Last Updated on May 26, 2024 by Harshit Singh

India has set its sights on becoming energy-independent by 2047 and achieving Net Zero by 2070. To achieve these ambitious goals, the country is increasingly turning to green hydrogen energy. This clean, sustainable fuel source is poised to play a pivotal role in India’s energy landscape. In this blog, we’ll delve into the world of green hydrogen and explore why investing in green hydrogen stocks is not just a financial opportunity but also a way to support India’s journey toward a greener and more sustainable future. 

In this article, let’s explore the best green hydrogen stocks in India, factors to consider before investing, challenges in the industry, how to invest in green hydrogen companies in India, and more.

Table of Contents

Note: The list of the best Green Hydrogen stocks are sorted on the Tickertape Stock Screener, and the data is from 25th April, 2024. We have used the following parameters:

🚀 Pro Tip: You can use Tickertape’s Stock Screener to research and evaluate stocks with over 200+ filters and parameters.

Did you know you can invest in green hydrogen stocks with smallcase managed by SEBI-registered investment professionals?

What is smallcase?

smallcases are modern investment products that help investors easily build a low-cost, long-term & diversified portfolio. They are pre-designed portfolios that reflect a specific theme, strategy or objective. A smallcase is created and managed by SEBI-registered investment professionals (also known as smallcase managers).

Among 500+ smallcases, here are some of the top green hydrogen smallcases.

Green Energy smallcase by Niveshaay

Electric Mobility smallcase by Windmill Capital

Note: These smallcases are mentioned only for educational purposes and are not meant to be recommendatory. Investors must conduct their own research and consult a financial expert before making any investment decisions.

Disclosures for Green Energy smallcase

Disclosures for Electric Mobility smallcase

Maharatna ONGC is India’s largest crude oil and natural gas Company, contributing around 71% to Indian domestic production. The company plans to invest around Rs. 800 bn-850 bn ($9.6 bn – 10.2 bn) to develop a green ammonia production capacity of two million tonnes annually by 2035. This includes two projects, each aiming to produce one million tonnes per year, collaborating with partners like Greenko. As of 25th April 2024, the company had a market capitalisation of Rs. 3,54,700.97 cr. The green hydrogen share price India is Rs. 281.95 with a 8.84% 5-yr CAGR. The fundamental Score of the stock is 5.705. Check out the stock evaluation on the Tickertape Scorecard here.

Chairman and Managing Director of Reliance Industries Ltd, Mukesh Ambani, said in the Annual General Meeting of 2022 that RIL is mapping its way to transition from the production of grey hydrogen to the production of green hydrogen by 2025. In continuation, the company introduced India’s first-ever hydrogen-run truck, which was developed in partnership with Ashok Leyland. As of 25th April 2024, the company had a market capitalisation of Rs. 19,75,546.70 cr. and a stock price of Rs. 2,919.95. Reliance Industries Ltd 5-yr CAGR is 18.57%. Explore the overall stock analysis on Tickertape Scorecard now!

In 2021, BPCL collaborated with Bhabha Atomic Research Centre (BARC) to scale up Alkaline Electrolyser technology for Green Hydrogen production. BPCL is expected to rise to 1,000 MW by 2027 using only renewable sources, including green hydrogen. As of 25th April 2024, the company’s market capitalisation is 1,30,892.71 cr. and a stock price of Rs. 603.4. Bharat Petroleum Corporation Ltd 5-yr CAGR is 40.89%. According to the Tickertape Scorecard, the stock shows good signs of profitability & efficiency. Click here to learn more about the quantitative analysis of BPCL.

Indian Oil Corporation Limited is involved in the refining business. The company’s divisions comprise the Sale of Petroleum Products, Petrochemicals, and other operations. As of 25th April 2024, the company’s market capitalisation is Rs. 2,40,343.48 cr. and a stock price of Rs. 170.20. Indian Oil Corporation Ltd’s 5-yr CAGR is 18.29%. Furthermore, the company’s market share has decreased from 31.07% to 30.19% over the last 5 years. Check out more about the company’s past profitability trends on the Tickertape Scorecard now!

Jindal Saw Limited manufactures stainless steel, offering a range of products such as slabs, blooms, hot rolled (HR) coils, cold rolled (CR) coils, plates, coin blanks, precision strips, blade steel, and stainless steel plumbing materials. As of 25th April 2024, the company’s market capitalisation was Rs. 3,48,304.25 cr. and a stock price of Rs. 729.70. It is showing good signs of profitability and efficiency, with a score of 7.5/10 in cash flow and a score of 7.1/10 in terms of profit on the Tickertape Scorecard. Get a detailed stock analysis overview on the Tickertape Scorecard.

JSW Energy Limited is a comprehensive power company primarily generating and selling electricity. As of 25th April 2024, the company had a market capitalisation of Rs. 1,05,478.09 cr. and a stock price of Rs. 604.7. JSW Energy Ltd’s 5-yr CAGR is 54.07%. The stock shows that over the last 5 years, net income has grown yearly at 80.11%, compared to an industry average of 26.12%. The Tickertape Scoreboard for the large-cap company depicts good signs of efficiency and profitability as the score for profit is 8/10 and score for cash flow is 7.7/10. Check out more about the company’s past performance here.

NTPC Limited is involved in electricity generation and the bulk sale of power to state power utilities. On 25th April 2024, the company’s market capitalisation was Rs. 3,48,304.25 cr. and a stock price of Rs. 5.16. NTPC Ltd’s 5-yr CAGR is -47.78%. The fundamental score of the stock is 5.11. Over the last 5 years, revenue has grown at a yearly rate of 13.79%, vs industry avg of 12.11%. Furthermore, the company’s market share has also increased from 63.03% to 65.96% over the last 5 years. Learn more about the company’s financial performance on the Tickertape Scorecard now!

Adani Green Energy, a power generation enterprise, specialises in constructing and managing solar and wind energy facilities across India. On 25th April 2024, the company’s market capitalisation was Rs. 2,87,129.65 cr., and its stock price was Rs. 1,812.65. Adani Green Energy Ltd’s 5-yr CAGR is 110.56%. The stock’s fundamental Score is 4.83. Furthermore, the company’s market share increased from 7.69% to 25.7% in the last five years. Check out more about the company stats here!

GAIL (India) Limited is an integrated energy company operating within the hydrocarbon sector.  The products are natural gas marketing and transmission, petrochemicals, and the production of liquid hydrocarbons such as LPG, propane, and naphtha. As of 25th April 2024, the company had a market capitalisation of Rs. 1,36,761.66 cr. and a stock price of Rs. 208. Gail (India) Ltd’s 5-yr ROI is 12.71%, and the stock’s fundamental score is 4.25. The large-cap company shows good signs of profitability & efficiency on the Tickertape Scorecard as the cash flow score is 6.8/10 and profit score is 7.5/10. Check out more about the company’s financials on the Tickertape Scorecard. 

Larsen & Toubro Limited provides technology, engineering, construction, manufacturing, and financial services. As of 25th April 2024, the company had a market capitalisation of Rs. 5,02,070.22 cr. and a stock price of Rs. 3,652.3. Larsen and Toubro Ltd’s 5-yr CAGR is 21.93%. The fundamental score of the stock is 4.17. Thus, as per the Tickertape Scorecard, the large-cap company shows good signs of profitability & efficiency: the profit score is 7.4/10 and the cash flow score is 7.3/10. Click here to learn more about the company’s profitability trends. 

Green hydrogen, produced through the electrolysis of water using renewable energy sources like solar or wind power, is distinct in terms of minimal environmental footprint. The clean energy carrier is indispensable in places where electrification is difficult and thus forms a cornerstone in India’s energy transition. 

India aims to achieve carbon neutrality by 2070, but as its economy grows, its demand for energy and resources is expected to rise. Energy demand has already doubled over the past two decades, and it is projected to increase by at least 25% by 2030. 

More than 40% of India’s primary energy needs, which cost over $90 bn annually, are met through imports. Furthermore, industries such as transportation and manufacturing depend heavily on imported fossil fuels. Therefore, technology is needed to increase the use of renewable sources in the energy mix and gradually reduce reliance on fossil fuels.

National Green Hydrogen Mission-one of the Budget 2023-2024 highlights. The Government of India sanctioned Rs. 19,744 cr. towards the mission and plans to increase its annual green hydrogen production to 5 mn tonnes by 2030. The Government also plans to reduce dependence on fossil fuel imports and cut greenhouse gas emissions by nearly 50 mn tonnes. The eventual goal is to turn the country into a hub for green hydrogen production to meet global renewable energy demands.

Green hydrogen will considerably reduce carbon emissions from heavy industry and transportation. It provides a fossil-based fuel alternative that will help humankind globally reduce its carbon footprint upon adherence to sustainable development objectives.

Though the hydrogen fuel stocks in India look attractive, it is wise to make a decision based on one’s current financial situation, future financial goals/plans, and the advice of a financial advisor.

Here are 5 key features of green hydrogen stocks – India.

There are various advantages of investing in green hydrogen stocks. Here are 5 key benefits.

A diversified investment approach in the green hydrogen sector can be a wise decision. Investment in both established companies and emerging startups may prove helpful in balancing the risk-reward ratio. It would also remain a prudent step if they continuously stay vigilant about the market trends and Government policies so as to take timely decisions based on proper assessment of such information. It is always worthwhile to consult a financial advisor before making any investment decision for your portfolio.

To list the best stocks in the green hydrogen sector on Tickertape, follow the below-mentioned steps.

Step 1: Go to the Stock Screener.

Step 2: Click on ‘+ Create’ in ‘Stock Universe’.

Step 3: Add all the stocks mentioned in the articles and more which are related to the green hydrogen sector.

Step 4: Add over 200 filters to sort the stocks based on your preference.

The green hydrogen energy sector seems promising for the long term. However, consider the uncertainty and future promise of profits before investing in these stocks. It is always worthwhile to take the help of a financial advisor and do your own research as well. Tickertape Stock Screener can help you keep track of all the green hydrogen energy stocks. You can add all the stocks you want to track to your watchlist. Alternatively, you can add them to a ‘Stock Universe’ and keep them separate from the other stocks you track. Try it now!

As of 25th April 2024, the top 5 green hydrogen energy stocks based on the Fundamental score are:

– Oil and Natural Gas Corporation Ltd– Reliance Industries Ltd– Bharat Petroleum Corporation Ltd– Indian Oil Corporation Ltd– Jindal Stainless Ltd

A fundamental score is a smallcase proprietary score between 1 and 10, which is assigned to stocks listed on the NSE. The score helps rank the stock versus all other stocks in the respective sector. The higher the score, the better the company.

Note: This information is provided for educational purposes and is not intended as a recommendation or endorsement.

According to the World Economic Forum, China consumes and produces more hydrogen than any other country – its current annual usage is more than 24 mn tonnes. More than 30 projects involving “green” hydrogen – created using emissions-free renewable energy – have been set up since 2019 in the country.

More than 6 mn tonnes of hydrogen is used by India every year to produce ammonia and methanol for industrial purposes. It is assumed that India’s demand for hydrogen will increase five-fold, and consumption of hydrogen is expected to surge by 28 mn tonnes by 2050.

Green hydrogen is mainly used in the chemical industry for the manufacturing of ammonia and fertilisers. It is also used in the petrochemical industry for the production of petroleum products. 

Hydrogen produced by splitting water by electrolysis is green hydrogen. This process only produces hydrogen and oxygen. Green hydrogen can be utilised, and the oxygen can be vented out into the atmosphere without any negative impact.

Check out our other stock collections that may be of interest to you: