India is charging ahead in the green hydrogen race with strong government support and falling production costs. Under the ₹19,744 crore National Green Hydrogen Mission, the country aims to produce 5 million tonnes by 2030. Costs may drop by up to 40%, reaching ₹260–310 per kg for major companies that use green hydrogen as a raw material.
In recent times, investor interest in green hydrogen has risen. This is partly due to the successful trials of hydrogen-powered trains in Chennai recently. If you’re looking to tap into this clean energy boom, you can make a demat account to trade in top green hydrogen stocks. As of August 2025, here are the top stocks to watch.
| Rank | Stock Name | Cash Flow Margin (%) | 5Y CAGR (%) |
| 1 | NTPC Ltd | 22.18 | 30.10 |
| 2 | Indian Oil Corporation Ltd | 9.09 | 18.90 |
| 3 | Adani Enterprises Ltd | 4.33 | 72.13 |
| 4 | Suzlon Energy Ltd | 1.21 | 73.05 |
Note: The stocks mentioned above have been selected as of July 28, 2025.
NTPC share price has caught investors’ attention increasingly. The company has added 640 MW of commercial capacity in the first nine months of FY25. On December 31, 2024, its standalone capacity reached 59,168 MW, with group capacity at 76,598 MW. The company also achieved a key milestone with the successful listing of NTPC Green Energy Limited (NGEL) on November 27, 2024. NGEL added 550 MW to its green portfolio, taking its total to 3,475 MW.
Key Metrics:
IOC share price has also become a popular choice among investors. The company is planning a capex of around ₹72,000 crores to increase refining capacity by 25% to about 88 MMTPA. Major expansions at Panipat, Gujarat, and Barauni refineries aim to boost throughput and petrochemical intensity. The company completed ₹40,000 crores of capex last year and targets ₹35,000 crores for FY 2024-25.
Key Metrics:
Adani Enterprises share price has come in focus as the company is accelerating its clean energy efforts via its subsidiary, Adani New Industries Ltd. (ANIL), formed in October 202. Adani New Industries was formed by merging Adani Infrastructure Pvt Ltd and Mundra Solar Technology Ltd. ANIL will continue to focus on green hydrogen and wind turbine manufacturing. The company has earmarked ₹55 billion capex for its green hydrogen ecosystem in FY26.
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Suzlon Energy share price has come in focus after the company reported strong financial growth in Q4 FY25. Its EBITDA reached ₹693 crores, a 95% year-on-year increase in the last quarter. Its quarterly PAT hit a record ₹1,181 crores, boosted by a deferred tax asset of ₹600 crores. FY25 marked a pivotal year for Suzlon Energy, reflecting a successful operational turnaround after a financial revival nearly a year ago.
Key Metrics:
As of July 28, 2025, Suzlon Energy leads top green hydrogen players with the lowest leverage (0.04). This indicates that the company has kept its debt burden to a minimal. On the other hand, Adani Enterprises ranks highest in terms of leverage at 1.63. It is usually preferred by investors who are willing to take a bet on the company’s stock, despite its aggressive capital structure.
Here is a full breakdown:
| Rank | Stock Name | Debt-to-Equity |
| 1 | Suzlon Energy Ltd | 0.04 |
| 2 | Indian Oil Corporation Ltd | 0.70 |
| 3 | KPI Green Energy Ltd | 1.24 |
| 4 | NTPC Ltd | 1.44 |
| 5 | Adani Enterprises Ltd | 1.63 |
Note: The stocks mentioned above have been selected as of July 28, 2025.
Read more: L&T Share Price Climbs as L&T Energy GreenTech to Build India’s Largest Green Hydrogen Plant.
India’s green hydrogen sector is gaining momentum with solid government support and falling costs. NTPC, IOC, and Suzlon lead with strong margins and strategic expansions, while Adani Enterprises and KPI Green Energy push innovation despite higher leverage.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jul 28, 2025, 2:36 PM IST
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