Best Green Hydrogen Stocks to Watch in 2026

India is moving towards a more sustainable future, and among the many options being considered, green hydrogen is possibly the most game-changing and versatile energy option of the decade. Due to mass government support, global partnerships, and increasing investments in clean energy, the hydrogen sector in India is expected to grow multi-fold by 2030. Because of this, the best hydrogen stocks, green hydrogen stocks, and renewable energy stocks are in high demand among investors.

This blog focuses on the top green hydrogen stocks to keep an eye on in 2026, supported by the most pertinent trends, business plans, and anticipated future expansion of affordable hydrogen. For long-term investors or those constructing an ESG portfolio, these clean energy stocks are perfect.

Why Clean Energy Will Be Dominated by Green Hydrogen in the Future

When hydrogen is generated using electrolysis with renewable energy, it produces no emissions at all. The uses of green hydrogen include:

• Electric Power Generation

• Steel Manufacturing

• Fertiliser Production

• Chemical Manufacturing

• Oil Refining

• Transportation (trucks, buses, ships, and fuel cell vehicles, among others).

 

 

Best Green Hydrogen Stocks Based on 5Y CAGR.

Below is the list of the best green hydrogen stocks. This list is for long-term investors and is not intended as a buying/selling recommendation. Below selection is taken from Angel One.

Company	Market Cap (₹ Cr)	5Y CAGR (%)
NTPC Ltd	3,22,511.12	28.86%
Power Grid Corporation of India	2,76,739.47	24.98%
Adani Power Ltd	2,28,099.37	75.13%
Adani Total Gas Ltd	73,324.34	33.18%
Oil India Ltd	70,667.98	47.04%

 

Brief Overview of the Best Green Hydrogen Stocks to Watch in 2026

1. NTPC Ltd.

NTPC is India's largest power-generating company with a varied portfolio. These include hydro, solar, wind, thermal and green hydrogen initiatives. It plays a major role in India's transition to sustainable energy. This is among the reliable sustainable energy stocks in India.

2. Power Grid Corporation of India Ltd.

The biggest electricity transmission corporation in India is called electricity Grid. They are in charge of over 170,000 circuit kilometers of transmission lines. In order to preserve dependability and reduce transmission losses, Power Grid is essential to the integration of renewable energy into the national grid.

3. Adani Power Ltd.

Adani Power is also one of the largest producers of thermal energy in India. It holds several supercritical and ultra-supercritical plants. The company has experienced rapid growth, in large part due to long-term power purchase agreements. They are also trying to find cleaner energy solutions tied to the overarching green energy shares of the Adani Group.

4. Adani Total Gas Ltd.

Adani Total Gas is among the best-in-class companies operating in the city gas distribution sector across multiple Indian geographies and this stock is among the best ESG stocks. It is venturing fast into other sectors such as LNG and EV charging and hydrogen fuel cell companies. Adani Group and Total Energies combine strengths to make the company well placed in India’s clean mobility and gas infrastructure sector.

5. Oil India Ltd.

Oil India is the second national oil and gas explorer in the country with a primary focus in the production of crude oil, natural gas extraction, and other downstream activities. The company has been diversifying into clean energy such as green hydrogen, solar park development, and geothermal. With solid reserves and support from the government, Oil India remains a significant player in India’s energy security and transition.

(Source: Screener)

(Note: As of July 2, 2025, the stocks listed above have been chosen and arranged.)

Factors To Look For Before Buying Green Hydrogen Stocks

1. Commitment to green hydrogen

Are there any future projects that show the company's commitment to growing the green hydrogen sector? Look for the company's strategic business plans and focus.

2. Technological capabilities

Assess the company's ability in creating and protecting a competitive edge in research and development concerning the generation, storage, and distribution technologies related to green hydrogen.

3. Collaborations

The more players the hirer has in the research and commercialisation of green hydrogen, the faster the results will be. Look for relationships with other players in the industry, research and development centres, and government institutions.

4. Level of prices and market acceptance

A company's operating structure and efficiency will dictate the company's ability to produce green hydrogen. Look for high operational excellence and a low cost of producing the hydrogen. These factors will help to determine market acceptance.

5. Other Economic Factors

Specific and favourable government policies and regulations will have a positive effect on the market. Look for indications of government engagement for business growth in the green hydrogen market.

Benefits of Green Hydrogen Stocks

1. High Long Term Growth Potential

If you consider investing in the early stages of the green hydrogen industry, doesn't it seem that it should be extremely valuable in the future? If you make an investment now, by the year 2050, it is projected to be a multi-trillion dollar industry and you could profit greatly.

2. Government Support

There is strong support from the United States, India, and countries from the European Union, as they are investing in green hydrogen production and providing support in the form of missions, subsidies, and tax benefits.

3. Provides Support Needed for Sectors That Are Decarbonising

There are industries such as aviation, steel, cement, and fertilisers. These industries rely on the need for hydrogen to meet their net-zero goals, especially for long-term sustained demand.

4. Global Investments Continue to Rise

There are many large companies from around the world such as Adani, Reliance, Shell, and BP. These companies are investing in hydrogen technology and it is enhancing the credibility of the sector.

5. ESG & Sustainable Investing Boost

Investing companies and funds that are ESG focused, impact investing, climate focused, and clean energy focused all support and fund the hydrogen companies, and assist in the liquidity and valuation of the companies.

Risks of Green Hydrogen Stocks

1. Lack of Affordable Production Costs

There is a significant production cost involved. Green hydrogen is more expensive than fossil-based alternatives, and it is a gradual, slow process to become more commercially productive.

2. Technology & Storage Challenges

Storage and transport of hydrogen are difficult. Advanced technology is required for storing it, and it is still in the process of development.

3. Government Policy Dependence

Several hydrogen initiatives depend on government grants and other funding. The government can change the rules and priorities, thus affecting the initiatives' profitability.

4. Long Lead Time

There is considerable expenditure and time involved in setting up hydrogen plants and associated infrastructure, as well as in producing electrolysers, well before any return is realised.

5. Uncertainty and Volatility

As the hydrogen economy is in its infancy, the market can exhibit significant fluctuations in share prices based on information, speculation, and prevailing conditions in the world.

 

 

Conclusion

The hydrogen era is starting now. A lot of these hydrogen energy stocks will become instrumental in India's new energy transition over the following 10 years. Hydrogen companies in India will be some of the most rapidly developing businesses in the future energy stocks as the technology matures and public sector investments grow.

For investors interested in the best hydrogen stocks, these present truly emerging opportunities but always to the amount of risk capital they are comfortable with and, of course, sufficient due diligence must be completed.

 

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.