List of top green hydrogen stocks in India by market capitalisation

Check out the list of top green hydrogen stocks and how India is moving towards a greener future with innovation in the renewable energy sector

By Forbes India

Published: Apr 28, 2025 04:55:59 PM IST

With the growing concerns around climate change, sustainability, and energy consumption, India’s push for cleaner energy is more than just a trend. Along with renewable energy production (solar, wind, hydro-power projects), the country is also betting big on green hydrogen energy. According to the Council on Energy, Environment and Water (CEEW), India has the capacity to produce around four crore tons of green hydrogen at a lower cost than the USA.

With numerous government schemes and initiatives in place, India is poised to play a significant role in the renewable energy sector in the years to come. The government has already approved the National Green Hydrogen Mission, aiming to make India a global hub for sustainable hydrogen production. This sector provides a massive opportunity for investors to invest in green hydrogen stocks.

In this post, we’ll look at the list of top green hydrogen stocks in India if you're looking to align your profits with a bigger purpose.

List of top green hydrogen stocks

Based on the National Stock Exchange data sourced on April 28, 2025, here’s a list of the top green hydrogen stocks.

Rank	Company	Market cap (in ₹ crore)
1	Reliance Industries	18,48,928.11
2	Larsen and Toubro	4,57,251.39
3	Oil and Natural Gas Corporation (ONGC)	3,15,135.99
4	Indian Oil Corporation	1,92,740.78
5	Adani Green Energy	1,49,453.46
6	Bharat Petroleum Corporation	1,34,667.21
7	Tata Power	1,26,247.87
8	Gas Authority of India Limited (GAIL)	1,24,512.66
9	JSW Energy	83,403.51
10	NTPC Green Energy Limited	87,381.04
11	Indian Renewable Energy Development Agency (IREDA)	45,216.27
12	Calcutta Electric Supply Corporation (CESC) Limited	21,103.08

Growth and market trends in the green hydrogen sector

Green hydrogen is produced using renewable energy sources without any carbon emissions. Unlike traditional methods, this hydrogen doesn’t rely on fossil fuels or carbon capture systems. While hydrogen has been used in industry for decades, its cleaner variant is now gaining global attention.

The International Trade Administration (ITA) noted that the green hydrogen market in India is expected to grow from over 6 lakh crore in 2030 to 280+ lakh crore by 2050. India is among the six countries identified by the International Renewable Energy Agency (IRENA) with strong potential to lead in green hydrogen production. With net-zero goals set for 2070 and crores of funding, India is enhancing transportation, grid integration, and ammonia production industries.

Major players, including Reliance, GAIL, NTPC, and Indian Oil, are already active in this domain. NTPC has also begun developing hydrogen-based fuel-cell electric vehicles (FCEVS) and blending them into city gas networks, indicating growth and development in the sector.

Government schemes and initiatives to promote green hydrogen

Let’s look at some of the government initiatives to enhance the investment opportunities in green hydrogen stocks:

National Green Hydrogen Mission

India's Union Cabinet approved the National Green Hydrogen Mission in January 2023. The mission aims to produce 50 lakh metric tons of green and clean hydrogen annually by 2030, alongside approximately 125 GW of renewable energy capacity. It seeks to attract over ₹8 lakh crore in investments, create 6 lakh jobs, and reduce fossil fuel imports by ₹1 lakh crore. The mission also aims to reduce greenhouse gas emissions by nearly five crore metric tons annually by 2030.

Strategic Interventions For Green Hydrogen Transition (SIGHT)

The SIGHT initiative comprises two key financial incentives, totalling ₹17,490 crore, until 2029-30. These incentives, SIGHT Modes 2A and 2B, focus on green ammonia and green hydrogen production. As the market and technology evolve, specific schemes will be developed further. To ensure quality, projects participating in competitive bidding for green hydrogen procurement must use equipment approved by the government based on set performance and quality criteria. This approach focuses on creating a reliable and efficient green hydrogen ecosystem in India.

Green hydrogen hubs

To make sustainable hydrogen projects more practical and cost-effective, India plans to establish cluster-based production zones known as Green Hydrogen Hubs. Transporting hydrogen over long distances is challenging and expensive, so establishing hubs where production and usage occur in close proximity helps reduce costs and increase efficiency. The government plans to set up at least two hubs in the initial phase. These hubs will consolidate key infrastructure, industries, and renewable energy sources in a single location.

Pilot projects

The Indian Government has rolled out several pilot projects under the Green Hydrogen Mission. These pilot projects will provide valuable insights for scaling operations in the future. The government has allocated ₹455 crore for low-carbon steel projects (2029-30), ₹496 crore for mobility pilots, and ₹115 crore for shipping pilots up to 2026. Other focus areas include hydrogen storage, decentralised energy, and hydrogen from biomass. These pilots will help identify technology gaps, regulatory hurdles, and supply chain needs.

Union Budget 2025-26

In the Union Budget 2025-26, ₹535 crore was allocated for the National Green Hydrogen Mission. Compared to ₹297 crore in FY 2023-24 and ₹600 crore in last year’s Interim Budget, this year’s budget allocation highlights future momentum in the green hydrogen sector. With a total outlay of ₹19,744 crore until FY 2029-30, the mission aims to reduce fossil fuel imports, cut emissions, and be atmanirbhar in the energy sector. The hydrogen hubs were also allocated ₹400 crore.

Switching to sustainable energy choices could bring down the expenses of the traditional energy sector while creating new investment and industrial opportunities in green hydrogen stocks.