Green hydrogen is emerging as an important part of India’s clean-energy transition. It is produced by using renewable electricity to split water into hydrogen and oxygen. Unlike conventional hydrogen made from natural gas, green hydrogen generates little or no carbon emissions during production.
India’s National Green Hydrogen Mission aims to create at least 5 million metric tonnes of annual green hydrogen production capacity by 2030. The government has provided an initial mission outlay of ₹19,744 crore to support production incentives, electrolyser manufacturing, pilot projects and research.
However, India still has no major listed company earning most of its revenue from green hydrogen. The leading opportunities are diversified energy, engineering and utility companies building hydrogen plants, electrolysers, renewable power infrastructure and green-ammonia projects.
| Company | Green Hydrogen Role | FY26 Revenue | Main Growth Catalyst | Investment Profile |
| Reliance Industries | Integrated hydrogen and electrolyser ecosystem | ₹11,75,919 crore | Electrolyser giga-factory and green fuels | Large-scale long-term opportunity |
| Larsen & Toubro | Electrolysers, EPC and hydrogen production | ₹2,85,874 crore | Panipat green hydrogen plant | Direct equipment and project exposure |
| NTPC Green Energy | Renewable power and hydrogen hubs | ₹2,858 crore | Pudimadaka Green Hydrogen Hub | PSU-backed development play |
| GAIL India | Operational green hydrogen production | ₹1,38,697 crore | Vijaipur 10 MW hydrogen plant | Established business with operating pilot |
| Indian Oil Corporation | Refinery-based hydrogen consumption | ₹8,86,224 crore | 10,000-tonne Panipat project | Large captive-demand opportunity |
1. Reliance Industries
Best for: Large-scale and vertically integrated green hydrogen exposure
- FY26 consolidated revenue: ₹11,75,919 crore
- FY26 consolidated net profit: ₹95,754 crore
- Planned electrolyser capacity: Scalable to 3 GW annually
- Green hydrogen-equivalent target: 3 million tonnes annually by 2032
- Core project: Dhirubhai Ambani Green Energy Giga Complex
Reliance Industries is developing an integrated clean-energy ecosystem covering renewable electricity, batteries, electrolysers, hydrogen and green chemicals.
The company has started work on its electrolyser giga-factory in Jamnagar. It has secured exclusive Indian technology rights from Nel ASA for manufacturing alkaline electrolysers, with additional rights for captive use globally.
Key Growth Catalyst: Integrated Green Fuels Platform
Reliance plans to use renewable electricity generated at its Kutch project to produce green hydrogen and derivatives such as green ammonia, green methanol and sustainable aviation fuel.
It is targeting 3 million tonnes of annual green hydrogen-equivalent capacity by 2032. The company has also entered into a 15-year green-ammonia supply agreement with Samsung C&T, with supplies expected to begin during the second half of FY29.
- Advantage: Reliance possesses the capital, industrial land, renewable power plans and refining infrastructure required to develop hydrogen at scale.
- Limitation: Commercial green hydrogen production is still at an early stage and currently contributes little to the company’s overall revenue.
2. Larsen & Toubro
Best for: Electrolyser manufacturing and industrial hydrogen-project execution
- FY26 consolidated revenue: ₹2,85,874.36 crore
- FY26 consolidated profit attributable to owners: ₹16,083.99 crore
- Electrolyser incentive allocation: 300 MW annually
- Major project: 10,000 tonnes of green hydrogen annually
- Core subsidiary: L&T Energy GreenTech
Larsen & Toubro offers exposure to several parts of the hydrogen value chain. It manufactures alkaline electrolysers, constructs clean-energy facilities and develops hydrogen plants under long-term ownership arrangements.
L&T commissioned its first indigenously manufactured electrolyser at Hazira. The initial unit has a rated capacity of 1 MW and can be expanded to 2 MW. The company was also allocated 300 MW of annual manufacturing capacity under the government’s electrolyser incentive programme.
Key Growth Catalyst: Panipat Hydrogen Project
L&T Energy GreenTech is developing a green hydrogen plant at Indian Oil’s Panipat refinery. The facility will produce 10,000 tonnes annually and supply hydrogen to Indian Oil for 25 years.
The plant will use high-pressure alkaline electrolysers manufactured by L&T at Hazira. This gives the company exposure to equipment manufacturing, construction, ownership and long-term hydrogen supply.
- Advantage: L&T has strong engineering capabilities and can earn across multiple stages of hydrogen-project development.
- Limitation: Green hydrogen currently forms only a small part of its large engineering and construction business.
3. NTPC Green Energy
Best for: PSU-backed renewable power and large hydrogen hubs
- FY26 revenue from operations: ₹2,858 crore
- FY26 operating EBITDA: ₹2,475 crore
- FY26 profit after tax: ₹521 crore
- Operating renewable capacity: More than 10 GW
- Core project: Pudimadaka Green Hydrogen Hub
NTPC Green Energy is developing renewable electricity projects that can support the large power requirements of green hydrogen production.
Its flagship hydrogen development is located at Pudimadaka near Visakhapatnam. The announced framework includes up to 20 GW of renewable projects, 1,500 tonnes per day of green hydrogen and 7,500 tonnes per day of hydrogen derivatives.
Key Growth Catalyst: Green Hydrogen and Ammonia Production
The project may eventually support green methanol, green urea, sustainable aviation fuel and green-ammonia production. Infrastructure tenders for the hub continued during 2026, showing that the development had moved into its execution phase.
NTPC has also demonstrated hydrogen mobility through its Leh project, which includes a solar-powered hydrogen station and five fuel-cell buses.
- Advantage: Strong NTPC parentage may provide access to financing, renewable power and government-supported customers.
- Limitation: The major hydrogen projects require substantial investment and may take several years to contribute meaningful revenue.
4. GAIL India
Best for: Exposure to an operational green hydrogen facility
- FY26 revenue from operations: ₹1,38,697 crore
- FY26 profit after tax: ₹6,968 crore
- Electrolyser capacity: 10 MW
- Hydrogen production capacity:3 tonnes per day
- Core project: Vijaipur Green Hydrogen Plant
GAIL has moved beyond project announcements and commissioned a working green hydrogen facility at Vijaipur in Madhya Pradesh.
The plant uses a proton exchange membrane electrolyser powered by renewable electricity. It can produce hydrogen with a reported purity of 99.999%.
The hydrogen is initially being blended with natural gas and used in equipment at GAIL’s existing facility. The company may later transport hydrogen to customers through high-pressure storage systems.
- Advantage: GAIL has operational experience and an extensive gas pipeline network that may become useful for future hydrogen blending and transportation.
- Limitation: The current plant is a pilot facility, while GAIL’s earnings remain mainly dependent on natural gas transmission and marketing.
5. Indian Oil Corporation
Best for: Large captive demand from refinery operations
- FY26 revenue from operations: ₹8,86,224 crore
- FY26 net profit: ₹36,802 crore
- Planned green hydrogen capacity: 10,000 tonnes annually
- Expected commissioning: December 2027
- Core project: Panipat Refinery Green Hydrogen Unit
Indian Oil is already a major consumer of conventional hydrogen in its refineries. Replacing some fossil-fuel-based hydrogen with green hydrogen could reduce emissions without requiring the company to find external customers.
The Panipat project will supply 10,000 tonnes of green hydrogen every year. It is being developed by L&T Energy GreenTech under a build-own-operate arrangement.
Key Growth Catalyst: Refinery Decarbonisation
Indian Oil can gradually introduce green hydrogen across its refinery network if the Panipat facility proves commercially successful.
Its existing infrastructure, industrial demand and large refining capacity provide a ready market for hydrogen production.
- Advantage: Indian Oil has guaranteed captive demand and does not need to depend completely on a new external hydrogen market.
- Limitation: The company remains heavily dependent on conventional petroleum refining and fuel marketing.
Key Risks for Investors
Green hydrogen stocks face several important risks:
- High production costs: Green hydrogen remains more expensive than hydrogen produced from fossil fuels.
- Large electricity requirement: Projects need dependable and low-cost renewable power.
- Early-stage demand: Long-term demand from steel, fertilisers, transport and refining is still developing.
- Storage and transportation: Hydrogen requires specialised pipelines, tanks and safety systems.
- Project delays: Large plants may face approval, technology, financing and construction challenges.
- Limited current revenue: Most companies do not separately disclose meaningful green hydrogen revenue.
Reliance Industries offers the largest integrated opportunity, while L&T provides more direct exposure to electrolysers and project development. NTPC Green Energy is building large renewable-powered hydrogen hubs. GAIL has an operational production facility, and Indian Oil provides strong captive refinery demand.
Investors should examine project commissioning, hydrogen offtake contracts, renewable power costs, debt and capital expenditure before investing. This article is for informational purposes and should not be treated as investment advice.
