The National Green Hydrogen Mission (NGHM) aims to build the capacity and ecosystem required to position India as a global leader in clean hydrogen.
By 2030, the Mission will be supported by about 125 GW of new renewable energy capacity dedicated to green hydrogen production, along with investments exceeding Rs 8,000 billion (bn).
By May 2025, 19 companies have been assigned a combined annual production capacity of 862,000 tonnes of Green Hydrogen, while 15 firms have secured an annual electrolyzer manufacturing capacity of 3,000 MW.
Several companies have ventured into green hydrogen or have outlined ambitious plans. It’s worth noting that these companies are highly diversified, with green hydrogen representing only a small portion of their overall revenue.
In this editorial we look at a few such companies. Top companies here refers to the leading players within their respective industries.
#1 NTPC
NTPC Ltd, is India’s largest power generation utility, a central public sector undertaking under the Ministry of Power.
It generates electricity primarily from coal, gas, hydro, nuclear, solar, and wind sources, operating from over 70 locations in India and a few abroad.
In the green hydrogen space, an advanced alkaline electrolyser system, a 1.70 MW solar plant, and a battery energy storage system are all part of NTPC’s green hydrogen ecosystem in Leh.
Five intracity FCEV buses that travel nearly 1,100 km/day throughout Leh city are powered by the project’s daily production of 80 kg of high-purity hydrogen.
Setting national standards for dependability, safety and technology, this is the first hydrogen refuelling station in India to receive PESO certification for 350 bar dispensing.
Using a cryogenic pre-cooling system, hydrogen generated during solar hours is dispensed into buses after being stored at 450 bar in high-pressure cylinders. A stationary hydrogen fuel cell and stored RE in BESS maintain smooth operations during non-solar hours, reaching net-zero energy import status.
NTPC Financial Snapshot (FY23-25)
| Year Ending | FY23 | FY24 | FY25 | |
| Net Sales | Rs m | 1,733,382 | 1,754,106 | 1,849,265 |
| Sales Growth | % | 33.2 | 1.2 | 5.4 |
| Operating Profit | Rs m | 493,771 | 550,102 | 606,676 |
| Net Profit | Rs m | 171,214 | 213,325 | 239,532 |
Source: Equitymaster
On the financial front, the company’s Q2 FY26 revenues were Rs 447,858 m, which was almost flat when compared to Rs 447,061 m during the same period last year. The company’s net profits increased to Rs 29,681 m from Rs 26,543 m YoY.
Moving ahead, under its flagship hydrogen hub at Pudimadka, NTPC is actively developing a range of green hydrogen applications, such as RTC microgrids, green methanol, green fuels, and hydrogen blending in PNG.
NTPC has promising prospects thanks to its expansion of renewable capacity and green hydrogen projects, which are backed by government support and industry partnerships.
#2 Reliance Industries
Next on our list is Reliance Industries.
The company is a major Indian multinational conglomerate, with diverse business operations spanning petrochemicals, refining, oil and gas exploration, retail, telecommunications, and digital services. The company is the largest company in the listed space in terms of market capitalisation.
Reliance Industries is aggressively expanding into green hydrogen as part of its pivot toward clean energy, aiming to produce 3 m tonnes annually by 2032.
The company integrates this with massive solar projects in Gujarat’s Kutch region and giga factories for batteries and electrolysers starting in 2026.
Reliance Industries Financial Snapshot (FY23-25)
| Year Ending | FY23 | FY24 | FY25 | |
| Net Sales | Rs m | 7,808,060 | 8,020,060 | 8,582,120 |
| Sales Growth | % | 29.4 | 2.7 | 7 |
| Operating Profit | Rs m | 1,538,960 | 1,782,900 | 1,834,220 |
| Net Profit | Rs m | 736,700 | 786,330 | 807,870 |
Source: Equitymaster
On the financial front, Reliance Industries reported revenues of Rs 2,588,980 m in Q2 FY26, against Rs 2,354,810 m in the corresponding period of last year. The net profits of the company surged to Rs 221,460 m in Q2 FY26, from Rs 191,010 m YoY.
Reliance is making advances in the clean energy sector. One of the biggest integrated renewable manufacturing hubs in the world will be the Dhirubhai Ambani Green Energy Giga Complex.
The company has put its first solar GW+ line into service. It will establish 10 GW fully integrated solar PV manufacturing from polysilicon to ingot and wafer to cell/module, along with glass and encapsulant, and then expanding it in a modular fashion.
#3 Bharat Petroleum Corporation (BPCL)
Next on the list is BPCL. The company is a top player in the oil refining and marketing space.
BPCL and Sembcorp Green Hydrogen India Private Limited (SGHIPL), a wholly-owned subsidiary of Sembcorp Industries (Sembcorp) have entered into a joint venture to explore renewable energy and green hydrogen projects across India.
This strategic partnership aims to support India’s energy transition and development goals. The JV will explore renewable energy projects and green hydrogen production.
It will also consider projects in green ammonia production & bunkering, emissions reduction for port operations and other emerging green fuel technologies.
BPCL Financial Snapshot (FY23 to FY25)
| Year Ending | FY23 | FY24 | FY25 | |
| Net Sales | Rs m | 4,128,271 | 3,891,735 | 3,800,262 |
| Sales Growth | % | 58.2 | -5.7 | -2.4 |
| Operating Profit | Rs m | 123,863 | 463,168 | 280,861 |
| Net Profit | Rs m | 21,311 | 268,588 | 133,366 |
Source: Equitymaster
On the financial front, BPCL reported revenues of Rs 1,216,047 m in Q2 FY26, against Rs 1,179,488 m in the corresponding period of last year. The net profits of the company surged to Rs 56,036 m in Q2 FY26, from Rs 7,964 m YoY.
Moving ahead, BPCL benefits from large-scale refinery upgrades, petrochemical diversification, and enhancing value addition beyond fuels. Rising domestic fuel demand, natural gas usage in CNG and fertilizers, and government push for energy self-reliance support revenue growth.
Conclusion
Investing in stocks catering to the green hydrogen space requires evaluating market growth potential alongside company-specific risks and regulatory dynamics.
Key factors to consider are government policies, technological innovation, and financial health.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
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