Top Green Hydrogen Stocks in December 2025 – 5YR CAGR Basis: Adani Power, Oil India, L&T and More

As India accelerates its clean energy transition, green hydrogen continues to emerge as a crucial pillar in achieving the country’s net-zero ambitions. With the National Green Hydrogen Mission aiming to make India a global hub for production, utilisation and export of green hydrogen, investment in this sector is gaining strong traction.

Growing policy support, rising global energy demand and India’s push to become a cost-competitive producer have collectively boosted interest in companies contributing to the green hydrogen value chain ranging from production and refining to distribution and infrastructure.

In this article, we examine some of the best green hydrogen linked stocks based on 5-year CAGR, key financial metrics and their role in shaping India’s green hydrogen future.

Top Green Hydrogen Stocks in December 2025

Note: Data as of December 8, 2025. Stocks are sorted by 5-year CAGR.

Overview of the 5 Best Green Hydrogen Stocks in Indi

1. Adani Power Ltd

Adani Power has made a significant leap in India’s green hydrogen ecosystem by commissioning the country’s first off-grid 5 MW green hydrogen pilot plant in Kutch, Gujarat. 

As an off-grid facility, the plant generates hydrogen using renewable energy mainly solar without dependence on the main grid, ensuring zero-emission production. 

Key Metrics

• ROCE: 20.42
• ROE: 25.59

2. Oil India Ltd

Oil India Ltd is strengthening its green hydrogen footprint by developing off-grid hydrogen plants powered entirely by renewable energy sources. 

These facilities use electrolysis supported by solar or wind power, helping the company expand into emission-free fuel generation. 

Key Metrics

• ROCE: 11.77
• ROE: 12.21

3. Larsen and Toubro Ltd (L&T)

L&T is one of India’s most influential engineering conglomerates and a major force in the green hydrogen value chain. 

Through its subsidiary L&T Energy GreenTech (LTEG), the company focuses on electrolyser manufacturing, project integration and large-scale hydrogen production plants. 

Key Metrics

• ROCE: 18.91
• ROE: 13.8**

4. NTPC Ltd

NTPC is leading India’s public-sector hydrogen efforts through the creation of the country’s first Green Hydrogen Hub in Andhra Pradesh.

Developed jointly by NGEL (NTPC’s renewable energy arm) and NREDCAP, the project includes plans for 1500 TPD of green hydrogen and 7500 TPD of derivatives like green methanol, green urea and sustainable aviation fuel.

Key Metrics

• ROCE: 10.77
• ROE: 13.15**

5. CESC Ltd

CESC Ltd, through its subsidiary CESC Projects, has entered the green hydrogen market by securing a 10,500 MT per annum production project under the National Green Hydrogen Mission remarkably without seeking government incentives. 

This demonstrates high operational confidence and positions the company among key private-sector players entering hydrogen production at scale.

Key Metrics

• ROCE: 10.04
• ROE: 11.14**

Best Green Hydrogen Stocks Based on Debt-to-Equity Ratio

Green Hydrogen Stocks Based on Net Profit Margin

Conclusion

India’s green hydrogen landscape continues to evolve as companies across the energy, engineering and utilities sectors expand their presence in this emerging field. The stocks highlighted above show varied financial performances and strategic approaches, reflecting the diverse ways in which Indian firms are positioning themselves within the green hydrogen value chain.

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.