India's Green Hydrogen Boom: 4 Major Players to Watch

India's green hydrogen market is booming, with recent estimates projecting the sector to grow at a compound annual growth rate (CAGR) of about 20.9% to reach US$ 34 billion (bn) by 2030.

India is making a significant investment in green hydrogen through its National Green Hydrogen Mission (NGHM), which has a budget allocation of Rs 197.44 bn up to the FY30.

The mission aims to establish India as a global hub for green hydrogen production, use, and export. The world-over there is plenty of investment happening in green hydrogen.

Let's tell you why...

Why is Green Hydrogen Receiving so Much Attention?

Green hydrogen is receiving widespread attention because it offers a sustainable solution to major global challenges like climate change and energy security.

Unlike conventional hydrogen produced from fossil fuels, green hydrogen is made by splitting water using renewable energy, resulting in zero carbon emissions.

This clean characteristic makes it vital for decarbonising hard-to-abate sectors such as heavy industry, shipping, aviation, and long-haul transport where direct electrification is difficult.

Additionally, green hydrogen can act as a versatile energy carrier and storage medium, helping balance intermittent renewable energy sources like solar and wind and enabling a more resilient energy system.

Governments and industries see it as a key technology to meet net-zero emissions targets by mid-century, attract clean investments, and reduce dependence on imported fossil fuels.

Let's now tell you about a few companies that are setting up facilities as demand for green hydrogen surges. The list is not exhaustive. There are more companies establishing green hydrogen initiatives.

#1 Adani Enterprises

First on list is Adani Enterprises.

The company is the flagship company and incubator of the Adani Group. Adani Enterprises plays a core role within the Adani Group as a platform that builds new businesses from ground up to substantial scale, contributing significantly to India's infrastructure and resource sectors.

Adani Enterprises through its subsidiary Adani New Industries is developing large-scale production facilities for green hydrogen and its derivatives through an integrated end-to-end ecosystem.

This includes producing green hydrogen and its derivative products, such as green ammonia, green methanol, sustainable aviation fuel, and manufacturing solar cells, ingots, and wafers at Mundra, Gujarat, to meet the demand across diverse sectors in both domestic and international markets.

In June 2025, Adani New Industries commissioned India's first off-grid 5 mw green hydrogen pilot plant in Kutch, Gujarat. The state-of-the-art plant is 100% green-powered by solar energy and integrated with a battery energy storage system (BESS), enabling it to operate completely off-grid.

This represented a new paradigm in decentralised, renewable-powered hydrogen production. The pilot plant is India's first off-grid 5 MW green hydrogen facility featuring a fully automated, closed-loop electrolyser system designed to respond dynamically to real-time renewable energy inputs.

This provides valuable operational flexibility, particularly in addressing the variability of solar power, while ensuring efficiency, safety, and performance.

The company's Mundra Green Hydrogen Hub plans to scale up to 1 million metric tonnes per annum (MMTPA) green hydrogen production capacity by 2030, with related green ammonia, methanol, and sustainable aviation fuel production.

These initiatives align with India's National Green Hydrogen Mission and the goal of making India a global green hydrogen hub.

Adani Enterprises Financial Snapshot (FY23-25)

Source: Equitymaster

On the financial front, Adani Enterprises reported revenues of Rs 219,612 m in Q1 FY26, against Rs 254,724 m in the corresponding period of last year. The net profits of the company dropped to Rs 8,950 m in Q1 FY26, from Rs 16,520 m YoY.

Overall, Adani Enterprises is positioned to scale its operations through subsidiaries substantially, with major infrastructure projects, ambitious growth in airport, alongside advancing in emerging sectors like green hydrogen.

To know more you can check the Adani Enterprises fact sheet and latest quarterly results.

#2 NTPC

Second on our list is NTPC.

The company is India's largest energy conglomerate. It has established itself as the dominant power major with presence in the entire value chain of the power generation business.

NTPC has made significant strides in the green hydrogen sector by initiating a series of pivotal pilot projects, transitioning from conceptualisation to practical implementation.

These projects include India's first standalone green hydrogen microgrid at Dadri and Greater Noida, hydrogen blending into PNG networks in Kawas, and the deployment of fuel cell-based mobility solutions in Ladakh.

Additionally, NTPC is developing the nation's inaugural Green Hydrogen Hub in Pudimadaka, which will encompass large-scale hydrogen production, green methanol and ammonia synthesis, as well as electrolyser manufacturing.

These developments form a critical foundation for NTPC's long-term ambitions to lead the hydrogen value chain. The current priorities involve scaling up these pilot projects, fostering domestic electrolyser production capabilities, and expanding hydrogen applications across industries, transportation, and storage.

NTPC Financial Snapshot (FY23-25)

Source: Equitymaster

On the financial front, the company reported revenues of Rs 470,654 m in Q1 FY26, against Rs 485,289 m in the corresponding period of last year. The net profits of the company dropped to Rs 36,246 m in Q1 FY26, from Rs 53,593 m YoY.

Moving forward, NTPC's prospects are robust, driven by its aggressive scale-up in renewable capacity and landmark green hydrogen projects, backed by strong government support and strategic industry partnerships.

To know more check the NTPC fact sheet and latest quarterly results.

#3 BPCL

Third on our list is Bharat Petroleum Corporation (BPCL).

The company is the second largest Indian oil marketing company in India. BPCL attained the coveted Maharatna status, joining the club of companies having greater operational and financial autonomy.

It's now making rapid strides in green hydrogen. It has commissioned its first - and one of India's largest - green hydrogen plants at the Bina Refinery.

With an annual production capacity of over 780 tonnes, the plant will reduce carbon emissions by about 9,000 tonnes.

The facility has been designed for maximum energy efficiency and is equipped with two advanced electrolysers, each with a capacity of 500 Nm³/hr. The project, which was finished in a record 15 months, establishes a new standard for cost-effectiveness and execution speed.

In addition, a joint venture (JV) has been formed between BPCL and Sembcorp Green Hydrogen India Private Limited (SGHIPL), a wholly-owned subsidiary of Sembcorp Industries, to investigate green hydrogen and renewable energy projects throughout India.

Projects involving the production and bunkering of green ammonia, port operations, emissions reduction, and other green fuel technologies will also be considered.

The prospective projects will make use of BPCL's experience in the infrastructure and petroleum industries, as well as Sembcorp's experience in renewable energy.

BPCL Financial Snapshot (FY23-25)

Source: Equitymaster

On the financial front, the company reported revenues of Rs 1,296,147 m in Q1 FY26, against Rs 1,281,064 m in the corresponding period of last year. The net profits grew to Rs 56,809 m in Q1 FY26, from Rs 24,622 m YoY.

BPCL has positive future prospects with a focus on capacity expansion, technological innovation, and diversification into higher value-added petrochemicals and green hydrogen.

To know more check the BPCL fact sheet and latest quarterly results.

#4 Indian Oil Corporation

Next on our list is Indian Oil Corporation (IOC).

The company is a major government-owned energy company. IOC has emerged as a critical energy conglomerate for India, playing a dominant role in refining, pipelines, marketing, and advancing India's transition to cleaner fuels and sustainable energy solutions.

The company is pioneering India's green hydrogen ecosystem through the country's most ambitious project: A 10,000 tonnes per annum green hydrogen plant at Panipat refinery. The same is scheduled for commissioning by December 2027.

IOC has a target to convert 50% of current hydrogen consumption to green by 2030, supporting hard-to-decarbonise sectors such as oil refining, steel manufacturing, and heavy-duty transport.

The company will be utilising renewable electricity from solar, wind or hydro sources for electrolysis, gradually replacing fossil-fuel-based hydrogen in refinery operations.

IOC was the first to establish India's first hydrogen fuel cell buses, marking a milestone in the country's green transportation initiatives.

IOC Financial Snapshot (FY23-25)

Source: Equitymaster

On the financial front, the company reported revenues of Rs 2,218,490 m in Q1 FY26, against Rs 2,198,643 m in the corresponding period of last year. The net profits grew to Rs 56,597 m in Q1 FY26, from Rs 31,515 m YoY.

Moving ahead, IOC has an ambitious plan with a total investment of Rs 1.66 trillion over the next five years (2025-2030). Its green hydrogen push forms a core part of its strategy aiming for net-zero emissions by 2046.

To know more check the Indian Oil fact sheet and latest quarterly results.

Conclusion

India's green hydrogen sector is rapidly advancing with a targeted production capacity of 5 million metric tonnes (MMT) by 2030.

The green hydrogen industry in India leverages abundant renewable energy potential, especially solar and wind, making green hydrogen a near-zero emission fuel alternative critical for decarbonizing hard-to-abate sectors such as fertilisers, steel, and refining.

Investors should keep a track of the stocks in is ecosystem.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

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