Green hydrogen sector at a glance
India wants to become a leading producer and exporter of green hydrogen. It is targeting to build at least 5 million metric tonnes of green hydrogen capacity every year by 2030. The target is linked to around 125 GW of additional renewable energy capacity.
To support this plan, the government launched the National Green Hydrogen Mission in January 2023. The mission has an initial outlay of ₹19,744 crore, including ₹17,490 crore for incentives under the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme. The mission expects to attract more than ₹8 lakh crore in total investment.
In February 2026, 15 companies had been awarded incentives for 3,000 MW of annual electrolyser manufacturing capacity. Also, 18 companies had been awarded a combined green hydrogen production capacity of 8.62 lakh tonnes per year.
Government support can help companies set up projects and bring down production costs. But green hydrogen still needs to compete with conventional fuels. Its wider use will depend on production costs, infrastructure and demand from industries.
Overview of the top 5 green hydrogen stocks
The following green hydrogen stocks have different levels of exposure to green hydrogen. Some are developing hydrogen projects, while others supply equipment or infrastructure. Here’s a quick look at their fundamentals:
Green hydrogen stocks are shares of companies involved in producing green hydrogen or supplying the equipment and infrastructure needed to make it. To make green hydrogen, water is simply split into hydrogen and oxygen. This is done using electricity from renewable sources such as solar and wind.
Companies in this sector build hydrogen plants, manufacture electrolysers, supply renewable electricity or develop storage and transport systems. Some are also exploring green ammonia, which can be used in fertilisers and as a way to transport hydrogen.
Green hydrogen can be useful for industries such as steelmaking, fertiliser production and oil refining. However, it is still a developing sector. Many large projects need time, investment and buyers before they can generate solid revenue.
Green hydrogen sector at a glance
India wants to become a leading producer and exporter of green hydrogen. It is targeting to build at least 5 million metric tonnes of green hydrogen capacity every year by 2030. The target is linked to around 125 GW of additional renewable energy capacity.
To support this plan, the government launched the National Green Hydrogen Mission in January 2023. The mission has an initial outlay of ₹19,744 crore, including ₹17,490 crore for incentives under the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme. The mission expects to attract more than ₹8 lakh crore in total investment.
In February 2026, 15 companies had been awarded incentives for 3,000 MW of annual electrolyser manufacturing capacity. Also, 18 companies had been awarded a combined green hydrogen production capacity of 8.62 lakh tonnes per year.
Government support can help companies set up projects and bring down production costs. But green hydrogen still needs to compete with conventional fuels. Its wider use will depend on production costs, infrastructure and demand from industries.
Overview of the top 5 green hydrogen stocks
The following green hydrogen stocks have different levels of exposure to green hydrogen. Some are developing hydrogen projects, while others supply equipment or infrastructure. Here’s a quick look at their fundamentals:
Disclaimer: The stocks listed above are selected based on market capitalisation. The information is provided for educational and informational purposes only and should not be considered investment advice.
Reliance Industries
Reliance Industries operates across energy, retail, digital services and other businesses. It is investing in a new energy ecosystem that includes green hydrogen. The company plans to build an electrolyser factory at its Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. The company has outlined a goal of making green hydrogen a more affordable fuel. Its new energy plans could help it connect renewable power generation with hydrogen production and use.
Larsen & Toubro
L&T mainly works in engineering and construction. It designs and builds industrial facilities, including projects linked to clean energy. Its subsidiary, L&T Energy GreenTech, is developing a green hydrogen plant at Indian Oil Corporation’s Panipat refinery in Haryana. The plant is planned to supply 10,000 tonnes of green hydrogen annually for 25 years. L&T also manufactures electrolysers at its facility in Hazira, Gujarat. This gives L&T exposure to both hydrogen equipment and project development.
Adani Enterprises
Adani Enterprises develops new businesses across areas such as airports, infrastructure, mining and clean energy. Its subsidiary, Adani New Industries, is developing a green hydrogen business. The company is working on an integrated ecosystem that includes renewable energy, green hydrogen and related equipment. In June 2025, Adani New Industries launched a 5 MW off-grid hydrogen pilot plant in Kutch, Gujarat. The company plans to expand its green hydrogen operations over time.
NTPC
NTPC is a big player in India’s power generation market. It is expanding beyond traditional electricity generation and investing in renewable energy and new fuel technologies. One of its major plans is a green hydrogen hub at Pudimadaka in AP. It is expected to support green hydrogen, green ammonia, and green methanol. NTPC is also exploring the use of hydrogen in transport and its blending with natural gas.
Power Grid Corporation of India
Power Grid handles the majority of India’s interstate transmission network. Its main business is moving electricity from power producers to distribution companies. The company has also tested green hydrogen at its Neemrana substation in Rajasthan. The project combines a solar-powered hydrogen plant with a fuel-cell microgrid. It aims to produce hydrogen using solar energy and use it to generate electricity. However, this is a pilot project, and Power Grid’s main exposure remains electricity transmission.
Things to check before you buy green hydrogen stocks
While picking green hydrogen stocks to invest in, look for important factors, such as:
- Production costs: The cost of making green hydrogen can be high. Check how the company is planning to make it affordable.
- Access to renewable power: Green hydrogen needs renewable electricity. Companies with reliable access to solar and wind power are in a better position to manage production costs.
- Electrolyser capacity: While analysing equipment makers, look at manufacturing capacity, actual output and orders.
- Project progress: Lastly, check whether a project is announced, under construction, in testing, or already producing hydrogen. These states carry different levels of risk.
The bottom line
Green hydrogen is still an emerging industry. India has set ambitious targets, but reaching them will require lower product costs, reliable infrastructure and steady demand from industrial buyers. If you are planning to invest in green hydrogen stocks, you should closely look at how the projects progress.
All the companies in the sector may not get equal opportunities. For a more diversified approach, you can consider sectoral or thematic stocks as an alternative to green hydrogen stocks. They can help you spread your investment across multiple companies. You can explore different schemes to suit your requirements on the Millions app. Compare holdings, costs and risk levels before investing.
