4 Fast Growing Green Hydrogen Stocks in India

#2 JSW Energy

Coming second on the list JSW Energy, one of India's leading independent power producers with an integrated business model spanning power generation, transmission, trading, and energy storage.

The company operates a highly diversified asset portfolio across thermal, hydro, solar, wind, and hybrid energy sources to provide reliable and dispatchable baseload power.

Currently, JSW Energy has a total locked-in generation capacity of 32.1 GW, which includes 13.45 GW of operational capacity, and is aggressively pursuing a strategic target to achieve 30 GW of generation capacity and 40 GWh of energy storage by 2030.

The company is shifting towards a predominantly clean energy mix targeting 70% renewables and 30% thermal by 2030 while investing in battery energy storage systems, pumped hydro storage, and backward integration into power equipment manufacturing such as wind turbine blades and boilers.

As a cornerstone of its transition into a comprehensive energy products and services provider, JSW Energy is heavily focused on the green hydrogen sector.

The company recently commissioned India's largest commercial green hydrogen plant, a 25 MW electrolyser facility at Vijayanagar that is fully powered by its own renewable energy network. This plant has an annual production capacity of 3,800 tonnes of ultra-pure green hydrogen and 30,000 tonnes of green oxygen.

Supported by the government's SIGHT program, the green hydrogen is supplied to JSW Steel under a 7-year offtake agreement to replace fossil fuels in the Direct Reduced Iron (DRI) process, directly enabling the decarbonization of heavy steel manufacturing and establishing JSW Energy as a front-runner in India's emerging clean hydrogen economy.

Coming to its financial performance, the company has delivered a top-line growth of 22% CAGR over a 3-year period and a net profit CAGR of 19%.

The last 3-year ROE has been 8%.

Looking ahead, JSW Energy's management has guided for a robust growth trajectory, noting that the significant capacity additions executed over recent quarters are now converting into higher generation volumes and stronger cash flows.

The company is scaling its portfolio, which currently features 7,796 MW of installed capacity, 10,848 MW under construction, and 2,761 MW in the pipeline. Management anticipates adding roughly 2.5-3 GW of new capacity per annum moving forward.

The company has recently operationalised a 5 GWh battery energy storage system (BESS) cell-to-pack assembly plant.

For more details, see the JSW ENERGY company fact sheet and quarterly results.

#3 Waaree Energies

At number three is Waaree Energies, India's largest solar photovoltaic (PV) module manufacturer and a leading end-to-end renewable energy solutions provider.

The company's core business involves the manufacturing of advanced solar PV modules, Engineering, Procurement, and Construction (EPC) services, independent power producer (IPP) project development, and extensive residential and commercial rooftop solar solutions.

It has an industry-leading module manufacturing capacity of about 25.8 GW and a 5.4 GW cell manufacturing setup, making it the largest non-Chinese module manufacturer in the world.

But what makes Waaree especially interesting is that it is no longer stopping at solar. Under its "Waaree 2.0" strategy, the company is investing aggressively to build a much broader clean energy platform, with plans in battery energy storage systems, inverters, transformers, solar glass, and transmission and distribution.

A defining component of this future-focused expansion is Waaree's strategic entry into the green hydrogen sector, which acts as a clean fuel alternative for mobility, grid-scale energy storage, and hard-to-abate industrial applications.

Waaree is currently developing a 1 GW electrolyser manufacturing capacity at its Dungri facility in Gujarat and has successfully secured government Production-Linked Incentives (PLIs) for 300 MW of electrolyser manufacturing as well as for the production of 90,000 tonnes of green hydrogen.

The company's comprehensive strategy begins with electrolyzer manufacturing and extends to executing build-own-operate (BOO) projects for green hydrogen and green ammonia, specifically targeting decarbonisation in heavy industries like refineries, fertilizers, chemicals, and steel.

Coming to its financial performance, the company has delivered a top-line growth of 58% CAGR over a 3-year period and a net profit CAGR of 100%.

The last 3-year ROE has been 31%.

Looking ahead, the company has guided for an operating EBITDA of Rs 70-77 bn in FY27, implying a healthy 20-25% YoY growth, while also indicating that an EBITDA margin of 19-20% is a sustainable assumption over the next five to ten years.

Profitability is expected to improve meaningfully from the second half of FY27 as the company's new 10 GW solar cell manufacturing facility becomes fully operational.

This will allow Waaree to meet its domestic cell requirements in-house, capture higher Domestic Content Requirement (DCR) premiums, and benefit from improved efficiencies through the adoption of advanced G12R TOPCon technology.

At the same time, its newly launched Battery Energy Storage System (BESS) business is expected to deliver attractive standalone EBITDA margins of around 18-20%, creating another high-margin growth engine.

The management believes the market for integrated clean energy solutions could expand nearly fourfold, from around US$1 trillion (tn) to US$4 tn by 2035.

Its order book currently stands at around Rs 530 bn, equivalent to nearly 25-26 GW, providing a strong pipeline for the next few years.

Around 60-70% of these orders originate from international markets, reflecting Waaree's growing global presence, while the order book excludes its rapidly expanding retail business, which already contributes nearly one-fifth of overall revenue.

Beyond the confirmed order book, the company is pursuing opportunities across an active project pipeline exceeding 100 GW.

For more details, see the Waaree Energies company fact sheet and quarterly results.

#4 Thermax

Fourth on the list is Thermax, a leading global energy and environment solutions provider headquartered in Pune, that focuses on helping industries transition to sustainable, resource-efficient, and low-carbon operations.

The company operates through four segments:

Industrial Products, which offers low-to-medium capacity boilers, absorption chillers, heat pumps, air pollution control systems, and water and waste recycling solutions.

Industrial Infra, which focuses on large-scale engineering, procurement, and construction (EPC) of power plants, high-capacity boilers, and flue gas desulphurisation projects.

Chemicals, which produces ion exchange resins, construction chemicals, and water treatment chemicals.

Green Solutions, which provides renewable energy, bio-CNG, and outsourced utility services under a Build-Own-Operate model.

Within its Green Solutions segment, Thermax has identified green hydrogen as a critical strategic vertical to drive industrial decarbonisation in hard-to-abate sectors such as steel, refineries, chemicals, fertilisers, and future fuels.

To build its capabilities in this space, the company recently entered into a strategic partnership with Norway-based HydrogenPro to indigenise alkaline water electrolysis (AWE) systems for large-scale green hydrogen projects in India.

Additionally, Thermax has collaborated with Ceres Power to develop, manufacture, and sell high-efficiency solid oxide electrolyser cell (SOEC) modules, leveraging its expertise in waste heat recovery to provide comprehensive end-to-end green hydrogen solutions.

Coming to its financial performance, the company has delivered a top-line growth of 10% CAGR over a 3-year period and a net profit CAGR of 7%.

The last 3-year ROE has been 12%.

Looking ahead, the management has provided an optimistic outlook for the company's future, underpinned by a robust order balance of Rs 136 bn, a 27.2% YoY increase, and order bookings of Rs 138 bn. This provides multi-year revenue visibility for the company.

While management remains reasonably confident about the order pipeline across diverse sectors like pharma, chemicals, steel, and FMCG, they exercise caution regarding potential geopolitical impacts, such as prolonged conflicts, which could negatively affect customer capex decisions.

In the rapidly growing data center market, the company is pursuing significant global and domestic opportunities for its cooling and energy solutions.

Additionally, Thermax continues its transition into a comprehensive energy and environment solutions provider through strategic acquisitions, including a 100% stake in Buildtech Products India to strengthen its construction chemicals portfolio, a 51% stake in TSA Process Equipments for high-purity water systems, and an increased 51% stake in ExactSpace to boost its AI-driven predictive maintenance capabilities.

For more details, see the Thermax company fact sheet and quarterly results.

Conclusion

Green hydrogen is no longer just a policy theme; it's slowly beginning to take shape as a real business opportunity.

What makes this space worth watching is not only the long-term clean energy push, but also the fact that several listed companies are already building capabilities across the value chain, whether through electrolyser manufacturing, renewable power, EPC execution, energy storage, or industrial decarbonisation solutions.

That said, this remains an evolving opportunity rather than a proven one, and the winners will likely be the companies that combine execution, capital discipline, and technological capability with strong balance sheets and good governance.

It's important to conduct thorough research on financials and corporate governance before making investment decisions, ensuring they align with your financial goals and risk tolerance.

Happy investing.

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