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Top Green Hydrogen Stocks & Shares in India (2026)

As of 2026, India’s National Green Hydrogen Mission targets 5 mn metric tonnes of annual production by 2030, supported by ₹19,744 cr in government funding. Incentives have been awarded for 8.62 lakh tonnes of annual production and 3,000 MW of electrolyser manufacturing capacity, creating opportunities across hydrogen production, renewable energy and equipment manufacturing.

List of Top Green Hydrogen Stocks in India 2026

Green Hydrogen Stock Screener

Green Hydrogen Stock Screener: Analyse & Filter Indian Stocks on Tickertape

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last updated at 6:30 PM IST 
NameStocks (12)↓↓Sub-SectorSub-Sector↓↓Market CapMarket Cap↓↓Close PriceClose Price↓↓PE RatioPE Ratio↓↓1D Return1D Return↓↓1M Return1M Return↓↓6M Return6M Return↓↓1Y Return1Y Return↓↓PB RatioPB Ratio↓↓Return on EquityReturn on Equity↓↓ROCEROCE↓↓Dividend YieldDiv Yield↓↓Debt to EquityDebt to Equity↓↓Volatility vs NiftyVolatility vs Nifty↓
1.Reliance Industries LtdRELIANCEOil & Gas - Refining & MarketingOil & Gas - Refining & Marketing16,05,500.3916,05,500.391,186.401,186.4019.8819.881.391.39-10.33-10.33-9.07-9.07-13.72-13.721.481.487.717.719.189.180.510.510.370.371.451.45
2.Larsen and Toubro LtdLTConstruction & EngineeringConstruction & Engineering5,15,960.625,15,960.623,750.003,750.0032.0832.081.231.23-5.35-5.350.600.600.350.354.014.0113.1913.1916.4616.461.011.010.980.981.801.80
3.Adani Power LtdADANIPOWERPower GenerationPower Generation3,87,622.363,87,622.36201.00201.0030.2030.201.951.95-2.95-2.9523.1223.1232.2532.255.825.8220.6420.6415.5715.57--0.820.822.382.38
4.NTPC LtdNTPCPower GenerationPower Generation3,12,038.723,12,038.72321.80321.8011.5311.531.511.51-3.22-3.22-12.10-12.10-5.10-5.101.481.4813.4513.458.678.672.802.801.281.281.341.34
5.Power Grid Corporation of India LimitedPOWERGRIDPower Transmission & DistributionPower Transmission & Distribution2,39,025.522,39,025.52257.00257.0015.0115.010.780.78-3.38-3.38-12.93-12.93-10.42-10.422.382.3816.4916.499.559.553.503.501.471.471.511.51
6.Adani Green Energy LtdADANIGREENRenewable EnergyRenewable Energy2,11,497.422,11,497.421,284.001,284.00128.03128.030.080.08-1.32-1.3239.4039.4021.2021.207.087.086.306.306.916.91--3.473.472.892.89
7.Indian Oil Corporation LimitedIOCOil & Gas - Refining & MarketingOil & Gas - Refining & Marketing1,84,282.161,84,282.16130.50130.504.384.38-1.14-1.14-4.74-4.74-2.65-2.65-15.72-15.720.820.8220.2120.2120.7220.726.326.320.580.581.851.85
8.Bharat Petroleum Corporation LimitedBPCLOil & Gas - Refining & MarketingOil & Gas - Refining & Marketing1,28,831.921,28,831.92296.95296.954.994.99-1.67-1.67-5.70-5.706.556.55-13.58-13.581.291.2928.4728.4726.3626.365.805.800.540.542.032.03
9.Gail (India) LtdGAILGas DistributionGas Distribution1,10,132.581,10,132.58167.50167.5014.5214.52-1.89-1.89-3.40-3.4017.0217.02-5.16-5.161.231.238.698.699.129.123.283.280.280.281.731.73
10.Oil India LtdOILOil & Gas - Exploration & ProductionOil & Gas - Exploration & Production72,628.0472,628.04446.50446.5010.9710.970.790.79-9.03-9.03-5.44-5.446.516.511.141.1411.1711.1710.1310.132.582.580.590.592.132.13
11.Adani Total Gas LtdATGLGas DistributionGas Distribution64,146.4264,146.42583.25583.2597.8397.83-0.32-0.32-4.85-4.8511.4211.42-7.92-7.9213.1913.1914.4614.4613.8213.820.040.040.460.462.982.98
12.CESC LtdCESCPower GenerationPower Generation17,726.8517,726.85133.73133.7311.5011.501.311.31-8.83-8.83-13.17-13.17-19.64-19.641.341.3411.9611.9610.1710.174.494.491.641.641.941.94
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Disclaimer: Please note that the above table is for informational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Stock Screener and is subject to real-time updates.

Selection criteria: Companies that are associated with the green hydrogen sector in India, based on publicly available information. Sorted based on market capitalisation.

How to Invest in Green Hydrogen Stocks?

Investing in green hydrogen shares using Tickertape is a straightforward process. Tickertape is a powerful stock analysis and screening tool that helps you make informed investment decisions. Here’s how you can use Tickertape to invest in green hydrogen stocks:

  1. Sign Up and Log In: You can create an account on the Tickertape or log in if you already have one.
  2. Search for green hydrogen stocks: Go to Tickertape Stock Screener and select “Nifty 50” under “Stock Universe”
  3. Use Filters: You can apply over 200 filters to get green hydrogen fuel stocks sorted based on criteria like market cap, P/E ratio, or dividend yield. You can create your own custom filter, in case your preferred parameters are not available. This can help you narrow down the top green energy shares in India.
  4. Analyse Stock Data: Tickertape provides comprehensive data on each stock, including financials, performance metrics, future projections, red flags, and more. You can review this data to assess each company’s health and potential in depth.
  5. Add to Watchlist: You may keep track of potential investments by adding them to your watchlist.
  6. Invest Through Your Broker: Once you’ve decided on a stock, you can place a buy order through your brokerage account linked to Tickertape.

Overview of Top Green Hydrogen Stocks in India

Reliance Industries Ltd

Founded in 1973, Reliance Industries Ltd is one of India’s largest and most diversified conglomerates. It operates in sectors such as petrochemicals, refining, retail, telecommunications, and digital services through its subsidiary Reliance Jio.

Larsen and Toubro Ltd

Established in 1938, Larsen & Toubro Ltd is a major Indian multinational operating in the engineering, construction, technology, and power sectors. L&T is known for its large-scale infrastructure projects both within India and internationally.

NTPC Ltd

Founded in 1975, NTPC Ltd is India’s largest power utility, responsible for generating electricity through its diverse portfolio of thermal, hydro, and renewable energy plants. As part of its strategy to reduce its carbon footprint, NTPC is focusing more on renewable energy sources like solar and wind power.

Adani Power Ltd

Adani Power Ltd, founded in 1996, is a significant player in India’s power generation sector. Part of the Adani Group, the company specialises in the generation of thermal power and is one of the largest private-sector electricity producers in India.

Power Grid Corporation of India Ltd

Founded in 1989, Power Grid Corporation of India Ltd is responsible for operating the largest power transmission network in India. The company ensures the reliable and efficient transmission of electricity across the country, playing a crucial role in India’s energy distribution.

Budget Allocation of Green Energy Sector in 2026-27

  1. Higher MNRE allocation: Budgetary support for renewable energy increased in 2026 27. The MNRE allocation rose to ₹329.14 bn from ₹265.49 bn last year. Solar energy received ₹305.39 bn, which includes ₹220 bn for PM Surya Ghar and ₹50 bn for PM KUSUM.
  2. Targeted support for other renewables: The Budget allocated ₹6 bn for green hydrogen. Wind and other renewable sources received ₹5.51 bn. Bioenergy received ₹2.75 bn, while green energy corridors received ₹5.99 bn to strengthen transmission infrastructure.
  3. Duty rationalisation for clean energy inputs: The government reduced customs duty to zero on sodium antimonate used in solar glass manufacturing. It also removed customs duty on capital goods used for lithium ion battery storage. These steps lower input costs across clean energy value chains.
  4. Supply chain and decarbonisation push: The Budget supported Rare Earth Corridors to strengthen clean technology supply chains. It also announced a ₹200 bn outlay for carbon capture utilisation and storage over five years to support industrial decarbonisation.

What are Green Hydrogen Stocks?

Green hydrogen stocks represent companies engaged in producing, storing, and using hydrogen made through electrolysis powered by renewable energy like solar and wind, with no carbon emissions. These green hydrogen fuel stocks often cover businesses manufacturing electrolysers, developing hydrogen plants and infrastructure, or integrating hydrogen in industries and transport.



Green Hydrogen Sector in India - An Overview

  1. Early-Stage Capacity: India had commissioned around 8,000 tonnes per annum of green hydrogen production capacity by February 2026, showing that commercial deployment is still at an early stage.
  2. 2030 Production Target: The National Green Hydrogen Mission targets at least 5 mn metric tonnes of annual green hydrogen production by 2030, supported by around 125 GW of additional renewable capacity.
  3. Production Pipeline: The government awarded 862,000 tonnes per annum of green hydrogen production capacity to 18 companies under incentive schemes by 2026.
  4. Electrolyser Manufacturing: India awarded 3,000 MW of annual electrolyser manufacturing capacity to 15 companies, backed by incentives worth ₹4,440 cr under the SIGHT programme.
  5. Industrial Demand: SECI discovered prices for supplying 724,000 tonnes per annum of green ammonia to 13 fertiliser units, creating an early demand base for green hydrogen derivatives.
  6. Mission Investment: The ₹19,744 cr National Green Hydrogen Mission expects more than ₹8 lakh cr of investment and over 6 lakh jobs by 2030.

Features of Green Hydrogen Stocks in India

Diverse Business Models

Green hydrogen stocks cover producers, electrolyser manufacturers, renewable energy suppliers and industrial engineering companies. Their business models differ: some earn from hydrogen sales, while others supply equipment, electricity, or project infrastructure.

Emerging Manufacturing Base

Under the National Green Hydrogen Mission, 15 companies received allocations for 3,000 MW of annual electrolyser manufacturing capacity by February 2026. This supports domestic equipment manufacturing for India's developing hydrogen production ecosystem.

Capital-Intensive Operations

Green hydrogen production requires electrolysers, renewable electricity, water treatment and supporting infrastructure. These investments create substantial upfront costs, while project economics depend on production volumes, electricity prices and long-term customer contracts.

Industrial Applications

Green hydrogen can replace conventional hydrogen in refineries, fertilisers and chemical production. Emerging applications include steelmaking and shipping fuels, although commercial adoption differs across industries because of technology and cost requirements.

Long Development Cycles

Hydrogen projects require land, renewable power, equipment procurement, customer agreements and regulatory approvals before production begins. Their development timelines can create substantial differences between announced capacity, commissioned facilities and actual revenue generation.

Advantages of Investing in Green Hydrogen Stocks

Government Support

India's National Green Hydrogen Mission has an outlay of ₹19,744 crore, including ₹17,490 crore for production and electrolyser incentives. These programmes support domestic manufacturing and help address the industry's initial cost disadvantages.

Production Expansion

India targets 5 million metric tonnes of annual green hydrogen production by 2030. By February 2026, incentives had been awarded for 8.62 lakh tonnes of annual capacity, supporting opportunities across production and equipment supply.

Fertiliser Demand

SECI allocated approximately 7.24 lakh tonnes of annual green ammonia supply across 13 fertiliser units. These procurement arrangements establish industrial demand for hydrogen derivatives and support commercial opportunities for selected producers.

Renewable Energy Expansion

India's green hydrogen mission envisages approximately 125 GW of associated renewable energy capacity by 2030. This creates potential demand for solar, wind, transmission and energy management businesses supplying electricity to hydrogen production facilities.

Export Opportunities

Green ammonia and methanol can help transport renewable hydrogen internationally. In September 2026, Brookfield announced plans to invest up to $600 million in ACME's green fuels business, supporting ammonia and methanol development.

Risks of Investing in Green Hydrogen Stocks

High Production Costs

Green hydrogen remains more expensive than conventional hydrogen in most markets. The IEA's 2026 review identifies this cost difference as a major barrier, making profitability sensitive to electricity prices and government incentives.

Uncertain Commercial Demand

Hydrogen producers depend on industrial customers willing to purchase cleaner fuels. The IEA reported that only around 20% of new global low-emissions hydrogen offtake agreements signed in 2025 carried firm contractual commitments.

Project Execution Delays

The IEA's 2026 review reduced the global announced low-emissions hydrogen production pipeline for 2030 to 27 million tonnes, reflecting project delays and cancellations. Similar challenges can affect Indian developers' commissioning schedules.

Infrastructure Limitations

Hydrogen requires specialised storage, compression, transportation and handling systems. Limited pipeline networks and distribution infrastructure can increase project costs, particularly for facilities located far from refineries, fertiliser plants or export terminals.

Water Availability

Electrolysis requires purified water, making reliable water access important for hydrogen projects. Facilities in water-stressed regions may face additional treatment, desalination and transportation costs, particularly when production expands to commercial scale.

Policy Dependence

Production incentives, procurement arrangements and certification standards influence India's green hydrogen economics. Changes in subsidy availability or procurement rules can affect project viability, particularly where producers have not secured commercially competitive customer contracts.

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Factors to Consider Before Investing in Green Hydrogen Energy Stocks

Hydrogen Revenue Exposure

Green hydrogen exposure varies across listed companies. Some operate dedicated production businesses, while others participate through engineering, renewable power or electrolyser manufacturing, making segment revenue important for understanding their actual industry exposure.

Production Economics

Electricity tariffs, electrolyser efficiency and equipment utilisation determine hydrogen production costs. SECI's green ammonia tender discovered prices between ₹49.75 and ₹64.74 per kg, highlighting the importance of project-level cost competitiveness.

Customer Agreements

Long-term offtake agreements influence revenue visibility for hydrogen producers. SECI's green ammonia procurement framework includes 10-year purchase agreements, demonstrating how contracted volumes, pricing and delivery obligations shape commercial project economics.

Project Commissioning

Announced hydrogen capacity does not immediately generate revenue. Project progress depends on equipment installation, renewable power availability and customer readiness, making commissioning milestones and actual production volumes important indicators of commercial development.

Technology Partnerships

Electrolyser efficiency, durability and maintenance requirements influence hydrogen production costs. Partnerships with established technology providers can affect equipment performance, manufacturing localisation and project execution across alkaline, PEM and other electrolyser technologies.

Financial Capacity

Hydrogen projects require substantial capital before commercial operations begin. Debt levels, interest costs, cash generation and funding arrangements influence financial performance, particularly when project commissioning or customer demand develops more slowly than expected.

Conclusion

Green hydrogen stocks offer potential due to rising demand for clean energy, government support, and advances in hydrogen production technology. However, risks such as high costs, dependence on government policies, and infrastructure challenges can affect green hydrogen share prices. To make more informed investment decisions and pick the best green hydrogen stocks in India, investors can use Tickertape Stock Screener. The tool offers over 200 filters, helping you analyse stocks based on various financial and sector-specific parameters.

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Frequently Asked Questions on Green Hydrogen Stocks

  1. What are green hydrogen stocks?

    Green hydrogen stocks represent shares of green hydrogen companies in India involved in producing, distributing or using hydrogen made with renewable energy. These businesses support the clean energy transition across refining, fertilisers, steel, mobility, and power-related applications.

  2. How to invest in green hydrogen stocks?

    Here’s how users can explore hydrogen shares in India using Tickertape:

    1. Go to the Tickertape Stock Screener
    2. Click on 'Energy Under Sector'.
    3. Analyse and sort the green energy shares using over 200+ filters, including valuation ratios, financials, technical indicators, and more, based on your investment thesis.
    4. Review the filtered list, and identify the best green hydrogen shares that align with your risk appetite, return expectations, and investment goals.
    5. Once you've shortlisted the stocks, click ‘Place Order’ to invest in your preferred Green Hydrogen Stocks.

  3. What are some of the best green energy stocks?

    As of 21st September 2026, the following companies are among the best green hydrogen stocks in India and broader green energy businesses by market capitalisation:

    1. Adani Green Energy Ltd
    2. Tata Power Company Ltd
    3. JSW Energy Ltd
    4. NHPC Ltd
    5. Indian Renewable Energy Development Agency Ltd

    Disclaimer: Please note that the above list of green hydrogen stocks India is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.

  4. What are the factors affecting green hydrogen share prices?

    Government policy, project commissioning, electrolyser costs, renewable power prices, industrial demand and technology development can influence the green hydrogen share price of companies exposed to the sector. Financial performance and commercial hydrogen production also affect individual stock prices.

  5. What is the future projection of green hydrogen stocks?

    The National Green Hydrogen Mission targets 5 mn metric tonnes of annual production by 2030, supported by around 125 GW of renewable capacity. These targets may shape the long-term outlook for hydrogen fuel stocks in India, although individual company performance will depend on project execution and commercial demand.

  6. How to find good green energy stocks?

    Users can compare green hydrogen companies in India and other green energy businesses through the Tickertape Stock Screener using over 200 filters covering market capitalisation, profitability, valuations, financials and technical indicators.

    Disclaimer: Please note that this is not a recommendation. Please do your own research or consult your financial advisor before investing.

  7. Are green hydrogen stocks a good investment for the long term?

    The long-term performance of hydrogen shares in India depends on production costs, policy support, commercial demand, project execution and technology development. Although the sector has long-term growth potential, industry expansion does not guarantee similar returns across individual companies.

    Disclaimer: Please note that this is not a recommendation. Please do your own research or consult your financial advisor before investing.

Disclaimer: This article is for informational purposes only. The content of the article including securities/investment products mentioned if any, should not in any manner be construed as an investment advice, recommendation, offer, solicitation to buy/hold/sell any securities/investment products. The securities quoted if any, are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered financial advisor before investing.