India’s ₹8 lakh crore green hydrogen push is shifting toward on-the-ground project execution. Waaree Energies, Advait Energy Transitions, and JSW Energy are moving ahead with new manufacturing plants and supply agreements. Investors are evaluating these firms based on their capacity, technology localization, and long-term sales contracts as the sector moves from policy to production.
India’s transition toward a green hydrogen economy is accelerating as companies move from initial planning to building physical manufacturing infrastructure. The government's broader target of achieving 5 million metric tonnes of annual production capacity by 2030 has prompted significant capital spending among major players in the renewable energy sector.
Waaree Energies: Electrolyzer Expansion
Waaree Energies is committing ₹657 crore to establish an electrolyzer manufacturing facility in Dungri, Gujarat. The company plans to reach an annual production capacity of 1 GW by fiscal year 2027. This project is supported by government production-linked incentives, which are designed to reduce the cost of local manufacturing. Beyond the manufacturing plant, the company holds an order book of ₹152 crore for various green hydrogen initiatives. For investors, the company's focus on integrating electrolyzer production with its existing solar and battery storage business remains a point of interest, as it aims to provide end-to-end energy solutions.
Advait Energy Transitions: Localization Efforts
Advait Energy Transitions, through its subsidiary Advait Green Energy, is working to localize electrolyzer technology. The company has already set up an assembly facility for Alkaline Electrolyzers and is targeting a capacity of 100 MW by the final quarter of fiscal year 2027, with long-term plans to scale to 300 MW. A key part of its strategy involves a technology partnership with the Chinese firm Jiangsu Guofu. The success of this model will depend on the company's ability to successfully onboard local vendors for critical components, which is essential to maintain cost-effectiveness and supply chain stability.
JSW Energy: Active Commissioning
JSW Energy has taken a different approach by commissioning a commercial-scale green hydrogen plant with a capacity of 3,800 Tonnes Per Annum (TPA). Unlike projects still under construction, this facility is already operational and is supported by a seven-year offtake agreement, which provides revenue visibility for the output. The company has also secured an additional award for 6,500 TPA capacity under the government's SIGHT program. The focus for JSW Energy moving forward will be on how effectively it scales these operations through further captive use agreements.
Financial Context and Investor Monitorables
The shift to commercial implementation brings different financial profiles to the fore. Waaree Energies has reported high return ratios, with a return on capital employed of 30.5% and a return on equity of 38.8%. In comparison, JSW Energy’s return figures currently reflect its heavy ongoing capital spending on infrastructure. Valuation levels also vary, with Waaree trading at a discount to its industry median, while Advait and JSW Energy trade at a premium, albeit below their historical three-year averages. As these companies continue their expansion, investors will monitor project commissioning timelines, the success of technology localization, and the ability of these firms to secure long-term offtake agreements to ensure high plant utilization.