TOP GREEN HYDROGEN STOCKS IN INDIA 2023
Green hydrogen refers to the hydrogen which is generated by renewable energy basically by the process of electrolysis. They have low carbon emissions, zero polluting emissions and most sustainable hydrogen. They are used to fuel cars, airships and spaceships, also be used in electricity generation.
In 2023, A budget of Rs. 35,000 cr has been sanctioned for the capital investment towards energy to reach India’s goal of zero carbon emission by 2070. This truly acts as a green signal to increase an interest towards green energy.
List of the Green Hydrogen Stocks in India
Data As per May 2023
|S.No||Company Name||Market Price (in RS)||1Year Return ( %)||Market Capital (Rs in cr)||Net Income FY23 (Rs in Cr)||PE Ratio||P/B Ratio|
|1||Reliance Industries Ltd (RIL)||2,441.00||-7.54%||16,56.217||15,792||6.04||2.02|
|2||Oil & Natural Gas Corporation (ONGC)||161.15||-2.76%||202,543||11,054||4.76||0.78|
|3||Bharat Petroleum Corporation Ltd (BPCL)||360.8||1.20%||79,653.00||1,747||24.8||1.53|
|4||Indian Oil Corporation Ltd||82.65||-1.19%||117,630.00||272||18.64||0.86|
|5||Jindal Stainless Ltd||588.6||67.87%||24,065.00||147||10.3||2.96|
|6||JSW Energy Ltd||260.95||-15.14%||42,465.00||2,350||20.69||2.44|
|8||Adani Green Energy Ltd||938.5||-66.95%||1,49.778||2,988||158.44||20.51|
|9||GAIL (India) Ltd||107.6||0.08%||70,452.00||111,443||8.43||1.110|
|10||Larsen & Toubro Ltd (L&T)||2,379.45||46.54%||133,153.00||2,553||30.25||8.02|
In this article, let’s look at top Green Hydrogen Stocks in India 2023.
Reliance Industries Ltd (RIL)
Reliance Industries have a huge interest in oil and gas manufacturing and they are adopting a renewable energy in a big way. They have market capital of worth 15,68,595.39 cr and return on investment is 6.2% and its fundamental score is 7.71 In the annual meeting of 2022, Mukesh Ambani the chairman of Reliance Industries, said that they are preparing a way for the transition of grey hydrogen to green hydrogen by 2025. On the other hand, Reliance and Ashok Leyland Jointly unveiled India’s First Hydrogen Combustion Engine Technology Solution for Heavy-duty Trucks, emit zero emissions, reduce operating costs and also reduce pollution.
Oil & Natural Gas Corporation (ONGC)
ONGC is the biggest crude oil and natural gas company in India. They have market capital of worth 1,94,994.33 cr and return on investment is 12.64 % and its fundamental score is around 10.00. In 2022 ONGC collaborated with Greenko, one of India’s largest renewable energy companies. They both have a 50:50 joint venture for this project and decided to invest $6.2 billion in green energy project to produce carbon free hydrogen and green ammonia.
Bharat Petroleum Corporation Ltd (BPCL)
By 2040, BPCL aims to complete a 20-megawatt green hydrogen plant in Madhya Pradesh which will be largest in India so far. They have market capital of worth 68,667.51cr and return on investment is 12.27% and its fundamental score is around 5.65. In 2021, BPCL scales up the Alkaline Electrolyser technology for Green Hydrogen production which was in collaboration to Bhabha Atomic Research Centre. Also, BPCL aims to rise 1000MW by 2027 only by using renewable sources and green energy.
Indian Oil Corporation Ltd
One of the top oil firms in India. They have market capital of worth 1,09,227.78cr and return on investment is 11.01 % and its fundamental score is around 5.57. By 2046 IOC plans to install green hydrogen plant at all their refineries to get zero emissions. The total cost use will be around 2lakh cr. Also, they will set 7000 per annum green hydrogen producing facility at Panipat oil refinery by 2025 at the cost 2000 cr.
Jindal Stainless Ltd
India’s largest stainless-steel manufacturer. They have market capital of worth 13,988.69 cr and return on investment is 26.28 % and its fundamental score is around 5.45. They have reduced their CO2 emissions by 1,800 metric tonnes. They also collaborated for a long-term hydrogen offtake with Hygenco (A Green Hydrogen Producing compnay) for the span of 20 years. The purpose of the partnership is to build, operate a multi- megawatt green hydrogen facility worth of cost around $300 million. They aim to become first stainless-steel company to install a green hydrogen plant.
JSW Energy Ltd
JSW proposes to increase its focus on battery storage solutions. They have market capital of worth 34,733.69 cr and return on investment is 9.51% and its fundamental score is around 5.44. In January 2023, they marked their entry to battery storage solute with two leading projects from Solar Energy Corporation of India. Currently the company is constructing 2.2 GW of Greenfield Renewable energy capacity in 2023 and increase it by 10GW till 2025and further increase by 20 GW till 2030. Also, the wind project is projected to be commissioned from 2024.
NTPC is a power generation company and has India’s first green hydrogen blending Project in collaboration with Gujarat Gas Limited (GGL). They have market capital of worth 1,65,812.99 cr and return on investment is 7.45% and its fundamental score is around 5.11. They also have various pilot projects such as hydrogen-based energy storage project in Delhi- NCR, NTPC station in Andhra Pradesh, hydrogen blending with natural gas pilot in western India, hydrogen mobility project in Leh Ladakh.
Adani Green Energy Ltd
They have market capital of worth 77,063.18cr and return on investment is 5.60 % and its fundamental score is around 4.83. Adani Green energy have formed a partnership with Total Energies of France to create world’s largest green hydrogen ecosystem. This joined platform will primarily focuses on green hydrogen and expected to be a major contributor to the green energy in India as well as in world.
GAIL (India) Ltd
They have been awarded to have one of the largest proton exchange membranes (PEM) Electrolysers in India. They have market capital of worth 68,019.41 cr and return on investment is 16.95 % and its fundamental score is around 4.25. The project on renewable power with a capacity of producing 4.3 Metric tons of hydrogen per day is scheduled to be commissioned by November, 2023.
Larsen & Toubro Ltd (L&T)
They have market capital of worth 2,99,927.17cr and return on investment is 8.11% and its fundamental score is around 4.17. In 2021, Company collaborated with renew power to tap the emerging hydrogen business in India. Also, they build an environment friendly hydrogen plant in Hazira district of Gujarat. There will be a daily production of 45 Kg of green hydrogen. They intend to achieve water and carbon neutrality by 2025 and 2030.
As India aims to achieve energy independence. The green hydrogen stocks seems to be promising for a longer period of time, green hydrogen is receiving significant investment, however, at present, it is unprofitable as it must be created using other renewable energy sources.. The adoption of green hydrogen is still in the nascent stages, therefore profits from this technology will only be visible in the long term. Green hydrogen is seen as a critical part of the revolution for greater adoption of renewable sources of energy from conventional ones. Thus, Green hydrogen is receiving a push from government as well as from the private sector as well.