Best Green Hydrogen Stocks in India 2025 for Long-Term Investment

Why Green Hydrogen Matters More Than Ever

Green hydrogen isn’t just another clean fuel. It’s being hailed as the future of energy—especially in a country like India where clean, scalable, and secure energy sources are critical for economic growth. With the government throwing its weight behind this transformation, green hydrogen stocks in India are drawing massive investor attention.

In fact, the Indian government recently revised its plans and will now procure 200,000 tonnes more green hydrogen-based ammonia than initially announced. Earlier, the government had floated a tender to purchase 539,000 tonnes annually for 10 years, covering eleven green hydrogen projects across the country.

So, this is no longer just a policy dream—it’s turning into an industrial-scale demand engine.

With that, let’s dive into the top Indian companies leading the charge and see whether their fundamentals, plans, and execution make them worthy of your long-term portfolio.

1. Adani Power – Pilot Projects with a Powerful Future

Adani Power, a key Adani Group company, is one of India’s largest private thermal power producers. While traditionally focused on fossil fuels, the company is now pivoting toward green energy, beginning with a pilot study on green ammonia blending at its Mundra plant.

Q2 FY25 Snapshot:

• Revenue: ₹133.4 bn (↑ 3% YoY)
• EBITDA: ₹52.8 bn (↑ 24.6% YoY)
• EBITDA Margin: 39.6% (vs. 39.8% last year)
• Net Profit: ₹32.9 bn (↓ 50% YoY)

The decline in net profit, despite a healthy EBITDA, came from rising operational costs, which pressured margins. However, the long-term outlook remains strong.

Historical Performance (FY20–FY24):

Metric	FY20	FY21	FY22	FY23	FY24
Revenue Growth	11%	-1%	6%	40%	30%
Operating Margin	22%	33%	36%	26%	36%
Net Profit Margin	—	5%	18%	28%	41%
ROCE	7%	12%	16%	16%	32%
ROE	—	10%	27%	36%	48%

What’s Next?

• Thermal capacity expansion planned till FY28–30
• 25-year power supply deal to Bangladesh (1,500 MW)
• Facing legal headwinds in the US and India; may slow capex in the short term
• But the pilot green ammonia project positions it well for hydrogen-related scale-ups

💡 High-risk, high-reward stock with serious long-term potential—if regulatory clouds clear.

2. NTPC – India’s Green Hydrogen Pioneer PSU

NTPC, India’s largest power PSU, has a stellar legacy—but it’s not resting on it. It’s pushing into hydrogen in a serious way, with India’s first seawater-to-green hydrogen plant announced at Simhadri (Visakhapatnam, Andhra Pradesh) via its R&D arm, NETRA.

Q2 FY25 Snapshot:

• Revenue: ₹447 bn (↓ 0.6% YoY)
• Operating Profit: ₹116.5 bn (↓ 8.1% YoY)
• Operating Margin: 26% (vs. 28% last year)
• Net Profit: ₹70.4 bn (↑ 4.4% YoY)
• Net Margin: 12% (vs. 10.5% last year)

Historical Performance (FY20–FY24):

Metric	FY20	FY21	FY22	FY23	FY24
Revenue Growth	9%	2%	19%	33%	1%
Operating Margin	29%	31%	30%	27%	29%
Net Profit Margin	11%	13%	13%	10%	12%
ROE	10%	12%	13%	12%	13%

What’s Next?

• Nuclear energy expansion from 7,480 MWe to 22,480 MWe by 2032
• 10 new reactors across six states
• First green hydrogen pilot plant using seawater = innovation + scale
• Reliable PSU dividend play with green hydrogen upside

💡 Stable, government-backed compounder pivoting into clean energy leadership.

3. GAIL (India) Ltd. – From Gas Giant to Hydrogen Hero

GAIL, India’s largest natural gas transmission and marketing company, is now diversifying into hydrogen. It launched its first green hydrogen plant in Vijaipur (MP) in May 2024 with 4.3 TPD production capacity powered by 10 MW PEM electrolysis units.

Q2 FY25 Snapshot:

• Revenue: ₹329.3 bn (↑ 3.5% YoY)
• Operating Profit: ₹39.4 bn (↑ 10% YoY)
• Operating Margin: 12% (vs. 11%)
• Net Profit: ₹26.7 bn (↑ 11% YoY)

Historical Performance (FY20–FY24):

Metric	FY20	FY21	FY22	FY23	FY24
Revenue Growth	-5%	-21%	62%	57%	-9%
Operating Margin	12%	13%	16%	5%	11%
Net Profit Margin	13%	11%	13%	4%	7%
ROE	19%	12%	19%	9%	13%

What’s Next?

• ₹3.5 bn in capex in H1 FY25 for pipelines & petrochemical growth
• Increasing global LNG trading volumes
• Hydrogen blending into its pipeline network to be explored soon

💡 A defensive, PSU stock with diversified energy bets and early-mover hydrogen plant in action.

4. ONGC – The Giant Awakens to Hydrogen

ONGC is India’s energy behemoth. While its cash cow remains oil & gas, the company is pivoting with purpose—announcing a $10 billion investment in green hydrogen and ammonia by 2035.

Q2 FY25 Snapshot:

• Revenue: ₹1.6 tn (↑ 7.3% YoY)
• Operating Profit: ₹205 bn (↓ 27% YoY)
• Operating Margin: 13% (vs. 19%)
• Net Profit: ₹98.7 bn (↓ 39% YoY)
• Net Margin: 6.2% (vs. 11%)

Historical Performance (FY20–FY24):

Metric	FY20	FY21	FY22	FY23	FY24
Revenue Growth	-6%	-23%	62%	29%	-6%
Gross Margin	32%	36%	55%	58%	62%
Operating Margin	13%	16%	16%	12%	17%
Net Profit Margin	3%	7%	10%	5%	10%
ROE	6%	10%	19%	12%	17%

What’s Next?

• KG-98/2 oil & gas ramp-up by FY25/FY26
• Daman Upside, DSF II projects under execution
• Strategic pivot to clean energy; early stage but ambitious

💡 ONGC’s scale, cash flow, and future-facing energy diversification make it a slow but steady hydrogen bet.

Final Word: A Sector with Promise, But Not Without Risks

The green hydrogen stocks in India we explored today offer significant long-term potential—but they aren’t without risks.

• Infrastructure is still developing
• Production costs remain high
• Regulatory clarity is evolving
• Global competition is fierce

Yet, if you’re playing the long game, this is a sector to watch. With the government leading from the front, and some of India’s biggest companies already building capacity, the green hydrogen wave is coming.

Want to Invest in green hydrogen stocks in India?

Don’t just watch from the sidelines.
Open your free Demat account with Angel One and invest in India’s clean energy transformation.
Track hydrogen stocks, access smart screeners, and make data-driven decisions—all in one place.

👉 Start your investing journey with Angel One today

FAQs

1. What is green hydrogen?
Green hydrogen is hydrogen produced using renewable energy sources through water electrolysis, without emitting greenhouse gases.

2. Why is India investing in green hydrogen?
To reduce carbon emissions, meet clean energy targets, and position itself as a global hydrogen export hub.

3. Which are the top green hydrogen stocks in India?
Adani Power, NTPC, GAIL, and ONGC are among the top green hydrogen stocks for 2025.

4. What recent step did the Indian government take in green hydrogen?
It increased its green hydrogen-based ammonia procurement by 200,000 tonnes beyond its original 539,000-tonne plan.

5. What is Adani Power doing in green hydrogen?
It is conducting a pilot study on green ammonia blending at its Mundra plant.

6. What is NTPC’s role in green hydrogen development?
NTPC is building a seawater-to-hydrogen plant in Andhra Pradesh and participating in nuclear expansion.

7. How is GAIL entering the hydrogen space?
GAIL has set up a 4.3 TPD green hydrogen plant in Vijaipur and is investing in infrastructure growth.

8. What are ONGC’s plans for hydrogen?
ONGC aims to invest $10 billion in green hydrogen and ammonia by 2035 and has several gas projects under execution.

9. Are green hydrogen stocks safe for investment?
They hold long-term promise but carry risks like policy delays, high production costs, and execution challenges.

10. How can I invest in green hydrogen stocks?
You can invest through a Demat account with platforms like Angel One, which provide tools and research insights.

Related Articles

Natural Hydrogen Fuel: Could It Power the Future of Clean Energy?