India is entering a new era of clean energy transition, and green hydrogen is at the heart of this revolution. With the government’s ambitious National Green Hydrogen Mission targeting 5 million metric tonnes of green hydrogen production by 2030, investors are closely watching companies that are pioneering this space. In 2025, several leading Indian companies—from energy giants to engineering leaders—are investing heavily in hydrogen plants, electrolyser technology, and renewable integrations. For long-term investors, this presents a golden opportunity to ride the wave of India’s green energy future.
What is Green Hydrogen
Green Hydrogen is a clean and sustainable form of hydrogen fuel that is produced using renewable energy sources like solar, wind, or hydropower. The process involves splitting water (H₂O) into hydrogen (H₂) and oxygen (O₂) through a method called electrolysis, which is powered by renewable electricity. Since no carbon dioxide (CO₂) or harmful greenhouse gases are released during this process, the hydrogen produced is called “green.”
Unlike grey hydrogen (made from natural gas with high emissions) or blue hydrogen (where emissions are partially captured), green hydrogen is completely eco-friendly and helps in reducing dependence on fossil fuels.
It can be used in multiple industries such as:
- Transportation (fuel cells for buses, trucks, and trains)
- Steel & Cement (as a clean fuel instead of coal)
- Fertilizers (as a substitute for natural gas-based hydrogen)
- Power Generation & Storage (balancing renewable energy supply)
👉 In simple terms, green hydrogen is the fuel of the future, helping the world transition towards a net-zero carbon economy.
Why Invest in Green Hydrogen?
Before we dive into the list, let’s understand why green hydrogen is gaining traction:
- Clean Alternative: Hydrogen produced from renewable energy has near-zero emissions.
- Global Push: Nations worldwide are adopting hydrogen for industrial fuel, power generation, and mobility.
- Government Support: India has rolled out policy support, subsidies, and production-linked incentives.
- Diversified Applications: Can be used in refineries, fertilizers, transport, shipping, and steel plants.
Top Green Hydrogen Stocks in India 2025
1. Reliance Industries Ltd (RIL)
- Current Price (2025): ~₹1,400–₹1,438
- Market Cap: India’s largest conglomerate
- Hydrogen Projects:
- Developing a mega Giga Complex in Jamnagar with focus on hydrogen, solar, and batteries.
- Target to produce green hydrogen at $1/kg by 2030, making it one of the cheapest globally.
Why Invest?
Reliance has deep financial strength and technology partnerships. With its dominance in energy and retail, it can scale hydrogen faster than most peers.
2. Larsen & Toubro (L&T)
- Current Price (2025): ~₹3,600–₹3,665
- Hydrogen Projects:
- Established India’s first green hydrogen plant at Hazira.
- Launched L&T Green Energy Kandla Pvt Ltd (2025) to focus on hydrogen.
- Partnering with electrolyser technology providers.
Why Invest?
As India’s top engineering and construction firm, L&T will be a key beneficiary of hydrogen infrastructure projects, from electrolyser plants to industrial hubs.
3. NTPC Green Energy (NGEL)
- Current Price (2025): ~₹106–₹108
- Background: Subsidiary of NTPC, listed via IPO in late 2024.
- Hydrogen Projects:
- Building a Green Hydrogen Hub at Pudimadaka (Andhra Pradesh) with massive capacity.
- Targeting 1,500 tonnes/day production.
Why Invest?
NTPC Green is a pure-play green energy stock—making it one of the most direct investments in hydrogen. Strong institutional backing and policy support make it attractive for long-term investors.
4. ONGC (Oil & Natural Gas Corporation)
- Current Price (2025): ~₹241–₹245
- Hydrogen Projects:
- Collaborations with Greenko, BHEL, and NTPC Green.
- Plans to produce green hydrogen & green ammonia.
- Diversifying beyond oil & gas to secure its future.
Why Invest?
ONGC’s scale and experience in energy infrastructure make it a strong hydrogen play, especially as India shifts away from fossil fuels.
5. Indian Oil Corporation (IOC)
- Current Price (2025): ~₹143
- Hydrogen Projects:
- Setting up 10,000 tonnes/year hydrogen facility at Panipat refinery.
- Integrating hydrogen into refineries and transport projects.
Why Invest?
IOC is already experimenting with hydrogen-powered buses and has a vast network that can accelerate hydrogen adoption in transportation.
6. Adani Green Energy
- Hydrogen Projects:
- Working on hydrogen blending in natural gas pipelines.
- Partnering with TotalEnergies for hydrogen expansion.
- Backed by Adani’s large renewable energy portfolio.
Why Invest?
Adani Green has one of the largest renewable portfolios in India. Its hydrogen push is well-supported by solar and wind capacity.
7. Bharat Petroleum Corporation Ltd (BPCL)
- Current Price (2025): ~₹320
- Hydrogen Projects:
- JV with Sembcorp to build green hydrogen and renewables.
- Developing hydrogen plants at airports for cleaner aviation fuel.
Why Invest?
BPCL is transforming its refining business with hydrogen integration. Early mover in aviation hydrogen fuel in India.
8. GAIL (India) Ltd
- Current Price (2025): ~₹196
- Hydrogen Projects:
- Set up India’s first hydrogen blending project at Vijaipur.
- Hydrogen production of 4.3 tonnes/day underway.
- Expanding into renewable gas and hydrogen distribution.
Why Invest?
As India’s leading gas distributor, GAIL can integrate hydrogen into pipelines—a huge advantage in scaling adoption.
9. Tata Power
- Hydrogen Projects:
- Signed MoU with Andhra Pradesh for 1.5 MMT hydrogen capacity.
- Partnering with NTPC for hybrid renewable setups.
Why Invest?
Tata Power’s strong renewable base ensures hydrogen adoption at scale. A trusted name with government tie-ups.
10. JSW Energy
- Hydrogen Projects:
- Commissioned a 3,800 tonnes/year hydrogen plant in March 2025.
- Long-term hydrogen supply contracts with industrial users.
Why Invest?
JSW Energy is a fast-growing renewable company. Its hydrogen plant is one of the largest operational in India today.
Comparison Table – Green Hydrogen Leaders in India 2025
| Company | Current Price (₹) | Key Hydrogen Focus | Why Consider? |
|---|---|---|---|
| Reliance RIL | 1,400–1,438 | Giga Complex, low-cost hydrogen by 2030 | Scale & capital strength |
| L&T | 3,600–3,665 | Hazira hydrogen plant, infra developer | Infra & execution leader |
| NTPC Green | 106–108 | Pure hydrogen play, Pudimadaka hub | Direct hydrogen exposure |
| ONGC | 241–245 | Green hydrogen & ammonia with partners | Diversifying beyond oil |
| IOC | 143 | Panipat 10k TPA hydrogen facility | Transport & refinery integration |
| Adani Green | — | Blending hydrogen, global JV with TotalEnergies | Strong renewable base |
| BPCL | 320 | JV with Sembcorp, aviation hydrogen | Aviation fuel pioneer |
| GAIL | 196 | Hydrogen blending project at Vijaipur | Pipeline integration |
| Tata Power | — | 1.5 MMT hydrogen capacity MoU | Renewable + hydrogen synergy |
| JSW Energy | — | 3,800 TPA hydrogen plant operational | Early large-scale mover |
The Future of Green Hydrogen in India
The future of green hydrogen in India looks highly promising, as the country is actively moving towards clean energy and net-zero carbon goals. With the government’s National Green Hydrogen Mission aiming to make India a global hub for hydrogen production and export, massive investments are being made in renewable infrastructure, electrolyzer manufacturing, and hydrogen-powered technologies. By 2030, India targets to produce 5 million metric tonnes of green hydrogen annually, reducing dependence on fossil fuel imports and strengthening energy security. Major companies like Reliance Industries, Adani Group, NTPC, and Indian Oil are already investing in large-scale projects, which indicates rapid industry growth. Additionally, green hydrogen has wide applications across sectors such as transportation, steel, fertilizers, and power generation, making it a game-changer for India’s sustainable development. With falling renewable energy costs, technological advancements, and strong policy support, green hydrogen is set to play a pivotal role in transforming India into a clean energy powerhouse over the next decade.
Benefits of Investing in the Best Green Hydrogen Stocks
1. Alignment with Environmental Sustainability
Investing in green hydrogen stocks allows investors to contribute directly to global sustainability goals. By supporting companies involved in clean hydrogen production, you are aligning your portfolio with ecological responsibility and helping reduce the world’s dependence on fossil fuels.
2. Potential for Long-Term Growth
The green hydrogen sector is still at a nascent stage, which means there is enormous room for growth. As global and domestic demand for clean energy rises, companies in this space are expected to expand significantly. Early investors in green hydrogen stocks stand a good chance of reaping attractive returns in the long term.
3. Diversification Benefits
Including green hydrogen stocks in your portfolio adds diversification, reducing overall risk. These stocks offer exposure to the clean energy sector, balancing traditional holdings in oil, gas, or other conventional energy industries.
4. Strong Government Support and Incentives
Governments worldwide, including India, are offering favorable policies, grants, and subsidies to promote green hydrogen. Initiatives like India’s National Green Hydrogen Mission create a supportive environment for these companies, boosting investor confidence.
5. Contribution to Decarbonization Efforts
Green hydrogen plays a key role in decarbonizing industries such as steel, fertilizers, cement, transportation, and power. By investing in this sector, you’re not only seeking financial returns but also supporting the global transition towards a low-carbon economy.
Final Thought
Green hydrogen is not just a clean fuel; it represents a revolutionary step towards building a sustainable future. With its ability to decarbonize hard-to-abate industries, provide clean mobility solutions, and support renewable energy integration, it holds immense potential for India and the world. As costs fall and technology advances, green hydrogen could become the backbone of a carbon-free energy ecosystem, reducing dependency on fossil fuels and enhancing energy security. For investors, businesses, and policymakers, this is the right time to embrace green hydrogen and contribute to shaping a greener, self-reliant, and more sustainable India.
Why is Green Hydrogen important for India?
India is one of the largest energy consumers in the world and depends heavily on fossil fuel imports. Green hydrogen can reduce this dependence, cut carbon emissions, and help India achieve its net-zero carbon target by 2070.
What is the National Green Hydrogen Mission?
Launched by the Government of India, this mission aims to make India a global hub for the production and export of green hydrogen, with a target of producing 5 million metric tonnes annually by 2030.
Which sectors will benefit most from Green Hydrogen?
Sectors like transportation, steel, cement, fertilizers, power generation, and shipping will benefit the most as they shift from fossil fuels to green hydrogen.
What are the top companies working on Green Hydrogen in India?
Major companies like Reliance Industries, Adani Group, NTPC, Indian Oil Corporation, and Larsen & Toubro are actively investing in large-scale green hydrogen projects.
Is investing in Green Hydrogen stocks a good idea?
Yes, with strong government support, technological advancements, and rising demand for clean energy, green hydrogen stocks are considered a high-potential investment for the long term.
What are the challenges in adopting Green Hydrogen?
Currently, high production costs, limited infrastructure, and the need for large-scale renewable power are the main challenges. However, with innovation and policy support, these costs are expected to decline in the coming years.
