Best Green Hydrogen Stocks in India 2023

The rise of green hydrogen companies signals a transformative era in the renewable energy landscape. 

As a zero-emission fuel source, green hydrogen’s promise lies in its potential to revolutionize industries like power generation, transportation, and manufacturing.

For investors, green hydrogen stocks represent an enticing opportunity with the sector’s growth prospects, sustainable focus, and contribution to combat climate change. 

This surge of interest is seen globally, and India is no exception. In this article, let’s go through a list of the best green hydrogen stocks in India. 

Top 10 Green Hydrogen Stocks in India

Let’s have a look at ten of the top green hydrogen stocks in India that are attracting the attention of investors:

1. Reliance Industries

Reliance Industries is India’s top business titan with a formidable footprint in the energy landscape. 

It is earmarking significant investments in green hydrogen production. The firm is devising plans to establish a 1 GW plant by 2025.

The company’s transition from grey to green hydrogen production and the introduction of India’s first-ever hydrogen-run truck demonstrate a strong commitment to green mobility and innovation.

  • Stock Price: ₹2,437.50
  • Market Capitalization: ₹16,63,720 Cr

2. GAIL (India)

GAIL (India), is a state-owned gas enterprise with a widespread network of pipelines and gas stations across the country. It possesses potential leverage in the green hydrogen market.

GAIL has awarded a contract to set up one of India’s largest Proton Exchange Membrane (PEM) Electrolysers, scheduled for commissioning by November 2023, emphasizing its dedication to domestic green hydrogen production.

  • Stock Price: ₹139.40
  • Market Capitalization: ₹92,676 Cr

3. National Thermal Power Corporation (NTPC)

National Thermal Power Corporation (NTPC), a state-run power entity, enjoys access to renewable energy resources. 

The list includes solar and wind power, offering it a competitive edge in producing cost-effective green hydrogen.

NTPC’s commissioning of India’s first green hydrogen blending project and various pilot projects for hydrogen-based energy storage and mobility further solidify its leadership in the sector.

  • Stock Price: ₹283.55
  • Market Capitalization: ₹2,78,634 Cr

4. Indian Oil Corporation (IOC)

The Indian Oil Corporation is owned by the government and is really famous in the oil scene. Lately, they’ve become a hot pie, with lots of investors wanting to put their money there. 

The company aims to have green hydrogen setups and is building a big facility for that in Panipat by 2025. 

  • Stock Price: ₹117.80
  • Market Capitalization: ₹1,65,925 Cr

5. Larsen & Toubro

Don’t pass over Larsen & Toubro if you’re serious about contributing to the sustainable energy transformation. This engineering powerhouse isn’t just good; they’re revolutionizing the industry.

Known for pulling off massive projects efficiently, L&T is becoming a key player in laying down the infrastructure for green hydrogen in India.

  • Stock Price: ₹3,347.85
  • Market Capitalization: ₹4,65,216 Cr

6. Adani Green Energy

Interested in backing a game-changer in the renewable energy sector? Don’t overlook Adani Green Energy. This industry leader isn’t just in solar and wind projects; they’re setting themselves up as a key player in the green hydrogen market.

Their partnership with France’s TotalEnergies in bringing to life one of the globe’s grandest green hydrogen plants is a testament to their ambition. When you think of future-focused investments, consider placing this stock at the top of your list.

  • Stock Price: ₹1,475.55
  • Market Capitalization: ₹2,42,286 Cr

7. JSW Steel

JSW Steel is one of the top companies manufacturing steel in the country.

JSW Steel’s dual-purpose strategy, along with its focus on battery storage solutions and expansion plans, positions it as a multifaceted player in the green energy sector.

  • Stock Price: ₹855.95
  • Market Capitalization: ₹2,06,629 Cr

8. Jindal Stainless

Jindal Stainless is also a prominent stainless steel producer in India. The company aspires to manufacture green hydrogen for its own needs and potentially offer it to other sectors.

The company’s long-term green hydrogen offtake agreement with Hygenco and plans to become India’s first stainless steel company to install a green hydrogen plant underline its innovative approach.

  • Stock Price: ₹544.25
  • Market Capitalization: ₹44,741 Cr

9. Oil & Natural Gas Corporation (ONGC)

One of the giant government-owned energy companies whose names are quite popular nowadays is none other than Oil & Natural Gas Corporation (ONGC). 

Teaming up with Greenko, they’re on a mission to produce clean hydrogen and green ammonia. The company is also involved in a $6.2 billion investment in green energy projects. They’re not just hoping for a cleaner planet; they’re actively working towards it. So, when envisioning a sustainable future, ONGC should be on your radar.

  • Stock Price: ₹544.25
  • Market Capitalization: ₹44,741 Cr

10. Bharat Petroleum Corporation Limited (BPCL)

Bharat Petroleum Corporation, another state-owned oil and gas establishment, possesses a substantial portfolio of petroleum products.

BPCL’s collaboration with BARC to scale up Alkaline Electrolyser technology and its plan to set up a 20-megawatt green hydrogen unit in Madhya Pradesh, the largest in India, demonstrate a forward-thinking approach to green energy.

  • Stock Price: ₹448.95
  • Market Capitalization: ₹1,01,065 Cr

Factors to Consider Before Investing in Green Hydrogen Stocks

Let’s explore some of the crucial factors you must consider before investing in green hydrogen stocks: 

  • Evaluate the Company’s Strategy: Examine the firm’s commitment to green hydrogen and its plans to transition towards cleaner energy solutions.
  • Check the Technological Prowess: Scrutinize the company’s technological abilities to produce and distribute green hydrogen efficiently.
  • Assess Financial Health: Understand the company’s financial stability and its capacity to sustain investments in green hydrogen.
  • Government Policies: Consider the impact of local and global regulations that could affect the green hydrogen sector.


Hydrogen green energy stocks present an exciting investment opportunity in the renewable energy space. These top ten Indian companies are prime examples, paving the way in green hydrogen production.

As the world turns more eco-conscious, the promise of green hydrogen is vast, offering investors a sustainable route to potentially high returns with green hydrogen stocks. 

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