Best Green Hydrogen Stocks to Buy Now in India

Published on December 17, 2025 | 5 min read

India is one of the biggest importers of Crude oil, significantly impacting our import and export balance. To become self-reliant in energy production and become ‘Atma Nirbhar Bharat’, India is now gearing up towards green hydrogen production.

India plans to become energy-independent by 2047 and meet net-zero emissions by 2070, green hydrogen can help achieve this target. Let’s explore various Green energy stocks you can invest in.

Overview of the Green Hydrogen Industry in India

To become a self-reliant country in terms of energy production, the government is investing heavily in the renewable energy sector, specifically in the Green Hydrogen energy sector. Green hydrogen is produced through electrolysis, where solar power and wind mills are used to separate oxygen and hydrogen from water.

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Green hydrogen has the potential to significantly replace fossil fuels and crude oil in various sectors, such as transportation, steel, refineries, and fertilizers. This not only makes India self-reliant but also potentially makes India the biggest producer and supplier of green hydrogen energy

In the Union Budget 2025-26, the Government of India has allocated ₹600 crore for the National Green Hydrogen Mission, representing the planned public expenditure on the green hydrogen sector for the year. This is a significant push to the industry, showing its future growth potential.

Top Green Hydrogen Stocks in India Based on 5-Year Average EBIDT

Green hydrogen energy stocks offer high-growth potential due to strong government support, India’s massive energy demands, push for energy security and decarbonization.

The following are the top green hydrogen stocks you can invest in based on their 5-Year Average EBIDT.

NTPC (National Thermal Power Corporation) Ltd

NTPC Ltd is a Public Sector Undertaking owned by the Government of India and the Ministry of Power. It is the largest power company in India with an installed capacity of 80154.50 MW.

NTPC Ltd contributes to over 25% of the total power generation due to the high efficiency of its power plants and currently produces 25 billion units of electricity per month.

NTPC Ltd has a market capitalization of ₹3.11 Lakh Crore and has an average 5-year EBIT of ₹35,369 crore. It has shown a 5-year EBITDA growth rate of 8.30% with a current market price of around ₹320.

NHPC Ltd

NHPC Ltd is a leading renewable energy producer and has 7GW operational hydropower capacity. Recently, the company has signed an MOU with the Bihar Government to invest ₹5,500 crore in solar energy and green hydrogen initiatives.

NHPC Ltd has a market capitalization of ₹75,990 crore with an average 5-year EBIT of ₹5314.25 crore. The company has shown an average 5-year EBIDT growth rate of 2.46% with a current market price of ₹75.65.

JSW Energy Ltd

JSW Energy Ltd is one of the top renewable energy companies in India and is engaged in power generation, transmission and trading.

According to Upstox news, JSW Energy Ltd recently commissioned its first and India’s largest at its Vijayanagar Complex to replace fossil fuels in the steel manufacturing process.

JSW Ltd has a market capitalization of 479.9583884.17 crore with an average 5-year EBIT of ₹3182.14 crore. It also has an average 5-Year EBIDT growth rate of 12.78% and currently trades around ₹479.

NLC India Ltd

NLC India Ltd is a major Public sector company which is actively developing a 4 MW Green Hydrogen pilot project in Neyveli, using solar power to produce 300 kg of high-purity hydrogen.

NLC India Ltd has a market capitalization of ₹33237.68 crore with an average 5-Year EBIT of ₹3772.37 crore. Historically, the company has shown an average 5-Year EBIDT growth rate of 5.69% and has a current market price of around ₹240 in the stock market.

SJVN Ltd

SJVN Ltd is jointly owned by the government of India and Himachal Pradesh and is focused on hydroelectric, solar power and wind power generation. The company has recently launched India’s first Multi-purpose Hydrogen pilot project at its Nathpa Jhakri Hydro Power Station (NJHPS) to independently produce green hydrogen for internal usage.

SJVN Ltd has a market capitalization of ₹28023.36 crore with an average 5-year EBIT of ₹1892.28 crore. It has shown an average 5-year EBIDT growth rate of 0.12% and currently trades around ₹71 in the stock market.

Factors to Consider Before Investing in Green Hydrogen Stocks in India

Despite the high-growth potential of the green hydrogen stocks, you need to evaluate the company’s financial health, government policies, technological capability, demand from fuel-intensive industries such as transport and steel and the company's strategic partnerships. Green Hydrogen energy stocks are a high-risk, high-growth sector, so invest in them if they align with your risk tolerance.

Do understand that the green hydrogen energy sector is a capital-intensive industry and companies launching new plants will take years to become operational to earn profits. Most investors buy power sector stocks influenced by the hype but forget that it will take decades for their investments to generate returns.

This is what happened when Reliance Power, founded by Anil Ambani, launched its IPO and investors bought its shares due to its hype. Later project delays and high debt levels caused investors to pull out their investments, which plummeted the stock price.

With India's target of becoming self-reliant in terms of energy production and decarbonization, green hydrogen stocks can be a good addition to your portfolio. Before investing in them, evaluate the company’s fundamentals and growth strategies to make an informed investment decision.

About Author

Mariyam Sara

Sub-Editor

holds an MBA in Finance and is a true Finance Fanatic. She writes extensively on all things finance whether it’s stock trading, personal finance, or insurance, chances are she’s covered it. When she’s not writing, she’s busy pursuing NISM certifications, experimenting with new baking recipes.