5 Green Hydrogen Stocks with Strong Growth plans

#2 Advait Energy Transitions

Second on the list is Advait Energy Transitions.

Advait (AETL) is an energy infrastructure and clean-tech company.

It has traditionally been a pioneer in the field of power transmission but has recently made a strategic shift towards new and sustainable energy. Through its specialised subsidiary, Advait Greenergy Private Limited (AGPL), the company is aggressively building the infrastructure for a decarbonised future.

It's investing heavily in hydrogen consumption technologies, specifically, fuel cells. The company formed a joint venture with TECO 2030 (Norway) and signed a licensing agreement with AVL List GmbH (Austria) to develop, manufacture, and commercialise hydrogen fuel cells in India. These cells will cater to locomotive, marine, and stationary power applications.

AGPL is establishing a comprehensive presence across the entire green hydrogen value chain. It offers everything from indigenous equipment manufacturing to end-to-end EPC project execution.

It's developing a state-of-the-art electrolyser manufacturing facility in Kadi, Gujarat. The company's goal is to achieve an annual production capacity of 300 megawatt (MW) by 2027.

The first phase involves a 30 MW electrolyser assembly plant, which was targeted to become operational by 15 March 2026. Subsequently, the company plans to increase its capacity to 100 MW by the end of FY26. This will further be expanded to 300 MW.

Once the facility operates at full scale (expected by FY28), management estimates it could generate Rs 2-3 bn annually. Revenue generated purely from electrolyser manufacturing is expected to range from Rs 35-60 m per MW.

Advait has successfully completed the design and engineering of a 5 MW electrolyser stack and balance of plant in collaboration with Jiangsu Guofuhee, a leading Chinese hydrogen equipment manufacturer.

The company has also secured a 300 MW/year PLI subsidy under the Indian government SIGHT scheme. In the EPC, the company has a proven track record of execution with both public and private entities.

AGPL successfully commissioned India's first operational green hydrogen-based microgrid system for THDC India in Rishikesh. This project integrates a 300-kW alkaline electrolyser with a 70-kW PEM fuel cell.

The company is executing a 1 MW electrolyser plant for KPI Green in Matar, Gujarat. This project is engineered for dual applications. It provides cascade hydrogen filling at 200 bar pressure, alongside ultra-pure oxygen cylinder filling at 200 bar.

The management is also planning a larger 2,000 MTPA hydrogen production facility in partnership with Haryana Gas Distribution.

From a financial perspective, consolidated revenue grew 114% YoY to Rs 2.1 bn in Q3 FY26. EBITDA surged by 58% to Rs 241.6 m, with margins at 11.5%. Net profit rose 78% to Rs 174 m.

Check out Advait Energy Transitions' 5-year factsheet and quarterly results to know more.

#3 Reliance Industries

The third one on the list is Reliance Industries.

Reliance Industries (RIL) is developing a new energy ecosystem with a focus on green hydrogen, solar, energy storage, and sustainable chemicals.

This transition from traditional transportation fuels to cleaner alternatives is a part of RIL's strategic mission to achieve a Net Carbon Zero operations by 2035.

RIL is heavily investing US$ 10 bn for this shift toward renewable energy. It aims to build its new energy business into a segment as large as its oil-to-chemicals business within 5-7 years.

In green hydrogen, RIL targets 3 MT per year of renewable-hydrogen-equivalent production by 2032. This will make it a major producer and exporter of hydrogen, ammonia, and sustainable aviation fuels.

The goal is to achieve US$ 1 per kg of green hydrogen in a decade (target was set in 2021). To realise its green hydrogen ambitions, RIL is investing heavily in manufacturing infrastructure.

It's on track to establish a 3 GW electrolyser manufacturing plant by the end of 2026. It has started generating green hydrogen through pilot-scale electrolyser technologies.

RIL has entered into an exclusive technology licensing agreement with Nel Hydrogen Electrolyser. This grants RIL the exclusive license to manufacture and use Nel's alkaline electrolysers within India and for global captive use.

Consolidated revenue grew 10% YoY to Rs 2.9 tn. EBITA grew 6% to Rs 509.3 bn. Nearly 60% of this consolidated EBITDA was contributed by non-energy consumer-facing businesses. Net profit, however, increased just 2% to Rs 223 bn.

Check out Reliance Industries' 5-year factsheet and quarterly results to know more.

#4 Waaree Energies

Fourth on the list is Waaree Energies.

Waaree Energies is India's largest solar photovoltaic module manufacturer.

To transition into an integrated energy solutions provider Waaree is expanding horizontally across the energy value chain into green hydrogen and electrolyser manufacturing. It's undertaking US$ 3.5 bn in capex over two years.

The management expects this integration will expand the total addressable market from US$ 1 tn to roughly US$ 4 tn by 2035.

Waaree's strategy for green hydrogen will begin with electrolyser manufacturing, which involves producing the equipment that generates green hydrogen.

The company will then move towards Build-Own-Operate (BOO) projects by setting up and managing its own green hydrogen plants.

In the next phase, it aims to produce green derivatives for sectors such as refineries, fertilisers, chemicals, steel, and clean mobility.

To this end, Waaree is setting up an electrolyser manufacturing facility in Dungri, Gujarat. It targets a scaled-up capacity of 1 GW by FY27 with a planned capex outlay of Rs 6.8 bn.

This electrolyser capacity will start contributing to revenue from FY28 onwards. The company has secured benefits under the government's PLI schemes. This includes Rs 4.4 bn for 300 MW of electrolyser manufacturing and Rs 5.1 bn for producing 90,000 tonnes of green hydrogen under the SIGHT scheme.

Waaree has secured an initial order book of Rs 1.5 bn for its hydrogen business.

From a financial standpoint, revenue grew 84% YoY to Rs 265.4 bn. Operating EBITDA surged 117% to Rs 59.1 bn, with margins at 22.3%. Net profits more than doubled (up 101%) to Rs 38.8 bn. The management aims to achieve an EBITDA of Rs 70-77 bn in FY27.

Check out Waaree Energies' 5-year factsheet and quarterly results to know more.

#5 NTPC

Last on the list is NTPC.

NTPC is India's largest integrated power company and is now strategically diversified across the entire energy value chain.

At the forefront of NTPC's commercial hydrogen strategy is the Pudimadaka Green Hydrogen Hub near Visakhapatnam, Andhra Pradesh. The hub is designed to produce 2.5 MTPA of green chemicals, including ammonia and methanol. These products are made using green hydrogen as a raw material.

The project will integrate 7 GW of renewable energy capacity. NTPC plans to invest Rs 850 bn in the hub and another Rs 1 tn in associated renewable infrastructure.

It's driving multiple pilot projects to assess the techno-economic feasibility of green hydrogen for short and long-haul transport.

NTPC is in the advanced stages of planning green hydrogen-based locomotives for regular use by FY27. Additional green mobility projects are also being planned.

It's developing India's largest green hydrogen fuelling station with a capacity of 260 kg per day. The station is expected to be commissioned by August 2025.

Its subsidiary NTPC Green Energy (NGEL) signed a milestone MoU with the Maharashtra government for an Rs 800 bn investment pipeline. It will develop 1 MTPA of green hydrogen capacity alongside 5 GW of renewable projects.

In Andhra Pradesh, NGEL has set up a 50:50 joint venture with New & Renewable Energy Development Corporation of Andhra Pradesh to pursue green hydrogen and renewable development. NTPC also has a partnership with GAIL to explore the commercialization of green hydrogen.

NTPC has commissioned the world's highest green hydrogen mobility project at an altitude of 3,500 meters at Leh, Ladakh. The project operates completely off grid. It includes a 1.7 MW solar power plant, an alkaline electrolyser, BESS, and India's first PESO-certified 350-bar hydrogen refueling station.

The facility produces 80 kg of high-purity hydrogen every day. This hydrogen powers five fuel cell EV buses that together travel nearly 1,100 km daily.

Check out the NTPC 5-year factsheet and quarterly results to know more.

Bottomline

Green hydrogen is moving from policy talk to large-scale execution. The opportunity is reflected in projections that the global market will grow at a CAGR of nearly 35%. The sector has a policy tailwind.

However, green hydrogen is still in its early stages. But the scale of investments already announced shows how seriously companies are preparing for the opportunity ahead.

From electrolyser manufacturing and hydrogen storage to mobility and green chemicals, these 5 companies are building capabilities across the value chain.

If execution remains on track, India's green hydrogen sector could emerge as a long-term opportunity over the next decade, supported by the government's expectation of attracting Rs 8 tn in investments.

Instead of relying solely on hype, investors need to carefully analyse the company's fundamentals, including financial performance, corporate governance practices, and growth strategies.

Happy investing.

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