Green Hydrogen Stocks in India
Last updated:
Green hydrogen stocks are shares of listed companies involved in India's hydrogen economy. This includes energy companies setting up production, refiners and gas companies using it, and manufacturers of electrolysers and related equipment.
Explore the complete list of green hydrogen stocks in India below. You can compare companies based on market capitalisation, returns and share price performance.
List of Green Hydrogen Stocks
Which Green Hydrogen Stocks are gaining or losing interest?
Based on INDmoney Data: Search interest and investment activity.
Top Green Hydrogen Stocks by Search Interest
INDmoney Data - Jul 30, 2026 to Aug 29, 2026
Stock | Monthly Change |
|---|---|
 GAIL (India) Ltd | 136.00% |
 Thermax Ltd | 33.00% |
 Larsen & Toubro Ltd | 12.00% |
 NTPC Ltd | 3.00% |
 Reliance Industries Ltd | -5.00% |
Top Green Hydrogen Stocks by Investment Interest
INDmoney Data - Jul 30, 2026 to Aug 29, 2026
Stock | Monthly Change |
|---|---|
Thermax Ltd | 105.05% |
GAIL (India) Ltd | 78.02% |
NTPC Ltd | 6.11% |
Reliance Industries Ltd | -19.00% |
 Adani Green Energy Ltd | -31.62% |
Which Green Hydrogen Stocks Gained or Fell the Most in the Last Month?
Based on 1 month return. Jul 30, 2026 to Aug 29, 2026
Top Monthly Gainers
Stock | Monthly Change |
|---|---|
 Adani Enterprises Ltd | 5.55% |
Larsen & Toubro Ltd | 5.09% |
Reliance Industries Ltd | 1.14% |
Top Monthly Losers
Stock | Monthly Change |
|---|---|
Thermax Ltd | -10.28% |
NTPC Ltd | -3.74% |
Adani Green Energy Ltd | -3.58% |
GAIL (India) Ltd | -1.55% |
What Are Green Hydrogen Stocks?
Green hydrogen stocks are shares of companies working with hydrogen produced by splitting water using renewable power. The type of hydrogen matters. Green hydrogen uses renewable power and produces no carbon emissions. Grey hydrogen is made from natural gas and produces significant emissions. Blue hydrogen is grey hydrogen with carbon capture added.
Green hydrogen is an early-stage theme in India. Most listed exposure comes through large energy, refining and gas companies, for whom hydrogen is a future business line alongside their existing operations, along with some emerging equipment manufacturers. In most cases, investors are buying an established business with a hydrogen opportunity attached.
How Do Green Hydrogen Companies in India Earn?
Energy conglomerates and producers
Large energy groups have announced green hydrogen plans, usually alongside their renewable power plants, since renewable power is the largest input cost. Their share prices currently reflect their existing power and infrastructure businesses.
Refiners and city gas companies
Refineries are among the largest current users of grey hydrogen, making them likely early adopters of the green version. Gas companies are exploring blending hydrogen into their distribution networks.
Electrolyser and equipment manufacturers
Electrolysers split water into hydrogen and oxygen. Manufacturing this equipment is a distinct business within the sector, supported by government incentives for domestic production.
Ammonia, fertiliser and chemicals users
Green ammonia, made from green hydrogen, is an early use case for fertiliser production and export. Listed chemical and fertiliser companies adopting it represent real, contracted demand for the sector.
Why Is Green Hydrogen Growing in India?
India approved the National Green Hydrogen Mission in January 2023, with about ₹19,744 crore allocated and a target of 5 million tonnes of annual production capacity by 2030. The mission includes incentives for electrolyser manufacturing and hydrogen production.
This is a policy commitment, not a guarantee of returns. India's low-cost renewable power is a genuine advantage for this sector, but individual company outcomes still depend on execution.
How to Evaluate Green Hydrogen Stocks
Separate the existing business from the hydrogen opportunity
For most companies on this list, hydrogen is a future plan, and an existing business generates current revenue. Value the existing business on its own fundamentals, and treat hydrogen as additional upside.
Track commitments becoming contracts
Look for evidence of actual capital spent, plants under construction, equipment orders signed and supply deals with named buyers, rather than announcements alone.
Follow the cost curve
Green hydrogen competes with grey hydrogen mainly on cost. This gap narrows as renewable power and electrolysers become cheaper. Companies with lower-cost renewable power or large-scale manufacturing have an advantage.
Size positions appropriately
Early-stage themes tend to be volatile. Smaller position sizes, longer time horizons and diversification across the value chain are appropriate for this sector.
Benefits and Risks of Green Hydrogen Stocks
Benefits of green hydrogen stocks
- Policy commitment: a funded national mission with defined production and manufacturing incentives.
- Existing demand: refineries and fertiliser makers already use hydrogen, giving the green version a real substitution market.
- Cost advantage: India's low-cost renewable power supports the sector's cost competitiveness.
Risks of green hydrogen stocks
- Early-stage risk: most projects are years away from meaningful revenue, and some announced plans may not proceed.
- Volatility: prices can move on news and announcements rather than earnings.
- Cost competition: slower-than-expected cost reduction could delay adoption.
- Limited exposure: hydrogen remains a small part of most listed companies' overall business today.
Green Hydrogen vs Green Energy and Solar Stocks
Green hydrogen is the newest layer of the clean energy sector. It uses renewable electricity, often solar power, to produce a storable fuel. Solar stocks earn from generating clean power, while green hydrogen stocks earn from converting that power into industrial fuel. The green energy page covers the broader theme across all clean power segments.
How to Invest in Green Hydrogen Stocks on INDmoney
1. Open a free demat account on INDmoney using your PAN.
2. Compare conglomerates, refiners, gas companies and equipment makers in this list.
3. Check each company's core business fundamentals and the credibility of its hydrogen plans on its stock page.
4. Allocate a modest portion of your portfolio, given the early stage of this sector.
Green Hydrogen Stocks FAQs
Green hydrogen stocks are shares of listed companies exposed to hydrogen produced with renewable electricity, including energy groups, refiners, gas companies, equipment manufacturers and chemical companies using green ammonia.
There is no fixed answer in an early-stage theme. Compare companies using this list, and favour those whose existing business justifies their valuation, with hydrogen plans that are becoming real contracts.
Green hydrogen is produced by splitting water using renewable electricity, with no production emissions. Grey hydrogen comes from natural gas with significant emissions. Blue hydrogen is grey hydrogen with carbon capture added.
India approved the National Green Hydrogen Mission in January 2023, with about ₹19,744 crore allocated and a target of 5 million tonnes of annual production capacity by 2030, aiming to reduce industrial emissions and build domestic manufacturing capacity.
Some low-priced stocks use hydrogen labels. This does not reduce penny stock risks such as thin trading and weak disclosure. Apply the usual penny stock risk checks before investing.
Mostly not at scale yet. Current activity is largely announced projects, pilot plants and early equipment orders within larger businesses.
Yes. Hydrogen fuel stocks, hydrogen energy stocks and hydrogen related stocks all refer to the same group covered on this page.
The sector has funded policy support, existing industrial demand and a cost advantage from renewable power, but it is early-stage. Revenue typically lags announcements by years, and volatility can be high. No outcome is guaranteed.
Green ammonia is made from green hydrogen and is an early use case for fertiliser production and export. Fertiliser and chemical companies adopting it are part of this sector's value chain.