Best Green Hydrogen Stocks in India 2026

(The stocks mentioned in the blog are as per Market Capitalisation)

India’s green hydrogen energy stock industry is aiming to achieve energy independence by 2047 and net-zero emissions by 2070. To meet these ambitious targets, India is increasingly embracing green hydrogen energy.

This eco-friendly and sustainable fuel source is expected to play a crucial role in reshaping India’s energy landscape. In this blog, you will learn about the best green hydrogen stocks in India that are contributing to a cleaner, more sustainable future. 

Green Hydrogen Industry in India – A Brief Overview

The green hydrogen sector in India is growing as the country aims to achieve energy independence in the next couple of years. Green hydrogen is produced via electrolysis, in which renewable energy, such as solar and wind power, is used to split water into hydrogen and oxygen. This creates a clean fuel that can replace fossil fuels, reducing pollution. 

The demand for green hydrogen is growing rapidly, as it has the potential to decarbonise sectors such as transportation, shipping, and steel production. It can replace traditional fuels in vehicles and industry, and serve as a backup for renewable energy sources. With its various uses, green hydrogen can power vehicles, heat buildings, and make chemicals and fertilisers.

As of 2026, the green hydrogen industry in India is transitioning from announcements to early-stage execution, primarily driven by the NGHM (National Green Hydrogen Mission) launched in 2023. The country aims to become a global hub for use, exports, and production, with a target of 5 MMT (million metric tonnes) in annual production by the year 2030. The sector has reportedly garnered more than ₹8 lakh crore in investments, while the targeted impact is a reduction of more than ₹1 lakh crore in fossil fuel imports and the abatement of 50 MMT of annual CO2 emissions. 

As of February this year, the country has already commissioned close to 8,000 tonnes per annum (TPA) in green hydrogen production capacity. Discovered costs through the SIGHT scheme’s competitive bidding mechanism are about ₹387- ₹397 per kg (inclusive of GST) for refinery supply, a major dip from early projections but still above the 2030 target. 19 companies have also been allocated annual production capacity (862,000 tonnes) under the SIGHT Scheme, with 15 entities being awarded 3,000 MW in annual electrolyser manufacturing capacity. 

JSW Energy has already commissioned the country’s biggest green hydrogen plant in Karnataka’s Vijayanagar, supplying about 3,800 TPA to JSW Steel. On the other hand, NTPC has commissioned India’s first green hydrogen blending project in the PNG (piped natural gas) network at Kawas in Surat. Adani New Industries is investing US$50 billion over 10 years, with 1 MMTPA of production targeted before 2030, while Reliance Industries Ltd has committed US$10 billion to build a new ecosystem, including green hydrogen.

Indian Oil Corporation is setting up its 10,000 TPA plant at the Panipat refinery, while Larsen & Toubro has commissioned a 1 MW electrolyser manufacturing facility. AM Green is also developing a 2 GW project in Kakinada, which is expected to be the second-largest globally upon completion. The latest Union Budget maintained an allocation of ₹600 crore for the sector in FY2026-27. Three main ports, namely Deendayal in Gujarat, V.O. Chidambaranar in Tamil Nadu and Paradip in Odisha, have also been recognised as Green Hydrogen hubs. 

Top Green Hydrogen Stocks in India in 2026 as per Market Capitalisation

The following table provides a list of the top green hydrogen companies’ stocks in India as per market capitalisation:

(data as of April 24, 2026)

*Our stock selection criteria for top stocks based on Market Capitalisation are mentioned at the bottom of this blog.

Overview of Best Green Hydrogen Stocks in India 2026

The following provides a brief overview of the green hydrogen stocks listed above, as per market capitalisation:

• Reliance Industries Ltd 

Led by Mukesh Ambani, Reliance Industries Ltd (RIL) is swiftly transforming from a traditional hydrocarbon-focused conglomerate into a global renewable energy leader, betting big on green hydrogen. As of April 2026, RIL is the country’s leading green hydrogen stock, owing to its integrated, large-scale sand-to-molecule investment blueprint. It is building an extensive new energy ecosystem in Jamnagar, Gujarat, to produce green hydrogen and derivatives such as methanol and green ammonia (for both export and domestic use). 

RIL also controls the entire value chain, with electrolyser manufacturing (3 GW in capacity), solar PV modules (20 GW in planned capacity), and battery manufacturing (40 GWh from this year). The target is to produce 3 million tonnes of green hydrogen per year by 2032, with a production cost of US$1 per kg by 2030. It has already opened its solar giga and battery giga factories, while the electrolyser giga factory will be operational by the end of 2026. The company has also earmarked more than ₹75,000 crore for this new energy ecosystem. Also, the Dhirubhai Ambani Green Energy Giga Complex in Kutch covers 550,000 acres and is one of the world’s largest integrated projects. It also has an agreement with Nel Hydrogen Electrolyser AS from Norway to produce their alkaline electrolysers in India. 

For Q2 FY26, RIL posted net profits of ₹221,460 million, with new energy expected to be as profitable as its O2C business within 5-7 years. The company has also won a tender for setting up a transmission system to evacuate 3 GW of power for green ammonia/hydrogen manufacturing in Gujarat’s Kandla area. For FY2025, RIL posted gross revenue of ₹10,71,174 crore with a consolidated PAT (profit after tax) of ₹1,83,422 crore. 

Larsen and Toubro Ltd (L&T) is a leading Indian multinational company in the engineering, procurement and construction (EPC) sector. It has also positioned itself strategically in the green hydrogen industry through its wholly-owned subsidiary, L&T Energy GreenTech (LTEG). As of April 2026, the company has already secured several long-term deals that will help it establish itself as an integrated provider throughout the green hydrogen value chain. LTEG recently signed a long-term agreement with ITOCHU Corporation of Japan to supply 300,000 tonnes per annum (TPA) of green ammonia from its proposed facility in Kandla, Gujarat. This project is poised to become a major export hub for the green marine fuel segment. 

L&T is also building the country’s largest green hydrogen plant for IOCL (Indian Oil Corporation Limited) in Panipat, which will produce 10,000 TPA of green hydrogen. It is also manufacturing indigenous alkaline electrolysers at its facility in Hazira to reduce dependence on imports. In December 2025, the company reported growth of 30% in its order book to ₹7.3 trillion, with recurring net profit going up by 31% (year-on-year) to touch ₹44 billion for Q3 FY26. The company has also successfully commissioned a 1 MW green hydrogen plant for the Deendayal Port Authority (DPA) at Kandla, which produces about 140 metric tonnes per year. For FY2024-25, the company touched consolidated revenues of ₹2,55,734 crore (15.7% growth) with PAT (profit after tax) of ₹17,673 crore. 

Adani Power Ltd (APL) is a subsidiary of the Adani Group and the largest private-sector thermal power producer in the country. Its core business is coal-fired power, although it is also engaged in backing the Group’s green hydrogen and renewable energy blueprint. The company is actively expanding capacity while also investing in cleaner energy alternatives. It mainly supports green hydrogen initiatives through its group entity, ANIL (Adani New Industries Ltd.), which aims to be the world’s largest integrated green hydrogen player. It offers a captive green energy supply while backing the captive green energy supply necessary to produce hydrogen. 

The Group has already commissioned the country’s first 5 MW off-grid green hydrogen pilot plant in Kutch, Gujarat, in June last year. APL is also focusing on thermal modernisation and biomass co-firing to reduce emissions. The Adani Group is also planning to invest over $50 billion over 10 years to produce up to 3 MMTPA (million metric tonnes per annum) of green hydrogen, with the first phase starting production by FY27. 18,150 MW as of September 2025 is the installed capacity, particularly with key acquisitions like Vidarbha Industries Power Ltd. APL is targeting capacity expansion to more than 41,000 MW by 2031-32, with 23,720 MW under various stages of development or planning. The company posted Q3 FY26 revenues of ₹12,994.70 crore, while its continuing EBITDA stood at ₹4,636.38 crore. Its PAT (profit after tax) stands at ₹2,488.09 crore for this period, along with ₹41,876.19 crore for the 9 months of FY26 revenue. 

India’s biggest power utility, NTPC Limited (earlier National Thermal Power Corporation), is steadily undergoing a major transition towards becoming a green energy producer. It runs its green hydrogen and renewable energy initiatives mainly through its subsidiary, NTPC Green Energy Ltd (NGEL). The parent company is a Maharatna PSU, while the green arm focuses on solar, green hydrogen and wind energy. It focuses on developing large-scale green hydrogen hubs, green ammonia/methanol production facilities, and storage solutions. It is currently developing a 1,500 TPD (tonnes per day) green hydrogen hub in Pudimadaka, Andhra Pradesh. The company is targeting a renewable energy capacity of 60 GW by 2032 and a 10% reduction in its net energy intensity. 

The total installed renewable capacity crossed 10 GW by 31st March, 2026, with more than 4,200 MW added in FY26. It is also planning to invest ₹5 trillion in green initiatives by 2030, with more than 21 GW of renewable energy projects under construction/tender as of November, 2024. NTPC Ltd is also targeting 1 million metric tons of green hydrogen by 2030. It reported a Q4 FY25 net profit of ₹7,897 crore (22% YoY growth) and full-year FY25 revenue of ₹1,90,862 crore (an increase of 5%). Full-year FY25 net profit stood at ₹23,953 crore, and it recommended a final dividend of ₹3.35 per share for FY25 as well. NGEL also went public in late 2024 as a separate entity and listed on November 27, 2024, with an issue of ₹10,000 crore. Its revenues for FY24 stood at ₹1,963 crore, with PAT (profit after tax) of ₹344 crore. The company has also set up a 74:26 JV (joint venture) with Rajasthan Rajya Vidyut Utpadan Nigam for 25 GW of renewable energy and 1 million tonnes of green hydrogen. It is also working on plasma-based gasification of municipal waste (MSW) to generate high-purity hydrogen. It is a 1-ton-per-day pilot exercise at present. 

• Power Grid Corporation of India Ltd 

Power Grid Corporation of India Ltd (PGCIL) is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power. It serves as the largest electric power transmission utility in India. While mainly a transmission entity, it is expanding swiftly into energy storage and green hydrogen to support the country’s National Green Hydrogen Mission. It accounts for about 84% of India’s inter-regional power transmission capacity, transmitting close to 45% of the total power generated in the country. As of late 2025, it managed 1,83,174 ckm of transmission lines along with more than 288 substations. 

It is also developing a pilot green hydrogen project at its sub-station in Neemrana, leveraging solar power for hydrogen production. This will be converted back to electricity at night for captive usage. It also signed a Memorandum of Understanding (MoU) with ONGC (Oil and Natural Gas Corporation) to collaborate on clean energy and green hydrogen projects. The FY26 capex target for the company has gone up to ₹32,000 crore, and it has more than ₹1.48 trillion worth of projects in hand. As of January 2026, 50% of the company’s operational needs are met via renewable sources. The Government of India holds a 51.34% stake in the entity, while it is a consistent dividend payer, yielding about 3.51-4%. 

For Q3 FY26, the company’s revenues stood at ₹11,005 crore, indicating YoY growth of 8.7%, while its net profit stood at ₹4,160 crore (6.8% YoY growth). The company’s EBITDA margin went up to 85.95% while consolidated total income stood at ₹35,714 for the 9 months of FY26. Its ₹ 32-crore Neemrana project will demonstrate 24/7 clean-energy potential, with hydrogen storage for non-solar hours and overnight use. It is also backing India’s target of 500 GW in non-fossil fuel capacity by 2030 with its major transmission upgrade (Green Energy Corridor). 

Factors to Consider Before Investing in Green Hydrogen Stocks in India

Before you invest in green hydrogen companies in India, consider these key factors:

• Government Policies and Incentives

Before investing in green hydrogen stocks in India, you should monitor government policies related to renewable energy, including the National Green Hydrogen Projects. You should also consider potential incentives and subsidies available to green hydrogen companies.

• Technological Advancement

Companies involved in green hydrogen often invest in advanced technologies, including cutting-edge electrolysis techniques, effective storage solutions and scalable production methods. These innovations reflect the commitment of hydrogen fuel companies in India to drive progress within the green hydrogen sector.

• Market Demand and Growth Potential 

Considering the market demand for green hydrogen stocks in India, their growth potential is crucial. Therefore, you should research the potential demand for green hydrogen and assess the long-term prospects of green hydrogen companies in the country.

Assessing the financial performance of green hydrogen companies in India is vital before you invest. So, make sure to examine the company’s financial statements, including revenue growth, profit margins and cash flow to make a well-informed decision.

Should You Invest in Green Hydrogen Stocks?

When considering investing in green hydrogen stocks, it is essential to understand the challenges the industry faces. There are concerns about the high costs associated with producing green hydrogen due to the technology involved in the electrolysis process. However, technological advancements and rising demand are expected to drive cost reductions over time, making it more affordable. 

On the other hand, the infrastructure for storing, transporting and distributing green hydrogen remains underdeveloped. This gap presents an investment opportunity, potentially leading to job creation and economic growth. Despite competition from cheaper fossil fuels, growing awareness of their environmental impact may boost demand for green hydrogen in the long run.

Therefore, before considering an investment in green hydrogen stocks, conducting comprehensive research and staying up to date with industry developments are crucial.

The Bottom Line 

Green hydrogen stocks in India offer a promising opportunity for you if you want to align your investment portfolios with sustainable, eco-friendly ventures.

While the sector faces challenges such as high production costs and infrastructure constraints, it is well-positioned for substantial growth driven by technological advancements and rising demand.

By staying informed and conducting thorough research, you can seize opportunities in the evolving green hydrogen industry while contributing to India’s transition to cleaner energy sources.