The piece maps five listed “anchors” across the chain, not just producers, but also the builders and industrial users who’ll absorb hydrogen first. L&T sits in the infrastructure layer, citing large order inflows and work on an indigenous electrolyser stack. NTPC is positioned as a scaled producer, tying renewable buildout to green hydrogen/green ammonia plans, including a 70,000 tpa green ammonia supply bid.

JSW Energy is highlighted for early execution with a commissioned 3,800 tpa green hydrogen plant at Vijayanagar. On the demand side, Indian Oil is a natural early adopter because refineries already consume large volumes of hydrogen, so the “grey to green” switch is a logical pathway as economics improve. And GSFC represents fertilisers, another heavy hydrogen user via ammonia, making it a candidate beneficiary once clean hydrogen becomes cost-competitive

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