Best Green Hydrogen Stocks in India: How to Identify, Budget Allocations, and More

According to a recent report, energy use has doubled in the last twenty years and is likely to grow by at least 25% by 2030. As a result, many countries are rapidly investing in renewable energy resources, including green hydrogen. Consequently, the green hydrogen industry in India is gaining popularity. The stocks of hydrogen companies involved in producing, storing, and distributing green hydrogen have become increasingly popular among investors. 

The future of green hydrogen looks promising, making hydrogen sector stocks in India an attractive option for many investors. This blog will discuss the growing green hydrogen market, top green hydrogen stocks in India and their pots and parameters.

Best Green Hydrogen Stocks in India for 2025

Here is a list of the top-performing green hydrogen stocks in India :

Disclaimer: Please note that the above table is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Stock Screener and is subject to real-time updates.

Note: The data in the best green hydrogen stocks in India list is dynamic and subject to real-time changes. This data is derived from Tickertape Stock Screener.

🚀 Pro Tip: You can use Tickertape’s Stock Screener to research and evaluate stocks with over 200+ filters and parameters.

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Top Green Hydrogen Companies in India: An Overview

Here is a brief overview of the top green hydrogen companies in India listed in NSE from our curated list above, which represent some of the top hydrogen stocks in the market:

Bharat Petroleum Corporation Ltd

Bharat Petroleum Corporation Ltd (BPCL) is a leading oil and gas company in India, actively investing in green hydrogen technology. Partnering with Bhabha Atomic Research Centre (BARC) in 2021, BPCL is developing Alkaline electrolyser technology for green hydrogen production. The company aims to achieve 1,000 MW capacity by 2027 using renewable energy sources.

Indian Oil Corporation Ltd

Indian Oil Corporation Ltd (IOCL) is India’s largest oil-refining and marketing company, expanding its presence in green hydrogen. With expertise in refining, petrochemicals, and energy solutions, IOCL is strategically investing in hydrogen production to lead India’s clean energy transition. The company is a key player in the country’s hydrogen economy and sustainability initiatives.

Jindal Stainless Ltd

Haryana’s first green hydrogen project in Hisar was set up by Jindal Stainless Ltd. with Hygenco and inaugurated by Union Minister Jyotiraditya M. Scindia. As potentially one of the most promising hydrogen power stocks, this project aims to cut 2,700 metric tonnes of carbon emissions annually, totalling 54,000 tonnes over 20 years. It also includes floating solar panels to minimise water evaporation.

Oil and Natural Gas Corporation Ltd

ONGC, India’s largest crude oil and natural gas producer, is making a significant push into green hydrogen. The Maharatna company plans to invest ₹ 800-850 bn ($9.6-10.2 bn) by 2035 to establish a green hydrogen production capacity of two million tonnes per year. This move strengthens its position in India’s renewable energy landscape.

Gail (India) Ltd

GAIL (India) Ltd is a state-owned natural gas company and a key player in India’s hydrogen economy. It focuses on gas transmission, marketing, and petrochemicals while expanding into green hydrogen production. GAIL is actively working on hydrogen blending and electrolyser projects to support India’s clean energy transition and reduce carbon footprints.

NTPC Ltd

NTPC Ltd, India’s largest power generation company, is pioneering green hydrogen initiatives to support its renewable energy expansion. The company is developing pilot projects for hydrogen-based energy solutions, including hydrogen-powered mobility and storage. NTPC’s efforts align with India’s goal of achieving net-zero emissions and transitioning to sustainable energy sources.  As one of the hydrogen power companies at the forefront of renewable energy stocks, NTPC is making significant strides. 

Larsen & Toubro Ltd

Larsen & Toubro Ltd (L&T) is a multinational conglomerate specialising in engineering, construction, and technology. With a strong focus on green hydrogen, L&T is developing large-scale electrolyser manufacturing and hydrogen infrastructure projects. The company is a key player in India’s transition toward clean energy and hydrogen-based industries.

Adani Green Energy Ltd

Adani Green Energy is one of the top green hydrogen manufacturers and a leader among the renewable energy stocks in India. With a vast portfolio of solar and wind energy projects, Adani is positioning itself as a major green hydrogen manufacturer. The company plays a crucial role in India’s clean energy future and decarbonisation efforts.

JSW Energy Ltd

JSW Energy Ltd is a significant player in India’s power sector, focusing on renewable energy and green hydrogen initiatives. The company generates and sells electricity and positions itself at the forefront of hydrogen fuel cell companies stocks in the country. JSW Energy is actively developing hydrogen-based energy solutions, positioning itself as a key contender in India’s clean energy market.

Reliance Industries Ltd

Reliance Industries Ltd (RIL), led by Mukesh Ambani, is making a major shift from grey hydrogen to green hydrogen by 2025. At the 2022 Annual General Meeting, RIL announced its plans to become a leading green hydrogen producer. The company also launched India’s first hydrogen-powered truck in partnership with Ashok Leyland, marking a milestone in hydrogen mobility.

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Confused About Which Green Hydrogen Stocks to Invest in? Consider Exploring smallcase

Green Energy smallcase: This smallcase comprises a portfolio of stocks positioned to gain from the shift in energy production towards renewables from fossil fuels. This transition spurs growth throughout the energy sector, especially in transmission and distribution. It involves upgrading grid infrastructure for better stability and enhancing distribution networks for efficiency.

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What are Green Hydrogen Stocks in India?

Green hydrogen is a form of renewable energy. It is formed when water (H₂O) molecules are split into two chemical components: hydrogen (H2) and Oxygen (O2). Thus, when we talk about green hydrogen, we mean hydrogen obtained without emitting pollution, i.e. sustainable hydrogen. This fuel is already being hailed as the key to global decarbonisation and fulfilling climate change commitments by 2050, which is why many investors are excited about the future of green hydrogen.

Green hydrogen energy stocks refer to the hydrogen companies’ stock in India that produce, store, and distribute green hydrogen. India’s green hydrogen fuel companies use wind or solar power to power the electrolysis process for green hydrogen production, where an electrolyser is used to split water into hydrogen and oxygen. Tracking the share price of leading electrolyser manufacturers is also essential for investors looking at the growth potential in the green hydrogen industry in India.

Union Budget 2025-26 Allocations Relevant to the Green Hydrogen Sector

The National Green Hydrogen Mission sees its budget doubled to ₹600 cr. in the Union Budget 2025-26, against ₹300 cr. (Received Estimate) in 2024-25. This significant increase highlights the government’s commitment to the hydrogen market and industry in India. Targeting an annual production of 5 million metric tons by 2030, this mission seeks to transform India into a major global producer and exporter of green hydrogen. The National Green Hydrogen Mission is designed to facilitate the transition to a low-carbon economy, reduce dependence on fossil fuel imports, and establish India as a leader in green hydrogen technology and market dynamics. These developments are promising for investors looking at top hydrogen stocks in the country. Read more about the National Green Hydrogen Mission below!

National Green Hydrogen Mission

As India’s economy expands, its energy and resource demands are set to rise. The National Green Hydrogen Mission aims to drive the country toward energy independence by 2047 and achieve net-zero emissions by 2070. Launched as part of the National Hydrogen Mission, it promotes the development and adoption of green hydrogen as a sustainable energy source.

In the Union Budget 2023, the Indian government allocated ₹19,700 crore to accelerate green hydrogen production, providing a significant boost to hydrogen companies. The mission focuses on reducing reliance on fossil fuels by advancing hydrogen production technologies such as hydrolysis, steam methane reforming, and biomass gasification. This initiative has positively influenced the hydrogen stock market, attracting investors to the sector.

To build a robust green hydrogen ecosystem, the mission fosters innovation, investment, and economic growth. It also supports the establishment of Green Hydrogen Hubs—regions capable of large-scale hydrogen production and utilisation. At least two such hubs will be developed in the initial phase, with an allocation of ₹400 crore up to 2025-26 for infrastructure and related projects. This strategic initiative positions India as a leader in the global hydrogen economy.

Features of Green Hydrogen Stocks in India

Green hydrogen stocks on the Indian NSE represent a burgeoning sector at the forefront of sustainable energy. Understanding their distinctive features is crucial for informed investment decisions.

• Production Methods: The best green hydrogen fuel stocks in India derive their appeal from environmentally friendly production methods. Electrolysis powered by renewable energy sources, such as solar and wind, distinguishes them from conventional hydrogen production, positioning them among the best renewable energy stocks.
• Carbon Neutrality: A defining feature of green hydrogen companies is the commitment to carbon neutrality. Hydrogen-producing companies in India strive to minimise or completely offset their carbon footprint, contributing to global efforts to combat climate change and enhancing their appeal as the best green energy stocks.
• Technological Innovation: Innovation is a cornerstone of the green hydrogen industry, with green hydrogen companies in India listed in NSE investing in advanced electrolysis techniques, efficient storage solutions, and scalable production methods. These innovations highlight the sector’s drive towards enhancing the efficiency and viability of green hydrogen as an energy source, which is critical for the hydrogen market growth.
• Strategic Partnerships: The formation of strategic partnerships with hydrogen fuel cell companies in India, governments, and technology providers plays a significant role in the scalability and success of green hydrogen initiatives. These collaborations are pivotal in overcoming industry challenges and achieving long-term objectives, which is why many of the largest hydrogen companies are forming strategic alliances.
• Policy and Regulatory Environment: The regulatory landscape significantly impacts green hydrogen energy stocks in India. Being aware of supportive policies, subsidies, and regulatory frameworks is vital for assessing the long-term viability and growth potential of these green hydrogen shares in India and the broader hydrogen industry.
• Market Dynamics: A thorough understanding of market dynamics is essential for successful investments in the top green hydrogen stocks in India. Factors such as global demand, competition, and geopolitical influences are key determinants of the performance of green hydrogen stocks in India and the overall hydrogen market.

Benefits of Investing in Green Hydrogen Stocks

Thus, there are several advantages to adding green hydrogen stocks in India to your portfolio or investing on the smallcase platform. Now, let’s have a look at the benefits of investing in the hydrogen sector stocks in India:

• Growth Potential: The demand for clean energy is increasing as more countries and businesses commit to reducing their carbon footprint. As a result, the demand for green hydrogen companies’ stock in India is expected to grow rapidly in the coming years, which could lead to significant opportunities in the hydrogen market.
• Diversification: Adding green hydrogen stocks on the NSE to your portfolio may help diversify your investments, which can reduce risk. Green hydrogen investments or the best hydrogen fuel cell stocks are less likely to be correlated with other assets in your portfolio, such as traditional renewable energy stocks or bonds.
• Environmental Benefits: Green hydrogen shares in India support transitioning to a more sustainable and environmentally friendly energy system. Thus, investing in green hydrogen production companies in India that produce or use green hydrogen can potentially contribute to developing a low-carbon economy, which is the future of green hydrogen.
• Innovation and Technological Advancements: Investing in green hydrogen-related stocks in India can support the development of new technologies and innovations in the energy sector. Hence, this can lead to new investment opportunities as green hydrogen-listed companies in India develop and commercialise new products and services, including hydrogen cars and power stocks.

Challenges of Investing in Green Hydrogen Stocks

When evaluating the best hydrogen stocks in India, it’s essential to consider specific challenges the hydrogen industry faces, which can be viewed as opportunities for innovation and growth.

• High Costs: Some may view the production of green hydrogen as expensive due to the hydrogen technology used in the electrolysis process. However, with increased demand and technological advancements in the green hydrogen industry, cost reductions can occur with improved efficiency, potentially boosting hydrogen stock prices.
• Limited Infrastructure: The infrastructure for storing, transporting, and distributing green hydrogen is not yet well developed. However, this presents an opportunity for green hydrogen manufacturing companies in India to invest in new infrastructure (such as pipelines and storage facilities), creating new jobs and economic growth in the hydrogen market.
• Competition from Fossil Fuels: Though fossil fuels remain cheaper than green hydrogen, they are harmful in the long run. Thus, increasing awareness about the environmental impacts of fossil fuels presents an opportunity for green hydrogen fuel companies listed in India to become a more competitive option in the long run, which is why many consider them among the best renewable energy stocks.
• Regulation and Policy: Regulations and policies surrounding the production and use of green hydrogen are still in their early stages. However, this presents an opportunity for policymakers to collaborate with hydrogen industry leaders to incentivise the growth of the top green hydrogen stocks in India.

How to Identify the Best Green Hydrogen Stocks?

Investing in green hydrogen, a key component of India’s renewable energy strategy, requires discernment and strategic analysis. Here’s how you can identify the best hydrogen stocks in India:

• Understand the Industry: It can be helpful to gain a solid understanding of the green hydrogen industry and its applications across various sectors, such as fertilisers, steel, and mobility, including the potential for hydrogen car stocks.
• Research Companies: Investors can look for green hydrogen-producing companies in India stocks that are actively involved in producing or using green hydrogen. When comparing the listed companies among hydrogen manufacturers in India, it’s essential to consider their financial stability, technological innovation, and long-term growth potential in the hydrogen market.
• Financial Analysis: Investors can evaluate the economic stability of these hydrogen power companies through their financial statements, focusing on profitability, revenue streams related to green hydrogen, and overall financial health, which impacts hydrogen stocks’ price.
• Government Policies: It can be helpful to analyse the impact of Indian government initiatives like the National Hydrogen Mission, which might influence sector growth of green hydrogen stocks in NSE and bring potential subsidies and incentives for hydrogen companies stock.
• ESG Factors: Consider Environmental, Social, and Governance (ESG) ratings to ensure sustainable and responsible investing in top hydrogen stocks in the country.
• Industry Collaborations: Check for strategic partnerships that could provide technological advancements and market expansion opportunities for hydrogen fuel cell companies.
• Sector Outlook and Expert Opinions: Consider the sector’s long-term growth potential and consult industry analysts’ forecasts and recommendations for hydrogen sector stocks in India.

Identifying the best green hydrogen stocks in India involves a thorough market analysis, understanding the policy landscape, and evaluating company fundamentals. Investors should closely monitor the green hydrogen share prices in India as companies focus on renewable energy projects, which could include hydrogen car stocks and hydrogen power stocks as well.

Who Should Invest In Green Hydrogen Sector Stocks?

Investing in hydrogen sector stocks in India is particularly suited for a specific investor profile due to the unique characteristics and stage of the industry. Here’s who should consider investing in the best hydrogen stocks:

• Risk-Tolerant Investors: Given the emergent nature of the green hydrogen industry, it can entail higher volatility and risk. Investors who can withstand potential downturns and have a higher risk appetite are well-positioned for such investments in hydrogen companies’ stock.
• ESG-focused Investors: Individuals or institutions looking to bolster their portfolios with environmentally sustainable investments will find that top green hydrogen stocks align well with their goals. These green stocks contribute directly to reducing carbon footprints and advancing renewable energy technologies, making them attractive as the best green energy stocks.
• Diversified Investors: Green hydrogen stocks can broaden the investment landscape of those seeking to diversify their portfolios across different energy sources, especially in renewable energy stocks and future technologies like hydrogen power stocks.

Factors to Consider Before Investing in Green Hydrogen Companies in India

Investing in green hydrogen companies in India or green energy stocks may be a promising opportunity for investors looking to capitalise on the growth potential of the clean energy industry. Here are some of the most important factors to keep in mind when considering hydrogen companies stock:

• Government Policies and Regulations: Investing in India’s hydrogen-related or green hydrogen fuel cell stocks presents a promising opportunity for those looking to capitalise on the hydrogen industry’s growth potential. A critical factor for investors is understanding government policies and regulations. Green hydrogen production in India is in its nascent stages, making it essential for investors to stay informed about renewable energy policies, including the National Green Hydrogen Projects, alongside available incentives and subsidies for green hydrogen fuel companies in India.
• Market Demand and Growth Potential: Another pivotal consideration is India’s market demand and growth potential for green hydrogen. Investors must thoroughly research the expected demand for green hydrogen stocks in India and evaluate the long-term growth prospects of green hydrogen fuel companies. This factor is crucial in determining investments’ viability and future success in the hydrogen sector stocks in India.
• Financial Performance: Assessing the economic performance of green hydrogen companies in India is imperative before investing. Reviewing financial statements, including revenue growth, profit margins, and cash flow, will aid investors in making informed decisions about the best hydrogen stocks.
• A Viable Alternative Energy Source: Investors in green hydrogen companies in India are often motivated by the desire to affect the environment positively. Therefore, investors need to evaluate the environmental impacts of the hydrogen energy companies they are considering, especially when looking at the future of green hydrogen.

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To Wrap It Up…

To conclude, green hydrogen is gaining attention as a clean energy source that can contribute to a sustainable future. The push toward renewable energy has placed every leading hydrogen company in India at the forefront of the green hydrogen revolution. Therefore, governments worldwide are prioritising decarbonisation and renewable energy, resulting in the rise of green hydrogen shares in India. Investors interested in renewable energy can now explore more green hydrogen stocks or check out the green hydrogen stocks at smallcase!

Frequently Asked Questions About Green Hydrogen Stocks

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