Best Green Hydrogen Stocks in India 2025

The modern world stands on the pillar of sustainability and India is no stranger to it. India has pledged to play a significant role towards a sustainable world and under the terms of the Paris Agreement has committed to achieve the target of net zero carbon emissions by 2070.   

In the quest to achieve the net-zero carbon emission target another achievement that India is looking at is to become energy-independent by 2047 and power half of its installed electricity generating capacity will come from non-fossil sources. This change will positively impact the green energy sector of India and the companies producing green hydrogen in this sector. The top green hydrogen stocks in India that produce green hydrogen are:

 

 

Future of Green Hydrogen in India 

Green Hydrogen will play an integral role for India to achieve its committed targets that's why the government is emphasizing the green energy sector which is going to boost the green energy stocks in India.

To achieve targets, the Indian government in 2022 has launched the National Green Hydrogen Mission. It aims to achieve a 5MMT production capacity of green hydrogen every year and a renewable energy capacity of 125 GW. In terms of funding, a separate allocation of INR 600 crore is made by the government in the FY 2024-25 Union Budget which is 102% more than the INR 297 crore in the last budget.  

The demand for green hydrogen is anticipated to increase as it is considered a potential game-changer that could decarbonize sectors such as transportation, steel production, and shipping. It could also be a possible replacement of fuels in the vehicle industry and an alternative to renewable energy sources.   

In addition to its varied uses, green hydrogen could power vehicles, facilitate chemical and fertilizers production, and heat buildings. In totality, green hydrogen is an eco-friendly and sustainable fuel source that could change India's energy landscape for the better which is why Green Hydrogen could soon become one of the top 10 sectors in India to invest in the future. 

 

 

List of best performing green hydrogen stocks in 2025

S:No	Company	Market Cap (In Cr)	CMP (In Rs.)	52-week high	52-week low	Debt to Equity	P/E
1).	Larsen and Toubro	494,752	3518	3963	3175	1.41	36
2).	NTPC	312,620	322	488	296	1.44	14.2
3).	Reliance Industries	1277	1,728,219	1608	1201	0.44	25
4).	Adani Green Energy	163,424	1031	2,174	870	6.38	127
5).	ONGC	332,182	264	345	223	0.54	7.97

Here is the list of some of the best performing green hydrogen stocks in India in the recent years which is a part of the renewable energy sector stocks.  You could add these stocks to your portfolio for the future but before let’s understand these companies in brief: 

 

1) Larsen and Toubro 

Larsen and Toubro is one of the largest conglomerates in India as it runs some of the most modern and efficient manufacturing, engineering, procurement and construction business in the country. The company provides a diverse range of services such as hydrocarbon, hydraulics, rubber processing and shipbuilding in addition to construction business.  

The company even has its presence in the financial sector where it provides diverse financial services like wholesale finance, rural finance, housing finance, general insurance, infrastructure finance and financial advisory. The company's revenue has grown by 8.95% in the last five years, which is marginally above the industry average of 8.06%. 

 

2) National Thermal Power Corporation Limited (NTPC) 

NTPC is a public entity which deals in the generation and selling of electricity to state power houses. It also has other business under its sleeves such as consultancy services, project management & supervision, energy trading, oil & gas exploration and coal mining. 

On the energy sector front, the company has a target to achieve a total generation capacity of 130 GW by 2032. It generates 20 GW of the current capacity through renewable sources which they aim to increase to 60 GW, that will 46% of the total target capacity. In the last five years, NTPC has shown decent growth of 134.79% which is more than the industry average of 12.11%. 

 

3) Reliance Industries 

Reliance Industries is among the top producers of green hydrogen in India especially after Mukesh Ambani- Chairman and Managing Director of Reliance Industries Ltd (RIL) announced at the 2022 AGM to shift from grey energy to green energy sources. The primary usage of the green hydrogen produced by RIL will be for domestic consumption and global sales.  

Additionally, they also use green hydrogen and CO2 as raw materials for new chemicals, fertilizers and e-fuels. In the last 5 years, RIL's revenue has grown considerably by 9.69% higher than the industry average of 8.87%. Its market share also increased to 33.37% from 32.13%. 

 

 

4) Adani Green Energy 

Adani Green Energy is one of the fastest-growing renewable energy companies in India. It is among the leaders in sustainable energy and an important cog in India's transition to a carbon-less future because of its exploits with green energy.  

There has been an increased demand for a cleaner energy source in both domestic and international markets which prompted Adani Green to make rapid strides in the renewable energy sector as it exceeded their production capacity to 8.5 GW. They have come into strategic partnerships to grow their presence in this sector as well as managed to secure funding from the International Finance Corporation (IFC) in this regard. 

 

 

5) Oil and Natural Gas Corporation Limited (ONGC)

 

Apart from being a Maharatna company, ONGC is the largest producer of crude oil and natural gas in India (71% of country's domestic output). It primary activity is to discover, develop and produce crude oil, natural gas and other value-added products across India. 

In addition, it refines and markets petroleum products and deals in other products and activities such as petrochemicals, power generation, LNG supply, pipeline transportation, SEZ development and helicopter services. Its goal is to increase its share to 27% from 22% in India's hydrocarbon consumption by 2030. Also, it aims to invest INR 800-850 billion by 2035 to develop green ammonia producing capacity of two million tonnes per year. 

 

 

What is Green Hydrogen and why is it important? 

In order to produce green hydrogen, the process of electrolysis is carried out in which water is separated into hydrogen and oxygen with the help of electricity generated from renewable sources such as wind, solar and hydropower. It results in an alternative fuel which is clean and emission-free and can be used in place of fossil fuel that will reduce carbon emissions.  

There is also an alternate method of producing green hydrogen using biomass that involves gasification of biomass to produce hydrogen. Both these methods of producing green hydrogen are clean and sustainable which makes it a cleaner source of energy resulting in decarbonisation of industries. Clean energy sources are the need of the hour for sustainability and reducing carbon footprints in various sectors like transportation, shipping, and steel.  

Green Hydrogen is being considered as a serious replacement for fossil fuels in the transportation industry which is a major contributor to greenhouse gas emissions. This new and clean source of energy can also be used in the production of ammonia, methanol and steel. It is also a good backup source of energy for renewable energy plants. 

 

 

Final Thoughts 

In summary, green hydrogen is coming to the forefront in the transition to a sustainable energy future. This has brought Indian hydrogen companies to the forefront of the green hydrogen revolution. As governments worldwide are focusing on decarbonization and renewable energy, green hydrogen stocks are gaining momentum in India. 

Investors who want to make the most of this opportunity and obtain benefits of stock market investing can invest in this sector to gain high returns, however it is always advisable to do your own research and due diligence before investing and buy stocks according to your needs and understanding.