Best Green Hydrogen Stocks in India 2024

In India, hydrogen energy is leading the country's journey to find sustainable and clean energy. With zero-carbon emissions, hydrogen energy has become an essential alternative to fossil fuels like coal and petroleum, which can be used in engines, gas turbines, boilers, and fuel cells. The country is embracing green energy eco-friendliness, and so are the smart investors, looking at the potential of green hydrogen stocks and expanding their portfolio in this sector.

In India, there are various well-established leaders and emerging companies in green stocks to buy stocks.

Here, we have listed the top 10 best green hydrogen stocks in India to buy in 2024.

List of Best Green Hydrogen Stocks in India

The green hydrogen stocks listed here are with Mcap (Market value of the money). The list also includes additional data on PE ratio (a company's current share price with respect to per-share earnings), CMP (current market price at which you can buy the stock), CAGR (Compound Annual Growth Rate, meaning the annual growth of your investment), EBITDA (earnings before interest, taxes, depreciation, and amortisation), and return on investment; important checks to make while selecting stocks to buy.

1. Reliance Industries Limited

Reliance industry is one of India's largest private sector companies, operating in various sectors, including energy, petrochemicals, retail, digital service, new energy & materials, media and entertainment. The company is investing Rs 75,000 crore in new energy to achieve the zero carbon emission energy target by 2035. Reliance has set up in Jamnagar for storage with wind and solar power generation at a megawatt scale for hydrogen production to provide grid-connected, round-the-clock electricity. Reliance Green hydrogen stocks are among the best stocks with promising wealth growth.  

‍Overview of Reliance Industries Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

2. Adani Green Energy Limited

Founded in 2015, Adani Green Energy Limited is part of the Indian multinational conglomerate Adani Group. Adani Green Energy Limited owns the world's largest single-location solar project, renewable energy project, and wind-solar hybrid cluster. The company has generated revenue of ₹7792 crore in 2023. Adani Green Energy Limited aims to create 45 gigawatts of renewable energy capacity by 2030. The future projection of the company is considered valuable to nations and stakeholders. Adani Green Energy hydrogen stocks for long-term investment are considered among India's best green hydrogen stocks.

‍Overview of  Adani Green Energy Limited Stock

3. Larsen & Toubro (L&T)  

L&T is an Indian multinational conglomerate operating in different sectors, including industrial technology, heavy industry, engineering, construction, manufacturing, power, information technology, and military and financial services. The company is playing a pivotal role in green energy. It has manufactured the first indigenous electrolyser (a system that uses electricity to split water into hydrogen and oxygen). The company can also develop economically viable and technically superior EPC (Engineering, procurement, and construction) solutions for solar power.  

‍Overview of  Larsen & Toubro Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

4. NTPC‍

NTPC (National Thermal Power Corporation) Limited is an Indian public sector company that generates electricity under the Ministry of Power, the government of India. For long-term sustainable energy, the company is working on green hydrogen energy. NTPC is developing an 800 MegaWatt(MW) hydroelectric power project in Himachal Pradesh on the Satluj River in the Bilaspur district. Moreover, Other 8 projects under construction are in  Nagaland(1), Assam(1), Uttarakhand(2), Arunachal Pradesh(3), and Mizoram(1) with a total capacity of  2925 MW.

‍Overview of NTPC Hydrogen Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

5. Tata Power

Tata Power is one of the leading energy companies working towards green energy. It aims to achieve carbon net zero by 2045. It’s working on renewable energy generation like wind energy, solar energy, and conversational energy generation, including hydro energy, thermal power, waste heat power, etc. Moreover, Tata Power also encourages rooftop solar, EV charging, and other next-gen energy solutions.

‍Overview of Tata Power Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

6. JSW Energy

JSW Energy is among the top private sector power companies with stakes in South Africa's natural resource companies. The company produces 1,391 MW of hydropower, 1,461 MW of wind power, and 667 MW of solar power. JSW renewable energy is in Karcham Wangtoo, Baspa, and Vijayanagar. JSW Energy, founded in 1994 by Sajjan Jindal, is one of the top choice hydrogen stocks for many investors.

‍Overview of JSW Energy Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

7. Adani Power

Another subsidiary of the Adani group, Adani Power, is also on the list of green hydrogen companies stocked in India. The company is engaged in conserving biodiversity, water management, emission management, waste management, etc. Adani power plants are in Mundra (Gujarat), Tiroda(Maharashtra), Kawai (Rajasthan), Udupi (Karnataka), Bitta (Gujarat), Raigarh, Raipur (Chhattisgarh), Singrauli (Madhya Pradesh). With the 15,250 MW power generation capacity, Adani Power enlightened the homes of 35 million homes and worked towards next-generation energy solutions.

‍Overview of Adani Power Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

8. BHEL (Bharat Heavy Electricals Limited)

BHEL is the largest government-owned power generation equipment manufacturer in India. The company engaged in designing, engineering, constructing, testing, commissioning and servicing a wide range of products and services with over 180 product offerings to meet the requirements of the various essential sectors such as power, Indian railways, water, renewable energy, etc. BHEL has signed a MoU with Greenstat Hydrogen India Pvt. Ltd. (GHIPL) for ‘Potential Collaboration Opportunities in Green Hydrogen and Derivatives in the Hydrogen Value Chain’. The company is the best hydrogen stock to buy, backed by the government.

BHEL is also among the top stocks of Railways in India.

Overview of BHEL Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

9. Indian Oil

Indian Oil is one of the well-known oil and gas companies also working in adapting and promoting the alternate energy source of conventional fossil fuels such as CNG (compressed natural gas), Autogas (LPG), ethanol blended petrol, bio-diesel, and Hydrogen energy. The company has collaborated with SIAM (Society of Indian Automobile Manufacturers) and other vehicle manufacturers to reduce emissions and promote green and clean energy.

‍Overview of Indian Oil Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

10. GAIL India Limited

GAIL India Limited is India's largest natural gas transmission company, and it is engaged in different business segments, including natural gas, liquified natural gas, liquid hydrocarbon, liquefied petroleum gas transmission, petrochemicals, etc. GAIL India is one of the Maharatna Public Sector Undertakings (PSUs) under the Government of India. The company has built one of India's largest proton exchange membrane (PEM) electrolyzers at Guna in Madhya Pradesh, producing 4.3 metric tons of green energy daily. GAIL has installed  130.26 MW of alternative energy and is looking to expand to 1 gigawatt in the upcoming years. Considering GAIL hydrogen stocks for long-term investment can be beneficial.

‍Overview GAIL India Limited Stock

The data mentioned above is as of 16 April, 2024. Check the latest metrics with GoPocket trading app.

How to Buy Right Green Hydrogen Stocks in India?  

Consider Your Investment Goal

While selecting stocks, the first step you should take is to understand your investment goal. Whether your goal aligns with long-term, short-term, or mid-term investment, if it's long-term, green hydrogen stocks can be the best option. As the sector has a promising future, demand will increase exponentially in upcoming years. Alternatively, you can invest in top AI stocks and semiconductor stocks in India with a long-term investment goal.

Choose Right Platform

Selecting the right stock is as important as choosing the right platform to invest with. Various online trading apps are available in the market. GoPocket, with its user-friendly interface, detailed technical analysis tools, real-time data, and many investment options, is among the best platforms for buying equity. With the Gopocket app, you can easily open a demat account and start investing.

Select the Right Stock  

Now, at the online trading app, explore different hydrogen stocks, check their different metrics, analyse the market, and consider the company's growth potential and particular stocks. You must understand that the stock selection process is subjective. So, don't rely only on numbers but do a detailed analysis by checking the company's annual report, different projects on which they are working, reputation, terms and conditions, and other information that establishes their credibility.

Buy the Green Hydrogen Stock

After selecting a stock, proceed to buy it. Always purchase stocks according to your risk-bearing capacity, market research, and budget. The list of stocks mentioned above is among the best and most popular. But what's right for you depends on your investment approaches, such as risk-taking capacity, financial stability, portfolio, and goal.