The government is building this ecosystem through the National Green Hydrogen Mission. It has a ₹19,744 crore outlay till FY30 and targets 5 million metric tonnes (MMT) of production by 2030.
Green hydrogen is a clean energy source produced using advanced technologies, such as electrolyzers, to convert water into hydrogen fuel. Once produced, this hydrogen can be efficiently converted back into electricity using a fuel cell.
The ₹70,000 crore opportunity
It has already allocated ₹2,220 crore for electrolyser manufacturing and ₹2,239 crore for hydrogen production. Advait estimates green hydrogen represents an ₹70,000 crore market opportunity in electrolysers and allied technologies.
To drive decarbonization, the government is encouraging the use of hydrogen in refineries, fertilisers, steel, and heavy industries. Against this backdrop, this article examines 3 companies well-positioned to benefit from the policy tailwind.
#1 Sterling and Wilson renewable energy: EPC giant pivoting to Green Hydrogen
Sterling and Wilson Renewable Energy (SWREL) is a global, pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider. The company manages the entire lifecycle of renewable energy projects from “concept” to “commissioning.”
It operates primarily through 2 business segments: Engineering, Procurement, and Construction (EPC) and Operations and Maintenance (O&M). SWREL executes complex, large-scale renewable energy projects. Their EPC portfolio includes utility-scale solar, floating solar, hybrid and battery energy storage systems (BESS), wind EPC, and waste-to-energy.
SWREL leverages a low-cost base in India to provide cost-competitive solutions globally. It has an international footprint in 28 countries across Asia, the Middle East, Africa, Europe, Australia, Latin America, and the United States. Its execution track record encompasses over 27.3 gigawatt power (GWp) in its global EPC portfolio and over 13.5 GWp in its global O&M portfolio.
Expanding the frontier: Why green hydrogen and BESS are the new growth engines
SWREL is now expanding beyond its traditional EPC operations. To capture the policy tailwind, it is strategically expanding its business horizons into the green hydrogen space. The company recognizes green hydrogen, alongside BESS, as a key extension of its renewable energy portfolio.
The Reliance synergy: Why a 40% stake changes the game for SWREL
Since its expansion has only just begun, meaningful scale-up is yet to take place. Reliance Industries owns 40% of SWREL. Reliance has an ambitious plan to produce 3 MT. Thus, SWREL is well-positioned to benefit from Reliance’s scale, execution capabilities, and long-term commitment to building an integrated renewable energy ecosystem.
To capitalize on this momentum, SWREL has expanded its EPC offerings. SWREL is not starting from scratch in this new sector. Rather, it is leveraging its strong, pre-existing relationships with clients to expand its market share in green hydrogen. This puts SWREL in a better position to win contracts and implement green hydrogen solutions.
The largest BESS project site globally
In the BESS, SWREL won India’s largest BESS project and one of the very few gigawatt-hour-scale projects on a single site globally. The order is 2 x 250 MW AC standalone BESS plant in Rajasthan from a private player. Additionally, it commenced a pilot project for a Solar+BESS for a private player in Jamnagar, Gujarat.
Moreover, it also marked a strategic foray into the wind EPC segment by securing its first order for a hybrid project in Rajasthan from a private IPP.
Financial dichotomy: Record Rs 7,548 crore revenue vs. The Rs 611 crore exceptional loss
SWREL delivered a strong performance in FY26, achieving its highest annual turnover. Revenue grew by 20% year-on-year to ₹7,548 crore. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) grew by 53% to ₹444 crore, with a margin of 5.9%.
While operational EBITDA improved, SWREL’s bottom line was hit by a ₹611 crore exceptional charge, resulting in a net loss of ₹296 crore for FY26.
The Rs 11,813 crore backlog: Can a 15% growth guidance offset exceptional losses?
FY26 was one of the successful years for order bookings. New EPC order inflows grew by 43% to ₹10,062 crore, beating its conservative 15% growth projection. Consequently, the unexecuted Order Value reached a record high of ₹11,813 crore. Domestic orders make up 78% of this backlog.
Looking ahead, management has guided to 15% growth in both revenue and the new order book for FY27.
SWREL Share Price
#2 Advait energy: The green hydrogen specialist with a 95% ‘Make in India’ mandate
Advait Energy Transitions (AETL) provides products and end-to-end solutions for power transmission, substations, and telecommunication networks. Power Transmission Solutions is Advait’s foundational business, with a strong legacy and global footprint.
Beyond Transmission: The strategic pivot to green hydrogen value chains
AETL is actively expanding into the Green Hydrogen (GH2) sector through its strategic Special Purpose Vehicle, Advait Greenergy Private Limited (AGPL). AGPL is one of the few Indian companies with proven execution capabilities across the entire GH2 value chain, ranging from electrolyser manufacturing to large-scale project commissioning.
Global tech alliances: Leveraging MoUs to scale Gujarat’s electrolyzer facility
To strengthen its technological capabilities, it has entered into several strategic partnerships and MoUs with global leaders. This includes Jiangsu Guofu Hydrogen Energy Equipment Co., TECO2030 (Norway) & AVL List GmbH (Austria), Carbon Technology Energy, Power to Hydrogen, Inc., etc.
The 300 MW roadmap: PLI-backed scaling and 2027 operational targets
A core part of Advait’s green energy vision is manufacturing advanced electrolyzers, which convert water into clean hydrogen fuel. The company is currently developing a manufacturing facility in Gujarat. This plant will commence operations with an annual production capacity of 120 megawatts (MW) and scale up to 300 MW.
The company has laid out a phased execution roadmap for this expansion. A 30 MW electrolyser assembly plant was targeted for completion by 15 March 2026. The entire 300 MW capacity is expected to be operational by 2027. This capacity expansion is supported by the Government of India’s Production-Linked Incentive scheme, under which it secured a 300 MW/year subsidy.
Revenue Projections: Targeting ₹300 Crore from Indigenous Clean Fuel Solutions
Advait’s entire expansion roadmap is aligned with the “Make in India” vision, aiming for over 95% indigenous manufacturing. Once fully operational, this facility is expected to generate between ₹200-300 crore in revenue during its first full financial year.
Net margins are projected to be around 8-10%. In terms of pricing, the core electrolysers are expected to cost between ₹3.5-6 crore per MW. The actual cost depends on economies of scale. Revenue is also expected from associated accessories such as compressors, piping, and cooling towers.
Advait Share Price
#3 INOX India: The Cryogenic Leader Capturing a 53 Million Ton Global Hydrogen Opportunity
INOX India manufactures highly specialized vacuum-insulated cryogenic equipment. It primarily manufactures equipment to safely store, transport, and handle various cryogens (liquefied gases at extremely low temperatures) such as Helium, Hydrogen, Nitrogen, Oxygen, Argon, CO2, N2O, LNG, and Ethylene.
The company is at a critical juncture. Global hydrogen trade is expected to reach 53 million tons by 2050, providing significant opportunities for storage and export infrastructure. This needs strong CAPEX in cryogenic infrastructure, including storage tanks, semi-trailers, and terminals, to support port-based hydrogen hubs.
Cryogenic Moats: Why Inox India’s -253°C Tech is Central to Global Trade
Hydrogen requires liquefaction at -253°C for efficient distribution. Liquid hydrogen is highly valued for its high energy density and feasibility in long-distance transport. Thus, the continued adoption of green hydrogen is creating demand for advanced cryogenic logistics.
INOX India is strongly positioned to play a pivotal role in the burgeoning green hydrogen sector. The company’s Industrial Gas division designs, manufactures, and installs specialized cryogenic tanks for storing, transporting, and distributing green hydrogen. Their cutting-edge solutions directly align with India’s broader green hydrogen initiatives.
From ISRO to South Korea: Mapping INOX India’s Global Hydrogen Footprint
INOX India has already secured significant projects and partnerships that cement its role in the hydrogen value chain. It successfully commissioned its first liquid hydrogen tank installation in South Korea, which is being used for mobility applications.
INOX secured a major order for an 86-kilo-liter (KL) Liquid Hydrogen Storage Tank from India’s space agency (ISRO). Furthermore, they secured an order for a 2KL Liquid Hydrogen Tank from a New Zealand customer (name not disclosed). This is a significant milestone in expanding its hydrogen portfolio.
The Fabrum Alliance: A Strategic Framework for the APAC Hydrogen Market
To further expand its footprint in the liquid hydrogen space, INOX has established a framework with Fabrum, a New Zealand-based leader in hydrogen production, liquefaction, storage, and delivery. Through this partnership, Fabrum will prioritize utilizing INOX’s liquid hydrogen storage vessels for its projects in the APAC region.
On the other hand, INOX will prioritize selling Fabram’s hydrogen liquefiers and boil-off gas management systems.
FY26 Financial Audit: 24% PAT Growth Anchored by a ₹1,457 Crore Backlog
From a financial perspective, revenue rose 20% year-on-year to ₹1,157 crore. EBITDA grew by 23% to ₹281 crore, while margins stood at 24.3%. As a result, net profit surged by 24% to ₹189 crore. INOX had an order backlog of ₹1,457 crore. About 63% originates from exports and 37% from the domestic market, ensuring revenue visibility for a year.
INOX Share Price
Valuation Verdict: Strong ROE vs. Premium Pricing
The return ratios (Return on Capital Employed and Return on Equity) of all three companies are strong. In terms of valuation, Sterling & Wilson is trading at nearly double its historical multiple and in line with the industry median multiple.
Both Advait and Inox valuations are at a premium to the industry. But the former is trading near its 5-year historical median, while the latter is trading at a discount to the 2-year median multiple.
| Valuation Comparison (X) | |||||
| EV/EBITDA Multiple | Return Ratios | ||||
| Company | Company | 5Y Median | Industry Median | RoCE (%) | RoE (%) |
| Sterling & Wilson | 11.1 | 5.6 | 10.7 | 26.2 | 31.4 |
| Advait Energy | 24.7 | 23.8 | 14.4 | 26.9 | 22.5 |
| Inox India | 36.6 | 50.5 (2Y) | 14.4 | 38.0 | 29.0 |
| Source: Screener.in (Data as of 4th May 2026) | |||||
India’s hydrogen push is no longer a distant theme. A ₹19,744 crore policy backing and a 5 MMT target by 2030 are setting the pace. Within this, a ₹70,000 crore opportunity is emerging across the value chain. Sterling & Wilson, Advait, and INOX are already moving early. Opportunity is still unfolding, and thus it’s worth keeping these stocks on your watchlist.
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 were unavailable have we used an alternative, widely accepted, and widely used source of information.
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.
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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