crucial role in the safe storage and transport of liquefied gases, including hydrogen. With global hydrogen trade projected to reach 53 million tons by 2050, INOX India’s cryogenic technology is essential for building the necessary infrastructure. The company secured a significant order for a liquid hydrogen storage tank from ISRO and has strategic alliances like the Fabrum partnership for the APAC market. For FY26, it reported revenue of ₹1,157 crore and a net profit surge of 24% to ₹189 crore, supported by a ₹1,457 crore order backlog.
Valuation and Outlook
While SWREL trades at multiples in line with industry medians, Advait and INOX India are at a premium, reflecting their growth potential in this nascent sector. India’s clear policy support and the large market opportunity mean these companies are key players to watch as the nation advances its green hydrogen goals.
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