India stands at the forefront of the global green hydrogen revolution in 2026, driven by the ambitious National Green Hydrogen Mission that targets five million metric tonnes of annual production by 2030. With investments exceeding eight thousand billion rupees and one hundred twenty-five gigawatts of dedicated renewable energy capacity being deployed, India is positioning itself to capture ten percent of the global green hydrogen market.
The government has already assigned eight hundred sixty-two thousand tonnes of annual production capacity to nineteen companies by May 2025, while fifteen firms secured three thousand megawatts of electrolyzer manufacturing capacity supported by four thousand four hundred forty crore rupees in incentives. Competitive bidding has reduced green hydrogen prices to three to four dollars per kilogram, with targets of one dollar fifty to two dollars by 2030.
1. Reliance Industries Limited
Reliance Industries stands as India’s most ambitious player in the green hydrogen sector, with Chairman Mukesh Ambani committing to make the conglomerate net-zero by transitioning from grey to green hydrogen. Reliance aims to produce three million tonnes annually by 2032, which would make it one of the world’s largest producers. The company is building a comprehensive green hydrogen ecosystem at its Jamnagar complex in Gujarat, integrating giga-factories for electrolyzer manufacturing with large-scale solar projects in the Kutch region.
Reliance’s strategy encompasses the entire value chain from renewable energy generation through electrolyzer manufacturing to hydrogen production and end-use applications. The company has begun pilot testing hydrogen-powered buses and signed multiple memoranda with global technology providers. Reliance is among the fifteen companies awarded contracts for electrolyzer manufacturing capacity, positioning it to supply not just internal needs but also serve as an equipment provider for India’s broader hydrogen economy. With quarterly revenues exceeding two thousand five hundred eighty-eight billion rupees, Reliance can absorb substantial upfront investments required for renewable energy capacity and hydrogen production infrastructure.
2. NTPC Limited and NTPC Green Energy
NTPC, India’s largest power generation utility, has emerged as the government’s flagship for green hydrogen development. The company has established an advanced green hydrogen ecosystem in Leh, Ladakh, featuring a one point seven megawatt solar plant, battery storage, and alkaline electrolyzer producing eighty kilograms of high-purity hydrogen daily. This facility powers five hydrogen fuel cell electric buses traveling approximately one thousand one hundred kilometers daily, making it India’s first hydrogen refueling station to receive Petroleum and Explosives Safety Organisation certification.
NTPC is allocating approximately five gigawatts toward green hydrogen and ammonia business from its sixty gigawatt green portfolio target by 2032. In January 2026, Prime Minister Narendra Modi laid the foundation stone for NTPC Green Energy’s Green Hydrogen Hub at Pudimadaka near Visakhapatnam. This transformative project will harness seven gigawatts of renewable energy across one thousand two hundred acres to export over two point five million tons of green chemicals annually. NTPC is in talks with A.P. Møller-Mærsk to supply green methanol, planning to export two million metric tons annually once operational.
3. Adani Group
The Adani Group has made substantial commitments through Adani Green Energy and Adani New Industries Limited, targeting large-scale electrolyzer manufacturing and ammonia production. Adani is among the fifteen companies awarded electrolyzer manufacturing contracts, positioning it as a key technology provider. The conglomerate’s extensive infrastructure assets including ports at Mundra, Hazira, and other coastal locations provide strategic advantages for developing hydrogen export hubs.
Adani’s strategy focuses on vertical integration encompassing renewable energy generation through its substantial solar and wind portfolio, electrolyzer manufacturing to reduce costs, green hydrogen and ammonia production at industrial scale, and export infrastructure leveraging its port operations. The group has announced investments exceeding fifty thousand crores in green hydrogen projects over the next decade. By co-locating electrolyzer facilities with renewable energy parks, Adani aims to minimize transmission costs and optimize capacity utilization while exploring partnerships with international off-takers in Europe and Japan.
4. Larsen & Toubro Limited
Larsen & Toubro has positioned itself as the engineering, procurement, and construction powerhouse for India’s green hydrogen infrastructure while developing its own production capabilities. The company manufactures electrolyzers through partnerships, builds green hydrogen plants and pipelines, and executes turnkey projects across the hydrogen value chain. In 2025, L&T executed a three hundred eighty kilowatt electrolyzer-based hydrogen facility for a public sector undertaking, demonstrating technical capabilities in hydrogen systems integration.
L&T is building hydrogen-ready infrastructure for industrial clients including refineries, steel plants, and chemical manufacturers transitioning from grey to green alternatives. The company’s order book includes multiple green hydrogen projects, with plans to establish manufacturing capacity for larger-scale electrolyzer systems. Beyond project execution, L&T is developing its own green hydrogen and green ammonia production facilities to serve as an anchor customer for its technology. The company’s diversified business model spanning engineering services, equipment manufacturing, and project ownership positions it to capture value across multiple segments of the emerging hydrogen economy.
5. ONGC-NTPC Joint Venture
In November 2024, ONGC and NTPC formed a fifty-fifty joint venture called ONGC NTPC Green Private Limited to initiate renewable energy projects and conduct offshore wind feasibility studies. ONGC has announced plans to spend ten billion dollars on green hydrogen and ammonia projects by 2035. The joint venture has planned two projects by 2035 yielding one hundred eighty kilo tonnes per annum of green hydrogen and one million metric tonnes per annum of green ammonia, with potential expansion to two million metric tonnes.
This partnership combines ONGC’s exploration and production expertise with NTPC’s renewable energy capabilities, creating a formidable player. The collaboration signals established energy companies pivoting toward clean hydrogen to future-proof their businesses. By partnering rather than competing, these public sector undertakings pool resources, share risks, and accelerate project timelines while facilitating access to government incentives.
6. Indian Oil Corporation
Indian Oil Corporation, India’s largest refiner and fuel retailer, represents a critical player because refineries are among the largest current consumers of grey hydrogen. IOC has received strategic letters from the government to incorporate green hydrogen into refining processes, making it a priority off-taker. The company is developing green hydrogen production facilities at its refineries to progressively replace grey hydrogen, reducing the carbon footprint of India’s petroleum refining industry.
IOC’s strategy focuses on establishing production capacity at refinery locations where hydrogen demand exists, minimizing transportation costs. The company is exploring partnerships with technology providers for electrolyzer systems and with renewable energy developers for captive clean power supply. IOC’s nationwide retail network also positions it as a potential distribution channel for hydrogen fuel as transportation applications develop, particularly for heavy-duty trucks and buses.
7. Bharat Petroleum Corporation Limited
BPCL has entered the green hydrogen sector through a strategic joint venture with Sembcorp Green Hydrogen India Private Limited. This partnership aims to explore renewable energy projects and green hydrogen production across India, including green ammonia production and bunkering, emissions reduction for port operations, and other emerging green fuel technologies. BPCL has received strategic letters alongside IOC to incorporate green hydrogen into refining processes.
The Sembcorp partnership brings international expertise and capital to complement BPCL’s domestic market knowledge and refining infrastructure. The joint venture structure allows risk-sharing for capital-intensive hydrogen projects while providing BPCL access to Sembcorp’s experience in renewable energy development. With second quarter fiscal 2026 revenues exceeding one trillion two hundred sixteen billion rupees and growing profitability, BPCL has the financial capacity to invest substantially in energy transition technologies.
8. GAIL India Limited
GAIL, India’s largest natural gas transmission and marketing company, has a unique strategic position through its extensive pipeline infrastructure. The company is focusing on green hydrogen production leveraging its gas infrastructure, electrolyzer deployment at strategic locations, hydrogen blending with natural gas in existing pipelines, and collaboration with technology providers. GAIL’s nationwide pipeline network offers potential pathways for transporting hydrogen blended with natural gas, utilizing existing infrastructure while progressively increasing hydrogen content.
GAIL is conducting pilot projects for hydrogen blending in city gas distribution networks, working with regulators to establish safety standards and technical specifications for hydrogen-natural gas mixtures. These pilots demonstrate the technical feasibility of using existing infrastructure for hydrogen delivery, potentially reducing capital requirements compared to building dedicated hydrogen pipelines. As hydrogen production scales, GAIL’s pipeline assets become increasingly valuable for connecting production hubs with industrial and urban demand centers.
9. JSW Group
JSW Group, one of India’s largest steel producers, is investing in green hydrogen to decarbonize steel manufacturing, one of the most carbon-intensive industrial processes. Steel production currently uses coal-based reducing agents, but hydrogen can serve as a clean alternative in direct reduced iron processes. JSW is conducting feasibility studies and pilot projects for hydrogen-based steel production, recognizing that long-term competitiveness will increasingly depend on environmental performance.
The steel industry represents one of the largest potential off-takers for green hydrogen, with India’s substantial steel production capacity creating significant demand. JSW’s involvement signals that hard-to-abate industries are seriously evaluating hydrogen as a decarbonization pathway. The company’s investments in hydrogen pilots provide valuable operational experience that will inform full-scale deployment decisions as electrolyzer costs decline and hydrogen supply chains mature.
10. Ohmium International India
Ohmium International represents the specialized electrolyzer technology provider category, having established manufacturing operations in India to serve the domestic market and export to other Asian countries. The company is among the fifteen firms awarded contracts for electrolyzer manufacturing capacity under the National Green Hydrogen Mission. Ohmium specializes in proton exchange membrane electrolyzer technology, which offers advantages including compact footprint, high current density, and ability to ramp production up and down quickly to match variable renewable energy supply.
Ohmium’s establishment of manufacturing in India rather than importing equipment supports the government’s vision of building domestic capabilities across the hydrogen value chain. The company’s presence transfers technology and expertise to India’s engineering workforce, creating a knowledge base for electrolyzer design, manufacturing, and servicing. As one of relatively few specialized electrolyzer manufacturers with significant India operations, Ohmium is well-positioned to capture market share as hydrogen projects transition from planning to execution.
The Road Ahead
India’s green hydrogen landscape in 2026 reflects a sector transitioning from policy development and pilot projects toward commercial-scale deployment. The companies featured span public sector giants with government backing, private sector conglomerates bringing capital and execution capabilities, specialized technology providers offering critical equipment, and industrial off-takers integrating hydrogen into manufacturing processes. This diverse ecosystem creates resilience and drives innovation across the value chain.
The key challenge involves reducing production costs to levels competitive with grey hydrogen and fossil fuel alternatives without subsidies. Current production costs of three to four dollars per kilogram need to decline to the government’s target of one dollar fifty to two dollars by 2030, requiring continued scale-up of renewable energy capacity, mass manufacturing of electrolyzers to achieve cost reductions, optimization of hydrogen production processes, and development of efficient storage and transportation infrastructure.
Conclusion
The top ten green hydrogen companies in India represent a powerful combination of financial capacity, technical expertise, infrastructure assets, and strategic vision necessary to build a hydrogen economy at the scale India envisions. Reliance Industries and Adani Group bring private sector capital and execution speed, NTPC and the ONGC-NTPC joint venture provide public sector stability, industrial consumers like IOC, BPCL, and JSW create guaranteed demand, while technology providers like L&T and Ohmium ensure domestic manufacturing capabilities. Together, these companies are positioning India not just as a consumer of imported energy technology but as a global competitor in green hydrogen production, equipment manufacturing, and eventually hydrogen exports, fundamentally transforming India’s energy security and climate trajectory.
