11 Green Hydrogen Stocks in India for Your Watchlist [2024]

11 Green Hydrogen Stocks in India for Your Watchlist [2024]

The utilization of energy sources has doubled in the last two decades and will continue to be in demand. As a result, many countries have invested and are on the journey to find alternative fuels like green hydrogen.

In India, the green hydrogen sector is rising as it promises to become carbon-free. In the green hydrogen process, energy from solar and wind is used to separate oxygen and water in a process called electrolysis. While the process results in increased carbon emissions, opting for an alternative method can reduce it. 

Investing in hydrogen stocks in India can help you achieve financial stability in the long run and lead you to invest in something valuable for the nation. 

11 Green Hydrogen Stocks in India

The 11 green hydrogen stocks have been listed below. The share price of the hydrogen stocks is proof that the hydrogen stocks in India are worth investing in.

Indian Stocks of Green Hydrogen Companies Sub-Sector Market Cap (in Cr) 5-Year CAGR Share Price (in Rs)
Reliance Industries Ltd.  Oil and Gas Refining & Marketing 2,012,047.58 18.71 2,973.90
Oil and Natural Gas Corporation Ltd. Oil and Gas Exploration & Production 342,812.61 11.59 272.50
NTPC Ltd. Power Generation 334,341.05 20.60 344.80
Adani Green Energy Ltd. Renewable Energy 299,801.91 118.79 1,892.65
Power Grid Corporation of India Ltd. Power Transmission & Distribution 259,998.38 19.99 279.55
Indian Oil Corporation Ltd. Oil and Gas Refining & Marketing 245,991.97 10.56 174.20
Adani Power Ltd. Power Generation 226,961.57 63.70 588.45
Adani Energy Solutions Ltd. Power Infrastructure 122,520.14 37.63 1,098.35
Gail (India) Ltd Gas Distribution 120,521.58 8.69 183.30
Adani Total Gas Ltd. Gas Distribution 107,368.96 49.14 976.25

Note: All the above-mentioned numbers and stock ranges are according to the company list as of April 2, 2024. Please verify the live stocks and do your research before investing.

Overview of the Best Hydrogen Stocks in India

Green energy was in demand as the world focused on clean sources of fuel. The hydrogen fuel companies in India are moving towards the same goal of producing environmentally friendly and sufficient fuels. The Indian stock market has established itself as one of the key players worldwide in green energy.

Reliance Industries

Reliance is one of the top hydrogen-producing industries in India that made its entrance into the global market for green hydrogen. The goal of reliance industries is to attain a net-zero carbon business by 2035. 

Oil and Natural Gas Corporation Ltd (ONGC)

ONGC is a Maharatna company that meets 71% of the country’s crude oil and natural gas production. The company signed a collaboration with Gereenko and is determined to produce one million tons of green ammonia per year. By 2030, ONGC will focus on increasing its share in the Indian hydrogen market by 22 to 27%. 


NTPC is rigorously moving towards green hydrogen production and reducing carbon footprints. The company is primarily involved in pilot-scale plants to analyze the feasibility, economic availability, and technical integration of hydrogen fuel generation. The company is focusing on exporting green ammonia.

Adani Green Energy Ltd.

Adani Green Energy has a proven market value in solar and wind energy. The company has now become one of India’s largest providers of renewable energy. The pre-tax margin rate is 18%, and the return on equity (ROE) is 19.55%. Adani green energy is expected to have an annual growth rate of 55%.

Power Grid Corporation of India (PGRD)

The power grid corporation of India is under the government’s Ministry of Power. The PGRD is expected to have an annual growth rate of 9%. The pre-tax margin value is 39%, and the ROE is 18%.

Why invest in hydrogen stocks?

Investing in hydrogen stocks is a promise of long-term financial growth as the world embarks on the journey to create cleaner fuels. However, why you should invest in hydrogen stocks can be a question that should be answered swiftly.

A Greener Future 

The Indian hydrogen market has focused on assisting with sustainable and cleaner energy around the world. The money you invest in the hydrogen stock market in India satisfies you with both value and financial growth.

Growth and Demand

As the prices of fossil fuels increase, the demand for alternative energy sources increases. Additionally, the focus on combating climate change and global warming has piqued the search for alternative fuels, such as hydrogen fuels. In such a case, the Indian hydrogen stock rates are expected to grow on a large scale in the future. 


Investing in hydrogen stocks increases your diversification in your portfolio and reduces the risk. It helps increase your financial growth.

Technical and Innovation Growth 

Investing in Indian hydrogen stocks can help the company with its innovative growth and lead to full-fledged commercialization. This paves the way for new investment doors as the company continues to grow. 

How do I invest in hydrogen stocks?

Here is a bit-by-bit approach to investing in hydrogen stocks in India.

Step 1: Assess the possibility of hydrogen stocks in India and evaluate your risk, financial tolerance, and advantage.

Step 2: Select your mode of investment.

Step 3: Focus on a particular stock, like Hydrogen NSE stocks or funds focused on diversity.

Step 4: With the help of a stockbroker, open a demat account.

Step 5: Stay updated on the changes and focus on long-term goals.

Step 6: Seek advice from professionals

Factors to Consider Before Investing in Hydrogen Stocks in India

Before investing your hard-earned money in stocks, it is always good to consider certain elements. 

Government Regulations and Policies

An important factor to consider before investing in hydrogen-related stocks in India is government policies, including the national project on green hydrogen. It is crucial to consider the potential subsidies and incentives for the green hydrogen industry.

Demand for Markets and Growth

Research on the current demands and the increasing demand rates of hydrogen stocks in India. Consider the demands and plan for the long-term growth potential of the market and companies.

Financial Performance

It is a crucial factor to keep tabs on the company’s revenue, growth rate, cash flow, and profit margin before investing in Indian hydrogen stocks.

Technological Growth

Technological growth that focuses on innovations, alternative methods of electrolysis, and scalable and affordable technologies will help the company in the long run.

What Is the Future of Green Hydrogen Stocks?

The future of the green hydrogen stock market is filled with lots of possible innovations, zero carbon emissions, and a path towards a better earth. However, the production of electrolysis techniques to produce hydrogen fuel is expensive. 

On the other end, there is an existing gap in the transportation and distribution of hydrogen fuels. However, the market is growing with high demand, and as time moves forward, there is a way to close the gap. Hence, investing in hydrogen stocks in India will benefit in the long run.


In short, green hydrogen is getting massive attention as it can contribute to achieving a sustainable and pollution-less environment. Governments across the world are collaborating and investing in green hydrogen and renewable sources. Additionally, the Indian green hydrogen stock market is booming, making it one of the potential targets for financial growth.


1. What are green hydrogen energy stocks?

Green energy is the fuel or energy source produced utilizing renewable energy, namely solar power, wind energy, geothermal energy, and so on. The green hydrogen energy stock is the stock of companies that use renewable energy to produce hydrogen fuels. 

2. Why should I think about buying Indian green hydrogen energy stocks?

India is committed to moving towards cleaner energy and producing sustainable zero-carbon fuels. India has invested and is taking action to become a cleaner energy nation. Hence, investing in green hydrogen stocks in India that are fully working towards the goal will help in financial returns. 

3. What is the best hydrogen stock to invest in?

Reliance Industries, ONGC, NTPC Ltd., and Adani Energy Green are some of the best stocks to invest in. However, it’s always crucial to review the livestock rates before investing.