The global push for clean energy solutions has placed green hydrogen at the center of the energy transition. Green hydrogen, produced using renewable energy, is emerging as a critical component of decarbonization strategies, particularly for industries like steel, transportation, and chemicals. India, with its ambitious green energy targets and favorable policies, is poised to become a global hub for green hydrogen production. As of 2025, several Indian companies are making significant strides in this sector. Below are the top five green hydrogen stocks in India for 2025, along with insights into the best stock to invest in.

1. Reliance Industries Limited (RIL)

• Sector: Energy and Petrochemicals
• Market Position: Leader in clean energy diversification with significant investments in green hydrogen.
• Key Highlights:
  • Reliance is investing $10 billion over three years to build a green energy ecosystem, including green hydrogen production facilities.
  • The company plans to integrate its renewable energy capacity to produce cost-competitive green hydrogen.
  • RIL is focusing on electrolyzer manufacturing and developing hydrogen storage and transportation technologies.
• Future Outlook:
  Reliance’s vision of becoming a net-zero carbon company by 2035, combined with its technological and financial strength, positions it as a leader in the green hydrogen sector.

2. Adani Enterprises Limited

• Sector: Renewable Energy and Infrastructure
• Market Position: Diversified energy player with large-scale investments in green hydrogen.
• Key Highlights:
  • Adani has announced plans to become one of the largest green hydrogen producers in the world, with a target to produce 1 million metric tons annually by 2030.
  • The company is leveraging its massive renewable energy portfolio to support hydrogen production.
  • Adani is focusing on end-to-end solutions, including hydrogen generation, storage, and export.
• Future Outlook:
  Adani’s aggressive expansion in renewable energy and strategic partnerships in green hydrogen technology make it a significant player in this emerging industry.

3. Indian Oil Corporation Limited (IOCL)

• Sector: Oil and Gas
• Market Position: Leading energy company exploring green hydrogen for decarbonizing its operations.
• Key Highlights:
  • IOCL is setting up India’s first green hydrogen plant at its Mathura refinery, aiming to replace grey hydrogen with a cleaner alternative.
  • The company is collaborating with renewable energy players to integrate solar and wind power for hydrogen production.
  • IOCL’s strong distribution network positions it well to drive hydrogen adoption in transportation.
• Future Outlook:
  As India’s largest fuel retailer, IOCL is well-placed to lead the transition to green hydrogen, particularly in the mobility sector.

4. NTPC Limited

• Sector: Power Generation
• Market Position: Largest power producer in India, focusing on green energy and hydrogen.
• Key Highlights:
  • NTPC is exploring green hydrogen projects for industrial use and transportation.
  • The company has launched pilot projects for hydrogen blending in natural gas pipelines and hydrogen-based mobility solutions.
  • NTPC’s access to large-scale renewable energy capacity supports its green hydrogen ambitions.
• Future Outlook:
  NTPC’s transition to renewable energy and its foray into green hydrogen align with India’s clean energy goals, ensuring strong growth potential.

5. Larsen & Toubro (L&T)

• Sector: Engineering and Infrastructure
• Market Position: Key player in electrolyzer manufacturing and green hydrogen project development.
• Key Highlights:
  • L&T has partnered with global players to manufacture electrolyzers and set up green hydrogen plants in India.
  • The company is leveraging its engineering expertise to develop cost-effective green hydrogen solutions.
  • Its presence in energy, infrastructure, and technology gives it a unique advantage in scaling green hydrogen projects.
• Future Outlook:
  L&T’s diversified capabilities and focus on technology-driven solutions make it a strong contender in the green hydrogen ecosystem.

Which Green Hydrogen Stock to Invest in 2025? – Reliance Industries Limited (RIL)

Among the companies discussed above, Reliance Industries Limited (RIL) stands out as the best green hydrogen stock to invest in for 2025. Here’s why:

1. Comprehensive Vision and Investment

Reliance’s $10 billion investment in clean energy infrastructure demonstrates its commitment to becoming a global leader in green hydrogen. The company’s integrated approach—from renewable energy generation to hydrogen production, storage, and distribution—ensures it captures value across the entire supply chain.

2. Technology and Innovation

RIL is investing in cutting-edge technologies for electrolyzer manufacturing and hydrogen storage, which will help reduce production costs and make green hydrogen commercially viable. Its focus on innovation positions it to lead the industry in efficiency and scalability.

3. Renewable Energy Synergy

With a growing renewable energy portfolio, Reliance has the resources to produce green hydrogen at scale. Its plan to leverage solar and wind energy ensures a low-carbon footprint and cost-competitive production.

4. Strategic Partnerships

Reliance is forming alliances with global clean energy companies to accelerate its green hydrogen ambitions. These partnerships provide access to advanced technologies and international markets, enhancing its competitiveness.

5. Financial Strength and Execution Capability

As one of India’s largest conglomerates, Reliance has the financial resources and execution capabilities to deliver large-scale green hydrogen projects. Its diversified business model also reduces risks associated with sector-specific volatility.

Risks and Considerations

While Reliance has strong growth potential in green hydrogen, investors should consider the following risks:

• High initial capital requirements and long gestation periods for green hydrogen projects.
• Dependence on regulatory frameworks and government incentives to make green hydrogen cost-competitive.
• Competition from global players entering the Indian market.

Despite these challenges, Reliance’s strong fundamentals, visionary leadership, and aggressive investment strategy make it the most promising player in the green hydrogen sector.

Conclusion

India’s green hydrogen sector is poised for exponential growth as the country transitions to a low-carbon economy. Companies like Reliance Industries, Adani Enterprises, IOCL, NTPC, and L&T are driving this transformation with ambitious projects and innovative solutions.

Among these, Reliance Industries Limited (RIL) emerges as the best green hydrogen stock to invest in for 2025. Its integrated strategy, significant investments, and technological focus position it as a leader in this high-potential sector. Investors looking to capitalize on the green hydrogen revolution should consider adding RIL to their portfolios, while also factoring in their risk appetite and long-term financial goals.