Top Green Hydrogen Stocks in India 2025

India is rapidly moving toward a clean energy future, and green hydrogen is emerging as a strategic focus for investors. With zero emissions, wide industrial use, and government support, it stands out as a scalable solution for sectors like steel, transport, and power. Hence, this sector is a serious growth opportunity for forward-looking investors.

This blog covers the top 10 Green Hydrogen stocks in India and what’s driving their growth in the clean energy space.

Understanding the Green Hydrogen Sector in India

India’s green hydrogen market is projected to reach $340 billion by 2050, driven by the rise of Green Hydrogen manufacturing companies and strong policy support. The National Green Hydrogen Mission, launched in 2023 with an initial outlay of $2.4 billion, plays a key role in this growth. It aims to achieve at least 5 million tonnes of annual green hydrogen production by 2030, backed by an addition of around 125 GW of renewable energy capacity.

This mission also focuses on cutting 50 million metric tonnes of CO2 emissions each year and reducing fossil fuel imports worth over ₹1 lakh crore by 2030. It is expected to create over 6,00,000 jobs and attract investments exceeding ₹8 lakh crore. So far, 19 companies have been allocated 8,62,000 tonnes per annum (TPA) green hydrogen production capacity, and 15 firms have been awarded 3,000 MW electrolyser capacity.

Additionally, Green Hydrogen Hubs will be developed to unlock the sector’s full potential, with a strong focus on R&D and pilot projects in steel, mobility, and shipping. To attain this, India is planning to export 4,00,000 tonnes of green hydrogen products to countries like Japan and Singapore. Supported by robust certification and infrastructure, this move aligns with India’s National Green Hydrogen Mission and showcases its commitment to sustainable energy and international collaboration. All these efforts aim to promote Green Hydrogen Companies in India while positioning itself as the market leader. 

List of Top Green Hydrogen Stocks in India 2025

Green Hydrogen shares in India are generally considered growth stocks owing to their popularity and increasing demand. But the question here is, which are the best ones to invest in?

Here is the list of Green Hydrogen stocks in India with a promising future to invest in. 

Overview of Top Green Hydrogen Companies in India

To invest in shares in India, one needs to know the basics of the company well. So, here is a brief overview of the best Green Hydrogen companies to invest in today:

1. Reliance Industries Ltd.

If you’re looking to invest in listed green hydrogen stocks, Reliance Industries is one of them to go for. It is a leading Indian conglomerate with operations in energy, petrochemicals, retail, and now a growing focus on green hydrogen.

It recently secured a government contract to build a transmission system. It will handle 3 GW of power for green hydrogen and ammonia projects in Gujarat’s Kandla region by acquiring Kandla GHA Transmission Limited.  Under the government’s SIGHT scheme, Reliance was also awarded the capacity to produce 49,000 tonnes of green hydrogen annually.

2. Larsen & Toubro (L&T)

L&T is one of the companies that is rapidly strengthening its position in India’s green hydrogen sector with its dedicated arm, L&T Green. In April 2025, L&T incorporated L&T Green Energy Kandla Pvt Ltd to focus on green hydrogen and derivatives, marking a strategic expansion. 

Earlier, L&T Green commissioned a green hydrogen plant at its Hazira complex for internal use, with an 800 kW electrolyser and rooftop solar power. These steps highlight L&T Green’s commitment to scaling green hydrogen production and supporting India’s clean energy goals.

3. Oil & Natural Gas Corporation (ONGC)

ONGC is India’s largest oil producer and one of the best Green Hydrogen stocks for the long term. It plans to invest around ₹1 trillion by 2030 to build a 10 GW renewable energy portfolio and launch large-scale green hydrogen and ammonia plants.

It also recently signed an MoU with Greenko ZeroC Private Limited (Greenko) to develop green hydrogen and its derivatives across India. 

Further, ONGC and NTPC have a 50:50 joint venture for renewable energy, recently acquiring Ayana Renewable Power to expand their green portfolio. ONGC also signed an MoU with BHEL to collaborate on renewable and green hydrogen projects, supporting India’s clean energy goals.

4. Indian Oil Corporation Ltd. (IOCL)

IOCL is a refining and fuel retail leader. It is taking a big step at its Panipat refinery by setting up the country’s largest green hydrogen plant, with L&T Energy GreenTech building and operating the facility. It will produce 10,000 tonnes annually using renewable energy-powered electrolysis. 

The company is also scaling up its renewable energy portfolio, having recently approved an investment of ₹1,086 crore to develop 4.3 GW of renewable energy capacity through its subsidiary, Terra Clean, as part of its broader strategy to integrate green hydrogen and renewables into its operations.

This 25-year build-own-operate agreement is a key part of IOCL’s ambitious ₹2.4 trillion green energy transition plan. This aims to set up green hydrogen units at all refineries and achieve net-zero carbon emissions by 2046. 

5. Adani Green Energy Ltd.

Adani Green is a major renewable player implementing India’s largest green hydrogen blending project in Gujarat. Here, it is blending 2.2–2.3% green hydrogen into piped natural gas for over 4,000 households in Ahmedabad, aiming to increase the blend to 8% gradually. 

Adani Energy Solutions and Adani Green Energy have joined the utilities for Net Zero Alliance to accelerate clean energy goals. AGEL also partnered with TotalEnergies in a strategic joint venture to expand renewable projects in India, supporting India’s 50 GW renewable target by 2030 and net zero by 2050.

Additionally, the efficient green hydrogen transmission infrastructure is further strengthening Adani’s role in India’s clean energy transition. It also expanded its operations capacity by 30% in FY25, becoming one of the best performing Green Hydrogen stocks in India.

6. Bharat Petroleum Corporation Ltd. (BPCL)

BPCL is a government-managed oil and gas company that works to refine, distribute, and market petroleum products across India. It is stepping up its green hydrogen efforts with a 5 MW plant at the Bina refinery, producing over 780 tonnes annually to cut carbon emissions by around 9,000 tonnes per year.

In partnership with Sembcorp Green Hydrogen India, BPCL plans to develop renewable energy projects across India, targeting a 10 GW portfolio and net-zero emissions by 2040. It is also working on India’s first integrated green hydrogen plant and fueling station at Kochi Airport, jointly developed with Cochin International Airport Ltd. (CIAL). 

7. Tata Power Company Ltd.

Tata Power is a private energy company known for its large-scale solar and wind capacity. Through its subsidiary Tata Power Renewable Energy Limited (TPREL), Tata Power has signed an MoU with the Andhra Pradesh government to develop 7 GW of renewable energy projects. 

This initiative will directly support the state’s ambitious plan to establish 1.5 MMTPS of green hydrogen production capacity over the next five years. Its 2025 outlook further emphasises that renewable energy, particularly solar and wind, will be pivotal in powering green hydrogen production and driving industrial decarbonisation in India.

Additionally, its wholly owned subsidiary, TPREL is building large-scale hybrid projects, such as a 200 MW FDRE project with NTPC to provide round-the-clock green power, which is essential for green hydrogen production.

8. GAIL India Ltd.

GAIL is India’s leading gas transmission company, pioneering hydrogen blending and operating one of the country’s earliest hydrogen plants. It is one of the top green hydrogen manufacturing company shares to focus on. It started its first 10 MW green hydrogen plant in Vijaipur, Madhya Pradesh, in 2024, which produces about 4.3 tonnes of clean hydrogen every day using renewable energy. 

Additionally, to reach net-zero emissions by 2035, the company is also expanding its reach to multiple sectors. For this, GAIL has signed an MoU with Cummins to develop hydrogen production, blending, and storage efficiently. In May 2025, GAIL signed an MoU with Karnataka to develop 1 GW of renewable projects, investing ₹5,000 crore, showcasing long-term stability.

9. NTPC Green Energy Ltd. (NGEL)

NGEL is a subsidiary of NTPC Ltd and is leading India’s push for green hydrogen. In January 2025, NGEL began work on the Pudimadaka Green Hydrogen Hub in Andhra Pradesh. It aims for 1,500 tonnes per day of green hydrogen and 7,500 tonnes per day of derivatives, with an investment of ₹1.85 lakh crore. 

NGEL is also piloting hydrogen fuel cell buses in Leh, advancing both green hydrogen production and green mobility in India. This is part of the Green Hydrogen Mobility Project. In fact, the NGEL IPO was the third-largest IPO of 2024, which makes it one of the best green hydrogen sector stocks for investors in India.

10. Waaree Energy

Waaree Energy is rapidly expanding into green hydrogen, backed by major news developments. In February 2025, Waaree launched a 300 MW alkaline electrolyser manufacturing facility in Valsad, Gujarat. 

The company also secured a Solar Energy Corporation of India (SECI) award to set up a 90,000 metric tonnes per annum green hydrogen plant under the government’s SIGHT scheme. These initiatives position Waaree as a key player in India’s clean energy transition, leveraging its solar expertise to support large-scale green hydrogen production.

Key Factors to Consider Before Investing in Green Hydrogen Stocks

When you plan to invest in the best green hydrogen stocks in India, you should first open a demat account online with a SEBI-registered broker. Once done, consider the following factors:

1. Government Policies and Incentives

The green hydrogen industry is highly policy-driven. Government initiatives, such as subsidies, mandates for green hydrogen blending, and carbon pricing, significantly influence the sector’s growth and profitability. Stay informed about national and international policy developments, as any changes can directly impact demand, pricing, and project viability.

2. Access to Renewable Energy

Green hydrogen production relies on renewable electricity from sources like solar and wind. Companies with access to low-cost, reliable renewable energy have a competitive advantage, as electricity costs form a major part of hydrogen production expenses. Evaluate whether the company has long-term power purchase agreements or captive renewable assets.

3. Technology and Scale

The green hydrogen sector is still evolving, with ongoing advancements in electrolyser technology and efficiency. Companies investing in cutting-edge technology or scaling up production capacity are better positioned for future growth. Assess their partnerships, R&D investments, and plans for technological upgrades.

4. Financial Strength

Green hydrogen projects require substantial capital investment and often have long gestation periods. Review the company’s balance sheet, debt levels, and funding sources. Strong financials signal the ability to withstand industry volatility, invest in expansion, and bridge the gap until projects become profitable.

5. Offtake Agreements and End-User Demand

Long-term supply contracts (offtake agreements) with reliable customers, such as refineries, fertiliser plants, or export markets, provide revenue visibility and reduce market risk. Check if the company has secured such agreements or has a clear strategy to access domestic and international demand.

6. Diversification & Risk Management

Companies focused solely on green hydrogen may face higher risks due to technology changes, regulatory uncertainty, or market fluctuations. Prefer companies with diversified portfolios, such as those involved in renewable power, hydrogen derivatives (like green ammonia), or related infrastructure. Diversification helps cushion against sector-specific shocks and ensures more stable returns.

Final Thoughts

Green Hydrogen is moving from policy papers to real projects. With companies entering the space and momentum building, this could be a smart addition to your portfolio. If you’re looking to invest in what’s next, start with the right platform. Open an account with Share.Market and explore this great investing opportunity. 

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Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to  https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.