Industry Odyssey : A National Industry Analysis Challenge By IIM Udaipur

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Industry Odyssey is IIM Udaipur’s national industry analysis challenge, hosted in collaboration with Consultu, the institute’s consulting club. The competition tests participants on their ability to conduct rigorous, consultant-grade industry analysis rather than company-specific case solving, making it one of the more demanding formats in the B-school circuit. Team Madras Mavericks from IIM Rohtak won the competition, a strong result that reflects the depth of their macro-to-micro analytical structure and the quality of their strategic synthesis.

India’s green hydrogen industry sits at a critical inflection point. The National Green Hydrogen Mission (NGHM) has set ambitious 2030 targets, 5 million metric tonnes of annual production, ₹8 lakh crore in investments, and 50 MMT of annual CO2 abatement, but the sector is currently far behind. With only 12,000 MT installed against a 5 MT target, SECI tenders delayed up to 11 times, and green hydrogen production costs at ₹350–₹450 per kg versus grey hydrogen at ₹160–₹200 per kg, the gap between policy ambition and market reality is wide. The deck asks and answers what structural conditions, demand levers, and policy interventions can close that gap before rivals like Australia, Namibia, and Egypt claim India’s export corridors.

The deck opens with a complete industry anatomy mapping the four-stage green hydrogen value chain from renewable energy and electrolyzers through storage and transport to end-use sectors including oil refining, fertilizers, steel, and transport. A full PESTEL analysis anchors the macro context, covering government backing through the NGHM, ₹600 crore in subsidy allocation, 6,00,000 projected jobs, and the Green Hydrogen Certification Scheme as the emerging legal standard. Porter’s Five Forces reveals a high-rivalry, high-supplier-power industry shaped by imported electrolyzer dependence and price-sensitive industrial buyers, useful framing for any clean energy case. The industry lifecycle analysis places India firmly in the Early Adoption phase (2024–2028), with the scaling phase expected between 2028–2035, identifying the current moment as the highest-value entry window.

The demand-side analysis is granular and sector-specific. Domestic blending mandates project 500,000 MT demand from oil refining, 100,000 MT from natural gas, and 900,000 MT from fertilizers by 2030. Green steel emerges as the deck’s most compelling demand thesis, EU’s Carbon Border Adjustment Mechanism (CBAM) makes low-carbon Indian steel competitive in European markets, driving 130,000–180,000 MT of green hydrogen demand from EU-bound exports alone. The three-scenario demand projection (Optimistic: 202% CAGR for 2022–25, Realistic: 147%, Pessimistic: 59%) gives readers a structured view of how policy and cost variables translate into market scale. The policy analysis and clean energy infrastructure framing here shares strong resonance with Nautica 2026 – MDI Gurgaon – Integrated Pollution Governance.

The export and infrastructure section maps India’s dual-coast advantage, the East Coast (VOC Port, Paradip) serving Japan, Singapore, and South Korea, and the West Coast (JNPA, Deendayal) serving European buyers, with India targeting 11 million MT of annual hydrogen supply to Europe and Singapore. The six-point policy roadmap that closes the deck covering demand stabilization, industrial adoption obligations, national certification, city gas blending, and offtaker risk reduction is the most actionable output of the analysis and functions as a consulting-grade strategic blueprint. These long-horizon infrastructure and policy execution frameworks are also central to the work in Cityscape 2.0 – IIM Rohtak & Lucknow.

Key Takeaways:

• Industry lifecycle positioning (S-curve analysis) is a powerful frame for identifying whether a sector is in emergence, early adoption, or scaling, and what that means for investment and entry timing
• CBAM is a structural demand catalyst for Indian green steel exports and by extension for green hydrogen, a link most generic analysis misses
• Dual-coast port strategy creates a natural hedge across Asian and European export corridors, reducing concentration risk in India’s hydrogen trade ambitions
• The gap between policy mandate and installed capacity (12,000 MT vs 5 MT target) signals that demand-side certainty, not supply-side subsidy is the primary bottleneck to unlock
• Green hydrogen’s path to cost competitiveness requires parallel progress on electrolyzer localisation, renewable energy pairing, and offtake risk de-risking no single lever is sufficient

4. The Numbers

India’s green hydrogen market stood at USD 1,400 million in 2024 with 862,000 MT production capacity and 10 GW of dedicated renewable energy. Production cost for green hydrogen sits at ₹350–₹450 per kg, nearly double that of grey hydrogen (₹160–₹200 per kg), with the target being below $2 per kg for industrial viability. Under a realistic scenario, demand CAGR is projected at 147% for 2022–25 and 57% for 2025–30. Green steel exports alone could drive 130,000–180,000 MT of additional green hydrogen demand, with direct GH and green ammonia exports potentially adding 800,000 to 1 million MT of incremental demand.

This deck is essential for MBA students preparing for industry analysis cases, consulting interviews, or ESG and energy strategy competitions. Anyone targeting roles in sustainability consulting, infrastructure advisory, or public policy will find the PESTEL, Porter’s Five Forces, and S-curve analysis directly applicable. It is equally valuable for students building their understanding of how macro policy frameworks, NGHM, CBAM, SIGHT, translate into investable industry theses. For more winning decks across clean energy, policy strategy, and industry analysis, explore CaseBuzz.

• Nautica 2026 – MDI Gurgaon – Integrated Pollution Governance – ESG policy, climate governance, and environmental strategy with strong thematic overlap.
• Cityscape 2.0 – IIM Rohtak & Lucknow – Long-horizon infrastructure execution, climate resilience, and urban sustainability strategy.
• Impetus Finals – Adani Wilmar Vertical Farming – ESG business model, sustainable agriculture, and operations strategy in a clean economy context.
• GNFC Neem Project – Profit With Purpose – Public sector sustainability strategy, triple bottom line thinking, and CSR with policy linkages.