List of Top Green Hydrogen Stocks in India for 2026
As of 2026, India’s National Green Hydrogen Mission targets 5 MMT of annual production by 2030, backed by ₹19,744 cr. Incentives cover 8.62 lakh tonnes of production capacity and 3,000 MW of electrolyser manufacturing, supporting hydrogen producers, equipment makers and renewable energy suppliers. These developments can also influence the green hydrogen share price of listed companies exposed to the sector.
Top Green Hydrogen Stocks in India
Tuesday, 20 October, 2026
| symbol | Company | ticker | slug | Sector | Market Price | 52W High | 52W Low | Market Cap (Cr.) | PE Ratio | Industry PE | PB Ratio | Div. Yield (%) | ROE (%) | 1YReturns | 3YReturns | 5YReturns | Market Cap Label | Industry Group | Industry | Sub Industry | percentageChange |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ADAN | Adani Power Ltd | ADANIPOWER | /stocks/adani-power-ADAN | Power Generation | 194.08 | 254.20 | 128.10 | 377,690.75 | 29.43 | 24.68 | 5.67 | 0.00 | 20.64 | 13.96 | 181.72 | 677.25 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Independent Power Producers & Energy Traders | -0.90 |
| ADNA | Adani Green Energy Ltd | ADANIGREEN | /stocks/adani-green-energy-ADNA | Renewable Energy | 1,295.20 | 1,631.50 | 765.00 | 214,462.34 | 129.82 | 24.68 | 7.18 | 0.00 | 6.30 | 25.25 | 38.82 | 9.64 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Renewable Electricity | -0.52 |
| BPCL | Bharat Petroleum Corporation Limited | BPCL | /stocks/bharat-petroleum-corporation-BPCL | Oil & Gas - Refining & Marketing | 294.30 | 391.65 | 266.60 | 127,335.14 | 4.93 | 11.34 | 1.27 | 5.87 | 28.47 | -12.85 | 66.41 | 29.92 | Largecap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Refining & Marketing | 0.27 |
| GAIL | Gail (India) Ltd | GAIL | /stocks/gail-india-GAIL | Gas Distribution | 167.30 | 186.87 | 134.36 | 110,527.09 | 14.58 | 24.68 | 1.24 | 3.27 | 8.69 | -6.23 | 29.39 | 61.13 | Largecap | Utilities | Gas Utilities | Gas Utilities | -0.48 |
| IOC | Indian Oil Corporation Limited | IOC | /stocks/indian-oil-corporation-IOC | Oil & Gas - Refining & Marketing | 130.25 | 188.96 | 124.92 | 184,112.71 | 4.37 | 11.34 | 0.82 | 6.33 | 20.21 | -15.34 | 43.68 | 46.02 | Largecap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Refining & Marketing | -0.10 |
| LART | Larsen and Toubro Ltd | LT | /stocks/larsen-and-toubro-LART | Construction & Engineering | 3,661.90 | 4,440.00 | 3,288.10 | 499,050.87 | 31.03 | 41.22 | 3.88 | 1.05 | 13.19 | -5.44 | 19.89 | 98.36 | Largecap | Capital Goods | Construction & Engineering | Construction & Engineering | 0.96 |
| NTPC | NTPC Ltd | NTPC | /stocks/ntpc-NTPC | Power Generation | 309.00 | 414.40 | 305.70 | 305,590.43 | 11.30 | 24.68 | 1.45 | 2.86 | 13.45 | -9.64 | 29.02 | 106.48 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Independent Power Producers & Energy Traders | -1.95 |
| OILI | Oil India Ltd | OIL | /stocks/oil-india-OILI | Oil & Gas - Exploration & Production | 449.00 | 531.00 | 395.60 | 72,384.05 | 10.93 | 11.34 | 1.13 | 2.58 | 11.17 | 10.33 | 107.80 | 188.43 | Midcap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Exploration & Production | 0.90 |
| PGRD | Power Grid Corporation of India Limited | POWERGRID | /stocks/power-grid-corporation-of-india-PGRD | Power Transmission & Distribution | 250.35 | 324.95 | 244.65 | 232,933.62 | 14.62 | 24.68 | 2.32 | 3.59 | 16.49 | -13.13 | 21.65 | 68.03 | Largecap | Utilities | Electric Utilities | Electric Utilities | -0.04 |
| RELI | Reliance Industries Ltd | RELIANCE | /stocks/reliance-industries-RELI | Oil & Gas - Refining & Marketing | 1,202.00 | 1,611.80 | 1,152.20 | 1,639,061.09 | 20.29 | 11.34 | 1.51 | 0.50 | 7.71 | -18.05 | 4.24 | -3.07 | Largecap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Refining & Marketing | -0.76 |
Disclaimer: Please note that the above list is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.
Note: The data in the above table is dynamic in nature and subject to real-time changes. This data is derived from Tickertape Stock Screener.
Selection Criteria – Companies that are associated with the green hydrogen sector in India, based on publicly available information.
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Explore screensWhat are Green Hydrogen Stocks?
Green hydrogen stocks are shares in companies that produce, store, or distribute hydrogen made with renewable energy. Green hydrogen companies in India are central to the clean energy push and global climate commitments.
How to Invest in Green Hydrogen Stocks?
Here is how you can invest in green energy stocks in India:
- Open a demat/trading/stockbroker account. You can open a demat account with smallcase!
- Research the Top green hydrogen stocks in India using tools like Tickertape Stock Screener, which provides 200+ filters to track hydrogen sector stocks and clean energy stocks.
- Place a ‘Buy’ Order on the top green hydrogen energy stocks that align with your investment thesis.
About the Top Green Hydrogen Companies in India
- Reliance Industries Ltd: Reliance, founded in 1966, operates across energy, retail, and digital services. The company is building green hydrogen ecosystem at Jamnagar, aiming to reduce emissions and support future clean-energy demand in India.
- Larsen & Toubro Ltd (L&T): L&T, founded in 1938, works across engineering, construction, and technology. The company manufactures electrolysers through partnerships and builds green hydrogen plants, pipelines, and related infrastructure.
- NTPC Ltd: NTPC, founded in 1975, is India’s largest power producer. The company runs pilot hydrogen projects for mobility, industry, and blending, while working on integrating renewables into the grid at scale.
- Adani Power Ltd: Adani Power, founded in 1996, focuses on thermal power generation while being part of a wider group investing in solar, wind, and emerging hydrogen projects.
- Power Grid Corporation of India Ltd: Power Grid, founded in 1989, manages India’s national transmission network. The company supports renewable energy growth through large transmission corridors and grid-stability services.
Budget Allocations in the Green Hydrogen Sector (FY 2025–26)
- Higher MNRE Allocation: Budgetary support for renewable energy increased in 2026 27. The MNRE allocation rose to ₹329.14 bn from ₹265.49 bn last year. Solar energy received ₹305.39 bn, which includes ₹220 bn for PM Surya Ghar and ₹50 bn for PM KUSUM.
- Targeted Support for Other Renewables: The Budget allocated ₹6 bn for green hydrogen. Wind and other renewable sources received ₹5.51 bn. Bioenergy received ₹2.75 bn, while green energy corridors received ₹5.99 bn to strengthen transmission infrastructure.
- Duty Rationalisation for Clean Energy Inputs: The government reduced customs duty to zero on sodium antimonate used in solar glass manufacturing. It also removed customs duty on capital goods used for lithium-ion battery storage. These steps lower input costs across clean energy value chains.
- Supply Chain and Decarbonisation Push: The Budget supported Rare Earth Corridors to strengthen clean technology supply chains. It also announced a ₹200 bn outlay for carbon capture utilisation and storage over five years to support industrial decarbonisation.
Benefits of Investing in Green Hydrogen Stocks in India
- Policy Support: The National Green Hydrogen Mission carries a ₹19,744 cr outlay, including ₹17,490 cr for the SIGHT programme. This supports hydrogen production, electrolyser manufacturing, pilot projects and research across India’s emerging hydrogen value chain.
- Production Expansion: By March 2026, incentives had been awarded for 8.62 lakh tonnes of annual green hydrogen production capacity across 18 companies. This indicates a shift from policy planning to project development and commercial capacity creation.
- Electrolyser Manufacturing: India had awarded 3,000 MW of annual electrolyser manufacturing capacity to 15 companies by March 2026. Domestic manufacturing can expand opportunities for equipment suppliers, engineering businesses and companies involved in hydrogen-production infrastructure.
- Fertiliser Demand: SECI discovered prices for 7.24 lakh tonnes of annual green ammonia supply across 13 fertiliser units. This creates a defined industrial demand channel for hydrogen derivatives beyond demonstration projects and early-stage pilots.
- Renewable Integration: India’s 2030 hydrogen target is associated with around 125 GW of additional renewable capacity. This links hydrogen growth with solar, wind and power infrastructure, broadening the opportunity beyond hydrogen producers alone.
Risks of Investing in Green Hydrogen Stocks
- High Production Costs: Green hydrogen remains costlier than conventional hydrogen in many applications. The IEA identifies energy and carbon prices as major determinants of acceptable hydrogen costs, making project economics sensitive to renewable-power pricing.
- Weak Firm Offtake: Globally, only around 20% of new low-emissions hydrogen offtake agreements signed in 2025 were firm commitments. This highlights demand uncertainty and the risk that announced projects may lack sufficiently contracted buyers.
- Project Delays: Hydrogen projects require land, renewable power, electrolysers, storage and customer agreements. Globally, many announced projects have faced delays or cancellations, showing that planned capacity does not necessarily translate into timely commercial production.
- Infrastructure Gaps: Hydrogen requires specialised storage, transport and handling infrastructure. The IEA notes that only a small share of announced hydrogen pipelines has reached operational or committed status, highlighting infrastructure as a commercial bottleneck.
- Policy Dependence: India’s green hydrogen economics currently rely partly on incentives, tenders and procurement support. Changes in subsidy structures, certification rules or government-backed demand programmes could alter project returns and commercial viability for individual companies.
Factors to Consider Before Investing in Green Hydrogen Stocks in India
- Revenue Exposure: Listed green hydrogen companies in India differ widely in hydrogen exposure. Some manufacture electrolysers, while others develop renewable power or hydrogen projects, so hydrogen’s actual revenue contribution provides clearer context than project announcements or strategic partnerships alone.
- Offtake Agreements: Long-term contracts can influence revenue visibility for hydrogen producers. SECI’s fertiliser programme covers 7.24 lakh tonnes annually, showing how contracted industrial demand can reduce uncertainty compared with projects dependent on future spot-market sales.
- Production Cost: Renewable electricity, electrolyser efficiency, water treatment and financing determine hydrogen production costs. Because energy prices strongly affect cost competitiveness, companies with different power-sourcing arrangements may report materially different project economics.
- Project Stage: Announced hydrogen capacity can remain years away from revenue. Project commissioning, land acquisition, financing closure, electrolyser installation and customer readiness indicate whether planned capacity is progressing towards actual production and commercial utilisation.
- Technology Capability: Electrolyser efficiency, durability and maintenance affect hydrogen output and operating costs. Technology partnerships and domestic manufacturing capabilities therefore influence how green hydrogen companies in India compete across alkaline, PEM and other electrolyser technologies as the market develops.
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To Wrap It Up…
Green hydrogen is emerging as an important part of India’s clean energy transition. Green hydrogen stocks offer exposure to businesses involved in hydrogen production, electrolysers, renewable power and related infrastructure. However, the sector still faces high production costs, infrastructure gaps and policy dependence. Tools like the Tickertape Stock Screener, with 200+ filters, can help compare financial strength, valuations, project exposure and other company-specific metrics across hydrogen energy stocks in India.
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Frequently Asked Questions About Green Hydrogen Stocks
1. What are green hydrogen stocks?
Green hydrogen stocks refer to the shares of green hydrogen companies in India involved in producing, storing, transporting, or distributing hydrogen made using renewable energy sources such as solar and wind.
2. How can investors identify the best green hydrogen stocks in 2025?
Investors can use platforms like Tickertape Stock Screener to analyse companies appearing on a green hydrogen stocks list. They can compare financial performance, returns, debt, project exposure and other stock-specific metrics.
3. Are green hydrogen stocks suitable for long-term investment?
The suitability of companies among the top 5 green hydrogen stocks in India depends on project progress, financial strength, risk tolerance, investment goals and time horizon.
Disclaimer: This information is for educational purposes only and is not investment advice. Long-term suitability depends on risk appetite, investment goals, project execution, technology costs, policy support, and company fundamentals.
4. How can I invest in green hydrogen stocks in India?
Here is how you can explore green hydrogen stocks on the NSE and invest in companies linked to a green hydrogen plant in India:
- Open a demat/trading/stockbroker account through smallcase
- Research the high-potential hydrogen stocks using tools like Tickertape Stock Screener
- Place a ‘Buy’ Order on the top green hydrogen stocks.
5. Are there any hydrogen stocks for beginners?
Hydrogen stocks can offer both opportunities and challenges. Investors can also study the top 10 green hydrogen penny stocks in the Indian segment, although such stocks may carry higher volatility and liquidity risks.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Green hydrogen stocks can be volatile, especially for beginners, and require careful research.
6. Are green hydrogen stocks a good investment?
Whether green hydrogen stocks in India are suitable depends on factors such as project progress, technology costs, government policies and company financial strength. These factors can influence the green hydrogen share price.
Disclaimer: This information is for educational purposes only and is not a recommendation. Green hydrogen stocks are subject to market risks, policy changes, technology shifts, and company-specific factors.
7. What are hydrogen fuel stocks in India?
Hydrogen fuel stocks include green hydrogen companies in India involved in producing, storing, transporting or using hydrogen as an energy source. These businesses may operate across electrolysers, fuel cells and green hydrogen projects.
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