Top 20 Best Green Hydrogen Stocks in India

Best Green Hydrogen Stocks in India

With Government of India focusing on Green Hydrogen let us find our Best Green Hydrogen Stocks in India.

On January 4, 2022, the National Green Hydrogen Mission was approved by the Union Cabinet, government of India. In January 2024, the government of India approved provisions for its ambitious National Green Hydrogen Mission for Rs 19,774 crore. The government aims to use the fund for a special PLI scheme to set up a manufacturing base for electrolysers and other green hydrogen equipment.  While Rs 17,490 crore from the fund will be allocated for strategic interventions, Rs 1,466 crore will be used to conduct pilot projects, and Rs 800 crore for R&D components.

This is just a starting point of this initiative, to achieve the goal of self-reliance on fuel the government of India has to allocate more funds to encourage green hydrogen.

What is Green Hydrogen

Green hydrogen can be explained as hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity. Simply green hydrogen means, hydrogen made without fossil fuels. The process for splitting water to get green hydrogen is electrolysis.

However, the electrolysis process is quite costly now in comparison to renewable power. The electrolysis for green hydrogen production needs to scale up significantly and reduce its cost by at least three times over the next decade or two to make it more viable for commercial use. The good part is that electrolysis is commercially available today and can be procured from multiple international suppliers right now.

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National Green Hydrogen Mission

The Indian government is aiming to produce 50 lakh tonnes of green hydrogen per annum by 2030 under this Green Hydrogen Mission. In January 2023, the government of India approved an ambitious mission of achieving a green hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum with an associated renewable energy capacity addition of about 125 GW in the country by 2030.

In January 2024, the cabinet approved the said budget which will provide direct incentives for green hydrogen manufacturing and generating hydrogen from green power sources. This mission aims to develop India as a global hub for the manufacturing of hydrogen.

Apart from central government incentives, state governments have set their incentive program to lure companies into green hydrogen production. Ten states have also been identified as potential production hubs.

To know more about Green Hydrogen companies in India like their green hydrogen production capacity, plant location, and strategic plans for expansion, please reach out to us with the email ID on the footer of this page, or

Green Hydrogen Market Size in India

According to a report by TERI, the demand for hydrogen could increase by at least 5-fold by 2050. The demand for hydrogen today is at around 6 million Tons (MT) per annum, coming solely from sectors such as fertilizers and refineries. This demand can increase to around 28 MT by 2050, driven by cost reductions in key technologies, as well as the growing pressure to decarbonize the energy system.

According to the report by TERI, the cost of green hydrogen is expected to drop by 50% by 2030 if support from the government continues. India can emerge as the least-cost producer and bring down the price of green hydrogen to US$ 1 per kg by 2030 from the current cost of over US$ 3 to US$ 8 per kg.

According to a report from PWC on Green Hydrogen, the demand for hydrogen could vary from 150 to 500 million metric tonnes per year by 2050. The most important factors that drive the demand will be global climate ambitions and the development of sector-specific activities, energy-efficiency measures, direct electrification, and the use of carbon-capture technologies.

Green Hydrogen Stocks in India

Many companies are aboard the green hydrogen bandwagon. Front-line Green hydrogen companies such as Reliance, Adani, ReNew Power, and L&T are taking the initiative to get the benefit of this PLI scheme.

Reliance is the biggest company in India in terms of market cap, set an ambitious plan to produce green hydrogen for $USD 1 per kg by 2030. Essar Group is planning to set up a 1GW green hydrogen project in Jamnagar with an estimated investment of Rs30,000 crore.

Erisha E Mobility signed an MoU of Rs 5,000 crore with the Gujarat government to establish an ecosystem to produce green hydrogen.  

20 Best Green Hydrogen Stocks in India

We can evaluate the value chain of Green Hydrogen to understand the green hydrogen companies that are engaged in different nodes of the Green Hydrogen value chain. If you have no idea of the value chain of green hydrogen please comment. I will share the detailed Green Hydrogen value chain analysis in my next post. Looking at the value chain, the companies can vary from financing to equipment manufacturers to the final green hydrogen producers using renewable energy sources.

Green Hydrogen Stocks in India

Below are the 20 best Green Hydrogen stocks in India that will benefit from the National Green Hydrogen mission.

  1. Reliance Industries – Producer of Green Hydrogen
  2. Adani Green Energy – Producer of Green Hydrogen
  3. JSW Energy – Producer of Green Hydrogen
  4. NTPC – Producer of Green Hydrogen
  5. GAIL – Producer of Green Hydrogen
  6. Indian Oil Corporation – Producer of Green Hydrogen
  7. Acme Resources – Producer of Green Hydrogen
  8. Olectra Greentech – Consumer of Green Hydrogen
  9. IREDA – Financer of Green Hydrogen
  10. L&T – Designing and building green hydrogen infrastructure
  11. Thermax – Designing and building green hydrogen infrastructure
  12. Borosil renewable – Supplier of Renewable power to Produce Green Hydrogen
  13. Waaree Renewable Technologies – Supplier of Renewable power to Produce Green Hydrogen
  14. Bharat Heavy Electricals – Electrolyser Manufacturing
  15. Torrent Power – Electrolyser Manufacturing
  16. Advait Infratech – Electrolyser manufacturing
  17. MTARTech – Electrolyser manufacturing
  18. ACME Solar Holdings – Green hydrogen producer, renewable energy focus
  19. Adani Total Gas – Green Hydrogen Blending
  20. Tata Power – Produces renewable energy, will be benefited from the increasing consumption of renewable energy to produce green hydrogen

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