Top Green Hydrogen Stocks for Investment in India

India is also making a strategic move to the forefront of the clean energy transition, and green hydrogen is an important component of that plan. With the National Hydrogen Mission and other enabling policy frameworks set by the government, significant investment across the economy is being catalysed to advance hydrogen from a niche scientific solution to a commercial industry necessity.

Listed companies are already exploring this development, building production plants, distribution facilities, and infrastructure to realise this disruptive opportunity as the country expands substantial renewable power capacities in addition to hydrogen-based manufacturing and transport.

The green hydrogen ecosystem in India offers a mix of value chain players ranging from major integrated energy companies that build end-to-end solutions to specialised manufacturers and infrastructure providers that help scale the sector. An investor keen on gaining exposure to India’s hydrogen revolution should understand the strategic positioning and operational capabilities of the major movers in the industry. With an ever-growing ecosystem, many listed entities in the Indian hydrogen sector are becoming significant contributors to India’s transition to green hydrogen and offer potential investment opportunities.

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To Discover the Best Green Hydrogen Stocks

Key energy majors and renewable innovators developing large-scale hydrogen production and infrastructure are driving a strong investment opportunity in India’s green hydrogen sector during its clean energy transition. Supported by robust government incentives under the National Green Hydrogen Mission and growing industrial demand, the ecosystem includes power, refining, and infrastructure companies. Together, these companies stand to spearhead India’s hydrogen revolution and support its ambitions for energy independence and climate action.

Here is the List of Green Hydrogen Stocks that Investors Should Look Out For

Reliance Industries Limited

India’s largest conglomerate is constructing integrated renewable-powered hydrogen manufacturing facilities in Gujarat as it designs supply chains for hydrogen-fuelled vehicle transport and industry.
Focus: Vertical integration of the hydrogen ecosystem with existing energy infrastructure.

Adani Green Energy Limited

As the country's largest renewable firm, Adani is establishing off-grid hydrogen installations using distributed solar systems to deliver sustainable and decentralised clean-fuel solutions.
Focus: Decentralised and technology-based hydrogen production models.

NTPC Limited

India’s electricity generation giant aims to create a massive hydrogen hub that integrates renewable capacity with chemical manufacturing to supply industrial customers throughout eastern India.
Focus: Coordinated infrastructure development for hydrogen derivatives on a large scale.

Indian Oil Corporation Limited

IOC is setting up India's largest green hydrogen facility at its Panipat refinery to substitute fossil-derived hydrogen on-site by leveraging existing distribution and customer networks.
Focus: Reduction in operational emissions by replacing hydrogen in refining processes.

Larsen & Toubro Limited

L&T is designing and manufacturing its own domestically-designed electrolysers and working on large-scale hydrogen infrastructure projects to become a leading builder of infrastructure in the sector.
Focus: Capabilities as a technology provider and project executor for hydrogen infrastructure.

GAIL (India) Limited

GAIL operates megawatt-scale hydrogen generation plants and enjoys unique advantages with its nationwide gas pipeline network facilitating hydrogen integration into existing distribution systems.
Focus: Leveraging existing pipeline infrastructure for hydrogen blending and distribution.

JSW Energy Limited

With confirmed multi-year supply agreements in place, JSW has commissioned India’s largest green hydrogen facility, directly supplying adjacent steel plants for clean iron ore reduction.
Focus: Direct industrial demand integration eliminating transportation inefficiencies.

Bharat Petroleum Corporation Limited

Using government-supported initiatives, BPCL is building hydrogen capacity at Bina, Kochi, and Mumbai refineries to replace conventional hydrogen used for hydrocracking operations.
Key Theme: Decarbonised multi-location refineries adopting green hydrogen.

Hindustan Petroleum Corporation Limited

HPCL is developing green hydrogen units at two refineries in Visakhapatnam and Mumbai to replace fossil-derived hydrogen in desulphurisation processes while meeting decarbonisation targets.
Core Focus: Sustainable operational transformation across major refinery complexes.

Thermax Limited

Through international partnerships, Thermax manufactures indigenous versions of advanced alkaline and solid oxide electrolysis systems, reducing India’s reliance on technology imports.
Focus: Indigenous technology development and electrolyser manufacturing for sector scaling.

Power Grid Corporation of India Limited

POWERGRID is investing in transmission infrastructure connecting renewable energy sources to hydrogen production facilities, providing an essential backbone for scaling distributed hydrogen production.
Scope: Transmission facilities providing vital infrastructure for renewable-hydrogen integration.

Hindustan Copper Limited

Hindustan Copper (HCL) indirectly supports the hydrogen ecosystem through mineral extraction partnerships, as copper and other resources are essential for renewable energy infrastructure powering hydrogen production.
Primary Area: Supply chain support for critical mineral extraction for renewable infrastructure.

Check Before Investing in Green Hydrogen Stocks

Technology maturity and competitive positioning:
Assess the readiness, production efficiency, and competitive position of a company’s electrolyser technology. Risk is lower for companies with existing production facilities and proven technology compared with those at an early stage.

Policy alignment and government support:
Examine how dependent companies are on government-sponsored measures such as production tax credits and investment support. Firms with diversified revenue streams outside policy incentives offer greater stability.

End-user demand and off-take agreements:
Determine whether the company has signed long-term supply contracts with industrial customers in refining, steel, or fertiliser sectors. Strong demand commitments significantly reduce commercialisation risk.

Infrastructure development and operational issues:
Consider the company’s renewable infrastructure (electricity and water supply), supply chain resilience, water availability, and grid access for renewable power. Companies with existing infrastructure enjoy a competitive edge over new entrants.

Benefits of Investing in the Best Green Hydrogen Stocks

Investing in leading clean energy companies supports the transition to a low-carbon economy while aligning with global sustainability goals. The sector presents growth potential as government policies, incentives, and public investment accelerate hydrogen adoption in industry and transport.

Long-term relevance is ensured by backing companies innovating advanced technologies and infrastructure in a rapidly expanding energy sector with both export and domestic demand. It broadens investment portfolios with companies that can reduce fossil fuel dependence, strengthen energy security, and support India’s industrial decarbonisation.

Conclusion

Overall, India’s determined push into green hydrogen is establishing a blueprint for a fundamentally new clean energy landscape – underpinned by strong government commitment, extensive renewable capacity, and growing industrial demand. Numerous large energy corporations, state-owned enterprises, and renewable innovators are developing production, infrastructure, and supply chains to pioneer this emerging sector.

For investors, understanding key players and assessing technology, policy, demand, and infrastructure readiness will be vital to capturing the most from India’s hydrogen revolution. Investing in top green hydrogen stocks not only aligns portfolios with global sustainability goals but also provides exposure to an industry transforming energy, industry, and transportation – advancing India’s energy security and export potential for a sustainable future.