Top Green Hydrogen Stocks in January 2026 – 5YR CAGR Basis: Reliance, Waaree Technologies, L&T and More

Green hydrogen is moving closer to cost parity in India. While it currently costs about US$3.5–4 per kg, a sharp fall is expected as renewable power becomes cheaper, electrolyser costs drop, and government policy support intensifies. 

With the National Green Hydrogen Mission aiming to bring costs down to nearly US$1.6 per kg by 2030, the economics of green hydrogen are improving rapidly. 

As production costs decline and projects move from announcement to execution, select companies across energy, engineering and equipment manufacturing are emerging as key beneficiaries. Here are the best green hydrogen stocks to watch in January 2026.

Top Green Hydrogen Stocks in January 2026 Based on 5Y CAGR

Overview of the 5 Best Green Hydrogen Stocks in India

Waaree Technologies Ltd

Waaree is an attractive renewable energy play, backed by its 12 GW installed solar module capacity, the largest in India, and a strong 20–25 GW order book that ensures multi-year revenue visibility. Ongoing vertical integration into cells and wafers reduces import dependence and supports margins. Its expansion into the US market adds global growth optionality. Financial performance remains strong, with Q2 FY26 net profit rising over 130% YoY and EBITDA margins above 25%, appealing to long-term clean energy investors.

• EPS (Quarterly): ₹0.14
• Return on Capital Equity (ROCE): 425.14%

Adani Enterprises 

Adani Enterprises is building a fully integrated green hydrogen ecosystem at Mundra, manufacturing solar modules (10 GW), large wind turbines (5.2 MW), and electrolysers (5 GW) to target production costs of US$1/kg. It has already commissioned a 5 MW off-grid pilot and begun hydrogen blending in city gas. The Mundra hub aims for 1 MMTPA by FY27, scaling to 3 MMTPA by 2030 with a US$50 billion investment backed by vast renewable capacity.

• EPS (Quarterly): ₹26.54
• Return on Equity (ROE): 14.13%

NTPC 

NTPC is India’s largest power utility, supplying nearly 24% of the country’s electricity. With an installed capacity of about 84.1 GW and a target of 149 GW by 2032, it offers scale and stability through long-term PPAs. The company is rapidly expanding into renewables via NTPC Green Energy, targeting 60 GW by 2032. It is also entering nuclear power, aiming to build up to 30 GW capacity by 2047, strengthening its clean energy profile. 

• EPS (Quarterly): ₹5.23
• Return on Equity (ROE): 13.15%

L&T 

L&T has made green energy a core pillar of its Lakshya 2026 strategy, committing US$2.5 billion to build a vertically integrated clean energy ecosystem. The company is active across green hydrogen, ammonia, electrolyser manufacturing, solar and battery storage, moving beyond EPC to ownership-led models. It is setting up India’s largest green hydrogen plant, runs a large renewable portfolio of nearly 27 GWp, and has a strong global presence, positioning it as a long-term clean energy play.

• EPS (Quarterly): ₹28.54
• Return on Equity (ROE): 13.80%

Reliance Industries 

Reliance Industries is making a major push into clean energy through extreme vertical integration, controlling the full green hydrogen value chain. Its 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar anchors this strategy. Reliance is targeting green hydrogen production at US$1 per kg by 2030. A giga-scale electrolyser plant with 3 GW annual capacity is expected by 2026. The company aims to produce 3 million tonnes of green hydrogen annually by 2032, supporting large-scale industrial decarbonisation.

• EPS (Quarterly): ₹13.42
• Return on Equity (ROE): 7.20%

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

Green Hydrogen Stocks Based on ROCE

Read more: Top SIP Stocks for January 2026: Hindalco, BEL, NTPC, and Others Based on 5Y CAGR and D/E Ratio.

Conclusion

Green hydrogen is gradually shifting from a high-cost concept to a viable clean energy solution in India, supported by falling renewable power prices, improving technology and strong policy backing. Companies with scale, execution capability and balance-sheet strength are best positioned to benefit as projects move from planning to production. 

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.