Best Hydrogen Stocks in India to Watch in 2025 

Hydrogen is quietly becoming the fuel of the future. And India’s not sitting out. With the government backing green hydrogen production in a big way, investors are starting to look closely at companies jumping into this space. 

But let’s face it. The hydrogen sector in India is still young. Not every company is a safe bet. That’s why picking the best hydrogen stocks in India is more about understanding long-term potential than short-term hype. 

Let’s explore. 

A Glimpse into the Hydrogen Industry in India 

India is making big promises. Especially when it comes to clean energy. By 2070, the country wants to be net-zero in carbon emissions. Ambitious? Yes. Doable? Maybe—with the help of green hydrogen. 

Green hydrogen is produced using renewable energy sources like solar and wind. No pollution. Just pure fuel. The Indian government has even launched the National Hydrogen Mission to boost domestic production. 

So, what’s the idea? Replace fossil fuels in industries like steel, fertilizer, and transport with hydrogen power. It’s clean, scalable, and could eventually be cheap too. The potential is massive. 

But this journey is just beginning. Which makes now a really interesting time to keep an eye on green hydrogen companies. 

List of Top Hydrogen Stocks in India 

Here’s a list of companies that are betting big on hydrogen. Some are already producing it. Others are building the infrastructure. Either way, they’re worth watching. 

1. Reliance Industries Ltd. (RIL) [NSE:RELIANCE] 

You knew this one was coming. Mukesh Ambani doesn’t miss a trend. RIL plans to invest billions in green energy, and hydrogen is a big part of that strategy. Through its subsidiary, Reliance New Energy Ltd, the company aims to become a major green hydrogen production player. 

While it’s a giant with a diverse portfolio, RIL’s focus on green hydrogen technologies adds long-term value for investors. 

2. NTPC Ltd. [NSE:NTPC] 

A public sector giant, NTPC is already experimenting with green hydrogen. They’re running pilot projects for hydrogen-powered buses and have set up a small-scale production unit. 

The company may not be flashy, but it’s steady. And backed by the government. That’s a solid combo for long-term bets. 

3. Indian Oil Corporation (IOC) [NSE:IOC] 

IOC isn’t just about fuel stations anymore. It’s one of the top hydrogen stocks in India aiming to build a full hydrogen ecosystem—from production to transport. Their recent tie-ups with other global energy firms further add to their seriousness. 

Their R&D in hydrogen power shows they’re not just testing the waters—they’re diving in. 

4. GAIL (India) Ltd. [NSE:GAIL] 

India’s largest gas utility isn’t missing the bus either. GAIL is setting up hydrogen blending pilots across its gas pipeline network. They’ve also planned green hydrogen production facilities in different states. 

With solid infrastructure and government support, GAIL could quietly become one of the best hydrogen stocks to invest in over time. 

5. Larsen & Toubro (L&T) [NSE:LT] 

L&T’s strength is infrastructure. And now, that includes green hydrogen technologies too. The company has partnered with multiple energy firms to build electrolysers and hydrogen plants. 

They aren’t producing fuel yet. But they’re building the roads to get there. In the long run, that might be even more valuable. 

Comparison: Analyst Ratings vs. Market Capitalization 

Now let’s get into something useful for investors—how these companies are viewed by analysts vs. their size. 

• RIL has strong analyst ratings, mostly due to its diversified portfolio. Hydrogen is a small part of it—for now. But its financial backing gives it flexibility. 

• NTPC and IOC are classic public sector undertakings (PSUs). Stable earnings, solid dividends, and government backing. Analysts usually rate them as safe, long-term plays. 

• GAIL gets mixed reviews. While some analysts love the growth angle from hydrogen, others think it’s still too early to price in. 

• L&T is often under the radar in hydrogen discussions. But analysts like its infrastructure muscle. They know that without companies like L&T, the hydrogen dream won’t take off. 

So, what does this all mean? Just because a stock has a big market cap doesn’t make it a top pick. And a lesser-known name might be sitting on potential. Always look deeper. 

Things to Consider Before Investing in Hydrogen Stocks in India 

Investing in hydrogen stocks? Hold up. Don’t just jump in. Here are a few things to keep in mind: 

1. Tech Readiness: Many companies are still in R&D. That means revenue from hydrogen is years away. 
2. Policy Backing: Hydrogen projects need subsidies and clear rules. Keep an eye on government updates. 
3. Scalability: Producing hydrogen is one thing. Doing it at scale, efficiently? That’s where the real money lies. 
4. Partnerships: Companies with international tie-ups might move faster. Look for global collaborations. 
5. Balance Sheet Strength: You don’t want to back a hydrogen dreamer who runs out of cash. Financial health matters. 

Should You Look to Invest in Hydrogen Stocks?  

Depends on your goals. If you’re looking for fast returns, this might not be your thing. 

But if you believe in sustainable transportation, clean fuel, and want to be part of India’s long-term energy shift, hydrogen is worth a look. Especially now, while prices are still low and potential is high. 

Also, don’t put all your money in one basket. Diversify. Maybe add hydrogen to a broader clean energy or renewable energy sources portfolio. That way, you spread the risk. 

Conclusion 

Hydrogen isn’t just hype. It’s a bet on the future. 

The top hydrogen stocks are still finding their feet. But that’s what makes them interesting. You’re not just buying shares—you’re buying into the next big shift in energy. 

From Reliance Industries to NTPC, L&T, and GAIL, there are a handful of players making serious moves in this space. Choosing the best hydrogen stocks isn’t about finding the flashiest name—it’s about long-term vision. 

India’s green push is real. And as the country invests in hydrogen, these companies could benefit in a big way. 

Keep your eyes open. Stay informed. And maybe, just maybe, you’ll be ahead of the curve. 

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