India’s ambitious National Green Hydrogen Mission aims to produce 5 million metric tonnes of green hydrogen by 2030, backed by an investment of over ₹8 lakh crore (Rs 8 trillion). As the government promotes the shift towards clean energy, key companies across equipment manufacturing, power generation, and industrial use are emerging as major players in this evolving ecosystem.
Green hydrogen is transitioning from concept to reality in India, with pilot projects already underway in industrial clusters and ports. The government’s policy support, including incentives for local electrolyser manufacturing, aims to build domestic capacity and reduce reliance on imports. This ecosystem is expected to generate significant investment, employment, and export opportunities, with total investments projected to exceed ₹8 lakh crore by 2030.
Despite most projects still being in pilot or expansion stages, increasing capital commitments from both public and private sectors, combined with falling renewable energy costs, are enhancing the economics of green hydrogen. The current phase presents attractive opportunities for investors to gain exposure across different segments of the supply chain.
Here are the top five stocks anchoring India’s green hydrogen journey:
1. Larsen & Toubro (L&T): Infrastructure Backbone
L&T is a leading EPC (engineering, procurement, and construction) firm involved in building infrastructure systems essential for hydrogen production. The company reported record order inflows of Rs 1.36 trillion in Q3 FY26, with a total order book of Rs 7.3 trillion. Its recent developments include indigenous electrolyser stacks, positioning it well to participate in green hydrogen projects. Shares have surged 27.1% over the past year.
2. NTPC: Power Generation & Renewable Integration
NTPC, India’s largest power utility, has expanded its renewable capacity and is actively involved in green hydrogen and green ammonia initiatives. The company added over 6.6 GW of capacity in FY26 so far and is leveraging renewable energy to produce green hydrogen at scale. Its stock has gained 20.2% in the past year.
3. JSW Energy: Private Sector Early Mover
JSW Energy, part of the JSW Group, has commissioned a 3,800-tonne-per-annum green hydrogen plant and is expanding capacity through long-term contracts. With a total capacity of 13.3 GW, the company’s early entry into green hydrogen production provides valuable operational experience. Its stock is up 2.5% over the last year.
4. Indian Oil Corporation: Refining & Transition to Green
As a leading refiner, Indian Oil is a major user of hydrogen. The company reported a 528% YoY increase in Q3 profits, driven by refining margins and inventory gains. It is actively progressing with refinery expansion projects and is poised to shift from grey to green hydrogen as market conditions evolve.
Conclusion
India’s green hydrogen sector is still in its early stages but offers significant growth potential. With strong government backing and increasing private sector participation, these stocks represent key exposure points to India’s energy transition. Investors should watch these players as the ecosystem matures toward a cleaner, sustainable energy future.
