India is currently at the epicentre of a global energy revolution. As of May 2026, the National Green Hydrogen Mission has transitioned from policy to ground-level execution. With the government’s SIGHT program providing robust incentives, the Levelized Cost of Hydrogen (LCOH) is rapidly approaching the competitive USD 2/kg mark. For investors, the Green Hydrogen stocks in India offer a multi-decade growth opportunity. Based on the latest filings of the companies, here is a deep dive into the top green hydrogen stocks in India that are leading this transition.

Overview of Green Hydrogen Industry in India

India is emerging as a key player in the global green hydrogen market, thanks to its ambitious National Green Hydrogen Mission, which was launched in January 2022. The mission aims to establish India as a green hydrogen production, consumption, and export hub. By 2030, India targets an annual production of 5 million metric tons (MMT) of green hydrogen, a milestone that will help achieve energy independence and support the nation’s commitment to reach net-zero emissions by 2070.

Market Potential

The green hydrogen market in India is projected to be valued at USD 8 billion by 2030, with an estimated growth of USD 340 billion by 2050. This growth is fueled by the National Green Hydrogen Mission, which aims to increase green hydrogen’s share to 46% of total hydrogen demand by 2030.

According to NITI Aayog, the electrolyzer market, which is essential for green hydrogen production, is forecasted to reach USD 5 billion by 2030 and expand further to USD 31 billion by 2050. These growth figures reflect a rising demand for green hydrogen in sectors such as transportation, steel production, and refineries, where the need for clean fuel is becoming more prominent.

Government Initiatives to Support Green Hydrogen

Several key government initiatives back India’s green hydrogen ambitions:

• National Green Hydrogen Mission 2026 – 2027: This flagship mission continues with an INR 19,744 crore outlay, doubling its annual allocation to INR 600 crore to accelerate domestic production and meet the 5 MMT annual capacity target by 2030.
• Strategic Interventions for Green Hydrogen Transition (SIGHT): Under the SIGHT program, which accounts for INR 17,490 crore of the total budget, India has already commissioned over 8,000 tonnes per annum (TPA) of green hydrogen capacity as of February 2026.

List of Best Green Hydrogen Stocks in India in 2026

Below is the list of top green hydrogen stocks in India, each playing a pivotal role in the nation’s clean energy transition.

#1 NTPC Limited – Leader Green Hydrogen Production in India

As a state-owned power giant, NTPC is spearheading India’s largest integrated green hydrogen hub at Pudimadaka, Andhra Pradesh. The project’s scope has significantly expanded, now targeting 1,500 tonnes of green hydrogen per day (up from 1,200 TPD) and 7,500 TPD of green derivatives. This massive facility will be supported by a staggering 20 GW of renewable energy capacity and spread across 1,600 acres. In May 2026, NTPC further accelerated the hub’s development by awarding an EPC mandate for India’s first Sustainable Aviation Fuel (SAF) plant at the site, reinforcing its role in India’s 500 GW renewable energy goal for 2030.”

#2 Adani Green Energy – Best Among Green Hydrogen Companies in India

Adani Total Gas (ATGL) is a joint venture between Adani Group and TotalEnergies. The company has moved past the pilot phase of blending green hydrogen with natural gas in Ahmedabad. After hitting the initial commissioning timeline in 2024, the project is now working toward scaling the blend to 8% and beyond, potentially reducing carbon emissions by 4% across its PNG network.

Parallelly, Adani New Industries (ANIL), the group’s dedicated green hydrogen platform, has solidified its target to produce 1 million tonnes per annum (MMTPA) of green hydrogen by 2030. Supported by the massive Khavda Renewable Energy park and a growing 5 GW electrolyzer manufacturing ecosystem, the group is positioning itself to capture a significant global market share. Adani Green Energy (AGEL) reported a 22% revenue growth in FY26, with its operational capacity surging to 19.3 GW.”

#3 SJVN Green Energy

SJVN Green Energy (SGEL) is a subsidiary of the recently elevated Navratna CPSE SJVN. The company remains committed to its ‘Shared Vision’ of 25,000 MW by 2030 and 50,000 MW by 2040. SGEL has commissioned India’s first multi-purpose Green Hydrogen Pilot Project at Nathpa Jhakri (HP) in April 2024, which now produces fuel for high-velocity oxygen fuel coating and electricity generation.

Furthermore, SGEL is solidifying its role as a bulk RE provider through its massive agreement to supply 4,500 MW of renewable power to AM Green’s ammonia facilities. The company has fully commissioned 1,000 MW Bikaner Solar Project.

#4 JSW Energy

JSW Energy has rapidly scaled its operational capacity to 13.3 GW as of Q3 FY26. The company is targetting 15 GW by mid-2026. Its diverse portfolio is now heavily leaning toward renewables, aiming for an 85% green share by 2030. In November 2025, the company commissioned India’s largest commercial Green Hydrogen plant (3,800 TPA) at Vijayanagar, Karnataka, to decarbonize JSW Steel’s operations.

Under its specialized subsidiary, JSW Neo Energy, the company is now executing a massive growth map to reach 30 GW of generation and 40 GWh of storage capacity by 2030. With a locked-in pipeline of over 30 GW and a secured 6,800 TPA capacity under the government’s SIGHT scheme, JSW Energy is solidifying its position in the best green hydrogen stocks in India

#5 Indian Oil Corporation (IOCL)

Indian Oil Corporation (IOC) is accelerating its green transition with a massive INR 2 lakh crore investment plan to achieve net-zero operational emissions by 2046. The company is now developing India’s largest green hydrogen plant at its Panipat refinery, with a scaled-up capacity of 10,000 tonnes per annum (TPA), targeted for commissioning by December 2026-27. IOC remains committed to making green hydrogen 50% of its portfolio by 2030 and 100% by 2040.

To spearhead these initiatives, IOC has incorporated a dedicated subsidiary, Terra Clean, which will manage its 18 GW renewable energy goals and is slated for an IPO by 2027-28. Furthermore, its joint venture with L&T and ReNew Power, named GH4India Private Limited, is now operationalizing industrial-scale production.

#6 Torrent Power

Torrent Power is aggressively scaling its green energy vertical, committing an investment of INR 7,200 crore to establish a 100 KTPA (kilotonnes per annum) green ammonia production facility in Gujarat (Banaskantha/Dahej). In a major milestone, the company inaugurated Uttar Pradesh’s first Green Hydrogen pilot plant in Gorakhpur in August 2025, which now blends hydrogen with natural gas in its city gas distribution network.

Parallelly, Torrent Power has raised its renewable energy target to 10 GW by 2030, backed by a massive INR 57,000 crore investment. This broader vision, which includes developing 5 to 8 GW of Pumped Storage Projects (PSP), is expected to generate over 25,000 direct and indirect jobs. The company has secured an 18,000 MTPA capacity under the government’s SIGHT incentive scheme.

#7 KPI Green Energy

KPI Green Energy has commissioned a 1 MW green hydrogen plant in Bharuch and secured a new NTPC award for a plasma-based waste-to-hydrogen project. The company’s scale has grown exponentially, with FY26 revenue reaching INR 2,742 crore (averaging over INR 225 crore monthly). With over 1.6 GW of installed capacity and a massive 4.6 GW pipeline under construction, KPI Green is now fast-tracking an ambitious 10 GW target by 2030.

The company has also secured a CERC interstate power trading license and signed an international MoU for a USD 1 billion project in Botswana.

#8 Waaree Energies: Among the Best Hydrogen Electrolyzer Companies in India

Leveraging its massive solar ecosystem, Waaree Energies has transitioned from pilot projects to commercial green hydrogen execution. Beyond its 1 MW facility, the company is now providing ‘Electrolyser-as-a-Service’ (EAAS) model, recently signing a 2.5 MW agreement and an MoU for a 50 MW expansion. Backed by its 300 MW PLI-allocated electrolyzer manufacturing capacity, Waaree is on track to scale this to 1 GW annual capacity by FY27.

With an operational module capacity of 15 GW+ and a massive expansion into Ingot-Wafer (10 GW) and BESS (3.5 GWh), Waaree continues to lead India’s charge toward energy independence.

#9 Acme Solar Holdings: Popular Among Green Ammonia Companies in India

Acme Solar Holdings is reinforcing its global leadership in clean energy with its flagship Oman Green Ammonia project, now on track for commissioning by late 2026. The first phase will produce 1,00,000 tonnes per annum, with a 15-year binding offtake agreement already secured with Norway’s Yara. Domestically, the company reached a milestone in March 2026 by signing an INR 20,000 crore agreement with SECI to supply 3,70,000 TPA of green ammonia from its upcoming Odisha facility.

The company has an operational capacity of 2,990 MW and a massive 5 GW under-construction pipeline, the company is pivoting heavily toward Battery Energy Storage Systems (BESS), targeting 20 GWh capacity by 2030.

#10 WAA Solar

WAA Solar is diversifying its portfolio by scaling its distributed renewable capacity. As of April 2026, the company has commissioned 42 MW of solar capacity under the PM-KUSUM C scheme and secured a an INR 225 crore order for feeder solarization in Madhya Pradesh. While WAA Solar remains keen on contributing to the National Green Hydrogen Mission, its current momentum is focused on securing long-term revenue through 48.15 MW of new PPAs and expanding its solar footprint to provide the necessary RE-base for future green energy transitions.

What is a Hydrogen Electrolyzer?

A hydrogen electrolyzer is an electrochemical device that uses electrical energy to split water (H₂O) into hydrogen (H₂) and oxygen (O₂) gases through a process called electrolysis. This technology plays a crucial role in the production of green hydrogen.

Manufacturers of Hydrogen Electrolyzer

India is rapidly developing its hydrogen electrolyzer manufacturing sector, driven by ambitious green hydrogen production goals. Key players include:

Top Hydrogen Electrolyzer Manufacturers in India (2026)

• Reliance Industries: Its Jamnagar Gigafactory is now operational, utilizing Nel ASA technology to target a green hydrogen production cost of USD 1/kg.
• L&T Electrolysers: Commissioned India’s first indigenous 1 MW pressurized alkaline electrolyzer at Hazira, now scaling to gigawatt capacity.
• Ohmium International: Leading the PEM space by expanding its Bengaluru facility to a 4 GW annual capacity.
• Adani New Industries (ANIL): Developing a 5 GW ecosystem in Mundra to support its goal of 1 MMTPA green hydrogen production by 2030.
• AM Green: Partnered with John Cockerill to establish a 2 GW facility in Kakinada, focused on advanced alkaline technology.
• Avaada Group: Running an integrated manufacturing hub in Nagpur, combining solar modules and electrolyser production.

The future of green hydrogen companies in India looks promising, with expanding opportunities for companies and investors alike to contribute to a more sustainable, low-carbon economy. In addition to the above-mentioned stocks, there are several green hydrogen penny stocks in India.

Green Hydrogen Companies in India FAQs

Mahesh Yadav is a prolific writer with over a decade of professional experience. A person of wide interests, he found his true calling in the field of investing and specifically the stock market. He has an amazing skill of presenting the most complex financial concepts (and there is no shortage of complexity in investing) in simple language and terms.