List of Top Green Hydrogen Stocks in India for 2026
Under India’s National Green Hydrogen Mission, the government projects a cumulative reduction of over ₹1 lakh cr. in fossil fuel imports by 2030. This indicates a shift toward cleaner energy sources, which could have a positive impact on companies in the green energy sector. In this article, we will explore the top green hydrogen stocks in India, including benefits, risks, and key factors to consider before making investment decisions.
Top Green Hydrogen Stocks in India
Monday, 3 August, 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 | 211.31 | 254.20 | 110.45 | 407,504.88 | 31.75 | 26.85 | 6.12 | 0.00 | 20.64 | 79.65 | 286.59 | 1,037.91 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Independent Power Producers & Energy Traders | 1.11 |
| ADNA | Adani Green Energy Ltd | ADANIGREEN | /stocks/adani-green-energy-ADNA | Renewable Energy | 1,383.00 | 1,631.50 | 765.00 | 227,804.46 | 137.90 | 26.85 | 7.62 | 0.00 | 6.30 | 40.45 | 26.50 | 57.85 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Renewable Electricity | 0.87 |
| BPCL | Bharat Petroleum Corporation Ltd | BPCL | /stocks/bharat-petroleum-corporation-BPCL | Oil & Gas - Refining & Marketing | 319.75 | 391.65 | 266.60 | 138,723.71 | 5.37 | 12.16 | 1.70 | 2.31 | 16.99 | -2.90 | 69.40 | 39.69 | Largecap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Refining & Marketing | 3.19 |
| GAIL | Gail (India) Ltd | GAIL | /stocks/gail-india-GAIL | Gas Distribution | 181.44 | 186.87 | 134.36 | 119,298.25 | 15.73 | 26.85 | 1.40 | 3.03 | 15.33 | 2.12 | 52.34 | 90.53 | Largecap | Utilities | Gas Utilities | Gas Utilities | -3.94 |
| IOC | Indian Oil Corporation Ltd | IOC | /stocks/indian-oil-corporation-IOC | Oil & Gas - Refining & Marketing | 140.17 | 188.96 | 130.22 | 197,937.40 | 4.70 | 12.16 | 1.04 | 0.89 | 7.17 | -3.74 | 49.51 | 99.30 | Largecap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Refining & Marketing | 2.52 |
| LART | Larsen and Toubro Ltd | LT | /stocks/larsen-and-toubro-LART | Construction & Engineering | 3,938.90 | 4,440.00 | 3,288.10 | 541,939.89 | 33.69 | 44.85 | 4.22 | 0.96 | 13.19 | 8.32 | 46.90 | 144.05 | Largecap | Capital Goods | Construction & Engineering | Construction & Engineering | 2.19 |
| NTPC | NTPC Ltd | NTPC | /stocks/ntpc-NTPC | Power Generation | 347.25 | 414.40 | 315.55 | 336,716.73 | 12.45 | 26.85 | 1.76 | 2.59 | 13.15 | 3.89 | 59.03 | 194.90 | Largecap | Utilities | Independent Power and Renewable Electricity Producers | Independent Power Producers & Energy Traders | 1.05 |
| OILI | Oil India Ltd | OIL | /stocks/oil-india-OILI | Oil & Gas - Exploration & Production | 458.60 | 531.00 | 384.60 | 74,596.23 | 11.27 | 12.16 | 1.36 | 2.51 | 12.21 | 4.23 | 149.51 | 315.66 | Midcap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Exploration & Production | -1.44 |
| PGRD | Power Grid Corporation of India Ltd | POWERGRID | /stocks/power-grid-corporation-of-india-PGRD | Power Transmission & Distribution | 284.25 | 324.95 | 250.00 | 264,369.66 | 16.60 | 26.85 | 2.85 | 4.75 | 17.26 | -2.32 | 42.45 | 121.64 | Largecap | Utilities | Electric Utilities | Electric Utilities | 0.97 |
| RELI | Reliance Industries Ltd | RELIANCE | /stocks/reliance-industries-RELI | Oil & Gas - Refining & Marketing | 1,307.80 | 1,611.80 | 1,249.80 | 1,769,785.41 | 21.91 | 12.16 | 1.63 | 0.46 | 7.71 | -5.93 | 2.60 | 39.01 | Largecap | Energy | Oil, Gas & Consumable Fuels | Oil & Gas Refining & Marketing | 0.86 |
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 of companies producing, storing, or distributing hydrogen made with renewable energy. Green hydrogen companies in India are central to the clean energy push and global climate commitments.
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.
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.
Benefits of Investing in Green Hydrogen Stocks in India
- National Mission Support: India’s National Green Hydrogen Mission targets 5 MMT annual green hydrogen production by 2030, supporting companies across production, equipment, storage, and logistics.
- Electrolyser Manufacturing Opportunity: Under the incentive scheme, 15 companies were awarded 3,000 MW per annum of electrolyser manufacturing capacity, supporting domestic equipment supply chains.
- Green Ammonia Demand: SECI (Solar Energy Corporation of India) discovered prices for 7,24,000 tonnes per annum of green ammonia supply to 13 fertiliser units, creating demand visibility.
- Renewable Energy Linkage: Green hydrogen needs low-cost renewable power, linking the sector with India’s solar, wind, hybrid energy, transmission, and storage expansion.
- Industrial Decarbonisation Demand: Refineries, fertilisers, steel, shipping, and heavy transport can use green hydrogen to reduce emissions, creating long-term demand across hard-to-abate sectors.
Risks of Investing in Green Hydrogen Stocks
- Early-Stage Commercialisation: India commissioned only 8,000 TPA of green hydrogen capacity till February 2026, showing the sector is still at an early execution stage.
- High Production Cost: Green hydrogen economics depend on renewable power tariffs, electrolyser costs, water access, capacity utilisation, storage, transport, and offtake agreements.
- Project Execution Risk: Green hydrogen projects need land, renewable power tie-ups, electrolysers, water infrastructure, approvals, financing, and industrial buyers, which can delay commissioning.
- Policy Dependence: Incentives, mandates, carbon rules, green ammonia tenders, export policies, and certification standards can materially affect project viability and demand.
- Export Uncertainty: Export-focused green hydrogen and ammonia projects may face delays if global buyers, European policies, trade rules, or offtake contracts remain uncertain.
Factors to Consider Before Investing in Green Hydrogen Stocks in India
- Project Pipeline and Execution: Green hydrogen projects depend on land, renewable power tie-ups, electrolysers, water access, approvals, financing, storage, transport, and industrial offtake agreements.
- Electrolyser and Technology Capability: Companies with exposure to electrolyser manufacturing, stack technology, EPC, storage systems, and ammonia conversion may have different execution risks and margin profiles.
- Cost Competitiveness: Green hydrogen economics depend on renewable power tariffs, electrolyser costs, capacity utilisation, water availability, logistics, and the price gap with grey hydrogen.
- Policy and Incentive Support: National Green Hydrogen Mission incentives, green ammonia tenders, export rules, certification standards, carbon policies, and industrial mandates can influence project viability.
- End-User Demand Visibility: Demand from refineries, fertilisers, steel, shipping, heavy transport, and export markets matters because many projects need long-term buyers to become commercially viable.
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To Wrap It Up…
Green hydrogen represents one of the most promising frontiers in clean energy. It offers investors exposure to a sector with strong growth potential and the ability to diversify beyond conventional energy. Yet, the industry also carries challenges such as high costs of production, underdeveloped infrastructure, and regulatory uncertainties. The best approach for investors is to balance optimism with caution. Tools like the Tickertape Stock Screener, with its 200+ filters, can help analyse financial strength, sector readiness, and long-term potential of these 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 in India represent companies 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, which offers over 200 filters to analyse green hydrogen stocks in India. They can compare financial performance, returns, debt, and other stock-specific metrics.
3. Are green hydrogen stocks suitable for long-term investment?
The suitability of green hydrogen companies in India for long-term investment depends on several factors, including 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 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 for beginners offer both opportunities and challenges. Investors can also study the top 10 green hydrogen penny stocks India segment, though 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 impact 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 stocks in India involved in producing, storing, transporting, or using hydrogen as an energy source. Green Hydrogen companies in India may work on electrolysers, fuel cells, and green hydrogen projects.
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