6 Biggest Green Hydrogen Stocks in India

6 Biggest Green Hydrogen Stocks in India

Green hydrogen stocks have become the talk of the town in terms of investments in the segment of “Oil Gas & Consumable Fuels.” But why? Are fossil fuels going to dry up? Not sooner but later. Due to this investors are keen to invest in the segments that are notably promising in the future and will give good returns. Eventually, “Green Hydrogen Stocks” have taken the spotlight due to their promising results. But what are green hydrogen stocks? Which ones are the best in India? To know this, let’s first cover some basics so that we can delve deeper into the topic.

6 Biggest Green Hydrogen Stocks in India


Story so far

The electrification of automobiles sounds like a fascinating step to conserve nature. Isn’t it? Global leaders are providing a helping hand to EVs. In India too, we have seen a massive boost in the sales of EVs. But do you know what the plot twist is? Not everything in the world can be electrified. There are certain industries as well as massive transport systems that need and continue to run on gas/fuel. Won’t it contribute to global warming & pollution? The answer is –“No, it won’t! If we replace fossil fuel with clean & renewable gas.” That’s a sigh of relief! Can you guess what the most effective alternative to fossil fuel is? It is none other than “GREEN HYDROGEN” gas.

What is Green Hydrogen?

Green hydrogen (GH2 or GH2) is hydrogen generated by renewable electric energy. Let me explain it in detail. When you split the water molecule into hydrogen and oxygen through electrolysis, the separated hydrogen is called Green Hydrogen. This hydrogen molecule is used in a hydrogen fuel cell that converts the energy stored in hydrogen into electricity. You may find it similar to the battery but here, the power source is hydrogen. Green Hydrogen is produced in a carbon-neutral manner.

Significance of Green Hydrogen:  A clean alternative to Fossil Fuel

See, we can’t electrify everything. Even in EVs, you need to pay a hefty amount for the vehicle as well as long charging hours. Here comes the notable role of Green Hydrogen. Not only is it a clean alternative to fossil fuel/gas. But also confers long driving range without repeated refueling. Do you know what the refueling time of the Green hydrogen fuel cell is? Hardly five minutes. It is much less than 8 hours of charging time for an EV.

What are Green Hydrogen Stocks?

Green hydrogen stocks refer to stocks of companies that are involved in the production, distribution, or utilization of green hydrogen. As you have read above, green hydrogen is produced through a process called electrolysis. In which water is split into hydrogen and oxygen using renewable energy sources like solar or wind power. Unlike conventional hydrogen production methods that rely on fossil fuels, green hydrogen production is considered environmentally friendly. Because it does not release carbon emissions during the process.

6 Biggest Green Hydrogen Stocks in India

Here comes the core part of this write-up. After going through the benefits of investing in green hydrogen stocks, you must be curious to know the best ones.

The list of the 6 biggest Green Hydrogen Stocks is given below-

NameSub-SectorMarket Cap (in INR)
Reliance Industries Ltd.Oil & Gas- Refining & MarketingRs.17,06,000 crore
Larsen & Toubro Ltd.Construction & Engineering, Energy & Power TransmissionRs.3,11,000 crore 
Oil & Natural Gas Corporation (ONGC)Oil & Gas- Exploration & ProductionRs.2,00,000 crore
National Thermal Power Corporation (NTPC)Power GenerationRs.1,71,000 crore
Adani Green Energy LtdRenewable EnergyRs.1,53,000 crore
Indian Oil CorporationOil & Gas- Refining & MarketingRs.1,28,000 crore
6 Biggest Green Hydrogen Stocks in India

1. Reliance Industries Ltd.

Reliance (Green Hydrogen Stock)

The empire of Ambanis holds a dominant position in the oil & gas industry. The adoption of renewable energy is the ultimate way to cope with climate change. Back in August 2022, Mukesh Ambani, the Chairman of Reliance Industries gave a statement. Reliance is aiming to switch to green hydrogen production from gray hydrogen. They are also looking to reduce the production cost of green hydrogen to under $1/kg at the end of 2030. 

Do you know Reliance has invested a whopping amount of $10 billion to develop a comprehensive ecosystem to produce environment-friendly energy? Reliance is setting up the “Dhirubhai Ambani Green Energy Giga Complex” on 5,000 acres of land near Jamnagar (Gujarat). Mainly to boost Green Hydrogen production.

2. Larsen & Toubro Ltd.

Larsen & Toubro Ltd

L&T is planning to achieve water and carbon neutrality by 2023 and 2040 respectively. Don’t you wonder who the kingpin of this commitment is? It is “Green Hydrogen.” Being a part of ESG (Environmental, Social, and Governance) commitment, L&T has placed Green Hydrogen as an integral part of the clean fuel adoption policy.

To execute the commitment, Larsen & Turbo introduced its first-ever Green Hydrogen plant at AM Naik Heavy Engineering Complex in Hazira (Gujrat).

3. Oil & Natural Gas Corporation (ONGC)

Oil & Natural Gas Corporation

When it comes to eco-friendly energy production, the Govt. of India is the first one to step in. Not only does it make policies and regulate laws to tackle climate change but also does it through its companies. One such example is ONGC Ltd. It was established on 14th Aug 1956 by GOI. This largest government-owned-oil and gas explorer has signed an MoU (Memorandum of Understanding) with Greenko Group

It is aiming to explore renewable energy like Green Hydrogen, Green Ammonia, and other derivatives of hydrogen. Thus, it aims to produce 5 million tonnes of Green Hydrogen per year by the end of this decade.

4. National Thermal Power Corporation (NTPC)

National Thermal Power Corporation

Similar to ONGC, NTPC is also a state-owned company. The Govt. of India holds 89.5% of the equity share capital of NTPC. It is implementing numerous pilot projects associated with the production of Green Hydrogen. It aims to produce 60 GW of renewable energy by the next decade.

To commence its objective, it introduced the first Green Hydrogen blending product of the country in January 2022. For this project, it collaborated with Gujarat Gas Ltd (GGL). They initiated Green Hydrogen blending in piped natural gas (PNG) network of NTPC Kawas Township, Surat (Gujrat).  The motive of this project was to reduce emissions. Because when you blend Green Hydrogen with Natural Gas, the emission of CO2 is far much lower but the heat content is the same.

5. Adani Green Energy Limited (AGEL)

Adani Green Energy Limited (Green Hydrogen Stocks)

It is Indian renewable energy founded in 2015 and is a part of the Adani Group. Currently, it produces 5,290 MW of wind energy and solar energy plants in numerous states of India. They are planning to invest over $50 billion over the next decade to increase the production of Green Hydrogen. Do you know, the Adani group also collaborated with a French business named Total Energies? They are aiming to produce 1 million tons of sustainable hydrogen per year at the end of this decade.

6. Indian Oil Corporation

Indian Oil Corporation

It is the largest state-owned oil refining company in India. Currently, it is planning to set up Green Hydrogen plants in almost every refinery. Why in their every refinery?  Because it will help to achieve net-zero emissions within 2024. Well, they are not confined to this single plan! They are planning to set up a Green Hydrogen producing facility in its Panipat oil refinery. They expect that the plant will produce over 7000 tons of green hydrogen per year. However, the cost of this refinery is over Rs.2000 crore. And it will be ready by 2025.

Factors to Consider before investing in Hydrogen Stocks

When considering investing in hydrogen stocks, it’s essential to conduct thorough research and analysis to make informed decisions. Here are some factors that you can consider while evaluating hydrogen stocks-

1. Company’s Position and Track Record

Assess the company’s position within the hydrogen industry. Look into its history, experience, and track record of successfully executing projects. Consider the company’s financial health, revenue growth, and profitability.

2. Technology and Innovation

Evaluate the company’s hydrogen-related technologies, such as fuel cells or electrolyzers. Assess the uniqueness, efficiency, and competitiveness of their solutions compared to other players in the market. Companies with innovative and advanced technologies may have a competitive advantage. You need to perform a depth analysis of the working strategies of the company.

3. Market Demand & Potential

Consider the demand and potential growth of the hydrogen market. Look at government initiatives, policies, and incentives supporting the adoption of hydrogen. Assess the company’s market presence and its ability to capture a significant share in the evolving hydrogen market.

4. Risk Assessment

Consider the risks associated with investing in hydrogen stocks. This can include regulatory uncertainties, technological challenges, and market volatility. Assess the company’s ability to navigate these risks and potential mitigation strategies

Are Green Hydrogen Stocks worth investment?

Yes! Of course, it is. Green Hydrogen is a versatile and sustainable fuel that can help reduce greenhouse gas emissions and combat climate change. Investing in green hydrogen stocks allows you to support and contribute to the development of clean energy solutions. Do you know governments worldwide are increasingly recognizing the importance of hydrogen as a clean energy source? As a result, they are implementing supportive policies and incentives. Investing in green hydrogen stocks positions you to potentially benefit from government initiatives and funding directed toward the hydrogen sector. 

However, you must note that investing in stocks carries risks, and there are no guarantees of profits. It’s advisable to conduct thorough research, evaluate the financial health of companies, and diversify your portfolio to manage risks effectively.


Let’s summarize the whole concept in a few lines. Green Hydrogen stocks are shares or equities of companies that are directly involved in the production of green hydrogen. It may also involve the development, or utilization of green hydrogen as an energy source. These companies operate in various sectors, including energy, transportation, manufacturing, and infrastructure. Green Hydrogen stocks provide investors with an opportunity to participate in the growth and potential of the hydrogen economy and to tackle climate change.

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Published By: Supti Nandi
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